AIRBNB, INC., 10-K filed on 2/25/2022
Annual Report
v3.22.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2021
Feb. 10, 2022
Jun. 30, 2021
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2021    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 50,300,000,000
Documents Incorporated by Reference The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2022, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates.    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001559720    
Amendment Flag false    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   371,167,573  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   262,505,367  
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  
v3.22.0.1
Audit Information
 12 Months Ended
Dec. 31, 2021
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location San Francisco, California
v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 6,067,438 $ 5,480,557
Marketable securities 2,255,038 910,700
Restricted cash 14,764 33,846
Funds receivable and amounts held on behalf of customers 3,715,471 2,181,329
Prepaids and other current assets (including customer receivables of $189,753 and $142,519 and allowances of $90,547 and $30,870, respectively) 333,669 309,954
Total current assets 12,386,380 8,916,386
Property and equipment, net 156,585 270,194
Operating lease right-of-use assets 272,036 384,068
Intangible assets, net 52,308 75,886
Goodwill 652,602 655,801
Other assets, noncurrent 188,563 189,164
Total assets 13,708,474 10,491,499
Current liabilities:    
Accounts payable 118,361 79,898
Operating lease liabilities, current 63,479 56,586
Accrued expenses and other current liabilities 1,558,243 2,414,071
Funds payable and amounts payable to customers 3,715,471 2,181,329
Unearned fees 903,728 407,895
Total current liabilities 6,359,282 5,139,779
Long-term debt, net of current portion 1,982,537 1,815,562
Operating lease liabilities, noncurrent 372,483 430,905
Other liabilities, noncurrent 218,459 203,470
Total liabilities 8,932,761 7,589,716
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, value, issued 63 60
Additional paid-in capital 11,140,284 8,904,791
Accumulated other comprehensive income (loss) (6,893) 2,639
Accumulated deficit (6,357,741) (6,005,707)
Total stockholders’ equity 4,775,713 2,901,783
Total liabilities and stockholders’ equity $ 13,708,474 $ 10,491,499
v3.22.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Customer receivables $ 142,519 $ 189,753
Customer receivables, allowance $ 30,870 $ 90,547
Stockholders’ equity:    
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common Class A    
Stockholders’ equity:    
Common stock, par value (in USD per share) $ 0.0001  
Common stock authorized (in shares) 2,000,000,000 2,000,000,000
Common stock issued (in shares) 364,500,000 115,500,000
Common stock outstanding (in shares) 364,500,000 115,500,000
Common Class B    
Stockholders’ equity:    
Common stock, par value (in USD per share) $ 0.0001  
Common stock authorized (in shares) 710,000,000 710,000,000
Common stock issued (in shares) 269,024,000 483,697,000
Common stock outstanding (in shares) 269,024,000 483,697,000
Common Class C    
Stockholders’ equity:    
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    
Stockholders’ equity:    
Common stock authorized (in shares) 26,000,000 26,000,000
Common stock issued (in shares) 9,200,000 9,200,000
Common stock outstanding (in shares) 0 0
v3.22.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue      
Revenue $ 5,991,760 $ 3,378,199 $ 4,805,239
Costs and expenses:      
Cost of revenue 1,155,833 876,042 1,196,313
Operations and support 847,057 877,901 815,074
Product development 1,425,048 2,752,872 976,695
Sales and marketing 1,186,332 1,175,325 1,621,519
General and administrative 835,324 1,134,851 697,181
Restructuring charges 112,849 151,355 0
Total costs and expenses 5,562,443 6,968,346 5,306,782
Income (loss) from operations 429,317 (3,590,147) (501,543)
Interest income 12,734 27,117 85,902
Interest expense (437,599) (171,688) (9,968)
Other income (expense), net (304,659) (947,220) 13,906
Loss before income taxes (300,207) (4,681,938) (411,703)
Provision for (benefit from) income taxes 51,827 (97,222) 262,636
Net loss $ (352,034) $ (4,584,716) $ (674,339)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in Shares) 615,891 284,363 260,556
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, Basic (in shares) 615,891 284,363 260,556
Common Class A      
Costs and expenses:      
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share) $ (0.57) $ (16.12) $ (2.59)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share) $ (0.57) $ (16.12) $ (2.59)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in Shares) 615,891 284,363 260,556
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, Basic (in shares) 615,891 284,363 260,556
Common Class B      
Costs and expenses:      
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share) $ (0.57) $ (16.12) $ (2.59)
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share) $ (0.57) $ (16.12) $ (2.59)
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in Shares) 615,891 284,363 260,556
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, Basic (in shares) 615,891 284,363 260,556
v3.22.0.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net loss $ (352,034) $ (4,584,716) $ (674,339)
Other comprehensive income (loss):      
Net unrealized gain (loss) on available-for-sale marketable securities, net of tax (3,609) 12 1,493
Foreign currency translation adjustments (5,923) 7,037 2,009
Other comprehensive income (loss) (9,532) 7,049 3,502
Comprehensive loss $ (361,566) $ (4,577,667) $ (670,837)
v3.22.0.1
Statement of Shareholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Dec. 31, 2018 239,624            
Beginning balance at Dec. 31, 2018 $ 3,231,502            
Ending balance (in shares) at Dec. 31, 2019 239,624            
Ending balance at Dec. 31, 2019 $ 3,231,502            
Beginning Balance (in shares) at Dec. 31, 2018     258,092        
Beginning balance at Dec. 31, 2018 (517,308) $ 22,236 $ 26 $ 259,466 $ (7,912) $ (768,888) $ 22,236
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (674,339)         (674,339)  
Other comprehensive income 3,502       3,502    
Issuance of common stock for vesting of restricted stock units (in shares)     1        
Issuance of common stock for acquisition of businesses (in shares)     4,307        
Issuance of common stock for acquisition of businesses 240,687     240,687      
Exercise of common stock options (in shares)     897        
Exercise of common stock options 5,873     5,873      
Exercise of common stock warrant (in shares)     145        
Restricted stock issued with compensation arrangements (in shares)     372        
Reclassification of derivative warrant liability to equity 14,117     14,117      
Stock-based compensation 97,547     97,547      
Ending balance (in shares) at Dec. 31, 2019     263,814        
Ending balance at Dec. 31, 2019 $ (807,685)   $ 26 617,690 (4,410) (1,420,991)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2016-02 [Member]            
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) (239,624)            
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering $ (3,231,502)            
Ending balance (in shares) at Dec. 31, 2020 0            
Ending balance at Dec. 31, 2020 $ 0            
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (4,584,716)         (4,584,716)  
Other comprehensive income 7,049       7,049    
Capital contribution from founders $ 14,615     14,615      
Cancellation of restricted stock awards (in shares)     (21)        
Exercise of common stock options (in shares) 7,496   7,495        
Exercise of common stock options $ 15,074     15,074      
Exercise of common stock warrant (in shares)     238        
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs (in shares)     55,000        
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs 3,650,870   $ 6 3,650,864      
Issuance of common stock upon settlement of RSUs, net of shares withheld (in shares)     31,760        
Issuance of common stock upon settlement of RSUs, net of shares withheld (1,650,454)   $ 4 (1,650,458)      
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)     240,911        
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering 3,231,502   $ 24 3,231,478      
Settlement of contingent consideration liability settled in shares 22,363     22,363      
Stock-based compensation 3,003,165     3,003,165      
Ending balance (in shares) at Dec. 31, 2020     599,197        
Ending balance at Dec. 31, 2020 $ 2,901,783   $ 60 8,904,791 2,639 (6,005,707)  
Ending balance (in shares) at Dec. 31, 2021 0            
Ending balance at Dec. 31, 2021 $ 0            
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (352,034)         (352,034)  
Other comprehensive income $ (9,532)       (9,532)    
Exercise of common stock options (in shares) 17,707   17,707        
Exercise of common stock options $ 137,572   $ 3 137,569      
Reclassification of derivative warrant liability to equity 1,277,168     1,277,168      
Issuance of common stock upon settlement of RSUs, net of shares withheld (in shares)     15,668        
Issuance of common stock upon settlement of RSUs, net of shares withheld (43,956)     (43,956)      
Purchase of capped calls (100,200)     (100,200)      
Issuance of common stock under employee stock purchase plan, net of shares withheld (in shares)     952        
Issuance of common stock under employee stock purchase plan, net of shares withheld 50,621     50,621      
Stock-based compensation 914,291     914,291      
Ending balance (in shares) at Dec. 31, 2021     633,524        
Ending balance at Dec. 31, 2021 $ 4,775,713   $ 63 $ 11,140,284 $ (6,893) $ (6,357,741)  
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (352,034) $ (4,584,716) $ (674,339)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:      
Depreciation and amortization 138,319 125,876 114,162
Bad debt expense 27,285 107,685 77,053
Stock-based compensation expense 898,830 3,001,948 97,547
Deferred income taxes 10,935 (19,601) (5,627)
Impairment of investments 3,081 82,125 27,751
(Gain) loss on investments, net (8,253) 31,457 (38,472)
Change in fair value of warrant liability 291,987 868,539 (286)
Amortization of debt discount and debt issuance costs 8,444 18,323 0
Noncash interest expense, net 6,806 5,769 4,153
Foreign exchange (gain) loss 24,371 (53,176) 2,927
Impairment of long-lived assets 112,545 35,772 0
Loss from extinguishment of debt 377,248 0 0
Other, net 12,207 34,877 (2,524)
Changes in operating assets and liabilities, net of acquisitions:      
Prepaids and other assets (54,351) (15,863) (186,445)
Operating lease right-of-use assets 25,156 (33,280) 49,126
Accounts payable 39,946 (73,111) 75,716
Accrued expenses and other liabilities 165,130 43,756 547,654
Operating lease liabilities (33,774) 60,897 (41,923)
Unearned fees 495,816 (267,009) 176,254
Net cash provided by (used in) operating activities 2,189,694 (629,732) 222,727
Cash flows from investing activities:      
Purchases of property and equipment (25,322) (37,371) (125,452)
Purchases of marketable securities (4,938,188) (3,032,664) (1,016,155)
Sales of marketable securities 1,584,188 1,348,173 609,438
Maturities of marketable securities 2,026,867 1,810,052 551,647
Payments for equity investments in privately-held companies 0 0 (208,182)
Acquisitions, net of cash acquired 0 0 (192,116)
Other investing activities, net 500 (8,600) 33,665
Net cash provided by (used in) investing activities (1,351,955) 79,590 (347,155)
Cash flows from financing activities:      
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and offering costs 0 3,650,870 0
Taxes paid related to net share settlement of equity awards (53,955) (1,650,454) 0
Proceeds from issuance of long-term debt and warrants, net of issuance costs 0 1,928,880 0
Principal repayment of long-term debt (1,995,000) (5,000) 0
Prepayment penalty on long-term debt (212,883) 0 0
Proceeds from issuance of convertible senior notes, net of issuance costs 1,979,166 0 0
Purchases of capped calls related to convertible senior notes (100,200) 0 0
Proceeds from exercise of stock options 137,572 15,074 5,873
Proceeds from the issuance of common stock under employee stock purchase plan 50,621 0 0
Change in funds payable and amounts payable to customers 1,625,838 (1,012,081) 848,706
Other financing activities, net 0 13,525 0
Net cash provided by financing activities 1,431,159 2,940,814 854,579
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (209,861) 134,137 (25,284)
Net increase in cash, cash equivalents, and restricted cash 2,059,037 2,524,809 704,867
Cash, cash equivalents, and restricted cash, beginning of year 7,668,252 5,143,443 4,438,576
Cash, cash equivalents, and restricted cash, end of year 9,727,289 7,668,252 5,143,443
Supplemental disclosures of cash flow information:      
Cash paid for income taxes, net of refunds 17,291 15,103 28,192
Cash paid for interest 49,892 129,798 5,178
Noncash investing and financing activities:      
Common stock and stock awards issued for acquisitions $ 0 $ 0 $ 240,687
v3.22.0.1
Description of Business
 12 Months Ended
Dec. 31, 2021
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.
v3.22.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Stock Split

