AIRBNB, INC., 10-Q filed on 5/8/2024
Quarterly Report
v3.24.1.u1
Cover - shares
 3 Months Ended
Mar. 31, 2024
Apr. 22, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-39778  
Entity Registrant Name Airbnb, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-3051428  
Entity Address, Address Line One 888 Brannan Street  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94103  
City Area Code 415  
Local Phone Number 510-4027  
Title of 12(b) Security Class A common stock, par value $0.0001 per share  
Trading Symbol ABNB  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001559720  
Current Fiscal Year End Date --12-31  
Document Fiscal Year End Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   441,500,418
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   193,343,397
Common Class C    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
Common Class H    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   9,200,000
v3.24.1.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 7,829 $ 6,874
Short-term investments (including assets reported at fair value of $2,507 and $2,524, respectively) 3,264 3,197
Funds receivable and amounts held on behalf of customers 8,737 5,869
Prepaids and other current assets (including customer receivables of $249 and $212 and allowances of $44 and $37, respectively) 563 569
Total current assets 20,393 16,509
Deferred tax assets, net 2,886 2,881
Goodwill and intangible assets, net 786 792
Other assets, noncurrent 472 463
Total assets 24,537 20,645
Current liabilities:    
Accrued expenses, accounts payable, and other current liabilities 2,968 2,654
Funds payable and amounts payable to customers 8,737 5,869
Unearned fees 2,434 1,427
Total current liabilities 14,139 9,950
Long-term debt 1,992 1,991
Other liabilities, noncurrent 510 539
Total liabilities 16,641 12,480
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Common stock 0 0
Additional paid-in capital 11,819 11,639
Accumulated other comprehensive loss (9) (49)
Accumulated deficit (3,914) (3,425)
Total stockholders’ equity 7,896 8,165
Total liabilities and stockholders’ equity $ 24,537 $ 20,645
v3.24.1.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Short-term investments assets reported at fair value $ 2,524 $ 2,507
Customer receivables, before allowance 212 249
Customer receivables, allowance $ 37 $ 44
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common Class A    
Common stock authorized (in shares) 2,000,000,000 2,000,000,000
Common stock issued (in shares) 443,000,000 438,000,000
Common stock outstanding (in shares) 443,000,000 438,000,000
Common Class B    
Common stock authorized (in shares) 710,000,000 710,000,000
Common stock issued (in shares) 193,000,000 200,000,000
Common stock outstanding (in shares) 193,000,000 200,000,000
Common Class C    
Common stock authorized (in shares) 2,000,000,000 2,000,000,000
Common stock issued (in shares) 0 0
Common stock outstanding (in shares) 0 0
Common Class H    
Common stock authorized (in shares) 26,000,000 26,000,000
Common stock issued (in shares) 9,000,000 9,000,000
Common stock outstanding (in shares) 0 0
v3.24.1.u1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues [Abstract]    
Revenue $ 2,142 $ 1,818
Costs and expenses:    
Cost of revenue 480 428
Operations and support 285 282
Product development 475 420
Sales and marketing 514 450
General and administrative 287 243
Total costs and expenses 2,041 1,823
Income (loss) from operations 101 (5)
Interest income 202 146
Other expense, net (10) (11)
Income before income taxes 293 130
Provision for income taxes 29 13
Net income $ 264 $ 117
Net income per share attributable to Class A and Class B common stockholders:    
Net income per share attributable to Class A and Class B common stockholders, basic (in USD per share) $ 0.41 $ 0.18
Net income per share attributable to Class A and Class B common stockholders, diluted (in USD per share) $ 0.41 $ 0.18
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:    
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic (in shares) 638 634
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted (in shares) 654 670
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 264 $ 117
Other comprehensive income:    
Net unrealized income (loss) on available-for-sale marketable securities, net of tax (3) 3
Net unrealized income (loss) on cash flow hedges, net of tax 48 (4)
Foreign currency translation adjustments (5) 3
Other comprehensive income 40 2
Comprehensive income $ 304 $ 119
v3.24.1.u1
Condensed Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022   631      
Beginning balance at Dec. 31, 2022 $ 5,560 $ 0 [1] $ 11,557 $ (32) $ (5,965)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 117       117
Other comprehensive income 2     2  
Exercise of common stock options (in shares)   2      
Exercise of common stock options 17   17    
Issuance of common stock upon settlement of RSUs, net of shares withheld for taxes (in shares)   1      
Issuance of common stock upon settlement of RSUs, net of shares withheld for taxes (155)   (155)    
Stock-based compensation 243   243    
Repurchases of common stock (in shares)   (4)      
Repurchases of common stock (493)       (493)
Ending balance (in shares) at Mar. 31, 2023   630      
Ending balance at Mar. 31, 2023 5,291 $ 0 [1] 11,662 (30) (6,341)
Beginning balance (in shares) at Dec. 31, 2023   638      
Beginning balance at Dec. 31, 2023 8,165 $ 0 [1] 11,639 (49) (3,425)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 264       264
Other comprehensive income $ 40     40  
Exercise of common stock options (in shares) 1 1      
Exercise of common stock options $ 46   46    
Issuance of common stock upon settlement of RSUs, net of shares withheld for taxes (in shares)   2      
Issuance of common stock upon settlement of RSUs, net of shares withheld for taxes (168)   (168)    
Stock-based compensation 302   302    
Repurchases of common stock (in shares)   (5)      
Repurchases of common stock (753)       (753)
Ending balance (in shares) at Mar. 31, 2024   636      
Ending balance at Mar. 31, 2024 $ 7,896 $ 0 [1] $ 11,819 $ (9) $ (3,914)
[1] Amounts round to zero and do not change rounded totals
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 264 $ 117
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 14 11
Stock-based compensation expense 295 240
Other, net 4 12
Changes in operating assets and liabilities:    
Prepaids and other assets 13 (32)
Accrued expenses and other liabilities 325 250
Unearned fees 1,008 989
Net cash provided by operating activities 1,923 1,587
Cash flows from investing activities:    
Purchases of short-term investments (826) (1,094)
Sales and maturities of short-term investments 756 917
Other investing activities, net (14) (6)
Net cash used in investing activities (84) (183)
Cash flows from financing activities:    
Taxes paid related to net share settlement of equity awards (155) (151)
Proceeds from exercise of equity awards 46 17
Repurchases of common stock (750) (493)
Change in funds payable and amounts payable to customers 2,993 2,913
Net cash provided by financing activities 2,134 2,286
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (111) 79
Net increase in cash, cash equivalents, and restricted cash 3,862 3,769
Cash, cash equivalents, and restricted cash, beginning of period 12,667 12,103
Cash, cash equivalents, and restricted cash, end of period 16,529 15,872
Supplemental disclosures of cash flow information:    
Cash paid for income taxes, net of refunds $ 29 $ 11
v3.24.1.u1
Description of Business
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business 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.
v3.24.1.u1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

The accompanying unaudited 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 U.S. 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, 2023, included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 16, 2024. The results for the interim periods are not necessarily indicative of results for the full year. Certain immaterial amounts in prior periods have been reclassified to conform with current period presentation.

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

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries in accordance with consolidation accounting guidance. All intercompany transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s unaudited 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 unaudited 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 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 uncertain macroeconomic conditions, including inflation and rising interest rates, 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 unaudited condensed 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 unaudited condensed consolidated financial statements could be affected.

Recently Adopted Accounting Standards

In June 2022, the Financial Accounting Standards Board (the “FASB”) issued guidance related to the fair value measurement of an equity security subject to contractual sale restrictions that prohibit the sale of the equity security. The new guidance also introduced new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The Company adopted the guidance effective January 1, 2024. There was no impact to the Company’s unaudited condensed consolidated financial statements upon adoption.

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued an update which expands income tax disclosure in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update is effective for public companies in fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the update retrospectively. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its unaudited condensed consolidated financial statements other than the expanded footnote disclosure.

In November 2023, the FASB issued an update to improve disclosure of reportable segments on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. The update is effective for public companies in fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, on a retrospective basis with early adoption permitted. The Company does not expect the adoption of the new guidance to have a material impact on its unaudited condensed consolidated financial statements other than the expanded footnote disclosure.

