AIRBNB FINANCIAL ANALYSIS

YEAR 2019A 2020A 2021A

ASSUMPTIONS
Revenue YoY Growth 31.60% -29.70% 77.38%
Cost of Revenue 24.89% 25.93% 19.29%
Operating Expenses 85.22% 175.87% 71.66%
Income Tax 5.47% -2.87% 0.87%
Depreciation & Amortization 2.14% 3.08% 1.20%
Stock-Based Compensation 2.04% 88.90% 15.00%
Capital Expenditures -2.62% -1.10% -0.42%
Changes in Net Working Capital -10.78% -24.36% 4.99%

UNLEVERED CASH FLOW CALCULATION Calendar Year End

Revenue $ 4,805.00 $ 3,378.00 $ 5,992.00
Cost of Revenue $ 1,196.00 $ 876.00 $ 1,156.00
Gross Profit $ 3,609.00 $ 2,502.00 $ 4,836.00
% Margin 75.11% 74.07% 80.71%
Operating Expenses $ 4,095.00 $ 5,941.00 $ 4,294.00
EBIT $ (486.00) $ (3,439.00) $ 542.00
% Margin -10.11% -101.81% 9.05%
Less: Income Taxes $ 263.00 $ (97.00) $ 52.00
EBITDA $ (749.00) $ (3,342.00) $ 490.00
Plus: Depreciation & Amortization $ 103.00 $ 104.00 $ 72.00
Plus: Stock-Based Compensation $ 98.00 $ 3,003.00 $ 899.00
Less: Capital Expenditures $ (126.00) $ (37.00) $ (25.00)
Less: Changes in Net Working Capital $ (518.00) $ (823.00) $ 299.00
Unlevered Free Cash Flow $ (1,192.00) $ (1,095.00) $ 1,735.00
% Margin -24.81% -32.42% 28.96%

Terminal Value $ 74,157.78

Discount Rate 10.00%
Perpetual Growth Rate 4.00%

Timing of FCF (mid year)

Present Value of FCF

Enterprise Value $ 59,008.13

Plus: Cash & Marketable Securities $ 9,622.00
Less: Total Debt $ 2,341.00
Equity Value $ 66,289.13
No. of Shares Outstanding (in miilions) 632
Intrinsic Value per share $ 104.89
IRBNB FINANCIAL ANALYSIS AND VALUATION
2022A 2023E 2024E 2025E 2026E 2027E

40.17% 13.99% 15.16% 14.82% 12.94% 14.72%

17.85% 17.46% 17.23% 17.00% 16.81% 16.52%
59.61% 58.00% 57.00% 56.00% 55.00% 54.00%
1.14% 5.00% 10.00% 15.00% 20.00% 20.00%
0.63% 1.00% 1.00% 1.00% 1.00% 1.00%
11.07% 10.00% 9.00% 8.00% 7.00% 6.00%
-0.30% -0.50% -0.50% -0.50% -0.50% -0.50%
-5.33% 12.40% -0.04% 4.50% 6.50% 4.00%

Calendar Year Ending December 31, ( Value in millions)

$ 8,399.00 $ 9,574.02 $ 11,025.44 $ 12,659.41 $ 14,297.54 $ 16,402.14
$ 1,499.00 $ 1,671.62 $ 1,899.68 $ 2,152.10 $ 2,403.42 $ 2,709.63
$ 6,900.00 $ 7,902.40 $ 9,125.76 $ 10,507.31 $ 11,894.12 $ 13,692.50
82.15% 82.54% 82.77% 83.00% 83.19% 83.48%
$ 5,007.00 $ 5,552.93 $ 6,284.50 $ 7,089.27 $ 7,863.65 $ 8,857.15
$ 1,893.00 $ 2,349.46 $ 2,841.26 $ 3,418.04 $ 4,030.48 $ 4,835.35
22.54% 24.54% 25.77% 27.00% 28.19% 29.48%
$ 96.00 $ 117.47 $ 284.13 $ 512.71 $ 806.10 $ 967.07
$ 1,797.00 $ 2,231.99 $ 2,557.13 $ 2,905.34 $ 3,224.38 $ 3,868.28
$ 53.00 $ 95.74 $ 110.25 $ 126.59 $ 142.98 $ 164.02
$ 930.00 $ 957.40 $ 992.29 $ 1,012.75 $ 1,000.83 $ 984.13
$ (25.00) $ (47.87) $ (55.13) $ (63.30) $ (71.49) $ (82.01)
$ (448.00) $ 1,187.18 $ (4.41) $ 569.67 $ 929.34 $ 656.09
$ 2,307.00 $ 2,050.08 $ 3,600.14 $ 3,411.71 $ 3,367.36 $ 4,278.33
27.47% 21.41% 32.65% 26.95% 23.55% 26.08%

0.50 1.50 2.50 3.50 4.50

$ 1,954.68 $ 3,120.54 $ 2,688.38 $ 2,412.21 $ 2,786.17
 CAGR
14%

15%

20%

15%

20%

5.00
$ 46,046.15
B