On October 26, 2020, the Company effected a two-for-one stock split of its common stock and redeemable convertible preferred stock. All share and per share information has been retroactively adjusted to reflect the stock split for all periods presented.

Initial Public Offering

The Company’s registration statement on Form S-1 (the “IPO Registration Statement”) related to its initial public offering (“IPO”) was declared effective on December 9, 2020 and the Company’s Class A common stock began trading on the Nasdaq Global Select Market on December 10, 2020. On December 14, 2020, the Company completed its IPO, in which the Company sold 50.0 million shares of Class A common stock at a price to the public of $68.00 per share. On the same day, the Company sold an additional 5.0 million shares of Class A common stock at a price to the public of $68.00 per share pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received aggregate net proceeds of $3.7 billion after deducting underwriting discounts and commissions of $79.3 million and offering expenses of $9.8 million.

Upon completing the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock, of which 239,623,894 shares were outstanding prior to the IPO, converted into an aggregate of 240,910,588 shares of the Company’s Class B common stock, including 1,286,694 shares of common stock issuable pursuant to the anti-dilution adjustment provisions relating to the Company’s Series C redeemable convertible preferred stock.

Upon the Company’s IPO, the Company recognized $2.8 billion of stock-based compensation expense for awards with a liquidity-event performance-based vesting condition satisfied at IPO. Shares were then issued related to the vesting of the restricted stock units ("RSUs") with such performance-based vesting conditions. The Company withheld 24.2 million shares of common stock based on the IPO price of $68.00 per share to satisfy tax withholding and remittance of approximately $1.6 billion.

Under the Company’s restated certificate of incorporation, which became effective immediately prior to the completion of the IPO, the Company is authorized to issue 4,736,000,000 shares of common stock, including 2,000,000,000 shares of Class A common stock, 710,000,000 shares of Class B common stock, 2,000,000,000 shares of Class C common stock and 26,000,000 shares of Class H common stock. As a result, following the completion of the IPO, the Company has four classes of authorized common stock: Class A, Class B, Class C, and Class H common stock, of which Class A and Class B had shares outstanding as of December 31, 2020. In November 2020, 9,200,000 shares of Class H common stock were issued to the Company’s wholly-owned Host Endowment Fund subsidiary and held as treasury stock.

COVID-19 Pandemic

Beginning in 2020, the coronavirus (“COVID-19”) pandemic severely restricted the level of economic activity globally and continues to have an unprecedented effect on the global travel and hospitality industry. The various government measures implemented to contain the COVID-19 pandemic, such as imposing restrictions on travel and business operations, led to unprecedented levels of booking cancellations. The extent and duration of the impact of the COVID-19 pandemic over the longer term remain uncertain and dependent on future developments that cannot be accurately predicted at this time, such as the severity and transmission rate of COVID-19, the introduction and spread of new variants of the virus, including, for example, the Omicron variant which emerged in November of 2021, that may be more easily transmittable and resistant to currently approved vaccines, the continuation of existing or implementation of new government travel restrictions, the extent and effectiveness of containment actions taken, including mobility restrictions, the timing, availability, and effectiveness of vaccines, and the impact of these and other factors on travel behavior in general, and on the Company’s business in particular, which may result in a reduction in bookings and an increase in booking cancellations.

Principles of Consolidation

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

The Company determines, at the inception of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest in is considered a VIE. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to direct the activities that most significantly
affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interest in a VIE in accordance with applicable U.S. GAAP. As of December 31, 2020 and 2021, the Company’s consolidated VIEs were not material to the consolidated financial statements.

Use of Estimates

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

Segment Information

Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its Chief Executive Officer. The Company has determined it has one operating and reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents are held in checking and interest-bearing accounts and consist of cash and highly-liquid securities with an original maturity of 90 days or less. The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in thousands):
As of December 31,
201920202021
Cash and cash equivalents$2,013,547 $5,480,557 $6,067,438 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers3,129,781 2,153,849 3,645,087 
Restricted cash115 33,846 14,764 
Total cash, cash equivalents, and restricted cash presented in the consolidated statements of cash flows$5,143,443 $7,668,252 $9,727,289 

Marketable Securities

The Company considers all highly-liquid investments with original maturities of greater than 90 days to be marketable securities. The Company determines the appropriate classification of its investments in marketable securities at the time of purchase. As the Company views these securities as available to support current operations, it accounts for these debt securities as available-for-sale and classifies them as short-term assets on its consolidated balance sheets. The Company determines realized gains or losses on the sale of equity and debt securities on a specific identification method.

Unrealized gains and non-credit related losses on available-for-sale debt securities are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit). Realized gains and losses and impairments are reported within other income (expense), net in the consolidated statements of operations. The assessment for impairment takes into account the severity and duration of the decline in value, adverse changes in the market or industry of the investee, the Company’s intent to sell the security and whether it is more likely than not that it will be required to sell the security before recovery of the amortized cost basis.

The Company’s marketable equity securities with readily determinable fair values are measured at fair value on a recurring basis with changes in fair value recognized within other income (expense), net in the consolidated statements of operations.

The Company records an impairment of its available-for-sale debt securities if the amortized cost basis exceeds its fair value and if the Company has the intention to sell the security or if it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the unrealized loss is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance on the consolidated balance sheets with a corresponding charge in the consolidated statements of operations. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Company’s best estimate of the present value of cash flows expected to be collected. Any remaining decline in fair value that is non-credit related is recognized in other comprehensive income (loss). Improvements in expected cash flows due to improvements in credit are recognized through reversal of the credit loss and corresponding reduction in the allowance for credit loss.
Non-Marketable Investments

Non-marketable investments consist of debt and equity investments in privately-held companies, which are classified as other assets, noncurrent on the consolidated balance sheets. The Company classifies its non-marketable investments that meet the definition of a debt security as available-for-sale. The accounting policy for debt securities classified as available-for-sale is described above. The Company’s non-marketable equity investments are accounted for using either the equity method of accounting or as equity investments without readily determinable fair values under the measurement alternative.

The Company uses the equity method if it has the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. For investments accounted for using the equity method, the Company’s proportionate share of its equity interest in the net income (loss) and other comprehensive income (loss) of these companies is recorded in the consolidated statements of operations within other income (expense), net. The carrying amount of the investment in equity interests is adjusted to reflect the Company’s interest in the investee’s net income or loss and any impairments and is classified in other assets, noncurrent on the consolidated balance sheets.

Equity investments for which the Company is not able to exercise significant influence over the investee and for which fair value is not readily determinable are accounted for using the measurement alternative. Such investments are carried at cost, less any impairments, and are adjusted for subsequent observable price changes obtained from orderly transactions for identical or similar investments issued by the same investee. This election is reassessed each reporting period to determine whether non-marketable equity securities have a readily determinable fair value, in which case they would no longer be eligible for this election. Changes in the basis of the equity investment are recognized in other income (expense), net in the consolidated statements of operations.

The Company reviews its non-marketable debt and equity investments for impairment at the end of each reporting period or whenever events or circumstances indicate that the carrying value may not be fully recoverable. Impairment indicators might include negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. Upon determining that an impairment exists, the Company recognizes as an impairment in other income (expense), net in the consolidated statements of operations the amount by which the carrying value exceeds the fair value of the investment.

Fair Value of Financial Instruments

The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements. The authoritative guidance on fair value measurements establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. This hierarchy requires the Company to use observable market data when available and to minimize the use of unobservable inputs when determining fair value. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and disclosed at fair value are classified and disclosed based on the observability of inputs used in the determination of fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Observable inputs other than Level 1 prices, such as quoted prices in less active markets or model-derived valuations that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data that are significant to the fair value of the assets or liabilities.

The carrying amount of the Company’s financial instruments, including cash equivalents, funds receivable and amounts held on behalf of customers, accounts payable, accrued liabilities, funds payable and amounts payable to customers, and unearned fees approximate their respective fair values because of their short maturities.