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 unaudited condensed consolidated financial statements or disclosures.
v3.24.1.u1
Supplemental Financial Statement Information
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Statement Information 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 unaudited condensed consolidated balance sheets to the total amount presented in the unaudited condensed consolidated statements of cash flows (in millions):

December 31,
2023		March 31,
2024
Cash and cash equivalents$6,874 $7,829 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,769 8,665 
Restricted cash included in prepaids and other current assets
24 35 
Total cash, cash equivalents, and restricted cash presented in the unaudited condensed consolidated statements of cash flows$12,667 $16,529 

Supplemental disclosures of balance sheet information

Supplemental balance sheet information consisted of the following (in millions):
December 31,
2023		March 31,
2024
Other assets, noncurrent:
Property and equipment, net$160 $171 
Operating lease right-of-use assets119 111 
Other184 190 
Other assets, noncurrent$463 $472 
Accrued expenses, accounts payable, and other current liabilities:
Indirect taxes payable and withholding tax reserves$1,119 $1,455 
Compensation and employee benefits436 346 
Accounts payable141 184 
Operating lease liabilities, current61 61 
Other897 922 
Accrued expenses, accounts payable, and other current liabilities
$2,654 $2,968 
Other liabilities, noncurrent:
Operating lease liabilities, noncurrent$252 $237 
Other liabilities, noncurrent287 273 
Other liabilities, noncurrent$539 $510 

Payments to Customers

The Company makes payments to customers as part of its incentive programs (composed 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 millions):
Three Months Ended
March 31,
20232024
Reductions to revenue
$77 $87 
Charges to operations and support
22 20 
Charges to sales and marketing expense
13 9 
Total payments made to customers
$112 $116 
Revenue Disaggregated by Geographic Region

The following table presents revenue disaggregated by listing location (in millions):
Three Months Ended
March 31,
20232024
North America$925 $1,015 
Europe, the Middle East, and Africa
458 567 
Latin America235 307 
Asia Pacific200 253 
Total revenue disaggregated by geographic region$1,818 $2,142 
v3.24.1.u1
Investments
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following tables summarize the Company’s investments by major security type (in millions):
December 31, 2023
Amortized
Cost 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit$172 $— $— $172 
Government bonds332 1 — 333 
Commercial paper366 — — 366 
Corporate debt securities1,490 4 (3)1,491 
Mortgage-backed and asset-backed securities
148 1 (4)145 
Total debt securities2,508 6 (7)2,507 
Time deposits690 — — 690 
Total short-term investments
$3,198 $6 $(7)$3,197 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

March 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit
$13 $— $— $13 
Government bonds
345 — — 345 
Commercial paper
500 — — 500 
Corporate debt securities
1,480 3 (4)1,479 
Mortgage-backed and asset-backed securities
191 — (4)187 
Total debt securities2,529 3 (8)2,524 
Time deposits740 — — 740 
Total short-term investments
$3,269 $3 $(8)$3,264 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

(1)Classified within other assets, noncurrent on the unaudited condensed consolidated balance sheets.
As of December 31, 2023 and March 31, 2024, the Company did not have any available-for-sale debt securities for which the Company recorded credit-related losses.

Unrealized gains and losses, net of tax before reclassifications from accumulated other comprehensive loss (“AOCI”) to other expense, net were not material for the three months ended March 31, 2023 and 2024. Realized gains and losses reclassified from AOCI to other expense, net were not material for the three months ended March 31, 2023 and 2024.

Debt securities in an unrealized loss position had an estimated fair value of $777 million and $1.1 billion, and unrealized losses of $16 million and $18 million as of December 31, 2023 and March 31, 2024, respectively. A total of $283 million and $479 million of these securities, with unrealized losses of $14 million and $16 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2023 and March 31, 2024, respectively.

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

March 31, 2024
Amortized
Cost		Estimated
Fair Value
Due within one year$1,489 $1,489 
Due after one year through five years
957 947 
Due after five years
96 92 
Total$2,542 $2,528 
v3.24.1.u1
Fair Value Measurements and Financial Instruments
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments 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 millions):
December 31, 2023
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$2,018 $— $— $2,018 
Certificates of deposit— 1 — 1 
Government bonds— 115 — 115 
Commercial paper— 223 — 223 
Corporate debt securities— 12 — 12 
2,018 351 — 2,369 
Short-term investments:
Certificates of deposit— 172 — 172 
Government bonds— 333 — 333 
Commercial paper— 366 — 366 
Corporate debt securities— 1,491 — 1,491 
Mortgage-backed and asset-backed securities— 145 — 145 
— 2,507 — 2,507 
Funds receivable and amounts held on behalf of customers:
Money market funds1,360 — — 1,360 
Prepaids and other current assets:
Foreign exchange derivative assets— 27 — 27 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$3,378 $2,885 $4 $6,267 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $55 $— $55 
Other liabilities, noncurrent:
Foreign exchange derivative liabilities— 5 — 5 
Total liabilities at fair value$— $60 $— $60 
March 31, 2024
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$2,144 $— $— $2,144 
Government bonds— 124 — 124 
Commercial paper— 251 — 251 
Corporate debt securities— 39 — 39 
2,144 414 — 2,558 
Short-term investments:
Certificates of deposit— 13 — 13 
Government bonds— 345 — 345 
Commercial paper— 500 — 500 
Corporate debt securities— 1,479 — 1,479 
Mortgage-backed and asset-backed securities— 187 — 187 
— 2,524 — 2,524 
Funds receivable and amounts held on behalf of customers:
Money market funds2,277 — — 2,277 
Prepaids and other current assets:
Foreign exchange derivative assets— 35 — 35 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$4,421 $2,973 $4 $7,398 
Liabilities
Accrued expenses, accounts payable and other current liabilities:
Foreign exchange derivative liabilities$— $15 $— $15 
Total liabilities at fair value$— $15 $— $15 

There were no material changes in unrealized losses included in other comprehensive income relating to investments measured at fair value for which the Company has utilized Level 3 inputs to determine fair value during the three months ended March 31, 2023 and 2024.

There were no transfers of financial instruments into or out of Level 3 during the three months ended March 31, 2023 and 2024.
v3.24.1.u1
Derivative Instruments and Hedging
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Derivative Instruments and Hedging
The Company has a portion of its business denominated and transacted in foreign currencies, which subjects the Company to foreign exchange risk, and uses derivative instruments to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes.

The Company may elect to designate certain derivatives to partially offset its business exposure to foreign exchange risk. However, the Company may choose not to hedge certain exposures for a variety of reasons including accounting considerations or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange rates.

Foreign Exchange Risk

To protect revenue from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, option contracts, or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue, for up to 18 months.

The Company may also enter into derivative instruments that are not designated as accounting hedges to offset a portion of the foreign currency exchange gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
The following table summarizes the effect of derivative instruments on the Company’s unaudited condensed consolidated balance sheets (in millions):

Derivative Assets(1)
Location
December 31,
2023		March 31,
2024
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$4 $21 
Foreign exchange contracts (noncurrent)Other assets, noncurrent— 1 
Total derivatives designated as hedging instruments$4 $22 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$23 $15 

Derivative Liabilities(1)
Location
December 31,
2023		March 31,
2024
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$25 $4 
Foreign exchange contracts (noncurrent)Other liabilities, noncurrent5 — 
Total derivatives designated as hedging instruments$30 $4 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Accrued expenses, accounts payable, and other current liabilities$30 $11 

(1)Derivative assets and derivatives liabilities are measured using Level 2 inputs.

To limit credit risk, the Company generally enters into master netting arrangements with the respective counterparties to the Company’s derivative contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. As of March 31, 2024, the potential effect of these rights of off-set associated with the Company’s derivative contracts would be a reduction to both derivative assets and liabilities of $15 million, resulting in net derivative assets of $22 million.

The effect of derivative instruments designated as hedging instruments on the unaudited condensed consolidated statements of operations was not material for the three months ended March 31, 2024.

Effect of derivative instruments designated as hedging instruments on AOCI

The following table summarizes the activity of derivative instruments designated as cash flow hedges and the impact of these derivative contracts on AOCI, net of tax (in millions):
Gain (Loss) Recognized in Other Comprehensive Income
Gain (Loss) Reclassified from
AOCI into Revenues
Three Months Ended March 31,Three Months Ended March 31,
2023202420232024
Derivatives designated as cash flow hedges:
Foreign exchange contracts$(4)$50 $— $2 

As of March 31, 2024, cumulative unrealized gains recorded in AOCI, net of tax related to derivative instruments designated as hedging instruments were $17 million.

Effect of derivative instruments not designated as hedging instruments on the unaudited condensed consolidated statements of operations

The following table presents the activity of derivative instruments not designated as hedging instruments and the impact of these derivative contracts on the unaudited condensed consolidated statements of operations (in millions):
Realized Loss on Derivatives
Unrealized Gain (Loss) on Derivatives
Three Months Ended March 31,Three Months Ended March 31,
2023202420232024
Derivatives not designated as hedging instruments:
Foreign exchange contracts$(20)$(21)$(1)$11 

Cash flow hedges

The total notional amount of outstanding foreign currency derivatives designated as cash flow hedges was $2.0 billion and $2.2 billion as of December 31, 2023 and March 31, 2024, respectively.

As of March 31, 2024, approximately $16 million of deferred net gains on both outstanding and matured derivatives in AOCI are expected to be reclassified to revenue during the next 12 months concurrent with the underlying hedged transactions which will be recorded in revenue. Actual amounts ultimately reclassified to revenue are dependent on the exchange rates in effect when derivative contracts currently outstanding mature.

