10-Q 1 abnb-20220331.htm 10-Q abnb-20220331
000155972012/312022Q1false0.003464500015597202022-01-012022-03-310001559720us-gaap:CommonClassAMember2022-04-18xbrli:shares0001559720us-gaap:CommonClassBMember2022-04-180001559720us-gaap:CommonClassCMember2022-04-180001559720abnb:CommonClassHMember2022-04-1800015597202021-12-31iso4217:USD00015597202022-03-31iso4217:USDxbrli:shares0001559720us-gaap:CommonClassAMember2022-03-310001559720us-gaap:CommonClassAMember2021-12-310001559720us-gaap:CommonClassBMember2021-12-310001559720us-gaap:CommonClassBMember2022-03-310001559720us-gaap:CommonClassCMember2022-03-310001559720us-gaap:CommonClassCMember2021-12-310001559720abnb:CommonClassHMember2021-12-310001559720abnb:CommonClassHMember2022-03-3100015597202021-01-012021-03-310001559720us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001559720us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001559720us-gaap:CommonStockMember2020-12-310001559720us-gaap:AdditionalPaidInCapitalMember2020-12-310001559720us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001559720us-gaap:RetainedEarningsMember2020-12-3100015597202020-12-310001559720us-gaap:RetainedEarningsMember2021-01-012021-03-310001559720us-gaap:CommonStockMember2021-01-012021-03-310001559720us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001559720us-gaap:CommonStockMember2021-03-310001559720us-gaap:AdditionalPaidInCapitalMember2021-03-310001559720us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001559720us-gaap:RetainedEarningsMember2021-03-3100015597202021-03-310001559720us-gaap:CommonStockMember2021-12-310001559720us-gaap:AdditionalPaidInCapitalMember2021-12-310001559720us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001559720us-gaap:RetainedEarningsMember2021-12-310001559720us-gaap:RetainedEarningsMember2022-01-012022-03-310001559720us-gaap:CommonStockMember2022-01-012022-03-310001559720us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001559720us-gaap:CommonStockMember2022-03-310001559720us-gaap:AdditionalPaidInCapitalMember2022-03-310001559720us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001559720us-gaap:RetainedEarningsMember2022-03-310001559720srt:RestatementAdjustmentMember2022-01-012022-03-3100015597202020-01-012020-12-310001559720srt:RestatementAdjustmentMember2021-01-012021-12-310001559720srt:RestatementAdjustmentMember2021-01-012021-03-310001559720abnb:RevenueMember2021-01-012021-03-310001559720abnb:RevenueMember2022-01-012022-03-310001559720abnb:OperationsAndSupportMember2021-01-012021-03-310001559720abnb:OperationsAndSupportMember2022-01-012022-03-310001559720abnb:SalesAndMarketingExpenseMember2021-01-012021-03-310001559720abnb:SalesAndMarketingExpenseMember2022-01-012022-03-310001559720us-gaap:CertificatesOfDepositMember2021-12-310001559720us-gaap:CashAndCashEquivalentsMemberus-gaap:CertificatesOfDepositMember2021-12-310001559720abnb:MarketableSecuritiesMemberus-gaap:CertificatesOfDepositMember2021-12-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CertificatesOfDepositMember2021-12-310001559720abnb:FundsReceivableMemberus-gaap:CertificatesOfDepositMember2021-12-310001559720us-gaap:USTreasuryAndGovernmentMember2021-12-310001559720us-gaap:USTreasuryAndGovernmentMemberus-gaap:CashAndCashEquivalentsMember2021-12-310001559720us-gaap:USTreasuryAndGovernmentMemberabnb:MarketableSecuritiesMember2021-12-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310001559720us-gaap:USTreasuryAndGovernmentMemberabnb:FundsReceivableMember2021-12-310001559720us-gaap:CommercialPaperMember2021-12-310001559720us-gaap:CommercialPaperMemberus-gaap:CashAndCashEquivalentsMember2021-12-310001559720us-gaap:CommercialPaperMemberabnb:MarketableSecuritiesMember2021-12-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommercialPaperMember2021-12-310001559720us-gaap:CommercialPaperMemberabnb:FundsReceivableMember2021-12-310001559720us-gaap:CorporateDebtSecuritiesMember2021-12-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:CashAndCashEquivalentsMember2021-12-310001559720us-gaap:CorporateDebtSecuritiesMemberabnb:MarketableSecuritiesMember2021-12-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CorporateDebtSecuritiesMember2021-12-310001559720us-gaap:CorporateDebtSecuritiesMemberabnb:FundsReceivableMember2021-12-310001559720us-gaap:AssetBackedSecuritiesMember2021-12-310001559720us-gaap:CashAndCashEquivalentsMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001559720abnb:MarketableSecuritiesMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001559720abnb:FundsReceivableMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001559720us-gaap:CashAndCashEquivalentsMember2021-12-310001559720abnb:MarketableSecuritiesMember2021-12-310001559720us-gaap:OtherNoncurrentAssetsMember2021-12-310001559720abnb:FundsReceivableMember2021-12-310001559720us-gaap:CertificatesOfDepositMember2022-03-310001559720us-gaap:CashAndCashEquivalentsMemberus-gaap:CertificatesOfDepositMember2022-03-310001559720abnb:MarketableSecuritiesMemberus-gaap:CertificatesOfDepositMember2022-03-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CertificatesOfDepositMember2022-03-310001559720abnb:FundsReceivableMemberus-gaap:CertificatesOfDepositMember2022-03-310001559720us-gaap:USTreasuryAndGovernmentMember2022-03-310001559720us-gaap:USTreasuryAndGovernmentMemberus-gaap:CashAndCashEquivalentsMember2022-03-310001559720us-gaap:USTreasuryAndGovernmentMemberabnb:MarketableSecuritiesMember2022-03-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:USTreasuryAndGovernmentMember2022-03-310001559720us-gaap:USTreasuryAndGovernmentMemberabnb:FundsReceivableMember2022-03-310001559720us-gaap:CommercialPaperMember2022-03-310001559720us-gaap:CommercialPaperMemberus-gaap:CashAndCashEquivalentsMember2022-03-310001559720us-gaap:CommercialPaperMemberabnb:MarketableSecuritiesMember2022-03-