Level 2 Valuation Techniques

Financial instruments classified as Level 2 within the Company’s fair value hierarchy are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. Prices of these securities are obtained through independent, third-party pricing services and include market quotations that may include both observable and unobservable inputs. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The Company’s foreign exchange derivative instruments are valued using pricing models that take into account the contract terms, as well as multiple inputs where applicable, such as interest rate yield curves and currency rates.

Level 3 Valuation Techniques

Financial instruments classified as Level 3 within the Company’s fair value hierarchy consist primarily of a derivative warrant liability relating to the warrants issued in conjunction with the second lien loan discussed in Note 10, Debt. Valuation techniques for the derivative warrant liability include the Black-Scholes option-pricing model with key assumptions such as stock price volatility, expected term, and risk-free interest rates.
Internal-Use Software

The Company capitalizes certain costs in connection with obtaining or developing software for internal use. Amortization of such costs begins when the project is substantially complete and ready for its intended use. Capitalized software development costs are classified as property and equipment, net on the consolidated balance sheets and are amortized using the straight-line method over the estimated useful life of the applicable software.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization.

Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives indicated below:

Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of estimated useful life or remaining lease term

Costs of maintenance and repairs that do not improve or extend the useful lives of assets are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statements of operations.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting, under which assets acquired and liabilities assumed are recorded at their respective fair values at the date of acquisition, with the exception of contract assets and liabilities which are accounted for in accordance with Topic 606. The excess purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred.

Leases

The Company determines whether an arrangement is or contains a lease at inception. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease ROU assets represent the Company’s right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has real estate and equipment lease agreements that contain lease and non-lease components, which are accounted for as a single lease component.

The Company’s leases often contain rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives, primarily used to fund leasehold improvements, are recognized when earned and reduce the Company’s right-of-use asset related to the lease. These are amortized through the right-of-use asset as reductions of expense over the lease term.

The Company’s lease agreements may contain variable costs such as common area maintenance, operating expenses or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations. The Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants.

For substantially all leases with an initial non-cancelable lease term of less than one year and no option to purchase, the Company elected not to recognize the lease on its Consolidated Balance Sheets and instead recognize rent payments on a straight-line basis over the lease term within operating expense on its Consolidated Statements of Operations.

The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019. Upon adoption, the Company recognized an operating lease ROU asset of $340.2 million and lease liabilities of $366.0 million, as well as a cumulative-effect adjustment to the opening balance of accumulated deficit of $22.2 million.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company has one reporting unit. The Company tests goodwill for impairment at least annually, in the fourth quarter, or whenever events or changes in
circumstances indicate that goodwill might be impaired. There were no impairment charges in any of the periods presented in the consolidated financial statements. Refer to Note 6, Intangible Assets and Goodwill, for additional information.

Intangible Assets

Intangible assets are amortized on a straight-line basis over the estimated useful lives ranging from one to ten years. The Company reviews intangible assets for impairment under the long-lived asset model described below. There were no impairment charges in any of the periods presented in the consolidated financial statements. Refer to Note 6, Intangible Assets and Goodwill, for additional information.

Impairment of Long-Lived Assets

Long-lived assets that are held and used by the Company are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Determination of recoverability of long-lived assets is based on an estimate of the undiscounted cash flows resulting from the use of the asset and its eventual disposition. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as necessary.

Any impairments to ROU assets, leasehold improvements, or other assets as a result of a sublease, abandonment, or other similar factor are initially recognized when a decision to do so is made and recorded as an operating expense. Similar to other long-lived assets, management tests ROU assets for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. For ROU assets, such circumstances may include subleases that do not fully recover the costs of the associated leases or a decision to abandon the use of all or part of an asset. For the years ended December 31, 2020 and 2021, the Company recorded $35.8 million and $112.5 million, respectively, of long-lived asset impairment charges within restructuring charges in the consolidated statement of operations. The Company had no impairments of long-lived assets for the year ended December 31, 2019.

Revenue Recognition

The Company generates substantially all of its revenue from facilitating guest stays at accommodations offered by Hosts on the Company’s platform.

The Company considers both Hosts and guests to be its customers. The customers agree to the Company’s Terms of Service (“ToS”) to use the Company’s platform. Upon confirmation of a booking made by a guest, the Host agrees to provide the use of the property. At such time, the Host and guest also agree upon the applicable booking value as well as Host fees and guest fees (collectively “service fees”). The Company charges service fees in exchange for certain activities, including the use of the Company’s platform, customer support, and payment processing activities. These activities are not distinct from each other and are not separate performance obligations. As a result, the Company’s single performance obligation is to facilitate a stay, which occurs upon the completion of a check-in event (a “check-in”). The Company recognizes revenue upon check-in as its performance obligation is satisfied upon check-in and the Company has the right to receive payment for the fulfillment of the performance obligation.

The Company charges service fees to its customers as a percentage of the value of the booking, excluding taxes. The Company collects both the booking value from the guest on behalf of the Host and the applicable guest fees owed to the Company using the guest’s pre-authorized payment method. After check-in, the Company disburses the booking value to the Host, less the fees due from the Host to the Company. The Company’s ToS stipulates that a Host may cancel a confirmed booking at any time up to check-in. Therefore, the Company determined that for accounting purposes, each booking is a separate contract with the Host and guest, and the contracts are not enforceable until check-in. Since an enforceable contract for accounting purposes is not established until check-in, there were no partially satisfied or unsatisfied performance obligations as of December 31, 2020 and 2021. The service fees collected from customers prior to check-in are recorded as unearned fees. Unearned fees are not considered contract balances because they are subject to refund in the event of a cancellation.

Guest stays of at least 28 nights are considered long-term stays. The Company charges service fees to facilitate long-term stays on a monthly basis. Such stays are generally cancelable with a 30 days advance notice for no significant penalty. Accordingly, long-term stays are treated as month-to-month contracts; each month is a separate contract with the Host and guest, and the contracts are not enforceable until check-in for the initial month as well as subsequent monthly extensions. The Company’s performance obligation for long-term stays is the same as that for short-term stays. The Company recognizes revenue for the first month upon check-in, similar to short-term stays, and recognizes revenue for any subsequent months upon each month’s anniversary from initial check-in date.

The Company evaluates the presentation of revenue on a gross versus net basis based on whether or not it is the principal (gross) or the agent (net) in the transaction. As part of the evaluation, the Company considers whether it controls the right to use the property before control is transferred. Indicators of control that the Company considers include whether the Company is primarily responsible for fulfilling the promise associated with the rental of the property, whether it has inventory risk associated with the property, and whether it has discretion in establishing the prices for the property. The Company determined that it does not control the right to use the properties either before or after completion of its service. Accordingly, the Company has concluded that it is acting in an agent capacity and revenue is presented net reflecting the service fees received from Hosts and guests to facilitate a stay.

The Company has elected to recognize the incremental costs of obtaining a contract, including the costs of certain referrer fees, as an expense when incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less. The Company has no significant financing components in its contracts with customers.
The Company has elected to exclude from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions. Accordingly, such amounts are not included as a component of revenue or cost of revenue.

Payments to Customers

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

Incentive Programs

The Company encourages the use of its platform and attracts new customers through its incentive programs. Under the Company’s referral program, the referring party (the “referrer”) earns a coupon when the new guest or Host (the “referee”) completes their first stay on the Company’s platform. Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense in the same way the Company accounts for other marketing services from third-party vendors. Any amounts paid in excess of the fair value of the referral service received are recorded as a reduction of revenue. Fair value of the service is established using amounts paid to vendors for similar services. Customer referral coupon credits generally expire within one year from issuance and the Company estimates the redemption rates using its historical experience. As of December 31, 2020 and 2021, the referral coupon liability was not material.

Through marketing promotions, the Company issues customer coupon credits to encourage the use of its platform. After a customer redeems such incentives, the Company records a reduction to revenue at the date it records the corresponding revenue transaction, as the Company does not receive a distinct good or service in exchange for the customer incentive payment.

Refunds

In certain instances, the Company issues refunds to customers as part of its customer support activities in the form of cash or credits to be applied toward a future booking. There is no legal obligation to issue such refunds to Hosts or guests on behalf of its customers. The Company accounts for refunds, net of any recoveries, as variable consideration, which results in a reduction to revenue. The Company reduces the transaction price by the estimated amount of the payments by applying the most likely outcome method based on known facts and circumstances and historical experience. The estimate for variable consideration was not material as of December 31, 2020 and 2021.
The Company evaluates whether the cumulative amount of payments made to customers that are not in exchange for a distinct good or service received from customers exceeds the cumulative revenue earned since inception of the customer relationships. Any cumulative payments in excess of cumulative revenue are presented within operations and support or sales and marketing on the consolidated statements of operations based on the nature of the payments made to customers.

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

Year Ended December 31,
201920202021
Reductions to revenue
$274,461 $384,181 $156,160 
Charges to operations and support
103,364 83,093 68,850 
Charges to sales and marketing expense
129,623 56,680 46,730 
Total payments made to customers
$507,448 $523,954 $271,740 

Funds Receivable and Funds Payable

Funds receivable and amounts held on behalf of customers represent cash received or in-transit from guests via third-party credit card processors and other payment methods, which the Company remits for payment to the Hosts following check-in. This cash and related receivable represent the total amount due to Hosts, and as such, a liability for the same amount is recorded to funds payable and amounts payable to customers.

The Company records guest payments, net of service fees, as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers when cash is received in advance of check-in. Host and guest fees are recorded as cash with a corresponding amount in unearned fees. For certain bookings, a guest may opt to pay a percentage of the total amount due when the booking is confirmed, with the remaining balance due prior to the stay occurring (the “Pay Less Upfront Program”). Under the Pay Less Upfront Program, when the Company receives the first installment payment from the guest upon confirmation of the booking, the Company records the first installment payment as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers, net of the Host and guest fees. The full value of the service fees is recorded as cash and cash equivalents and unearned fees upon receipt of the first installment payment to represent what the Company expects to be recognized as revenue if the underlying booking is not canceled. Upon receipt of the second installment, such payment amounts are also recorded as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers.
Following check-in, the Company remits funds due to Hosts and recognizes unearned fees as revenue as its performance obligation is satisfied.