Derivatives not designated as hedging instruments

The total notional amount of outstanding derivatives not designated as hedging instruments was $2.4 billion and $3.1 billion as of December 31, 2023 and March 31, 2024, respectively.
v3.24.1.u1
Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Convertible Senior Notes

In 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.

As of both December 31, 2023 and March 31, 2024, total outstanding debt, net of unamortized debt discount and debit issuance costs, was $2.0 billion. Interest expense was immaterial for both the three months ended March 31, 2023 and 2024.

As of March 31, 2024, the if-converted value of the 2026 Notes did not exceed the outstanding principal amount.

As of March 31, 2024, the total estimated fair value of the 2026 Notes was $1.9 billion and was determined based on a market approach using actual bids and offers of the 2026 Notes in an over-the-counter market on the last trading day of the period, or Level 2 inputs.

2022 Credit Facility

In 2022, the Company entered into a five-year unsecured Revolving Credit Agreement, which provides for initial commitments by a group of lenders led by Morgan Stanley Senior Funding, Inc. of $1.0 billion (“2022 Credit Facility”). The 2022 Credit Facility provides a $200 million sub-limit for the issuance of letters of credit.

The 2022 Credit Facility contains customary events of default, affirmative and negative covenants, including restrictions on the Company’s and certain of its subsidiaries’ ability to incur debt and liens, undergo fundamental changes, as well as certain financial covenants. The Company was in compliance with all financial covenants as of March 31, 2024.

As of March 31, 2024, no amounts were drawn under the 2022 Credit Facility and outstanding letters of credit totaled $25 million.
v3.24.1.u1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-Based Compensation Expense

The following table summarizes total stock-based compensation expense (in millions):
Three Months Ended
March 31,
20232024
Operations and support$15 $19 
Product development149 185 
Sales and marketing28 35 
General and administrative48 56 
Stock-based compensation expense$240 $295 
Stock Option and Restricted Stock Unit Activity

A summary of stock option and restricted stock unit (“RSU”) activity under the Company’s equity incentive plans was as follows (in millions, except per share amounts):
Outstanding
Stock Options
Outstanding
RSUs
 Shares
Available for
Grant		Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
As of December 31, 2023134 7 $71.76 30 $85.35 
Granted(7)— — 7 166.17 
Increase in shares available for grant13 — — — — 
Options exercised/RSUs vested(1)
1 (1)42.12 (2)109.14 
As of March 31, 2024141 6 $80.12 35 $100.12 

(1)RSUs vested are net of shares withheld for taxes.
Number of
Shares		Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Options outstanding as of March 31, 20246 $80.12 5.87$541 
Options exercisable as of March 31, 20245 $66.85 5.12$484 
v3.24.1.u1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments

The Company has commitments including purchase obligations for web-hosting services and other commitments for brand marketing. As of March 31, 2024, there were no material changes outside the ordinary course of business to the Company’s commitments, as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023.

Lodging Tax Obligations and Other Non-Income Tax Matters

Platform Related Taxes and Collection Obligations

Some states and localities in the United States and elsewhere in the world impose transient occupancy or lodging accommodations taxes (“Lodging Taxes”) on the use or occupancy of lodging accommodations or other traveler services. As of March 31, 2024, the Company collects and remits Lodging Taxes in approximately 33,000 jurisdictions on behalf of its hosts. Such Lodging Taxes are generally remitted to tax jurisdictions within a 30 to 90-day period following the end of each month.

As of December 31, 2023 and March 31, 2024, the Company had an obligation to remit Lodging Taxes collected from guests on bookings in these jurisdictions totaling $274 million and $508 million, respectively. These payables were recorded in accrued expenses, accounts payable, and other current liabilities on the unaudited condensed consolidated balance sheets.

In jurisdictions where the Company does not collect and remit Lodging Taxes, hosts are primarily responsible for such taxes. The Company has estimated Lodging Tax liabilities in a certain number of jurisdictions with respect to state, city, and local taxes where management believes it is probable that the Company can be held jointly liable with hosts for taxes and the related amounts can be reasonably estimated. As of December 31, 2023 and March 31, 2024, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $114 million and $124 million, respectively. As of March 31, 2024, the Company estimates that the reasonably possible loss related to certain Lodging Taxes that can be determined in excess of the amounts accrued is between $38 million to $48 million; however, no assurance can be given as to the outcomes and the Company could be subject to significant additional tax liabilities. With respect to all other jurisdictions’ Lodging Taxes for which a loss is probable or reasonably possible, the Company is unable to determine an estimate of the possible loss or range of loss beyond the amounts already accrued.

The Company’s potential obligations with respect to Lodging Taxes could be affected by various factors, which include, but are not limited to, whether the Company determines or any tax authority asserts that the Company has a responsibility to collect lodging and related taxes on either historical or future transactions, or by the introduction of new ordinances and taxes that subject the Company’s operations to such taxes. Accordingly, the ultimate resolution of Lodging Taxes may be greater or less than the reserve amounts that the Company has recorded.

The Company is currently involved in disputes brought by certain domestic and international states and localities involving the payment of Lodging Taxes. These jurisdictions are asserting that the Company is liable or jointly liable with hosts to collect and remit Lodging Taxes. These disputes are in various stages and the Company continues to vigorously defend these claims. The Company believes that the statutes
at issue impose a Lodging Tax obligation on the person exercising the taxable privilege of providing accommodations, or the Company’s hosts.

The imposition of such taxes on the Company could increase the cost of a guest booking and potentially cause a reduction in the volume of bookings on the Company’s platform, which would adversely impact the Company’s results of operations. The Company will continue to monitor the application and interpretation of lodging and related taxes and ordinances and will adjust accruals based on any new information or further developments.

The Company is under audit and inquiry by various domestic and foreign tax authorities with regard to non-income tax matters. The subject matter of these contingent liabilities primarily arises from the Company’s transactions with its customers, as well as the tax treatment of certain employee benefits and related employment taxes. In jurisdictions with disputes connected to transactions with customers, disputes involve the applicability of transactional taxes (such as sales, value-added, and similar taxes) to services provided, as well as the applicability of withholding tax on payments made to such hosts. As of December 31, 2023 and March 31, 2024, the Company accrued a total of $521 million and $428 million of estimated tax liabilities, including interest and penalties, related to hosts’ withholding tax obligations, respectively. As of March 31, 2024, the Company estimates that the reasonably possible loss related to withholding income taxes that can be determined in excess of the amounts accrued is between $95 million to $115 million; however, no assurance can be given as to the outcomes and the Company could be subject to significant additional tax liabilities. Due to the inherent complexity and uncertainty of these matters and judicial processes in certain jurisdictions, the final outcomes may exceed the estimated liabilities recorded.

The Company has identified reasonably possible exposures related to transactional taxes and business taxes and has not accrued for these amounts since the likelihood of the contingent liability is less than probable. As of March 31, 2024, the Company estimates that the reasonably possible loss related to these matters in excess of the amounts accrued is between $320 million and $340 million; however, no assurance can be given as to the outcomes and the Company could be subject to significant additional tax liabilities.

In 2017, Italy passed a law purporting to require short-term rental platforms that process payments to withhold and remit host income tax and collect and remit tourist tax, amongst other obligations (“2017 Law”). The Company challenged this law before the Italian courts and the Court of Justice of the European Union (“CJEU”). In December 2022, the CJEU found that European law does not prohibit member states from passing legislation requiring short-term rental platforms to withhold income taxes from their hosts, however a requirement to appoint a tax representative, on which the 2017 Law and the withholding obligations are based, is contrary to European Union (“EU”) law. In October 2023, the Italian national court upheld the ruling of the CJEU. The Company’s subsidiary in Italy and subsidiary in Ireland continue to be, or could be in the future, subject to tax audits in Italy, including in relation to permanent establishment, transfer pricing, and withholding obligations.

In May 2023, the Guardia di Finanza de Milano (“GdF”) issued a Tax Audit Report recommending to the Italian tax authorities a formal tax assessment of 779 million Euro on Airbnb’s subsidiary in Ireland relating to the 2017 Law and associated withholding tax obligations. On December 13, 2023, without admitting any liability, Airbnb Ireland signed an agreement with the Italian Revenue Agency (“ITA”) in settlement of the 2017-2021 audit period for an aggregate payment of 576 million Euro ($621 million). Such agreement settles a dispute about Airbnb Ireland’s obligations to withhold and remit host income tax, including taxes, interest, and penalties, for those relevant periods. The GdF conducted a withholding tax audit of Airbnb Ireland UC for the 2022 and 2023 tax years and issued a report to the ITA in March 2024. The Company expects to begin settlement discussions with the ITA in the second quarter 2024.