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CommercialPaperMember2022-03-310001559720us-gaap:CommercialPaperMemberabnb:FundsReceivableMember2022-03-310001559720us-gaap:CorporateDebtSecuritiesMember2022-03-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:CashAndCashEquivalentsMember2022-03-310001559720us-gaap:CorporateDebtSecuritiesMemberabnb:MarketableSecuritiesMember2022-03-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CorporateDebtSecuritiesMember2022-03-310001559720us-gaap:CorporateDebtSecuritiesMemberabnb:FundsReceivableMember2022-03-310001559720us-gaap:AssetBackedSecuritiesMember2022-03-310001559720us-gaap:CashAndCashEquivalentsMemberus-gaap:AssetBackedSecuritiesMember2022-03-310001559720abnb:MarketableSecuritiesMemberus-gaap:AssetBackedSecuritiesMember2022-03-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:AssetBackedSecuritiesMember2022-03-310001559720abnb:FundsReceivableMemberus-gaap:AssetBackedSecuritiesMember2022-03-310001559720us-gaap:CashAndCashEquivalentsMember2022-03-310001559720abnb:MarketableSecuritiesMember2022-03-310001559720us-gaap:OtherNoncurrentAssetsMember2022-03-310001559720abnb:FundsReceivableMember2022-03-3100015597202021-01-012021-12-310001559720us-gaap:CostmethodInvestmentsMember2022-01-012022-03-310001559720us-gaap:CostmethodInvestmentsMember2021-01-012021-03-310001559720us-gaap:CostmethodInvestmentsMember2021-12-310001559720us-gaap:CostmethodInvestmentsMember2022-03-310001559720us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:FairValueInputsLevel1Memberabnb:USGovernmentAndGovernmentAgencyDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720abnb:USGovernmentAndGovernmentAgencyDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberabnb:USGovernmentAndGovernmentAgencyDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720abnb:USGovernmentAndGovernmentAgencyDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001559720us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001559720us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2021-12-310001559720us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:ForeignExchangeMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001559720us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:FairValueInputsLevel1Memberabnb:USGovernmentAndGovernmentAgencyDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720abnb:USGovernmentAndGovernmentAgencyDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberabnb:USGovernmentAndGovernmentAgencyDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720abnb:USGovernmentAndGovernmentAgencyDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CommercialPaperNotIncludedWithCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2022-03-310001559720us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2022-03-310001559720us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2022-03-310001559720us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:OtherNoncurrentAssetsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:ForeignExchangeMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001559720us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001559720us-gaap:CorporateDebtSecuritiesMember2020-12-310001559720us-gaap:CorporateDebtSecuritiesMember2021-01-012021-12-310001559720us-gaap:CorporateDebtSecuritiesMember2022-01-012022-03-310001559720abnb:SecondLienCreditAgreementMemberus-gaap:SecuredDebtMemberabnb:ClassACommonStockWarrantsMember2021-01-012021-03-310001559720us-gaap:NondesignatedMemberus-gaap:ForeignExchangeMember2021-12-310001559720us-gaap:NondesignatedMemberus-gaap:ForeignExchangeMember2022-03-310001559720us-gaap:ForeignExchangeMember2021-01-012021-03-310001559720us-gaap:ForeignExchangeMember2022-01-012022-03-310001559720abnb:ConvertibleSeniorNotesMemberus-gaap:SeniorNotesMember2021-12-31xbrli:pure0001559720abnb:ConvertibleSeniorNotesMemberus-gaap:SeniorNotesMember2022-03-310001559720us-gaap:ConvertibleDebtMemberabnb:SeniorNotesDue2026Member2021-03-080001559720us-gaap:ConvertibleDebtMemberabnb:SeniorNotesDue2026Member2021-03-082021-03-080001559720us-gaap:CommonClassAMemberabnb:SeniorNotesDue2026Member2021-03-080001559720us-gaap:ConvertibleDebtMemberabnb:SeniorNotesDue2026Member2021-01-012021-03-310001559720us-gaap:ConvertibleDebtMemberabnb:SeniorNotesDue2026Member2022-01-012022-03-310001559720us-gaap:ConvertibleDebtMemberabnb:SeniorNotesDue2026Member2022-03-3100015597202021-03-032021-03-030001559720us-gaap:CommonClassAMember2021-03-030001559720us-gaap:SecuredDebtMemberabnb:FirstLienCreditAgreementMember2020-04-300001559720us-gaap:SecuredDebtMemberabnb:FirstLienCreditAgreementMember2020-04-012020-04-300001559720abnb:SecondLienCreditAgreementMemberus-gaap:SecuredDebtMember2020-04-300001559720abnb:SecondLienCreditAgreementMemberus-gaap:SecuredDebtMember2020-04-012020-04-300001559720us-gaap:SecuredDebtMember2021-03-012021-03-310001559720abnb:RedemptionPremiumsMemberus-gaap:SecuredDebtMember2021-03-012021-03-310001559720abnb:ThirdPartyCostsMemberus-gaap:SecuredDebtMember2021-03-012021-03-310001559720us-gaap:SecuredDebtMemberabnb:FirstLienCreditAgreementMember2021-01-012021-03-310001559720abnb:SecondLienCreditAgreementMemberus-gaap:SecuredDebtMember2021-01-012021-03-310001559720abnb:SecondLienCreditAgreementMemberus-gaap:SecuredDebtMemberabnb:ClassACommonStockWarrantsMember2020-04-300001559720abnb:SecondLienCreditAgreementMemberus-gaap:SecuredDebtMemberabnb:ClassACommonStockWarrantsMember2020-12-310001559720abnb:A2020CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-11-192020-11-190001559720abnb:A2020CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-11-190001559720us-gaap:LetterOfCreditMemberabnb:A2020CreditFacilityMemberus-gaap:LineOfCreditMember2020-11-190001559720us-gaap:LondonInterbankOfferedRateLIBORMemberabnb:A2020CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberabnb:InterestRateScenarioOneMember2020-11-192020-11-190001559720us-gaap:BaseRateMemberabnb:A2020CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberabnb:InterestRateScenarioTwoMember2020-11-192020-11-190001559720abnb:A2020CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberabnb:InterestRateScenarioTwoMemberus-gaap:FederalFundsEffectiveSwapRateMember2020-11-192020-11-190001559720abnb:A2020CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberabnb:InterestRateScenarioTwoMemberus-gaap:PrimeRateMember2020-11-192020-11-190001559720abnb:A2020CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberabnb:InterestRateScenarioTwoMember2020-11-192020-11-190001559720us-gaap:LetterOfCreditMemberabnb:A2020CreditFacilityMemberus-gaap:LineOfCreditMember2021-12-310001559720us-gaap:LetterOfCreditMemberabnb:A2020CreditFacilityMemberus-gaap:LineOfCreditMember2022-03-310001559720us-gaap:CommonClassAMemberabnb:SeniorNotesDue2026Member2021-03-082021-03-080001559720abnb:OperationsAndSupportExpenseMember2021-01-012021-03-310001559720abnb:OperationsAndSupportExpenseMember2022-01-012022-03-310001559720us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-03-310001559720us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-03-310001559720us-gaap:SellingAndMarketingExpenseMember2021-01-012021-03-310001559720us-gaap:SellingAndMarketingExpenseMember2022-01-012022-03-310001559720us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-03-310001559720us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-03-310001559720us-gaap:RestructuringChargesMember2021-01-012021-03-310001559720us-gaap:RestructuringChargesMember2022-01-012022-03-310001559720us-gaap:RestrictedStockUnitsRSUMember2021-12-310001559720us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001559720us-gaap:RestrictedStockUnitsRSUMember2022-03-310001559720us-gaap:RestrictedStockMember2022-01-012022-03-310001559720us-gaap:RestrictedStockMember2021-12-310001559720us-gaap:RestrictedStockMember2022-03-310001559720abnb:A2020EmployeeStockPurchasePlanMemberus-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2020-12-310001559720abnb:A2020EmployeeStockPurchasePlanMemberus-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2020-12-012020-12-310001559720abnb:A2020EmployeeStockPurchasePlanMemberus-gaap:EmployeeStockMember2020-12-012020-12-310001559720abnb:A2020EmployeeStockPurchasePlanMemberus-gaap:EmployeeStockMember2021-01-012021-03-310001559720abnb:A2020EmployeeStockPurchasePlanMemberus-gaap:EmployeeStockMember2022-01-012022-03-310001559720abnb:A2020EmployeeStockPurchasePlanMemberus-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2022-01-012022-03-310001559720abnb:A2020EmployeeStockPurchasePlanMemberus-gaap:CommonClassAMemberus-gaap:EmployeeStockMember2021-01-012021-03-3100015597202020-03-31abnb:jurisdiction0001559720srt:MinimumMember2022-01-012022-03-310001559720srt:MaximumMember2022-01-012022-03-310001559720abnb:HostsWithholdingTaxObligationsMember2021-12-310001559720abnb:HostsWithholdingTaxObligationsMember2022-03-310001559720srt:MinimumMember2022-03-310001559720srt:MaximumMember2022-03-310001559720abnb:EmployeeBenefitsAndEmploymentTaxesMember2021-12-310001559720abnb:EmployeeBenefitsAndEmploymentTaxesMember2022-03-3100015597202019-01-012019-12-3100015597202020-12-012020-12-310001559720us-gaap:InternalRevenueServiceIRSMember2020-12-012020-12-31abnb:vote0001559720us-gaap:CommonClassAMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-310001559720us-gaap:RestrictedStockMember2021-01-012021-03-310001559720us-gaap:CommonClassAMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001559720us-gaap:ConvertibleDebtSecuritiesMember2021-01-012021-03-310001559720us-gaap:ConvertibleDebtSecuritiesMember2022-01-012022-03-310001559720us-gaap:WarrantMember2021-01-012021-03-310001559720us-gaap:WarrantMember2022-01-012022-03-310001559720abnb:EscrowSharesMember2021-01-012021-03-310001559720abnb:EscrowSharesMember2022-01-012022-03-310001559720us-gaap:EmployeeStockOptionMember2021-01-012021-03-310001559720us-gaap:EmployeeStockOptionMember2022-01-012022-03-310001559720us-gaap:RestrictedStockMember2021-01-012021-03-310001559720us-gaap:RestrictedStockMember2022-01-012022-03-310001559720us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-310001559720us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001559720us-gaap:EquityUnitPurchaseAgreementsMember2021-01-012021-03-310001559720us-gaap:EquityUnitPurchaseAgreementsMember2022-01-012022-03-310001559720country:US2021-01-012021-03-310001559720country:US2022-01-012022-03-310001559720us-gaap:NonUsMember2021-01-012021-03-310001559720us-gaap:NonUsMember2022-01-012022-03-310001559720us-gaap:ContractTerminationMember2020-05-012020-05-3100015597202020-05-012020-05-31abnb:employee00015597202020-05-012022-03-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 10-Q
______________
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____ to _____
Commission File Number: 001-39778
______________
Airbnb, Inc.
(Exact Name of Registrant as Specified in Its Charter)
______________
Delaware26-3051428
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
888 Brannan Street
San Francisco, California 94103
(Address of Principal Executive Offices) (Zip Code)
(415) 510-4027
(Registrant’s Telephone Number, Including Area Code)
______________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Class A common stock, par value $0.0001 per share
ABNBThe Nasdaq Stock Market
______________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒
As of April 18, 2022, 382,254,487 shares of the registrant's Class A common stock were outstanding 254,208,703 shares of the registrant's Class B common stock were outstanding, no shares of the registrant’s Class C common stock were outstanding, and 9,200,000 shares of the registrant’s Class H common stock were outstanding.