Bad Debt

The Company generally collects funds related to bookings from guests on behalf of Hosts prior to check-in. However, in limited circumstances the Company disburses funds to a Host or a guest on behalf of a counterparty guest or Host prior to collecting such amounts from the counterparty. Such uncollected balances generally arise from the timing of payments and collections related to a dispute resolution between the guest and Host or certain alterations to stays and are included in prepaids and other current assets on the consolidated balance sheets. The Company records a customer receivable allowance for credit losses for funds that may never be collected. The Company estimated its exposure to balances deemed to be uncollectible based on factors including known facts and circumstances, historical experience, reasonable and supportable forecasts of economic conditions, and the age of the uncollected balances. The Company writes off the asset when it is determined to be uncollectible. Bad debt expense was $77.1 million, $107.7 million, and $27.3 million for the years ended December 31, 2019, 2020, and 2021, respectively.

Cost of Revenue

Cost of revenue primarily consists of payment processing charges, including merchant fees and chargebacks, costs associated with third-party data centers used to host the Company’s platform, and amortization of internally developed software and acquired technology.

Operations and Support

Operations and support costs primarily consist of personnel-related expenses and third-party service provider fees associated with customer support provided via phone, email, and chat to Hosts and guests, customer relations costs, which include refunds and credits related to customer satisfaction and expenses associated with the Company’s Host protection programs, and allocated costs for facilities and information technology. These costs are expensed as incurred.

Product Development

Product development costs primarily consist of personnel-related expenses and third-party service provider fees incurred in connection with the development of the Company’s platform and new products as well as the improvement of existing products, and allocated costs for facilities and information technology. These costs are expensed as incurred.

Sales and Marketing

Sales and marketing costs primarily consist of performance and brand marketing, personnel-related expenses, including those related to field operations, portions of referral incentives and coupons, policy and communications, and allocated costs for facilities and information technology. These costs are expensed as incurred. Advertising expenses were $712.6 million, $176.0 million, and $542.1 million for the years ended December 31, 2019, 2020, and 2021, respectively.

General and Administrative

General and administrative costs primarily consist of personnel-related expenses for executive management and administrative functions, including finance and accounting, legal, and human resources, as well as general corporate and director and officer insurance. General and administrative costs also include certain professional services fees, allocated costs for facilities and information technology expenses, indirect taxes including lodging taxes where the Company may be held jointly liable with Hosts for collecting and remitting such taxes, and bad debt expense. These costs are expensed as incurred.

Restructuring Charges

Costs and liabilities associated with management-approved restructuring activities are recognized when they are incurred. One-time employee termination costs are recognized at the time of communication to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. Ongoing employee termination benefits are recognized as a liability when it is probable that a liability exists and the amount is reasonably estimable. Restructuring charges are recognized as an operating expense within the consolidated statements of operations and related liabilities are recorded within accrued expenses and other liabilities on the consolidated balance sheets. The Company periodically evaluates and, if necessary, adjusts its estimates based on currently available information.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax law in effect for the years in which the temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company evaluates and accounts for uncertain tax positions using a two-step approach. Recognition, step one, occurs when the Company concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement, step two, determines the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement
with a taxing authority that has full knowledge of all relevant information. Derecognition of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained.

Foreign Currency

The Company’s reporting currency is the U.S. dollar. The Company determines the functional currency for each of its foreign subsidiaries by reviewing their operations and currencies used in their primary economic environments. Assets and liabilities for foreign subsidiaries with functional currency other than U.S. dollar are translated into U.S. dollars at the rate of exchange existing at the balance sheet date. Statements of operations amounts are translated at average exchange rates for the period. Translation gains and losses are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity (deficit). No material amounts were reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2019, 2020, and 2021.

Remeasurement gains and losses are included in other income (expense), net in the consolidated statements of operations. Monetary assets and liabilities are remeasured at the exchange rate on the balance sheet date and nonmonetary assets and liabilities are measured at historical exchange rates. As of December 31, 2020, the Company had a cumulative translation loss of $3.1 million and as of December 31, 2021, the Company had a cumulative translation gain of $2.8 million. Total net realized and unrealized gains (losses) on foreign currency transactions and balances totaled $(4.8) million, $31.5 million, and $(5.1) million for the years ended December 31, 2019, 2020, and 2021, respectively.

Derivative Instruments

The Company enters into financial derivative instruments, consisting of foreign currency contracts to mitigate its exposure to the impact of movements in currency exchange rates on its transactional balances denominated in currencies other than the functional currency. The Company does not use derivatives for trading or speculative purposes. Derivative instruments are recognized in the consolidated balance sheets at fair value. Gains and losses resulting from changes in the fair value of derivative instruments that are not designated as hedging instruments for accounting purposes are recognized in other income (expense), net in the consolidated statements of operations in the period that the changes occur.

Stock-Based Compensation

Stock-based compensation expense primarily relates to restricted stock units (“RSU”), restricted common stock, stock options, and the Employee Stock Purchase Plan (“ESPP”). RSUs and restricted common stock are measured at the fair market value of the underlying stock at the grant date and the expense is recognized over the requisite service period. The fair value of stock options and ESPP shares granted to employees is estimated on the date of grant using the Black-Scholes option pricing model to determine the fair value of stock options on the date of grant. The Company estimates the expected term of stock options granted based on the simplified method and estimates the volatility of its common stock on the date of grant based on the average historical stock price volatility of comparable publicly-traded companies. The simplified method calculates the expected term as the mid-point between the weighted-average time to vesting and the contractual maturity. The simplified method is used as the Company does not have sufficient historical data regarding stock option exercises. The contractual term of the Company’s stock options is ten years. The Company accounts for forfeitures as they occur. The benefits of tax deductions in excess of recognized compensation costs are recognized in the income statement as a discrete item when an option exercise or a vesting and release of shares occurs.
Prior to the Company’s IPO, the absence of an active market for the Company’s common stock required the Company’s board of directors, which includes members who possess extensive business, finance, and venture capital experience, to determine the fair value of its common stock for purposes of granting stock options and RSUs. The Company obtained contemporaneous third-party valuations to assist the board of directors in determining the fair value of the Company’s common stock. All stock options granted were exercisable at a price per share not less than the fair value of the shares of the Company’s common stock as determined by the board of directors (the “Fair Value”) underlying those stock options on their respective grant dates. Historically, substantially all of the Company’s RSUs vested upon the satisfaction of both a service-based vesting condition and liquidity-event performance-based vesting condition. The liquidity-event performance-based vesting condition for RSUs was satisfied upon the effectiveness of the Company’s IPO Registration Statement on December 9, 2020. Upon the Company’s IPO in December 2020, the Company recorded a cumulative one-time stock-based compensation expense of $2.8 billion, determined using the grant-date fair values. The remaining unrecognized stock-based compensation expense related to these RSUs is recorded over their remaining requisite service periods.

Net Loss Per Share Attributable to Common Stockholders

The Company applies the two-class method when computing net loss per share attributable to common stockholders when shares are issued that meet the definition of a participating security. The two-class method determines net income (loss) per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. The Company’s previously outstanding redeemable convertible preferred stock was a participating security as the holders of such shares participated in dividends but did not contractually participate in the Company’s losses.

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less weighted-average shares subject to repurchase. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are anti-dilutive.
Comprehensive Loss

Comprehensive loss consists of net loss and other comprehensive income (loss). Other comprehensive income (loss) reflects gains and losses that are recorded as a component of stockholders’ equity and are excluded from net loss. Other comprehensive income (loss) consists of foreign currency translation adjustments related to consolidation of foreign entities and unrealized gains (losses) on securities classified as available-for-sale.

Contingencies

The Company is subject to legal proceedings and claims that arise in the ordinary course of business. The Company accrues for losses associated with legal claims when such losses are probable and can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change.

Recently Adopted Accounting Standards

In January 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815, which clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting under Topic 323, and the accounting for certain forward contracts and purchased options accounted for under Topic 815. For public companies, the guidance was effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption was permitted. The Company adopted the standard on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplify the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. For public companies, the guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the standard on January 1, 2021 and applied this guidance to its convertible senior notes issued in March 2021. Refer to Note 10, Debt, for additional information.

In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs, which clarifies when an entity should assess whether a callable debt security is within the scope of accounting guidance, which impacts the amortization period for nonrefundable fees and other costs. For public companies, the guidance was effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Upon adoption, the amendments are to be applied on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. Early adoption was not permitted. The Company adopted the standard on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08, Business Combinations - Accounting for contract assets and contract liabilities from contracts with customers (Topic 805), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Revenues from contracts with customers (Topic 606). For public companies, the guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the guidance upon issuance within the fourth quarter of 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

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

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Topic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40), which clarifies existing guidance for freestanding written call options which are equity classified and remain so after they are modified or exchanged in order to reduce diversity in practice. The standard is effective for public entities in fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements.
There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its consolidated financial statements or disclosures.
v3.22.0.1
Investments
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Debt Securities

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

December 31, 2020Classification as of December 31, 2020
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value		Cash and
Cash
Equivalents		Marketable
Securities		Other
Assets,
Noncurrent
Funds
Receivable(2)
Certificates of deposit$421,272 $— $— $421,272 $278,281 $142,991 $— $— 
Government bonds(1)
1,924,988 65 (1)1,925,052 1,392,966 65,867 — 466,219 
Commercial paper1,021,150 — — 1,021,150 779,527 241,623 — — 
Corporate debt securities508,901 1,475 (1,635)508,741 229,633 267,618 11,490 — 
Mortgage-backed and asset-backed securities36,553 913 (113)37,353 — 37,353 — — 
Total
$3,912,864 $2,453 $(1,749)$3,913,568 $2,680,407 $755,452 $11,490 $466,219 
(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers
December 31, 2021Classification as of December 31, 2021
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value		Cash and
Cash
Equivalents		Marketable
Securities		Other
Assets,
Noncurrent
Funds
Receivable(2)
Certificates of deposit$395,351 $— $— $395,351 $31,117 $364,234 $— $— 
Government bonds(1)
850 13 — 863 — 863 — — 
Commercial paper1,156,963 — — 1,156,963 163,959 993,004 — — 
Corporate debt securities917,718 220 (3,147)914,791 41,439 862,901 10,451 — 
Mortgage-backed and asset-backed securities34,019 338 (321)34,036 — 34,036 — — 
Total
$2,504,901 $571 $(3,468)$2,502,004 $236,515 $2,255,038 $10,451 $— 
(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers

As of December 31, 2020 and 2021, the Company did not have an allowance for credit losses related to its available-for-sale debt securities.