With respect to all other withholding tax on payments made to hosts and transactional taxes for which a loss is probable or reasonably possible, the Company is unable to determine an estimate of the possible loss or range of loss beyond the amounts already accrued.

Payroll Taxes

The Company is subject to regular payroll tax examinations by various international, state and local jurisdictions. Although management believes its tax withholding remittance practices are appropriate, the Company may be subject to additional tax liabilities, including interest and penalties, if any tax authority disagrees with the Company’s withholding and remittance practices, or if there are changes in laws, regulations, administrative practices, principles or interpretations related to payroll tax withholding in the various international, state and local jurisdictions.

In addition, as of December 31, 2023 and March 31, 2024, the Company accrued a total of $43 million and $45 million of estimated tax liabilities related to employment taxes on certain employee benefits, respectively.

Legal and Regulatory Matters

The Company has been and is currently a party to various legal and regulatory matters arising in the normal course of business. Such proceedings and claims, even if not meritorious, can require significant financial and operational resources, including the diversion of management’s attention from the Company’s business objectives.

Regulatory Matters

The Company operates in a complex legal and regulatory environment and its operations are subject to various U.S. and foreign laws, rules, and regulations, including those related to: Internet activities; short-term rentals, long-term rentals and home sharing; real estate, property rights, housing and land use; travel and hospitality; privacy and data protection; intellectual property; competition; health and safety; protection of minors; consumer protection; employment; payments, money transmission, economic and trade sanctions, anti-corruption and anti-bribery; taxation; and others. In addition, the nature of the Company’s business exposes it to inquiries and potential claims related to the compliance of the business with applicable law and regulations. In some instances, applicable laws and regulations do not yet exist or are being applied, interpreted or implemented to address aspects of the Company’s business, and such adoption or interpretation could
further alter or impact the Company’s business.

In certain instances, the Company has been party to litigation with municipalities relating to or arising out of certain regulations. In addition, the implementation and enforcement of regulation can have an impact on the Company’s business.

Intellectual Property

The Company has been and is currently subject to claims relating to intellectual property, including alleged patent infringement. Adverse results in such lawsuits may include awards of substantial monetary damages, costly royalty or licensing agreements, or orders preventing the Company from offering certain features, functionalities, products, or services, and may also cause the Company to change its business practices or require development of non-infringing products or technologies, which could result in a loss of revenue or otherwise harm its business. To date, the Company has not incurred any material costs as a result of such cases and has not recorded any material liabilities in its consolidated financial statements related to such matters.

Litigation and Other Legal Proceedings

The Company is currently involved in, and may in the future be involved in, legal proceedings, claims, and government investigations in the ordinary course of business. These include proceedings, claims, and investigations relating to, among other things, regulatory matters, commercial matters, intellectual property, competition, tax, employment, pricing, discrimination, consumer rights, personal injury, and property rights.

Depending on the nature of the proceeding, claim, or investigation, the Company may be subject to monetary damage awards, fines, penalties, and/or injunctive orders. Furthermore, the outcome of these matters could materially adversely affect the Company’s business, results of operations, and financial condition. The outcomes of legal proceedings, claims, and government investigations are inherently unpredictable and subject to significant judgment to determine the likelihood and amount of loss related to such matters. While it is not possible to determine the outcomes, the Company believes based on its current knowledge that the resolution of all such pending matters will not, either individually or in the aggregate, have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows.

The Company establishes an accrued liability for loss contingencies related to legal matters when a loss is both probable and reasonably estimable. These accruals represent management’s best estimate of probable losses. Such currently accrued amounts are not material to the Company’s unaudited condensed consolidated financial statements. However, management’s views and estimates related to these matters may change in the future, as new events and circumstances arise and the matters continue to develop. Until the final resolution of legal matters, there may be an exposure to losses in excess of the amounts accrued. With respect to outstanding legal matters, based on current knowledge, the amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows. Legal fees are expensed as incurred.

Host Protections

The Company offers AirCover coverage, which includes but is not limited to, the Company’s Host Damage Protection program that provides protection of up to $3 million for direct physical loss or damage to a host’s covered property caused by guests during a confirmed booking and when the host and guest are unable to resolve the dispute. The Company retains risk and also maintains insurance from third parties on a per claim basis to protect the Company’s financial exposure under this program. In addition, through third-party insurers and self-insurance mechanisms, including a wholly-owned captive insurance subsidiary, the Company provides insurance coverage for third-party bodily injury or property damage liability claims that occur during a stay. The Company’s Host Liability Insurance and Experiences Liability Insurance consists of a commercial general liability policy, with hosts and the Company as named insureds and landlords of hosts as additional insureds. The Host Liability Insurance and Experiences Liability Insurance provides primary coverage for up to $1 million per occurrence, subject to a $1 million cap per listing location, and includes various market standard conditions, limitations, and exclusions.

Indemnifications

The Company has entered into indemnification agreements with certain of its employees, officers and directors. The indemnification agreements and the Company’s Amended and Restated Bylaws (the “Bylaws”) require the Company to indemnify its directors and officers and those employees who have entered into indemnification agreements to the fullest extent not prohibited by Delaware law. Subject to certain limitations, the indemnification agreements and Bylaws also require the Company to advance expenses incurred by its directors and officers and those employees who have entered into indemnification agreements. No demands have been made upon the Company to provide indemnification or advancement under the indemnification agreements or the Bylaws, and thus, there are no indemnification or advancement claims that the Company is aware of that could have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows.

In the ordinary course of business, the Company has included limited indemnification provisions in certain agreements with parties with whom the Company has commercial relations, which provisions are of varying scope and terms with respect to indemnification of certain matters, which may include losses arising out of the Company’s breach of such agreements or out of intellectual property infringement claims made by third parties. It is not possible to determine the maximum potential loss under these indemnification provisions due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, no significant costs have been incurred, either individually or collectively, in connection with the Company’s indemnification provisions.
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s tax provision for interim periods is determined by using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, the Company updates the estimated annual effective tax rate and makes a year-to-date adjustment to the provision. The estimated annual effective tax rate is subject to significant volatility due to several factors, including accurately predicting the Company’s pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, intercompany transactions, audit-related developments, and changes in statutes, regulations, case law, and administrative actions.

The Company recorded income tax expense of $13 million and $29 million for the three months ended March 31, 2023 and 2024, respectively, which were primarily driven by current and deferred tax on U.S. and foreign earnings, the accrual of interest on certain uncertain tax positions, and the income tax benefit from excess tax benefits on stock-based compensation arising during the quarter.

The Company’s significant tax jurisdictions include the United States, California, and Ireland. The Company is currently under examination for income taxes by the Internal Revenue Service (“IRS”) for the 2013, 2016, 2017, and 2018 tax years. The primary issue under examination in the 2013 audit is the valuation of the Company’s international intellectual property which was sold to a subsidiary in 2013. In the year ended December 31, 2019, new information became available which required the Company to remeasure its reserve for unrecognized tax benefits. The Company recorded additional tax expense of $196 million during the year ended December 31, 2019. In December 2020, the Company received a Notice of Proposed Adjustment (“NOPA”) from the IRS which proposed an increase to the Company’s U.S. taxable income that could result in additional income tax expense and cash liability of $1.3 billion, plus penalties and interest, which exceeds its current reserve recorded in its consolidated financial statements by more than $1.0 billion. The Company disagrees with the proposed adjustment and continues to vigorously contest it. In February 2021, the Company submitted a protest to the IRS describing its disagreement with the proposed adjustment and requesting the case be transferred to the IRS Independent Office of Appeals (“IRS Appeals”). In December 2021, the Company received a rebuttal from the IRS with the same proposed adjustments that were in the NOPA. In January 2022, the Company entered into an administrative dispute process with IRS Appeals. An acceptable outcome is not expected to be reached with IRS Appeals, and the Company expects to receive a Statutory Notice of Deficiency (“Notice”) from the IRS related to the aforementioned valuation of its international intellectual property consistent with the previously received NOPA, claiming that the Company owes $1.3 billion in tax, plus penalties and interest. The Company will continue to pursue all available remedies to resolve this dispute, including petitioning the U.S. Tax Court (“Tax Court”) for redetermination, and if necessary, appealing the Tax Court’s decision to the appropriate appellate court. The Company believes that adequate amounts have been reserved for any adjustments that may ultimately result from these examinations. If the IRS prevails in the assessment of additional tax due based on its position and such tax and related interest and penalties, if any, exceeds the Company’s current reserves, such outcome could have a material adverse impact on the Company’s financial position and results of operations, and any assessment of additional tax could require a significant cash payment and have a material adverse impact on the Company’s unaudited condensed consolidated statements of cash flow.