AIRBNB, INC.
Form 10-Q

TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1.
Item 3.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

the effects of the COVID-19 pandemic, including as a result of new strains or variants of the virus on our business, the travel industry, travel trends, and the global economy generally;
the effects of certain global events, such as current or future military conflict, including between Russia and Ukraine, terrorism, sanctions, rising energy prices, inflation and interest rates and other geopolitical events globally, on our business, the travel industry, travel trends, and the global economy generally;
our expectations regarding our financial performance, including our revenue, costs, Adjusted EBITDA, and Free Cash Flow;
our expectations regarding future operating performance, including Nights and Experiences Booked, Gross Booking Value (“GBV”), and GBV per Night and Experience Booked;
our ability to attract and retain Hosts and guests;
our ability to compete in our industry;
our expectations regarding the resilience of our model, including in areas such as domestic travel, short-distance travel, travel outside of top cities, and long-term stays;
the effects of seasonal trends on our results of operations;
our expectations regarding the impact of the reduction in performance marketing spend to focus on brand marketing, and our ability to continue to attract guests and Hosts to our platform through direct and unpaid channels;
our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates;
anticipated trends, developments, and challenges in our industry, business, and the highly competitive markets in which we operate;
our ability to anticipate market needs or develop new or enhanced offerings and services to meet those needs;
our ability to manage expansion into international markets and new businesses;
our ability to stay in compliance with laws and regulations, including tax laws, that currently apply or may become applicable to our business both in the United States and internationally and our expectations regarding various laws and restrictions that relate to our business;
our expectations regarding our income tax liabilities and the adequacy of our reserves;
our ability to effectively manage our growth and expand our infrastructure and maintain our corporate culture;
our ability to identify, recruit, and retain skilled personnel, including key members of senior management;
the safety, affordability, and convenience of our platform and our offerings;
the sufficiency of our cash, cash equivalents, and investments to meet our liquidity needs;
our ability to successfully defend litigation brought against us;
our ability to maintain, protect, and enhance our intellectual property;
our ability to make required payments under our credit agreement and to comply with the various requirements of our indebtedness; and
the increased expenses associated with being a public company.

We caution you that the foregoing list does not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations, estimates, forecasts, and projections about future events and trends that we believe may affect our business, results of operations, financial condition, and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2021, as well as those identified in this Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made available. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.
1


You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this Quarterly Report on Form 10-Q by these cautionary statements.


2

PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

Airbnb, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(unaudited)
As of
December 31,
As of
March 31,
20212022
Assets
Current assets:
Cash and cash equivalents$6,067,438 $6,886,628 
Marketable securities2,255,038 2,435,661 
Restricted cash14,764 14,767 
Funds receivable and amounts held on behalf of customers3,715,471 6,104,653 
Prepaids and other current assets (including customer receivables of $142,519 and $155,911 and allowances of $30,870 and $32,851, respectively)
333,669 319,738 
Total current assets12,386,380 15,761,447 
Property and equipment, net156,585 142,729 
Operating lease right-of-use assets272,036 263,110 
Intangible assets, net52,308 46,673 
Goodwill652,602 651,864 
Other assets, noncurrent188,563 202,619 
Total assets$13,708,474 $17,068,442 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$118,361 $128,187 
Operating lease liabilities, current63,479 63,524 
Accrued expenses and other current liabilities1,558,243 1,729,672 
Funds payable and amounts payable to customers3,715,471 6,104,653 
Unearned fees903,728 1,747,746 
Total current liabilities6,359,282 9,773,782 
Long-term debt, net of current portion1,982,537 1,983,578 
Operating lease liabilities, noncurrent372,483 358,908 
Other liabilities, noncurrent218,459 214,758 
Total liabilities8,932,761 12,331,026 
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.0001 par value, 2,000,000 shares of Class A common stock authorized as of December 31, 2021 and March 31, 2022; 364,500 and 382,213 shares of Class A common stock issued and outstanding as of December 31, 2021 and March 31, 2022, respectively; 710,000 shares of Class B common stock authorized as of December 31, 2021 and March 31, 2022; 269,024 and 254,209 shares of Class B common stock issued and outstanding as of December 31, 2021 and March 31, 2022, respectively; 2,000,000 shares of Class C common stock authorized as of December 31, 2021 and March 31, 2022, respectively; zero shares of Class C common stock issued and outstanding as of December 31, 2021 and March 31, 2022; 26,000 shares of Class H common stock authorized as of December 31, 2021 and March 31, 2022; 9,200 shares issued and zero shares of Class H common stock outstanding as of December 31, 2021 and March 31, 2022
63 64 
Additional paid-in capital11,140,284 11,126,300 
Accumulated other comprehensive loss(6,893)(12,415)
Accumulated deficit(6,357,741)(6,376,533)
Total stockholders’ equity4,775,713 4,737,416 
Total liabilities and stockholders’ equity$13,708,474 $17,068,442 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