Before reclassifications of gains and losses from accumulated other comprehensive income (loss) on the consolidated balance sheets to other income (expense), net in the consolidated statements of operations, unrealized gains and losses and the associated tax amounts, for the years ended December 31, 2019, 2020, and 2021, were not material. Realized gains and losses reclassified from accumulated other comprehensive income (loss) to other income (expense), net were not material for the years ended December 31, 2019, 2020, and 2021.

Debt securities in an unrealized loss position had an estimated fair value of $139.7 million and an immaterial amount of unrealized losses as of December 31, 2019, an estimated fair value of $229.7 million and $1.7 million unrealized losses as of December 31, 2020, and an estimated fair value of $801.5 million and $3.5 million unrealized losses as of December 31, 2021. None of these securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2019 and an immaterial amount of securities were in a continuous loss position for more than twelve months as of December 31, 2020 and 2021.

During the years ended December 31, 2019, 2020, and 2021, the Company did not consider any of its marketable debt securities to be other-than-temporarily impaired. During the year ended December 31, 2019, the Company recorded an impairment charge for an available-for-sale non-marketable debt investment totaling $18.0 million. During the years ended December 31, 2020 and 2021, the Company did not record any impairment charges for its available-for-sale non-marketable debt investments.
The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in thousands):
December 31, 2021
Amortized
Cost		Estimated
Fair Value
Due within one year$2,359,069 $2,358,792 
Due in one year to five years130,273 127,861 
Due within five to ten years13,019 12,837 
Due beyond ten years2,540 2,514 
Total$2,504,901 $2,502,004 
Equity Investments

Equity Investments with Readily Determinable Fair Values

As of December 31, 2020 and 2021, the Company had equity investments with readily determinable fair value totaling $155.2 million and zero, respectively, which consisted of mutual funds measured at fair value and classified within marketable securities on the consolidated balance sheet.

Equity Investments Without Readily Determinable Fair Values

The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. These investments had net carrying value of $78.1 million and $75.0 million, as of December 31, 2020 and 2021, respectively, and are classified within other assets on the consolidated balance sheets. These investments were initially recorded using the measurement alternative at cost and are subsequently adjusted to fair value for impairments and price changes from observable transactions in the same or similar security from the same issuer.

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

Year Ended December 31,
20202021
Carrying value, beginning of period$131,210 $78,074 
Downward adjustments for observable price changes and impairment(53,136)(3,081)
Carrying value, end of period$78,074 $74,993 

As of December 31, 2020 and 2021, there were no upward adjustments for price changes to the Company’s equity investments without readily determinable fair values. The Company did not record any realized gains or losses for the Company’s equity investments without readily determinable fair value during the years ended December 31, 2019, 2020, and 2021, respectively. The Company did not record any impairment charges during the year ended December 31, 2019, and recorded impairment charges of $53.1 million and $3.1 million, for the years ended December 31, 2020 and 2021, respectively.
The following table summarizes the cumulative impairment charges of equity investments without readily determinable fair values (in thousands):
As of December 31,
20202021
Cumulative downward adjustments for observable price changes and impairment
$53,136 $56,217 

Gains and Losses on Equity Investments
Net unrealized gains (losses) on marketable equity investments totaled $13.2 million and $(21.7) million for the years ended December 31, 2019 and 2020, respectively. During the year ended December 31, 2021, the marketable equity investments were sold, and the Company realized a net loss of $13.4 million. The realized and unrealized gains and losses on marketable equity investments were recorded in other income (expense), net on the consolidated statements of operations.
v3.22.0.1
Investments Accounted for Under the Equity Method
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investments Accounted for Under the Equity Method Investments Accounted for Under the Equity Method As of December 31, 2020 and 2021, the carrying values of the Company’s equity method investments were $21.0 million and $17.4 million, respectively. For the years ended December 31, 2019, 2020, and 2021, the Company recorded losses of $6.0 million, $8.2 million, and $3.5 million, respectively, within other income (expense), net in the consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. Also, during the years ended December 31, 2019 and 2020, the Company recorded impairment charges of $9.8 million and $29.0 million, respectively, related to the carrying value of equity method investments within other income (expense), net. There were no impairment charges for the year ended December 31, 2021. In December 2016, the Company purchased convertible preferred shares of a company (the “2016 Investee”) that provides a mobile app for restaurant reservations for an aggregate price of $10.0 million. In conjunction with this transaction, the 2016 Investee issued warrants, at no cost, to the Company to purchase additional shares, which were exercised in 2018. Prior to exercise, the Company marked-to-market and recorded unrealized losses on the warrants, which were not material for the year ended December 31, 2018. In July 2019, the 2016 Investee was acquired by a third party, resulting in a gain of $24.6 million recorded in other income (expense), net in the consolidated statements of operations.
v3.22.0.1
Fair Value Measurement and Financial Instruments
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurement 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 thousands):

As of December 31, 2020
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$22,676 $— $— $22,676 
Certificates of deposit278,281 — — 278,281 
U.S. government debt securities— 1,392,966 — 1,392,966 
Commercial paper— 779,527 — 779,527 
Corporate debt securities— 229,633 — 229,633 
300,957 2,402,126 — 2,703,083 
Marketable securities:
Certificates of deposit142,991 — — 142,991 
U.S. government and government agency debt securities— 65,867 — 65,867 
Commercial paper— 241,623 — 241,623 
Corporate debt securities— 267,618 — 267,618 
Mortgage-backed and asset-backed securities— 37,353 — 37,353 
Mutual funds— 155,248 — 155,248 
142,991 767,709 — 910,700 
Funds receivable and amounts held on behalf of customers:
U.S. government and government agency debt securities— 466,219 — 466,219 
Prepaids and other current assets:
Foreign exchange derivative assets— 12,478 — 12,478 
Other assets, noncurrent:
Corporate debt securities— — 11,490 11,490 
Total assets at fair value$443,948 $3,648,532 $11,490 $4,103,970 
Liabilities
Accrued expenses and other current liabilities:
Foreign exchange derivative liabilities$— $32,250 $— $32,250 
Derivative warrant liability (Note 10)
— — 985,181 985,181 
Total liabilities at fair value$— $32,250 $985,181 $1,017,431 
As of December 31, 2021
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$1,923,184 $— $— $1,923,184 
Certificates of deposit31,117 — — 31,117 
Commercial paper— 163,959 — 163,959 
Corporate debt securities— 41,439 — 41,439 
1,954,301 205,398 — 2,159,699 
Marketable securities:
Certificates of deposit364,234 — — 364,234 
U.S. government and government agency debt securities— 863 — 863 
Commercial paper— 993,004 — 993,004 
Corporate debt securities— 862,901 — 862,901 
Mortgage-backed and asset-backed securities— 34,036 — 34,036 
364,234 1,890,804 — 2,255,038 
Funds receivable and amounts held on behalf of customers:
Money market funds466,319 — — 466,319 
Prepaids and other current assets:
Foreign exchange derivative assets— 25,918 — 25,918 
Other assets, noncurrent:
Corporate debt securities— — 10,451 10,451 
Total assets at fair value$2,784,854 $2,122,120 $10,451 $4,917,425 
Liabilities
Accrued expenses and other current liabilities:
Foreign exchange derivative liabilities$— $10,280 $— $10,280 
Total liabilities at fair value$— $10,280 $— $10,280 

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

December 31,
20202021
Derivative
Warrant
Liability		Other
Assets,
Noncurrent		Derivative
Warrant
Liability		Other
Assets,
Noncurrent
Balance, beginning of year$— $13,029 $985,181 $11,490 
Additions116,641 — — — 
Reclassifications to equity— — (1,277,168)— 
Total realized and unrealized gains (losses):
Included in earnings868,540 — 291,987 — 
Included in other comprehensive income (loss)— (1,539)— (1,039)
Balance, end of year$985,181 $11,490 $— $10,451 
Changes in unrealized gains or losses included in other comprehensive income (loss) related to investments held at the reporting date$— $(1,539)$— $(1,039)

There were no transfers of financial instruments between valuation levels during the years ended December 31, 2020 and 2021.

The Company amended the anti-dilution feature in the warrant agreements associated with the Second Lien Credit Agreement which resulted in a change in classification from liability to equity. Accordingly, the Company recorded $292.0 million in other income (expense), net through March 30, 2021, the modification date, and as such the warrants were no longer subject to marked-to-market charges. The balance of $1.3 billion was then reclassified from liability to equity as the amended warrants met the requirements for equity classification. Refer to Note 10, Debt, for additional information.
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2020 (fair value amounts in thousands):
Fair ValueValuation TechniqueUnobservable
Inputs		Inputs Value
Liability
Derivative warrant liability$985,181 Black-Scholes option-pricing modelStock volatility44.4 %
Risk-free rate0.9 %
Expected term9.3 years
Derivatives Not Designated as Hedging Instruments

As of December 31, 2020, the fair value of foreign exchange derivative assets and liabilities totaled $12.5 million and $32.3 million, respectively, with the aggregate notional amount totaling $1.4 billion. As of December 31, 2021, the fair value of foreign exchange derivative assets and liabilities totaled $25.9 million and $10.3 million, respectively, with the aggregate notional amount totaling $2.4 billion. Derivative assets are included in prepaids and other current assets and derivative liabilities are included in accrued expenses and other current liabilities in the consolidated balance sheets.