On August 16, 2022, the Inflation Reduction Act was signed into law, with tax provisions primarily focused on implementing a 15% minimum tax known as the Corporate Alternative Minimum Tax (“CAMT”) on global adjusted financial statement income and a 1% excise tax on net share repurchases. The Inflation Reduction Act became effective beginning in fiscal year 2023. The Company anticipates paying a material amount of additional federal taxes in 2024 due to the CAMT. The additional CAMT will result in tax credits that are expected to offset the Company’s federal tax in subsequent years, thus there is no impact to the overall tax provision.
v3.24.1.u1
Net Income per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Net Income per Share Net Income per Share
The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the periods indicated (in millions, except per share amounts):
Three Months Ended
March 31,
20232024
Net income $117 $264 
Add: convertible notes interest expense, net of tax1 1 
Net income - diluted$118 $265 
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:
Basic634 638 
Effect of dilutive securities36 16 
Diluted670 654 
Net income per share attributable to Class A and Class B common stockholders:
Basic$0.18 $0.41 
Diluted$0.18 $0.41 

As of both March 31, 2023 and 2024, 9.6 million shares of RSUs were excluded from the table below because they are subject to performance conditions that were not achieved as of such date.
Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in millions):
Three Months Ended
March 31,
20232024
Stock options1 2 
RSUs8 4 
Total9 6 

Share Repurchase Program

In May 2023 and February 2024, the Company announced that its board of directors approved share repurchase programs to purchase up to $2.5 billion and $6.0 billion of the Company’s Class A common stock, respectively.

Share repurchases under these share repurchase programs may be made through a variety of methods, such as open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions or by any combination of such methods. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors. These share repurchase programs do not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time at the Company’s discretion.
During the three months ended March 31, 2024, the Company repurchased and subsequently retired 4.7 million shares of Class A common stock for $750 million, which completed the repurchases authorized under the share repurchase program announced in May 2023. As of March 31, 2024, the Company had $6.0 billion available to repurchase shares of Class A common stock under its share repurchase program.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 264 $ 117
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Director and Officer 10b5-1 Trading Plans (“10b5-1 Plans”)

The following table sets forth the material terms of 10b5-1 Plans intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) that were adopted, terminated, or modified by our directors and officers during the three months ended March 31, 2024:
Name and Title of Director or OfficerAction
 Date
Expiration DateMaximum Number of Shares to be Sold Under the Plan
David Bernstein, Chief Accounting Officer
Adopt
2/22/20241/27/202541,000
Brian Chesky, Chief Executive Officer and Director
Adopt
2/28/202411/11/20241,146,000
Joseph Gebbia, Director
Adopt
2/29/202410/31/20241,322,523
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
David Bernstein [Member]  
Trading Arrangements, by Individual  
Name David Bernstein
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 2/22/2024
Arrangement Duration 340 days
Aggregate Available 41,000
Brian Chesky [Member]  
Trading Arrangements, by Individual  
Name Brian Chesky
Title Chief Executive Officer and Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 2/28/2024
Arrangement Duration 257 days
Aggregate Available 1,146,000
Joseph Gebbia [Member]  
Trading Arrangements, by Individual  
Name Joseph Gebbia
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 2/29/2024
Arrangement Duration 245 days
Aggregate Available 1,322,523
v3.24.1.u1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying unaudited 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 U.S. 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, 2023, included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 16, 2024. The results for the interim periods are not necessarily indicative of results for the full year. Certain immaterial amounts in prior periods have been reclassified to conform with current period presentation.

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

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries in accordance with consolidation accounting guidance. All intercompany transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates

The preparation of the Company’s unaudited 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 unaudited 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 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 uncertain macroeconomic conditions, including inflation and rising interest rates, 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 unaudited condensed 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 unaudited condensed consolidated financial statements could be affected.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted
Recently Adopted Accounting Standards

In June 2022, the Financial Accounting Standards Board (the “FASB”) issued guidance related to the fair value measurement of an equity security subject to contractual sale restrictions that prohibit the sale of the equity security. The new guidance also introduced new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. The Company adopted the guidance effective January 1, 2024. There was no impact to the Company’s unaudited condensed consolidated financial statements upon adoption.

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued an update which expands income tax disclosure in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update is effective for public companies in fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the update retrospectively. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its unaudited condensed consolidated financial statements other than the expanded footnote disclosure.

In November 2023, the FASB issued an update to improve disclosure of reportable segments on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. The update is effective for public companies in fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, on a retrospective basis with early adoption permitted. The Company does not expect the adoption of the new guidance to have a material impact on its unaudited condensed consolidated financial statements other than the expanded footnote disclosure.

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 unaudited condensed consolidated financial statements or disclosures.
v3.24.1.u1
Supplemental Financial Statement Information (Tables)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents
The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s unaudited condensed consolidated balance sheets to the total amount presented in the unaudited condensed consolidated statements of cash flows (in millions):

December 31,
2023		March 31,
2024
Cash and cash equivalents$6,874 $7,829 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,769 8,665 
Restricted cash included in prepaids and other current assets
24 35 
Total cash, cash equivalents, and restricted cash presented in the unaudited condensed consolidated statements of cash flows$12,667 $16,529 
Schedule of Restricted Cash
The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s unaudited condensed consolidated balance sheets to the total amount presented in the unaudited condensed consolidated statements of cash flows (in millions):

December 31,
2023		March 31,
2024
Cash and cash equivalents$6,874 $7,829 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers5,769 8,665 
Restricted cash included in prepaids and other current assets
24 35 
Total cash, cash equivalents, and restricted cash presented in the unaudited condensed consolidated statements of cash flows$12,667 $16,529 
Schedule of Supplemental Balance Sheet Information
Supplemental balance sheet information consisted of the following (in millions):
December 31,
2023		March 31,
2024
Other assets, noncurrent:
Property and equipment, net$160 $171 
Operating lease right-of-use assets119 111 
Other184 190 
Other assets, noncurrent$463 $472 
Accrued expenses, accounts payable, and other current liabilities:
Indirect taxes payable and withholding tax reserves$1,119 $1,455 
Compensation and employee benefits436 346 
Accounts payable141 184 
Operating lease liabilities, current61 61 
Other897 922 
Accrued expenses, accounts payable, and other current liabilities
$2,654 $2,968 
Other liabilities, noncurrent:
Operating lease liabilities, noncurrent$252 $237 
Other liabilities, noncurrent287 273 
Other liabilities, noncurrent$539 $510 
Schedule of Payments Made to Customers
The following table summarizes total payments made to customers (in millions):
Three Months Ended
March 31,
20232024
Reductions to revenue
$77 $87 
Charges to operations and support
22 20 
Charges to sales and marketing expense
13 9 
Total payments made to customers
$112 $116 
Schedule of Revenue Disaggregated by Listing Location
The following table presents revenue disaggregated by listing location (in millions):
Three Months Ended
March 31,
20232024
North America$925 $1,015 
Europe, the Middle East, and Africa
458 567 
Latin America235 307 
Asia Pacific200 253 
Total revenue disaggregated by geographic region$1,818 $2,142 
v3.24.1.u1
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments by Major Security Type
The following tables summarize the Company’s investments by major security type (in millions):
December 31, 2023
Amortized
Cost 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit$172 $— $— $172 
Government bonds332 1 — 333 
Commercial paper366 — — 366 
Corporate debt securities1,490 4 (3)1,491 
Mortgage-backed and asset-backed securities
148 1 (4)145 
Total debt securities2,508 6 (7)2,507 
Time deposits690 — — 690 
Total short-term investments
$3,198 $6 $(7)$3,197 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

March 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit
$13 $— $— $13 
Government bonds
345 — — 345 
Commercial paper
500 — — 500 
Corporate debt securities
1,480 3 (4)1,479 
Mortgage-backed and asset-backed securities
191 — (4)187 
Total debt securities2,529 3 (8)2,524 
Time deposits740 — — 740 
Total short-term investments
$3,269 $3 $(8)$3,264 
Long-term investments (1)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

(1)Classified within other assets, noncurrent on the unaudited condensed consolidated balance sheets.
Schedule of Contractual Maturities of the Available-for-Sale Debt Securities
The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):