Airbnb, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended March 31,
20212022
Revenue$886,936 $1,508,937 
Costs and expenses:
Cost of revenue254,515 362,623 
Operations and support185,436 233,012 
Product development363,061 362,927 
Sales and marketing229,125 344,616 
General and administrative189,762 210,573 
Restructuring charges111,982 317 
Total costs and expenses1,333,881 1,514,068 
Loss from operations(446,945)(5,131)
Interest income3,052 4,744 
Interest expense(421,911)(5,764)
Other expense, net(300,098)(1,935)
Loss before income taxes(1,165,902)(8,086)
Provision for income taxes6,309 10,706 
Net loss$(1,172,211)$(18,792)
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted$(1.95)$(0.03)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted600,960 635,314 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

Airbnb, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(unaudited)
Three Months Ended March 31,
20212022
Net loss$(1,172,211)$(18,792)
Other comprehensive loss:
Net unrealized loss on available-for-sale marketable securities, net of tax(956)(4,554)
Foreign currency translation adjustments(3,883)(968)
Other comprehensive loss(4,839)(5,522)
Comprehensive loss$(1,177,050)$(24,314)
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Airbnb, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(unaudited)
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders’ Equity
Shares
Amount
Balances as of December 31, 2020599,197 $60 $8,904,791 $2,639 $(6,005,707)$2,901,783 
Net loss— — — — (1,172,211)(1,172,211)
Other comprehensive loss— — — (4,839)— (4,839)
Exercise of common stock options5,289 1 47,792 — — 47,793 
Issuance of common stock upon settlement of RSUs, net of shares withheld3,571 — (15,054)— — (15,054)
Reclassification of derivative warrant liability to equity— — 1,277,168 — — 1,277,168 
Purchase of capped calls— — (100,200)— — (100,200)
Stock-based compensation— — 224,983 — — 224,983 
Balances as of March 31, 2021608,057 $61 $10,339,480 $(2,200)$(7,177,918)$3,159,423 
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders’ Equity
Shares
Amount
Balances as of December 31, 2021633,524 $63 $11,140,284 $(6,893)$(6,357,741)$4,775,713 
Net loss— — — — (18,792)(18,792)
Other comprehensive loss— — — (5,522)— (5,522)
Exercise of common stock options784 — 11,652 — — 11,652 
Issuance of common stock upon settlement of RSUs, net of shares withheld2,114 1 (224,359)— — (224,358)
Stock-based compensation— — 198,723 — — 198,723 
Balances as of March 31, 2022636,422 $64 $11,126,300 $(12,415)$(6,376,533)$4,737,416 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

Airbnb, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended March 31,
20212022
Cash flows from operating activities:
Net loss$(1,172,211)$(18,792)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization38,252 29,232 
Bad debt expense7,305 9,299 
Stock-based compensation expense229,474 194,923 
(Gain) loss on investments, net(12,171)1,260 
Change in fair value of warrant liability291,987  
Amortization of debt discount and debt issuance costs5,405 1,041 
Noncash interest expense, net1,716 2,106 
Foreign exchange (gain) loss(9,151)14,854 
Impairment of long-lived assets112,545  
Loss from extinguishment of debt377,248  
Other, net6,978 14,479 
Changes in operating assets and liabilities:
Prepaids and other assets(2,696)(18,718)
Operating lease right-of-use assets7,462 9,079 
Accounts payable37,326 10,270 
Accrued expenses and other liabilities155,225 121,922 
Operating lease liabilities(6,650)(12,982)
Unearned fees538,332 844,019 
Net cash provided by operating activities606,376 1,201,992 
Cash flows from investing activities:
Purchases of property and equipment(7,706)(5,959)
Purchases of marketable securities(1,581,425)(927,974)
Sales of marketable securities248,185 146,038 
Maturities of marketable securities168,660 593,772 
Other investing activities, net (2,847)
Net cash used in investing activities(1,172,286)(196,970)
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

Airbnb, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended March 31,
20212022
Cash flows from financing activities:
Taxes paid related to net share settlement of equity awards$(130,430)$(204,768)
Principal repayment of long-term debt(1,995,000) 
Prepayment penalty on long-term debt(212,883) 
Proceeds from issuance of convertible senior notes, net of issuance costs1,979,166  
Purchases of capped calls related to convertible senior notes(100,200) 
Proceeds from exercise of stock options47,793 11,652 
Change in funds payable and amounts payable to customers1,867,080 2,396,635 
Net cash provided by financing activities1,455,526 2,203,519 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(72,287)3,398 
Net increase in cash, cash equivalents, and restricted cash817,329 3,211,939 
Cash, cash equivalents, and restricted cash, beginning of period7,668,252 9,727,289 
Cash, cash equivalents, and restricted cash, end of period$8,485,581 $12,939,228 
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds$6,307 $14,706 
Cash paid for interest$42,950 $2,600 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8


Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1. Description of Business

Airbnb, Inc. (the “Company” or “Airbnb”) was incorporated in Delaware in June 2008 and is headquartered in San Francisco, California. The Company operates a global platform for unique stays and experiences. The Company’s marketplace model connects Hosts and guests (collectively referred to as “customers”) online or through mobile devices to book spaces and experiences around the world.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in our Annual Report on Form 10-K, filed with the SEC on February 25, 2022. There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2021 that have had a material impact on our condensed consolidated financial statements and related notes.