The Company recorded total net realized gains (losses) of $(21.7) million and $19.3 million and net unrealized gains (losses) of $(24.6) million and $35.4 million for the years ended December 31, 2020 and 2021, respectively, related to foreign exchange derivative assets and liabilities. The realized and unrealized gains and losses on non-designated derivatives are reported in other income (expense), net in the consolidated statements of operations. The cash flows related to derivative instruments not designated as hedging instruments are classified within operating activities in the consolidated statements of cash flows.
The Company has master netting arrangements with the respective counterparties to its derivative contracts, which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty. The Company presents its derivative assets and derivative liabilities at their gross fair values in its consolidated balance sheets. As of December 31, 2020, the potential effect of these rights of set-off associated with the Company’s derivative contracts would be a reduction to both assets and liabilities of $11.4 million, resulting in net derivative assets of $1.1 million and net derivative liabilities of $20.9 million. As of December 31, 2021, the potential effect of these rights of set-off associated with the Company’s derivative contracts would be a reduction to both assets and liabilities of $10.3 million, resulting in net derivative assets of $15.6 million.
v3.22.0.1
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
Intangible Assets

Identifiable intangible assets consisted of the following (in thousands):

December 31, 2020December 31, 2021
Gross
Carrying
Amount (1)		Accumulated
Amortization (1)		Net
Carrying
Value		Gross
Carrying
Amount (1)		Accumulated
Amortization (1)		Net
Carrying
Value
Listing relationships$42,501 $(9,492)$33,009 $42,501 $(15,467)$27,034 
Customer contacts4,346 (2,159)2,187 4,346 (3,570)776 
Developed technology37,800 (28,417)9,383 22,900 (20,956)1,944 
Trade names35,753 (13,823)21,930 33,163 (17,980)15,183 
Other9,652 (275)9,377 9,650 (2,279)7,371 
Total intangible assets$130,052 $(54,166)$75,886 $112,560 $(60,252)$52,308 
(1) Excludes write off of intangible assets that have been fully amortized.

Amortization expense related to intangible assets for the years ended December 31, 2019, 2020, and 2021 was $46.1 million, $36.2 million, and $23.6 million, respectively.
Estimated future amortization expense for intangible assets as of December 31, 2021 was as follows (in thousands):

Year Ending December 31,Amount
2022$16,320 
202312,065 
20246,988 
20255,313 
20263,679 
Thereafter7,943 
Total future amortization expense$52,308 

Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2021 were as follows (in thousands):

Amount
Balance as of December 31, 2019$652,088 
Foreign currency translation adjustments3,713 
Balance as of December 31, 2020655,801 
Foreign currency translation adjustments(3,199)
Balance as of December 31, 2021$652,602 
v3.22.0.1
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net, consisted of the following (in thousands):

As of December 31,
20202021
Computer equipment$55,972 $56,513 
Computer software and capitalized internal-use software163,702 175,129 
Office furniture and equipment47,596 43,169 
Leasehold improvements243,110 213,950 
Buildings and land16,844 16,844 
527,224 505,605 
Less: Accumulated depreciation and amortization(267,851)(379,194)
259,373 126,411 
Construction in progress10,821 30,174 
Total property and equipment, net$270,194 $156,585 

Depreciation expense related to property and equipment for the years ended December 31, 2019, 2020, and 2021 was $57.2 million, $67.2 million, and $85.6 million, respectively. During the years ended December 31, 2019, 2020, and 2021, amortization of capitalized internal-use software costs was $10.9 million, $22.5 million, and $66.3 million, respectively.
The net carrying value of capitalized internal-use software as of December 31, 2020 and 2021 was $76.6 million and $21.0 million, respectively.
v3.22.0.1
Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases Leases The Company’s material operating leases consist of office space and data center space. The Company’s leases generally have remaining terms of one to 17 years, some of which include one or more options to extend the leases up to 15 years. Additionally, some lease contracts include termination options. Generally, the lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal periods.
The components of lease cost were as follows (in thousands):

Year Ended December 31,
20202021
Operating lease cost(1)
$91,248 $83,317 
Short-term lease cost(1)
632 2,641 
Variable lease cost(1)
12,309 13,895 
Sublease income(2)
(143)(305)
Lease cost, net(3)
$104,046 $99,548 
(1) Classified within operations and support, product development, sales and marketing, and general and administrative expenses in the consolidated statements of operations.
(2) Classified within other income (expense), net on the consolidated statements of operations.
(3) Lease costs do not include lease impairments due to restructuring. Refer to Note 17, Restructuring, for additional information.

Supplemental disclosures of cash flow information related to leases were as follows (in thousands):

Year Ended December 31,
20202021
Cash paid for operating lease liabilities$63,407 $92,286 
Lease liabilities arising from obtaining right-of-use assets103,452 17,889 

Lease term and discount rate were as follows:

As of December 31,
20202021
Weighted-average remaining lease term (years)8.17.2
Weighted-average discount rate6.6 %6.8 %

Maturities of lease liabilities (excluding short-term leases) were as follows as of December 31, 2021 (in thousands):

Year Ending December 31,Amount
2022$89,717 
202369,923 
202457,402 
202589,898 
202682,153 
Thereafter195,539 
Total lease payments584,632 
Less: Imputed interest(148,670)
Present value of lease liabilities435,962 
Less: Current portion of lease liabilities(63,479)
Total long-term lease liabilities$372,483 
v3.22.0.1
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2021
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):

As of December 31,
20202021
Indirect tax reserves$188,309 $182,796 
Indirect taxes payable153,255 309,616 
Travel credit liability209,739 74,492 
Compensation and related benefits380,164 415,626 
Derivative warrant liability985,181 — 
Foreign exchange derivative liabilities 32,250 10,280 
Current portion of long-term debt and accrued interest expense26,755 — 
Contingent consideration liability23,096 34,344 
Sales and marketing25,437 59,418 
Income and other tax liabilities12,002 25,112 
Gift card liability56,489 98,129 
Other321,394 348,430 
Total accrued expenses and other current liabilities$2,414,071 $1,558,243 
v3.22.0.1
Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes the Company’s outstanding debt (in thousands):

As of
December 31, 2020
Effective
Interest Rate
As of
December 31, 2021
Effective
Interest Rate
Convertible senior notes due March 2026$— — %$2,000,000 0.2 %
First lien loan due April 2025995,000 9.5 %— — %
Second lien loan due July 20251,000,000 15.1 %— — %
Total debt1,995,000 2,000,000 
Less: Unamortized debt discount and debt issuance costs(169,438)(17,463)
Less: Current portion of long-term debt(10,000)— 
Total long-term debt, net of current portion$1,815,562 $1,982,537 

Convertible Senior Notes

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

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

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

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

Debt issuance costs related to the 2026 Notes totaled $20.8 million and was comprised of commissions payable to the initial purchasers and third-party offering costs and are amortized to interest expense using the effective interest method over the contractual term. For the year ended December 31, 2021, interest expense of $3.4 million, was recorded for the 2026 Notes relating to amortization of the debt discount and debt issuance costs.
As of December 31, 2021, the if-converted value of the 2026 Notes did not exceed the outstanding principal amount.

As of December 31, 2021 the total estimated fair value of the 2026 Notes was $1,964.0 million 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.

The future principal payments for the Company’s long-term debt as of December 31, 2021 are summarized as follows (in thousands):

Year Ending December 31,Amount
2022$— 
2023— 
2024— 
2025— 
20262,000,000 
Total$2,000,000 

Capped Calls

On March 3, 2021, in connection with the pricing of the 2026 Notes, the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain of the initial purchasers and other financial institutions (the "option counterparties") at a cost of $100.2 million. The Capped Calls cover, subject to customary adjustments, the number of shares of Class A common stock initially underlying the 2026 Notes. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its Class A common stock (or, in the event a conversion of the 2026 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2026 Notes its common stock price exceeds the conversion price of the 2026 Notes. The cap price of the Capped Calls will initially be $360.80 per share of Class A common stock, which represents a premium of 100% over the last reported sale price of the Class A common stock of $180.40 per share on March 3, 2021, and is subject to certain customary adjustments under the terms of the Capped Calls.

The Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period and are included as a reduction to additional paid-in-capital within stockholders’ equity.

Term Loans

In April 2020, the Company entered into a $1.0 billion First Lien Credit and Guaranty Agreement (the “First Lien Credit Agreement,” and the loans thereunder, the “First Lien Loan”), resulting in proceeds of $961.4 million, net of debt discount and debt issuance costs of $38.6 million. The loan was due and payable in April 2025 and could be repaid in whole or in part at the Company’s option, subject to applicable prepayment premiums and make-whole premiums. Beginning in September 2020, the Company was required to repay the First Lien Loan in quarterly installments equal to 0.25% of the $1.0 billion aggregate principal amount of the First Lien Loan, with the remaining principal amount payable on the maturity date.

Also in April 2020, the Company entered into a $1.0 billion Second Lien Credit and Guaranty Agreement (the “Second Lien Credit Agreement,” and the loans thereunder, the “Second Lien Loan”), resulting in net proceeds of $967.5 million, net of debt discount and debt issuance costs of $32.5 million. The loan was due and payable in July 2025 and could be repaid in whole or in part, subject to applicable prepayment premiums, make-whole premiums, and the priority of lenders under the First Lien Credit Agreement over any proceeds the Company receives from the sale of collateral.

As of December 31, 2020, the estimated fair value of the First Lien Loan and Second Lien Loan were $1.1 billion and $1.2 billion, respectively, and were determined based on quoted prices in markets that are not active, or Level 2 inputs.

In March 2021, the Company repaid the principal amount outstanding of $1,995.0 million under the First Lien and Second Lien loans, which resulted in a loss of extinguishment of debt of $377.2 million, including early redemption premiums of $212.9 million and a write-off of $164.3 million of unamortized debt discount and debt issuance costs. The loss on extinguishment of debt was included in interest expense in the consolidated statements of operations. Additionally, the Company incurred third-party costs, principally legal and administrative fees, of $0.1 million relating to the extinguishment of the loans.