March 31, 2024
Amortized
Cost		Estimated
Fair Value
Due within one year$1,489 $1,489 
Due after one year through five years
957 947 
Due after five years
96 92 
Total$2,542 $2,528 
v3.24.1.u1
Fair Value Measurements and Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):
December 31, 2023
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$2,018 $— $— $2,018 
Certificates of deposit— 1 — 1 
Government bonds— 115 — 115 
Commercial paper— 223 — 223 
Corporate debt securities— 12 — 12 
2,018 351 — 2,369 
Short-term investments:
Certificates of deposit— 172 — 172 
Government bonds— 333 — 333 
Commercial paper— 366 — 366 
Corporate debt securities— 1,491 — 1,491 
Mortgage-backed and asset-backed securities— 145 — 145 
— 2,507 — 2,507 
Funds receivable and amounts held on behalf of customers:
Money market funds1,360 — — 1,360 
Prepaids and other current assets:
Foreign exchange derivative assets— 27 — 27 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$3,378 $2,885 $4 $6,267 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $55 $— $55 
Other liabilities, noncurrent:
Foreign exchange derivative liabilities— 5 — 5 
Total liabilities at fair value$— $60 $— $60 
March 31, 2024
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$2,144 $— $— $2,144 
Government bonds— 124 — 124 
Commercial paper— 251 — 251 
Corporate debt securities— 39 — 39 
2,144 414 — 2,558 
Short-term investments:
Certificates of deposit— 13 — 13 
Government bonds— 345 — 345 
Commercial paper— 500 — 500 
Corporate debt securities— 1,479 — 1,479 
Mortgage-backed and asset-backed securities— 187 — 187 
— 2,524 — 2,524 
Funds receivable and amounts held on behalf of customers:
Money market funds2,277 — — 2,277 
Prepaids and other current assets:
Foreign exchange derivative assets— 35 — 35 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$4,421 $2,973 $4 $7,398 
Liabilities
Accrued expenses, accounts payable and other current liabilities:
Foreign exchange derivative liabilities$— $15 $— $15 
Total liabilities at fair value$— $15 $— $15 
v3.24.1.u1
Derivative Instruments and Hedging (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments on the Company’s Condensed Consolidated Balance Sheets
The following table summarizes the effect of derivative instruments on the Company’s unaudited condensed consolidated balance sheets (in millions):

Derivative Assets(1)
Location
December 31,
2023		March 31,
2024
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$4 $21 
Foreign exchange contracts (noncurrent)Other assets, noncurrent— 1 
Total derivatives designated as hedging instruments$4 $22 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$23 $15 

Derivative Liabilities(1)
Location
December 31,
2023		March 31,
2024
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$25 $4 
Foreign exchange contracts (noncurrent)Other liabilities, noncurrent5 — 
Total derivatives designated as hedging instruments$30 $4 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Accrued expenses, accounts payable, and other current liabilities$30 $11 

(1)Derivative assets and derivatives liabilities are measured using Level 2 inputs.
Schedule of Derivative Instruments Designated as Cash Flow Hedges and the Impact of Derivative Contracts on AOCI
The following table summarizes the activity of derivative instruments designated as cash flow hedges and the impact of these derivative contracts on AOCI, net of tax (in millions):
Gain (Loss) Recognized in Other Comprehensive Income
Gain (Loss) Reclassified from
AOCI into Revenues
Three Months Ended March 31,Three Months Ended March 31,
2023202420232024
Derivatives designated as cash flow hedges:
Foreign exchange contracts$(4)$50 $— $2 
Schedule of Derivative Instruments Not Designated as Hedging Instruments and the Impact of Derivative Contracts on the Condensed Consolidated Statements of Operations
The following table presents the activity of derivative instruments not designated as hedging instruments and the impact of these derivative contracts on the unaudited condensed consolidated statements of operations (in millions):
Realized Loss on Derivatives
Unrealized Gain (Loss) on Derivatives
Three Months Ended March 31,Three Months Ended March 31,
2023202420232024
Derivatives not designated as hedging instruments:
Foreign exchange contracts$(20)$(21)$(1)$11 
v3.24.1.u1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The following table summarizes total stock-based compensation expense (in millions):
Three Months Ended
March 31,
20232024
Operations and support$15 $19 
Product development149 185 
Sales and marketing28 35 
General and administrative48 56 
Stock-based compensation expense$240 $295 
Schedule of Stock Option Activity
A summary of stock option and restricted stock unit (“RSU”) activity under the Company’s equity incentive plans was as follows (in millions, except per share amounts):
Outstanding
Stock Options
Outstanding
RSUs
 Shares
Available for
Grant		Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
As of December 31, 2023134 7 $71.76 30 $85.35 
Granted(7)— — 7 166.17 
Increase in shares available for grant13 — — — — 
Options exercised/RSUs vested(1)
1 (1)42.12 (2)109.14 
As of March 31, 2024141 6 $80.12 35 $100.12 

(1)RSUs vested are net of shares withheld for taxes.
Number of
Shares		Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Options outstanding as of March 31, 20246 $80.12 5.87$541 
Options exercisable as of March 31, 20245 $66.85 5.12$484 
Schedule of Restricted Stock Unit Activity
A summary of stock option and restricted stock unit (“RSU”) activity under the Company’s equity incentive plans was as follows (in millions, except per share amounts):
Outstanding
Stock Options
Outstanding
RSUs
 Shares
Available for
Grant		Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
As of December 31, 2023134 7 $71.76 30 $85.35 
Granted(7)— — 7 166.17 
Increase in shares available for grant13 — — — — 
Options exercised/RSUs vested(1)
1 (1)42.12 (2)109.14 
As of March 31, 2024141 6 $80.12 35 $100.12 