The results for the interim periods are not necessarily indicative of results for the full year. The accompanying condensed consolidated financial statements include accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and variable interest entities (“VIE”) in which the Company is the primary beneficiary in accordance with consolidation accounting guidance. All intercompany transactions have been eliminated in consolidation.

The Company determines, at the inception of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest in is considered a VIE. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to direct the activities that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interest in a VIE in accordance with applicable U.S. GAAP. As of March 31, 2022, the Company’s consolidated VIEs were not material to the condensed consolidated financial statements.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company regularly evaluates its estimates, including those related to bad debt reserves, fair value of investments, useful lives of long-lived assets and intangible assets, valuation of acquired goodwill and intangible assets from acquisitions, contingent liabilities, insurance reserves, revenue recognition, valuation of common stock, stock-based compensation, and income and non-income taxes, among others. Actual results could differ materially from these estimates.

As the impact of the COVID-19 pandemic continues to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial statements as new events occur and additional information becomes known. To the extent the Company’s actual results differ materially from those estimates and assumptions, the Company’s future consolidated financial statements could be affected.

Recently Adopted Accounting Standards

In May 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-04 Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Topic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40), which clarifies existing guidance for freestanding written call options which are equity classified and remain so after they are modified or exchanged in order to reduce diversity in practice. The standard is effective for public entities in fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted the standard during the quarter, which did not have an impact on the Company's condensed consolidated financial statements.

9


Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
Recently Issued Accounting Standards Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions to contract modifications and hedging relationships that reference the London Interbank Offered Rate or another reference rate expected to be discontinued. The standard is effective upon issuance and may be applied at the beginning of the interim period that includes March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, which clarified the scope of Topic 848 to include derivatives that are affected by a change in the interest rate used for margining, discounting, or contract price alignment that do not also reference London Interbank Offered Rate or another reference rate that is expected to be discontinued as a result of the reference rate reform. The standard is effective upon issuance and may be applied retroactively as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively to any new modifications within an interim period including or subsequent to January 7, 2021. The Company is evaluating the impact on the Company’s consolidated financial statements.

In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815), which clarifies the guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The standard is effective for public entities in fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted on any date on or after the issuance of ASU 2017-12. The Company is evaluating the impact on the Company’s consolidated financial statements.

There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its consolidated financial statements or disclosures.

Revision of Previously Issued Financial Statements

The condensed consolidated statements of cash flows for the three months ended March 31, 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 $112 million and overstated the cash flows from financing activities by $112 million for the three months ended March 31, 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, the Company reported $1.65 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 in the first quarter of 2021. This had no impact on the Company’s 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.

Note 3. Supplemental Financial Statement Information

Cash, Cash Equivalents, and Restricted Cash

The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s condensed consolidated balance sheets to the total amount presented in the condensed consolidated statements of cash flows (in thousands):

As of
December 31,
2021
March 31,
2022
Cash and cash equivalents$6,067,438 $6,886,628 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers3,645,087 6,037,833 
Restricted cash14,764 14,767 
Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows$9,727,289 $12,939,228 

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):
As of
December 31,
2021
March 31,
2022
Indirect tax reserves
$182,796 $184,282 
Indirect taxes payable
309,616 536,640 
Compensation and related benefits
415,626 296,991 
Gift card liability98,129 96,396 
Other
552,076 615,363 
Total accrued expenses and other current liabilities$1,558,243 $1,729,672 

10


Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
Payments to Customers

The Company makes payments to customers as part of its incentive programs (comprised of referral programs and marketing promotions) and refund activities. The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds.

The following table summarizes total payments made to customers (in thousands):

Three Months Ended March 31,
20212022
Reductions to revenue
$25,856 $44,952 
Charges to operations and support
14,809 21,730 
Charges to sales and marketing expense
9,775 10,473 
Total payments made to customers
$50,440 $77,155 

Note 4. Investments

Debt Securities

The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands):

As of December 31, 2021Classification as of December 31, 2021
Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total
Estimated
Fair Value
Cash and
Cash
Equivalents
Marketable
Securities
Other
Assets,
Noncurrent
Funds
Receivable
(2)
Certificates of deposit$395,351 $— $— $395,351 $31,117 $364,234 $ $ 
Government bonds(1)
850 13  863  863   
Commercial paper1,156,963   1,156,963 163,959 993,004   
Corporate debt securities917,718 220 (3,147)914,791 41,439 862,901 10,451  
Mortgage-backed and asset-backed securities
34,019 338 (321)34,036  34,036   
Total
$2,504,901 $571 $(3,468)$2,502,004 $236,515 $2,255,038 $10,451 $ 