The debt discount and debt issuance costs are amortized to interest expense using the effective interest rate method. For the years ended December 31, 2020 and 2021, interest expense of $157.1 million and $41.3 million, was recorded for the First Lien and Second Lien Loans relating to the contractual interest and amortization of the debt discount and debt issuance costs.

The First Lien Loan and the Second Lien Loan are unconditionally guaranteed by certain of the Company’s domestic subsidiaries and are both secured by substantially all the assets of the Company and of these subsidiary guarantors.

In connection with the Second Lien Loan, the Company issued warrants to purchase 7,934,794 shares of Class A common stock with an initial exercise price of $28.355 per share, subject to adjustment upon the occurrence of certain specified events, to the Second Lien Loan lenders. The warrants expire on April 17, 2030 and the exercise price can be paid in cash or in net shares at the holder’s option. The fair value of the warrants at issuance was $116.6 million and was recorded as a liability in accrued expenses and other current liabilities on the consolidated balance sheet with a corresponding debt discount recorded against the Second Lien Loan. The warrant liability was remeasured to fair value at each reporting date as long as the warrants remained outstanding and unexercised with changes in fair value recorded in other income (expense), net in the consolidated statements of operations. As of December 31, 2020, the fair value of the warrant totaled $985.2 million.
The Company amended the anti-dilution feature in the warrant agreements on March 30, 2021, which resulted in a change in classification from liability to equity. Accordingly, the Company recorded $292.0 million in other expense during the first quarter of 2021. The liability balance of $1.3 billion was then reclassified to equity as the amended warrants met the requirements for equity classification.

2016 Credit Facility

In April 2016, the Company entered into a five-year unsecured revolving Credit and Guarantee Agreement (the “2016 Credit Facility”) with a group of lenders led by Bank of America, N.A. The 2016 Credit Facility provides initial commitments from the lenders of $1.0 billion, which can be increased by a maximum of $250.0 million. The 2016 Credit Facility also provides a $100.0 million sub-limit for the issuance of letters of credit. The 2016 Credit Facility includes a commitment fee of 0.125% per annum on any undrawn amounts. On April 17, 2020, the Company terminated the 2016 Credit Facility.

Certain letters of credit under the 2016 Credit Facility were transferred to new issuers upon the termination of the 2016 Credit Facility. As of December 31, 2020 and 2021, letters of credit under the new issuers totaled $32.9 million and $14.2 million, respectively, and were secured by cash collateral of $33.8 million and $14.8 million, respectively, which was recorded as restricted cash on the consolidated balance sheet.

2020 Credit Facility
On November 19, 2020, the Company entered into a five-year secured revolving Credit and Guarantee Agreement, which provides for initial commitments from a group of lenders led by Morgan Stanley Senior Funding, Inc. of $500.0 million (“2020 Credit Facility”). The 2020 Credit Facility provides a $200.0 million sub-limit for the issuance of letters of credit. The 2020 Credit Facility has a commitment fee of 0.15% per annum on any undrawn amounts, payable quarterly in arrears. Interest on borrowings is equal to (i) in the case of LIBOR borrowings, 1.5% plus LIBOR, subject to a floor of 0%, or (ii) in the case of base rate borrowings, 0.5% plus the greatest of (a) the federal funds effective rate plus 0.5%, (b) the rate of interest in effect for such day by Morgan Stanley Senior Funding, Inc. as its “prime rate”, and (c) LIBOR for a one-month period plus 1.0%, in each case subject to a floor of 1.0%. Outstanding balances may be repaid prior to maturity without penalty. The 2020 Credit Facility contains customary affirmative and negative covenants, including restrictions on the Company’s and certain of its subsidiaries’ ability to incur debt and liens, undergo fundamental changes, and pay dividends or other distributions, as well as certain financial covenants. The Company was in compliance with all financial covenants as of December 31, 2021. No amounts have been drawn on the 2020 Credit Facility as of December 31, 2020 and 2021, and outstanding letters of credit totaled $21.4 million and $15.9 million as of December 31, 2020 and 2021, respectively.
v3.22.0.1
Stockholders’ Equity (Deficit)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stockholders' Equity (Deficit) Stockholders’ Equity (Deficit)
Common Stock

The Company’s Restated Certificate of Incorporation authorizes the Company to issue 2,000,000,000 shares of Class A common stock and 710,000,000 shares of Class B common stock. Both classes of common stock have a par value of $0.0001 per share. Class A common stock is entitled to one vote per share and Class B common stock is entitled to 20 votes per share. A share of Class B common stock is convertible into a share of Class A common stock voluntarily at any time by the holder, and will convert automatically into a share of Class A common stock upon the earlier of (a) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least 80% of the outstanding shares of Class B common stock at the time of such vote or consent, voting as a separate series, and (b) the 20-year anniversary of the closing of the IPO. In addition, with certain exceptions as further described in the Company's Restated Certificate of Incorporation, transfers of Class B common stock will result in the conversion of such share of Class B common stock into a share of Class A common stock.

Under the Company’s Restated Certificate of Incorporation, the Company was also authorized to issue 2,000,000,000 shares of Class C common stock and 26,000,000 shares of Class H common stock. Each share of Class C common stock is entitled to no votes and will not be convertible into any other shares of the Company’s capital stock. Each share of Class H common stock is entitled to no votes and will convert into a share of Class A common stock on a share-for-share basis upon the sale of such share of Class H common stock to any person or entity that is not the Company’s subsidiary.

Class A Common Stock Warrants

As described above in Note 10, Debt, in connection with the Second Lien Loan entered into in April 2020, the Company issued warrants to purchase 7,934,794 shares of Class A common stock with an initial exercise price of $28.355 per share, subject to adjustment upon the occurrence of certain specified events, to the Second Lien Loan lenders.

Class B Common Stock Warrants

In connection with the closing of the Series E redeemable convertible preferred stock financing in 2015, the Company issued warrants exercisable for up to 429,672 shares of Class B common stock. The amount exercisable was based on specific financial milestones achieved during 2018 and 2019. Due to the nature of the terms of the warrants, the warrants qualified as a liability-classified derivative. The warrants were valued as of the issuance date using a Monte Carlo simulation model with varying assumptions including booking projections and probability of achievement. The warrants were marked to market at each reporting period with changes in fair value recorded in sales and marketing expense, given that the warrants are dependent on selling related activities. For the year ended December 31, 2019, the change in the fair value of the warrant liability was not material. Based on the milestones achieved, as of December 31, 2019, the warrants were exercisable for 237,756 shares of Class B common stock and on December 31, 2019, the fair value of the derivative warrant liability of $14.1 million was reclassified from liability to equity as it met the requirements for permanent equity classification. During the year ended December 31, 2020, the warrants were exercised by the respective holders.
In addition, in connection with the execution of a prior loan agreement, the Company issued a warrant for 150,000 shares of Class B common stock, exercisable any time through June 2019. In June 2019, the warrant was net exercised for a total of 144,986 shares of Class B common stock.

Equity Incentive Plans

2018 Equity Incentive Plan

In 2018, the Company adopted the 2018 Equity Incentive Plan (the “2018 Plan”) to replace the 2008 Equity Incentive Plan (the “2008 Plan”). A total of 50.0 million shares of Class B common stock were reserved for issuance under the 2018 Plan and the 13.2 million shares remaining for issuance under the 2008 Plan were added to the number of shares available under the 2018 Plan. The expiration of the 2008 Plan had no impact on the terms of outstanding awards under that plan. All unvested equity canceled under the 2008 Plan were added to the 2018 Plan and made available for future issuance.

Assumed Equity Incentive Plan

In connection with the acquisition of HotelTonight, the Company assumed stock options and RSUs under HotelTonight’s equity incentive plan (the “Assumed Equity Incentive Plan”). As of December 31, 2020 and 2021, a total of 150,816 and 98,093 shares of the Company’s Class A common stock, respectively, were issuable upon exercise of outstanding options under this assumed plan. The weighted-average exercise price of these outstanding stock options was $22.61 per share and $22.67 per share as of December 31, 2020 and 2021. In addition, as of December 31, 2020 and 2021, a total of 12,550 and 3,512 RSUs, respectively, were issued and outstanding under this assumed plan. No additional stock options or RSUs may be granted under the Assumed Equity Incentive Plan.

2020 Incentive Award Plan

In 2020, the Company adopted the 2020 Incentive Award Plan (the “2020 Plan,” and together with the 2008 Plan, 2018 Plan, and the Assumed Equity Incentive Plan, the “Plans”). Under the 2020 Plan, 62,069,613 shares of Class A common stock were initially reserved for issuance. The number of shares initially reserved for issuance pursuant to awards under the 2020 Plan will be increased by (i) the number of shares subject to awards outstanding under the 2008 Plan, Assumed Equity Incentive Plan, and 2018 Plan as of the effective date of the 2020 Plan that subsequently terminate, are exchanged for cash, surrendered or repurchased, or are tendered or withheld to satisfy any exercise price or tax withholding obligations and (ii) an annual increase on the first day of each year beginning in 2022 and ending in 2030, equal to the lesser of (A) 5% of the shares of all series of the Company’s common stock outstanding on the last day of the immediately preceding year and (B) such smaller number of shares of stock as determined by the Company’s board of directors; provided, however, that no more than 371,212,920 shares of stock may be issued upon the exercise of incentive stock options.