(1)RSUs vested are net of shares withheld for taxes.
Number of
Shares		Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Options outstanding as of March 31, 20246 $80.12 5.87$541 
Options exercisable as of March 31, 20245 $66.85 5.12$484 
v3.24.1.u1
Net Income per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders for the periods indicated (in millions, except per share amounts):
Three Months Ended
March 31,
20232024
Net income $117 $264 
Add: convertible notes interest expense, net of tax1 1 
Net income - diluted$118 $265 
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:
Basic634 638 
Effect of dilutive securities36 16 
Diluted670 654 
Net income per share attributable to Class A and Class B common stockholders:
Basic$0.18 $0.41 
Diluted$0.18 $0.41 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in millions):
Three Months Ended
March 31,
20232024
Stock options1 2 
RSUs8 4 
Total9 6 
v3.24.1.u1
Supplemental Financial Statement Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 7,829 $ 6,874    
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 8,665 5,769    
Restricted cash included in prepaids and other current assets 35 24    
Total cash, cash equivalents, and restricted cash presented in the unaudited condensed consolidated statements of cash flows $ 16,529 $ 12,667 $ 15,872 $ 12,103
v3.24.1.u1
Supplemental Financial Statement Information - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Other assets, noncurrent:    
Property and equipment, net $ 171 $ 160
Operating lease right-of-use assets 111 119
Other 190 184
Other assets, noncurrent 472 463
Accrued expenses, accounts payable, and other current liabilities:    
Indirect taxes payable and withholding tax reserves 1,455 1,119
Compensation and employee benefits 346 436
Accounts payable 184 141
Operating lease liabilities, current 61 61
Other 922 897
Accrued expenses, accounts payable, and other current liabilities 2,968 2,654
Other liabilities, noncurrent:    
Operating lease liabilities, noncurrent 237 252
Other liabilities, noncurrent 273 287
Other liabilities, noncurrent $ 510 $ 539
v3.24.1.u1
Supplemental Financial Statement Information - Schedule of Payments Made to Customers (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Total payments made to customers $ 116 $ 112
Reductions to revenue    
Disaggregation of Revenue [Line Items]    
Total payments made to customers 87 77
Charges to operations and support    
Disaggregation of Revenue [Line Items]    
Total payments made to customers 20 22
Charges to sales and marketing expense    
Disaggregation of Revenue [Line Items]    
Total payments made to customers $ 9 $ 13
v3.24.1.u1
Supplemental Financial Statement Information - Schedule of Revenue Disaggregated by Listing Location (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Total revenue disaggregated by geographic region $ 2,142 $ 1,818
North America    
Disaggregation of Revenue [Line Items]    
Total revenue disaggregated by geographic region 1,015 925
Europe, the Middle East, and Africa    
Disaggregation of Revenue [Line Items]    
Total revenue disaggregated by geographic region 567 458
Latin America    
Disaggregation of Revenue [Line Items]    
Total revenue disaggregated by geographic region 307 235
Asia Pacific    
Disaggregation of Revenue [Line Items]    
Total revenue disaggregated by geographic region $ 253 $ 200
v3.24.1.u1
Investments - Schedule of Investments by Major Security Type (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Short-term investments    
Debt securities, amortized cost $ 2,542  
Debt securities, total estimated fair value 2,528  
Total short-term investments 3,264 $ 3,197
Long-term investments:    
Debt securities, amortized cost 2,542  
Debt securities, total estimated fair value 2,528  
Short-term investments    
Short-term investments    
Debt securities, amortized cost 2,529 2,508
Debt securities, gross unrealized gains 3 6
Debt securities, gross unrealized losses (8) (7)
Debt securities, total estimated fair value 2,524 2,507
Time deposits 740 690
Amortized Cost 3,269 3,198
Total short-term investments 3,264 3,197
Long-term investments:    
Debt securities, amortized cost 2,529 2,508
Debt securities, gross unrealized gains 3 6
Debt securities, gross unrealized losses (8) (7)
Debt securities, total estimated fair value 2,524 2,507
Short-term investments | Certificates of deposit    
Short-term investments    
Debt securities, amortized cost 13 172
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 13 172
Long-term investments:    
Debt securities, amortized cost 13 172
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 13 172
Short-term investments | Government bonds    
Short-term investments    
Debt securities, amortized cost 345 332
Debt securities, gross unrealized gains 0 1
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 345 333
Long-term investments:    
Debt securities, amortized cost 345 332
Debt securities, gross unrealized gains 0 1
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 345 333
Short-term investments | Commercial paper    
Short-term investments    
Debt securities, amortized cost 500 366
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 500 366
Long-term investments:    
Debt securities, amortized cost 500 366
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt securities, total estimated fair value 500 366
Short-term investments | Corporate debt securities    
Short-term investments    
Debt securities, amortized cost 1,480 1,490
Debt securities, gross unrealized gains 3 4
Debt securities, gross unrealized losses (4) (3)
Debt securities, total estimated fair value 1,479 1,491
Long-term investments:    
Debt securities, amortized cost 1,480 1,490
Debt securities, gross unrealized gains 3 4
Debt securities, gross unrealized losses (4) (3)
Debt securities, total estimated fair value 1,479 1,491
Short-term investments | Mortgage-backed and asset-backed securities    
Short-term investments    
Debt securities, amortized cost 191 148
Debt securities, gross unrealized gains 0 1
Debt securities, gross unrealized losses (4) (4)
Debt securities, total estimated fair value 187 145
Long-term investments:    
Debt securities, amortized cost 191 148
Debt securities, gross unrealized gains 0 1
Debt securities, gross unrealized losses (4) (4)
Debt securities, total estimated fair value 187 145
Long-term investments | Corporate debt securities    
Short-term investments    
Debt securities, amortized cost 13 13
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses (9) (9)
Debt securities, total estimated fair value 4 4
Long-term investments:    
Debt securities, amortized cost 13 13
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses (9) (9)
Debt securities, total estimated fair value $ 4 $ 4
v3.24.1.u1
Investments - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Available-for-sale debt securities $ 0 $ 0
Debt securities in an unrealized loss position 1,100,000,000 777,000,000
Debt securities, unrealized loss 18,000,000 16,000,000
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss 479,000,000 283,000,000
Debt securities, continuous unrealized loss position, 12 months or longer $ 16,000,000 $ 14,000,000
v3.24.1.u1
Investments - Schedule of Contractual Maturities of the Available-for-Sale Debt Securities (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Amortized Cost  
Due within one year $ 1,489
Due after one year through five years 957
Due after five years 96
Debt securities, amortized cost 2,542
Estimated Fair Value  
Due within one year 1,489
Due after one year through five years 947
Due after five years 92
Total, Estimated Fair Value $ 2,528
v3.24.1.u1
Fair Value Measurements and Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Assets    
Short-term investments $ 2,528  
Short-term investments 2,524 $ 2,507
Corporate debt securities | Other assets, noncurrent    
Assets    
Short-term investments 4 4
Fair Value, Recurring    
Assets    
Cash and cash equivalents 2,558 2,369
Short-term investments 2,524 2,507
Total assets at fair value 7,398 6,267
Liabilities    
Total liabilities at fair value 15 60
Fair Value, Recurring | Foreign exchange derivative    
Liabilities    
Other liabilities, current 15 55
Other liabilities, noncurrent   5
Fair Value, Recurring | Prepaids and other current assets | Foreign exchange derivative    
Assets    
Other assets 35 27
Fair Value, Recurring | Certificates of deposit    
Assets    
Short-term investments 13 172
Fair Value, Recurring | Government bonds    
Assets    
Short-term investments 345 333
Fair Value, Recurring | Commercial paper    
Assets    
Short-term investments 500 366
Fair Value, Recurring | Corporate debt securities    
Assets    
Short-term investments 1,479 1,491
Fair Value, Recurring | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 4 4
Fair Value, Recurring | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments 187 145
Fair Value, Recurring | Money market funds    
Assets    
Cash and cash equivalents 2,144 2,018
Funds receivable and amounts held on behalf of customers 2,277 1,360
Fair Value, Recurring | Certificates of deposit    
Assets    
Cash and cash equivalents   1
Fair Value, Recurring | Government bonds    
Assets    
Cash and cash equivalents 124 115
Fair Value, Recurring | Commercial paper    
Assets    
Cash and cash equivalents 251 223
Fair Value, Recurring | Corporate debt securities    
Assets    
Cash and cash equivalents 39 12
Fair Value, Recurring | Level 1    
Assets    
Cash and cash equivalents 2,144 2,018
Short-term investments 0 0
Total assets at fair value 4,421 3,378
Liabilities    
Total liabilities at fair value 0 0
Fair Value, Recurring | Level 1 | Foreign exchange derivative    
Liabilities    
Other liabilities, current 0 0
Other liabilities, noncurrent   0
Fair Value, Recurring | Level 1 | Prepaids and other current assets | Foreign exchange derivative    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 1 | Certificates of deposit    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 1 | Government bonds    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 1 | Commercial paper    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 1 | Corporate debt securities    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 1 | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 1 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 1 | Money market funds    
Assets    
Cash and cash equivalents 2,144 2,018
Funds receivable and amounts held on behalf of customers 2,277 1,360
Fair Value, Recurring | Level 1 | Certificates of deposit    
Assets    
Cash and cash equivalents   0
Fair Value, Recurring | Level 1 | Government bonds    
Assets    
Cash and cash equivalents 0 0
Fair Value, Recurring | Level 1 | Commercial paper    
Assets    
Cash and cash equivalents 0 0
Fair Value, Recurring | Level 1 | Corporate debt securities    
Assets    
Cash and cash equivalents 0 0
Fair Value, Recurring | Level 2    
Assets    
Cash and cash equivalents 414 351
Short-term investments 2,524 2,507
Total assets at fair value 2,973 2,885
Liabilities    
Total liabilities at fair value 15 60
Fair Value, Recurring | Level 2 | Foreign exchange derivative    
Liabilities    
Other liabilities, current 15 55
Other liabilities, noncurrent   5
Fair Value, Recurring | Level 2 | Prepaids and other current assets | Foreign exchange derivative    
Assets    
Other assets 35 27
Fair Value, Recurring | Level 2 | Certificates of deposit    
Assets    
Short-term investments 13 172
Fair Value, Recurring | Level 2 | Government bonds    
Assets    
Short-term investments 345 333
Fair Value, Recurring | Level 2 | Commercial paper    
Assets    
Short-term investments 500 366
Fair Value, Recurring | Level 2 | Corporate debt securities    
Assets    
Short-term investments 1,479 1,491
Fair Value, Recurring | Level 2 | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 2 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments 187 145
Fair Value, Recurring | Level 2 | Money market funds    
Assets    
Cash and cash equivalents 0 0