(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers
As of March 31, 2022Classification as of March 31, 2022
Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total
Estimated
Fair Value
Cash and
Cash
Equivalents
Marketable
Securities
Other
Assets,
Noncurrent
Funds
Receivable
(2)
Certificates of deposit
$533,669 $— $— $533,669 $60,919 $472,750 $ $ 
Government bonds(1)
464,399 44 (12)464,431  350,450  113,981 
Commercial paper
1,104,688  (16)1,104,672 265,857 838,815   
Corporate debt securities
794,433 36 (6,073)788,396 35,914 741,971 10,511  
Mortgage-backed and asset-backed securities
33,046 10 (1,381)31,675  31,675   
Total
$2,930,235 $90 $(7,482)$2,922,843 $362,690 $2,435,661 $10,511 $113,981 

(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers

As of December 31, 2021 and March 31, 2022, the Company does not have any available-for-sale debt securities for which the Company has recorded credit related losses.

Before reclassifications of gains and losses from accumulated other comprehensive loss on the condensed consolidated balance sheets to other expense, net in the condensed consolidated statements of operations, unrealized gains and losses, net of tax, for the three months ended March 31, 2021 and 2022, were not material. Realized gains and losses reclassified from accumulated other comprehensive loss to other expense, net were not material for the three months ended March 31, 2021 and 2022.

Debt securities in an unrealized loss position had an estimated fair value of $801.5 million and unrealized losses of $3.5 million as of December 31, 2021, and an estimated fair value of $772.7 million and unrealized losses of $7.5 million as of March 31, 2022. An immaterial
11


Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
amount of securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2021, and $32.1 million of securities were in a continuous unrealized loss position for more than twelve months as of March 31, 2022.

The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in thousands):

As of March 31, 2022
Amortized
Cost
Estimated
Fair Value
Due within one year$2,845,872 $2,843,140 
Due in one year to five years62,033 58,720 
Due within five to ten years19,828 18,550 
Due beyond ten years2,502 2,433 
Total$2,930,235 $2,922,843 

Equity Investments

Gains and Losses on Marketable Equity Investments

During the three months ended March 31, 2021, the marketable equity investments were sold, and the Company realized a net loss of $14.3 million. The realized net loss was recorded in other expense, net on the condensed consolidated statements of operations.

Equity Investments Without Readily Determinable Fair Values

The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. These investments had a net carrying value of $75.0 million as of both December 31, 2021 and March 31, 2022, and are classified within other assets, noncurrent on the condensed consolidated balance sheets. These investments were initially recorded using the measurement alternative at cost and are subsequently adjusted to fair value for impairments and price changes from observable transactions in the same or similar security from the same issuer.

The following table summarizes the total carrying value of equity investments without readily determinable fair values (in thousands):

Three Months Ended March 31,
20212022
Carrying value, beginning of period$78,074 $74,993 
Downward adjustments for observable price changes and impairments  
Carrying value, end of period$78,074 $74,993 

As of December 31, 2021 and March 31, 2022, there were no upward adjustments for price changes to the Company’s equity investments without readily determinable fair values. The Company did not record any realized gains or losses for the Company’s equity investments without readily determinable fair value during the three months ended March 31, 2021 and 2022. The Company recorded no impairment charges for both the three months ended March 31, 2021 and 2022.

The following table summarizes the cumulative impairment charges of equity investments without readily determinable fair values (in thousands):

As of
December 31,
2021
March 31,
2022
Cumulative downward adjustments for observable price changes and impairment$56,217 $56,217 

Investments Accounted for Under the Equity Method

As of December 31, 2021 and March 31, 2022, the carrying values of the Company’s equity method investments were $17.4 million and $16.2 million, respectively. For the three months ended March 31, 2021 and 2022, the Company recorded unrealized gains (losses) of $0.4 million and $(1.3) million, respectively, within other expense, net in the condensed consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. The Company recorded no impairment charges related to the carrying value of equity method investments for the three months ended March 31, 2021 and 2022.

12


Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
Note 5. Fair Value Measurements and Financial Instruments

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):
As of December 31, 2021
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$1,923,184 $ $ $1,923,184 
Certificates of deposit31,117   31,117 
Commercial paper 163,959  163,959 
Corporate debt securities 41,439  41,439 
1,954,301 205,398  2,159,699 
Marketable securities:
Certificates of deposit364,234   364,234 
U.S. government and government agency debt securities 863  863 
Commercial paper 993,004  993,004 
Corporate debt securities 862,901  862,901 
Mortgage-backed and asset-backed securities 34,036  34,036 
364,234 1,890,804  2,255,038 
Funds receivable and amounts held on behalf of customers:
Money market funds466,319   466,319 
Prepaids and other current assets:
Foreign exchange derivative assets 25,918  25,918 
Other assets, noncurrent:
Corporate debt securities  10,451 10,451 
Total assets at fair value$2,784,854 $2,122,120 $10,451 $4,917,425 
Liabilities
Accrued expenses and other current liabilities:
Foreign exchange derivative liabilities$ $10,280 $ $10,280 
Total liabilities at fair value$ $10,280 $ $10,280 
13


Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
As of March 31, 2022
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,484,384 $ $ $2,484,384 
Certificates of deposit60,919   60,919 
Commercial paper 265,857  265,857 
Corporate debt securities 35,914  35,914 
2,545,303 301,771  2,847,074 
Marketable securities:
Certificates of deposit472,750   472,750 
U.S. government and government agency debt securities 350,450  350,450 
Commercial paper 838,815  838,815 
Corporate debt securities 741,971  741,971 
Mortgage-backed and asset-backed securities 31,675  31,675 
472,750 1,962,911  2,435,661 
Funds receivable and amounts held on behalf of customers:
Money market funds1,203,019   1,203,019 
U.S. government and government agency debt securities 113,981  113,981 
Prepaids and other current assets:
Foreign exchange derivative assets 16,129  16,129 
Other assets, noncurrent:
Corporate debt securities  10,511 10,511 
Total assets at fair value$4,221,072 $2,394,792 $10,511 $6,626,375 
Liabilities
Accrued expenses and other current liabilities:
Foreign exchange derivative liabilities$ $24,452 $ $24,452 
Total liabilities at fair value$ $24,452 $ $24,452 

The following table presents additional information about investments that are measured at fair value for which the Company has utilized Level 3 inputs to determine fair value (in thousands):

December 31,
2021
March 31,
2022
Other Assets, Noncurrent
Balance, beginning of period$11,490 $10,451 
Total realized and unrealized gains (losses):
Included in earnings  
Included in other comprehensive loss(1,039)60 
Balance, end of period$10,451 $10,511 
Changes in unrealized gains or losses included in other comprehensive loss related to investments held at the reporting date$(1,039)$60 

There were no transfers of financial instruments between valuation levels during the three months ended March 31, 2022.

The Company amended the anti-dilution feature in the warrant agreements associated with the Second Lien Credit Agreement, as defined in Note 6, Debt, below, which resulted in a change in classification from liability to equity, on March 30, 2021, the modification date. The Company recorded a marked-to-market charge of $292.0 million for the three months ended March 31, 2021, which was recorded in other expense, net on the condensed consolidated statements of operations. Subsequent to the modification date, the warrants were no longer subject to marked-to-market charges. The balance of $1.3 billion was then reclassified from liability to equity as the amended warrants met the requirements for equity classification. Refer to Note 6, Debt, for additional information.

14


Airbnb, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
Derivatives Not Designated as Hedging Instruments

As of December 31, 2021, the fair value of foreign exchange derivative assets and liabilities totaled $25.9 million and $10.3 million, respectively, with the aggregate notional amount totaling $2.4 billion. As of March 31, 2022, the fair value of foreign exchange derivative assets and liabilities totaled $16.1 million and $24.5 million, respectively, with the aggregate notional amount totaling $1.6 billion. Derivative assets are included in prepaids and other current assets and derivative liabilities are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.

The Company recorded total net realized gains (losses) of $(15.4) million and $12.9 million for the three months ended March 31, 2021 and 2022, respectively, related to foreign exchange derivative assets and liabilities.

The Company recorded total net unrealized gains (losses) of $39.9 million and $(24.0) million for the three months ended March 31, 2021 and 2022, respectively, related to foreign exchange derivative assets and liabilities.

The realized and unrealized gains and losses on non-designated derivatives are reported in other expense, net in the condensed consolidated statements of operations. The cash flows related to derivative instruments not designated as hedging instruments are classified within operating activities in the condensed consolidated statements of cash flows.

The Company has master netting arrangements with the respective counterparties to its derivative contracts, which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty. The Company presents its derivative assets and derivative liabilities at their gross fair values in its condensed consolidated balance sheets. As of December 31, 2021, the potential effect of these rights of set-off associated with the Company’s derivative contracts would be a reduction to both assets and liabilities of $10.3 million, resulting in net derivative assets of $15.6 million. As of March 31, 2022, the potential effect of these rights of set-off associated with the Company’s derivative contracts would be a reduction to both assets and liabilities of $15.7 million, resulting in net derivative assets of $0.4 million and net derivative liabilities of $8.7 million.

Note 6. Debt

The following table summarizes the Company’s outstanding debt (in thousands):

December 31, 2021March 31, 2022
Balance
Effective
Interest Rate
Balance
Effective
Interest Rate
Convertible senior notes due March 2026$2,000,000 0.2 %$2,000,000 0.2 %
Less: Unamortized debt discount and debt issuance costs(17,463)(16,422)
Total long-term debt$1,982,537 $1,983,578 

Convertible Senior Notes

On March 8, 2021, the Company issued $2.0 billion aggregate principal amount of 0% convertible senior notes due 2026 (the "2026 Notes") pursuant to an indenture, dated March 8, 2021 (the "Indenture"), between the Company and U.S. Bank National Association, as trustee. The 2026 Notes were offered and sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.

The 2026 Notes are senior unsecured obligations of the Company and will not bear regular interest. The 2026 Notes mature on March 15, 2026, unless earlier converted, redeemed or repurchased. The proceeds, net of debt issuance costs, were $1,979.2 million.

The initial conversion rate for the 2026 Notes is 3.4645 shares of the Company's Class A common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $288.64 per share of the Class A common stock. The conversion rate and conversion price are subject to customary adjustments under certain circumstances in accordance with the terms of the Indenture.

The 2026 Notes will be convertible at the option of the holders before December 15, 2025 only upon the occurrence of certain events, and from and after December 15, 2025, at any time at their election until the close of business on the second scheduled trading day immediately preceding March 15, 2026, only under certain circumstances. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election, based on the applicable conversion rate. In addition, if certain corporate events that constitute a make-whole fundamental change (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. Additionally, in the event of a corporate event constituting a fundamental change (as defined in the Indenture), holders of the 2026 Notes may require the Company to repurchase all or a portion of their 2026 Notes at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus accrued and unpaid special interest or additional interest, if any, to, but excluding, the date of the fundamental change repurchase.

Debt issuance costs related to the 2026 Notes totaled $