Funds receivable and amounts held on behalf of customers 0 0
Fair Value, Recurring | Level 2 | Certificates of deposit    
Assets    
Cash and cash equivalents   1
Fair Value, Recurring | Level 2 | Government bonds    
Assets    
Cash and cash equivalents 124 115
Fair Value, Recurring | Level 2 | Commercial paper    
Assets    
Cash and cash equivalents 251 223
Fair Value, Recurring | Level 2 | Corporate debt securities    
Assets    
Cash and cash equivalents 39 12
Fair Value, Recurring | Level 3    
Assets    
Cash and cash equivalents 0 0
Short-term investments 0 0
Total assets at fair value 4 4
Liabilities    
Total liabilities at fair value 0 0
Fair Value, Recurring | Level 3 | Foreign exchange derivative    
Liabilities    
Other liabilities, current 0 0
Other liabilities, noncurrent   0
Fair Value, Recurring | Level 3 | Prepaids and other current assets | Foreign exchange derivative    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 3 | Certificates of deposit    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 3 | Government bonds    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 3 | Commercial paper    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 3 | Corporate debt securities    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 3 | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 4 4
Fair Value, Recurring | Level 3 | Mortgage-backed and asset-backed securities    
Assets    
Short-term investments 0 0
Fair Value, Recurring | Level 3 | Money market funds    
Assets    
Cash and cash equivalents 0 0
Funds receivable and amounts held on behalf of customers 0 0
Fair Value, Recurring | Level 3 | Certificates of deposit    
Assets    
Cash and cash equivalents   0
Fair Value, Recurring | Level 3 | Government bonds    
Assets    
Cash and cash equivalents 0 0
Fair Value, Recurring | Level 3 | Commercial paper    
Assets    
Cash and cash equivalents 0 0
Fair Value, Recurring | Level 3 | Corporate debt securities    
Assets    
Cash and cash equivalents $ 0 $ 0
v3.24.1.u1
Derivative Instruments and Hedging - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Maximum remaining maturity of foreign currency derivatives 18 months  
Potential effects of rights of set-off associated with derivative asset contracts $ 15  
Potential effects of rights of set-off associated with derivative liabilities contracts 15  
Derivative asset, fair value after offset 22  
Deferred net gains 16  
Foreign exchange derivative | Cash Flow Hedging    
Derivative [Line Items]    
Total notional amount of outstanding derivatives 2,200 $ 2,000
Derivatives designated as hedging instruments    
Derivative [Line Items]    
Cumulative unrealized gains 17  
Derivatives not designated as hedging instruments | Foreign exchange derivative    
Derivative [Line Items]    
Total notional amount of outstanding derivatives $ 3,100 $ 2,400
v3.24.1.u1
Derivative Instruments and Hedging - Schedule of Derivative Instruments on the Company’s Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets $ 22 $ 4
Derivative liabilities 4 30
Prepaids and other current assets | Foreign exchange contracts | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets 21 4
Prepaids and other current assets | Foreign exchange contracts | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets 15 23
Other assets, noncurrent | Foreign exchange contracts | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative assets 1 0
Accrued expenses, accounts payable, and other current liabilities | Foreign exchange contracts | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 4 25
Accrued expenses, accounts payable, and other current liabilities | Foreign exchange contracts | Derivatives not designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 11 30
Other liabilities, noncurrent | Foreign exchange contracts | Derivatives designated as hedging instruments    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 0 $ 5
v3.24.1.u1
Derivative Instruments and Hedging - Schedule of Derivative Instruments Designated as Cash Flow Hedges and the Impact of Derivative Contracts on AOCI (Details) - Foreign exchange contracts - Derivatives designated as cash flow hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (Loss) Recognized in Other Comprehensive Income $ 50 $ (4)
Gain (Loss) Reclassified from AOCI into Revenues $ 2 $ 0
v3.24.1.u1
Derivative Instruments and Hedging - Schedule of Derivative Instruments Not Designated as Hedging Instruments and the Impact of Derivative Contracts on the Condensed Consolidated Statements of Operations (Details) - Foreign exchange contracts - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Realized Loss on Derivatives $ (21) $ (20)
Unrealized Gain (Loss) on Derivatives $ 11 $ (1)
v3.24.1.u1
Debt (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Mar. 31, 2024
Dec. 31, 2023
Mar. 08, 2021
Debt Instrument [Line Items]        
Long-term debt   $ 1,992,000,000 $ 1,991,000,000  
Senior Notes Due 2026 | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate principle amount       $ 2,000,000,000
Interest rate       0.00%
Long-term debt   2,000,000,000 $ 2,000,000,000  
Debt, fair value   1,900,000,000    
2022 Credit Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Debt instrument, term 5 years      
Initial borrowing capacity $ 1,000,000,000      
Borrowings outstanding, amount drawn   0    
2022 Credit Facility | Line of Credit | Letter of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 200,000,000      
Borrowings outstanding   $ 25,000,000    
v3.24.1.u1
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 295 $ 240
Operations and support    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 19 15
Product development    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 185 149
Sales and marketing    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 35 28
General and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 56 $ 48
v3.24.1.u1
Stock-Based Compensation - Schedule of Stock Option and Restricted Stock Unit Activity (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
$ / shares
shares
Shares Available for Grant  
Balances at beginning of period (in shares) 134
Granted (in shares) (7)
Increase in shares available for grant (in shares) 13
Options exercised/RSUs vested (in shares) 1
Balances at end of period (in shares) 141
Number of Shares  
Balances at beginning of period (in shares) 7
Granted (in shares) 0
Increase in shares available for grant (in shares) 0
Options exercised/RSUs vested (in shares) (1)
Balances at end of period (in shares) 6
Weighted- Average Exercise Price  
Balances at beginning of period (in USD per share) | $ / shares $ 71.76
Granted (in USD per share) | $ / shares 0
Increase in shares available for grant (in USD per share) | $ / shares 0
Options exercised/RSUs vested (in USD per share) | $ / shares 42.12
Balances at end of period (in USD per share) | $ / shares $ 80.12
Number of Shares  
Balances at beginning of period (in shares) 30
Granted (in shares) 7
Increase in shares available for grant (in shares) 0
Options exercised/RSUs vested (in shares) (2)
Balances at end of period (in shares) 35
Weighted- Average Grant Date Fair Value  
Balances at beginning of period (in USD per share) | $ / shares $ 85.35
Granted (in USD per share) | $ / shares 166.17
Increase in shares available for grant (in USD per share) | $ / shares 0
Options exercised/RSUs vested (in USD per share) | $ / shares 109.14
Balances at end of period (in USD per share) | $ / shares $ 100.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]  
Options outstanding (in shares) 6
Options outstanding (in USD per share) | $ / shares $ 80.12
Options outstanding, weighted-average remaining contractual life (in years) 5 years 10 months 13 days
Options outstanding, aggregate intrinsic value | $ $ 541
Options exercisable (in shares) 5
Options excisable (in USD per share) | $ / shares $ 66.85
Options exercisable, weighted-average remaining contractual life (in years) 5 years 1 month 13 days
Options exercisable, aggregate intrinsic value | $ $ 484
v3.24.1.u1
Commitments and Contingencies (Details)
jurisdiction in Thousands, € in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Dec. 13, 2023
USD ($)
Dec. 13, 2023
EUR (€)
May 31, 2023
EUR (€)
Mar. 31, 2024
USD ($)
jurisdiction
Dec. 31, 2023
USD ($)
Other Commitments [Line Items]          
Number of jurisdictions where company has lodging tax obligations | jurisdiction       33  
Obligation to remit lodging taxes       $ 508 $ 274
Accrued obligations on lodging taxes       124 114
Host guarantee program, maximum       3  
Primary coverage, host protection insurance program       1  
Host protection insurance program, maximum per listing location       1  
Foreign Tax Authority          
Other Commitments [Line Items]          
Estimate of possible loss | €     € 779    
Penalties expense $ 621 € 576      
Hosts' Withholding Tax Obligations          
Other Commitments [Line Items]          
Tax liabilities       428 521
Employee Benefits And Employment Taxes          
Other Commitments [Line Items]          
Tax liabilities       $ 45 $ 43
Minimum          
Other Commitments [Line Items]          
Remitting period for lodging taxes       30 days  
Estimates reasonably possible loss       $ 38  
Loss contingency, estimate of possible loss       320  
Minimum | Withholding Income Taxes          
Other Commitments [Line Items]          
Estimate of possible loss       $ 95  
Maximum          
Other Commitments [Line Items]          
Remitting period for lodging taxes       90 days  
Estimates reasonably possible loss       $ 48  
Loss contingency, estimate of possible loss       340  
Maximum | Withholding Income Taxes          
Other Commitments [Line Items]          
Estimate of possible loss       $ 115  
v3.24.1.u1
Income Taxes (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2020
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2019
Income Tax Examination [Line Items]        
Provision for income taxes   $ 29 $ 13  
Tax adjustments, settlements, and unusual provisions       $ 196
Internal Revenue Service (IRS)        
Income Tax Examination [Line Items]        
Income tax examination, additional income tax expense and cash liability $ 1,300      
Income tax examination, amount of estimate of possible loss which exceeds reserves $ 1,000      
v3.24.1.u1
Net Income per Share - Schedule of Computation of Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Net income $ 264 $ 117
Add: convertible notes interest expense, net of tax 1 1
Net income - diluted $ 265 $ 118
Weighted-average shares in computing net income per share attributable to Class A and Class B common stockholders:    
Basic (in shares) 638 634
Effect of dilutive securities (in shares) 16 36
Diluted (in shares) 654 670
Net income per share attributable to Class A and Class B common stockholders:    
Basic (in USD per share) $ 0.41 $ 0.18
Diluted (in USD per share) $ 0.41 $ 0.18
Net income $ 264 $ 117
v3.24.1.u1
Net Income per Share - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Feb. 29, 2024
May 31, 2023
Class of Stock [Line Items]        
Stock repurchased and retired $ 753 $ 493    
Share Repurchase Program 2023        
Class of Stock [Line Items]        
Stock repurchase program, authorized amount       $ 2,500
Share Repurchase Program 2024        
Class of Stock [Line Items]        
Stock repurchase program, authorized amount     $ 6,000  
Common Class A        
Class of Stock [Line Items]        
Stock repurchased and retired (in shares) 4.7      
Stock repurchased and retired $ 750      
Common Class A | Share Repurchase Program 2024        
Class of Stock [Line Items]        
Remaining authorized repurchase amount $ 6,000      
RSUs | Common Class A        
Class of Stock [Line Items]        
Shares subject to performance conditions (in shares) 9.6 9.6    
v3.24.1.u1
Net Income per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 6 9
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 2 1
RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 4 8