Stock Option and Restricted Stock Unit Activity

The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model using the range of assumptions in the following table:

Year Ended December 31,
201920202021
Expected dividend yield— — — 
Volatility
41.8% - 44.3%
39.1% - 43.6%
44.2% - 44.9%
Expected term (years)
5.0 - 8.0
5.1 - 8.0
8.0
Risk-free interest rate
1.5% - 2.5%
0.5% - 1.5%
1.1% - 1.5%
A summary of option and RSU activity under the Plans was as follows (in thousands, except per share amounts):

Outstanding
Stock Options
Outstanding
Restricted Stock Units
 Shares
Available for
Grant		Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
Balances as of December 31, 201925,344 46,512 $10.08 76,136 $45.69 
Granted(1)
(45,368)4,638 39.38 40,730 30.13 
Increase in shares available for grant(2)
66,942 — — — — 
Shares withheld for taxes24,296 — — — — 
Exercised/Vested — (7,496)2.01 (56,070)37.79 
Canceled(3)
15,206 (2,233)53.32 (13,042)51.86 
Balances as of December 31, 202086,420 41,421 12.48 47,754 40.01 
Granted(1)
(9,591)715 191.08 8,876 181.15 
Shares withheld for taxes464 — — (464)66.99 
Exercised/Vested— (17,707)7.77 (15,612)57.05 
Canceled(3)
4,072 (307)56.69 (3,765)64.32 
Balances as of December 31, 202181,365 24,122 19.69 36,789 61.22 
(1) There were no options or RSUs that were granted from the Assumed Equity Incentive Plan for the years ended December 31, 2020 and 2021.
(2) Includes 62,069,613 shares of the Company’s Class A common stock initially reserved for issuance under the 2020 Incentive Award Plan.
(3) The outstanding options and RSUs include cancellations of 55,158 and 2,158 options and 14,178 and 530 RSUs in 2020 and 2021, respectively, from the Assumed Equity Incentive Plan that are no longer available for future grants.
 Number of
Shares (in
thousands)		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 202041,421 $12.48 3.91$5,563,735 
Options exercisable as of December 31, 202036,682 8.63 3.215,068,315 
Options outstanding as of December 31, 202124,122 19.69 3.663,555,384 
Options exercisable as of December 31, 202120,909 13.28 2.903,206,548 
During the years ended December 31, 2019, 2020 and 2021, the weighted-average fair value of stock options granted under the Plans was $33.46, $15.42, and $96.50 per share, respectively. During the years ended December 31, 2019, 2020 and 2021, the aggregate intrinsic value of stock options exercised was $50.4 million, $476.0 million, and $2,824.9 million, respectively, and the total grant-date fair value of stock options that vested was $44.6 million, $44.4 million, and $45.9 million, respectively.

As of December 31, 2021, there was $85.7 million, of total unrecognized compensation cost related to stock option awards granted under the Plans. The unrecognized cost as of December 31, 2021 is expected to be recognized over a weighted-average period of 2.67 years.

Nonemployee Stock Options

For stock options granted to nonemployees, the Company uses the Black-Scholes option-pricing model to determine the fair value on the date of grant. Total nonemployee stock compensation recognized for the years ended December 31, 2019, 2020 and 2021 was not material.

Common Shares Issued for Conversion of Convertible Note

In connection with its Luxury Retreats acquisition, the Company entered into an unsecured convertible promissory note with a stockholder of Luxury Retreats. The note converted into 1,236,788 unvested shares of the Company’s Class A common stock on May 15, 2017. The fair value of the shares issued upon conversion of the note was $64.9 million and was recognized as compensation expense within product development expenses over the four-year vesting period. The Company recognized compensation expense, in product development within the consolidated statements of operations, of $19.6 million and $34.5 million for the years ended December 31, 2018 and 2019, respectively.

Restricted Stock Units

RSUs are measured at the fair market value of the underlying stock at the grant date and the expense is recognized over the requisite service period. The service-based vesting condition for these awards is generally satisfied over four years.

Historically, substantially all of the Company’s RSUs vested upon the satisfaction of both a service-based vesting condition and liquidity-event performance-based requirement. The liquidity-based vesting condition was satisfied upon (i) an initial public offering or (ii) change in control of the Company as defined in the Company’s equity incentive plans. The RSUs vested on the first date upon which both the service-
based besting condition and liquidity-event performance-based requirements were satisfied. The liquidity-event performance-based vesting condition was deemed satisfied upon the IPO and the Company delivered one share of common stock for each vested RSU on the settlement date.

Restricted Common Stock

The Company has granted restricted common stock to certain continuing employees, primarily in connection with acquisitions. Vesting of this stock is primarily dependent on a service-based vesting condition that generally becomes satisfied over a period of four years. The Company has the right to repurchase or cancel shares for which the vesting condition is not satisfied.

The following table summarizes the activity related to the Company’s restricted common stock (in thousands, except for per share amounts):

Number of
Shares		Weighted-Average
Grant-Date 
Fair Value
Per Share
Unvested restricted common stock as of December 31, 2019996 $62.26 
Issued— — 
Vested(278)62.12 
Unvested restricted common stock as of December 31, 2020718 62.33 
Issued— — 
Vested(86)62.41 
Unvested restricted common stock as of December 31, 2021632 62.32 

Stock-Based Compensation

The following table summarizes total stock-based compensation expense (in thousands):

Year Ended December 31,
201920202021
Operations and support$817 $143,997 $48,473 
Product development56,632 1,878,793 545,113 
Sales and marketing23,919 435,272 99,969 
General and administrative16,179 544,086 205,292 
Restructuring charges— (200)(17)
Stock-based compensation expense$97,547 $3,001,948 $898,830 

Prior to December 9, 2020, no stock-based compensation expense had been recognized for certain awards with a liquidity-event performance-based vesting condition based on the occurrence of a qualifying event, as such qualifying event was not probable. Upon the Company's initial public offering, the liquidity event performance-based condition was met and $2.8 billion of stock-based compensation expense was recognized related to these awards.

The Company recognized an income tax benefit of $9.8 million, $39.9 million, and $35.6 million in the consolidated statements of operations for stock-based compensation arrangements in the years ended December 31, 2019, 2020, and 2021, respectively.

2020 Employee Stock Purchase Plan

In December 2020, the Company’s board of directors adopted the ESPP. The maximum number of shares of Class A common stock authorized for sale under the ESPP is equal to the sum of (i) 4,000,000 shares of Class A common stock and (ii) an annual increase on the first day of each year beginning in 2022 and ending in 2030, equal to the lesser of (a) 1% of shares of Class A common stock (on an as converted basis) on the last day immediately preceding year and (b) such number of shares of common stock as determined by the board of directors; provided, however, that no more than 89,785,394 shares may be issued under the ESPP. As of December 31, 2021, 3.0 million shares were reserved for future issuance under the ESPP.

The Company estimates the fair value of shares to be issued under the ESPP based on a combination of options valued using the Black-Scholes option-pricing model. For the year ended December 31, 2021, the Company recorded stock-based compensation expense related to the ESPP of $105.9 million. During the year ended December 31, 2021, 0.9 million shares of common stock were purchased under the ESPP at a weighted-average price of $59.11 per share, resulting in net cash proceeds of $50.6 million.
v3.22.0.1
Commitment and Contingencies
Jul. 01, 2021
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. The following table presents these non-cancelable commitments and obligations as of December 31, 2021 (in thousands):

 TotalLess than
1 year		1 to 3 years3 to 5 yearsMore than
5 years
Purchase obligations$1,173,429 $145,336 $310,671 $608,171 $109,251 
Other commitments268,000 36,000 74,000 78,000 80,000 
Total$1,441,429 $181,336 $384,671 $686,171 $189,251 

Extenuating Circumstances Policy

In March 2020, the Company applied its extenuating circumstances policy to cancellations resulting from COVID-19. That policy provides Hosts and guests with greater flexibility to cancel reservations that are disrupted by epidemics, natural disasters, and other emergencies. Specifically, accommodation bookings made by guests on or before March 14, 2020, have so far been covered by the policy and may be canceled before check-in. To support Hosts impacted by elevated guest cancellations under that policy, the Company committed up to $250 million for Hosts. The reservations eligible for this $250 million Host program were defined as reservations made on or before March 14, 2020 with a check-in date between March 14, 2020 and May 31, 2020. For these reservations, eligible Hosts are entitled to receive 25% of the amount they would have received from guests under the Host’s cancellation policies. These payments are accounted for as consideration paid to a customer and as such, primarily result in a reduction to revenue. Under this policy, the Company recorded payments, primarily for Hosts, excluding Superhosts, of $205.1 million and $5.6 million for the years ended December 31, 2020 and 2021, respectively, in its consolidated statement of operations.

Lodging Tax Obligations and Other Non-Income Tax Matters

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. The Company collects and remits Lodging Taxes in more than 30,400 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, 2020 and 2021, the Company had an obligation to remit Lodging Taxes collected from guests who had stayed in these jurisdictions totaling $84.0 million and $180.8 million, respectively. These payables were recorded in accrued expenses and other current liabilities on the consolidated balance sheets.

In jurisdictions where the Company does not collect and remit Lodging Taxes, the responsibility for collecting and remitting these taxes primarily rests with Hosts. The Company has estimated liabilities in a certain number of jurisdictions with respect to state, city, and local taxes related to lodging 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, 2020 and 2021, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $52.9 million and $57.3 million, respectively. With respect to lodging and related 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 which subject the Company’s operations to such taxes. Accordingly, the ultimate resolution of Lodging Taxes may be greater or less than reserve amounts that the Company has recorded.

The Company is currently involved in lawsuits brought by certain 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 lawsuits 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. In March 2020, a fourth District Court of Appeal affirmed that the Company is not a dealer under the Florida and County Tourist Development Tax Law, and therefore not liable for collecting Lodging Taxes. Accordingly, the Company concluded in the first quarter of 2020 that the liabilities accrued in all Florida counties were no longer probable and reduced its reserves for Lodging Taxes by $87.0 million, including interest. A motion was filed with the Florida Supreme Court in July 2020, and was subsequently denied in October 2020. The ultimate resolution of all remaining unresolved lawsuits cannot be determined at this time.

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 Hosts and guests, as well as the tax treatment
of certain employee benefits and related employment taxes. In jurisdictions with disputes connected to transactions with Hosts and guests, 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. 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.

During the years ended December 31, 2019, 2020 and 2021, the Company recorded $4.0 million of tax benefit, $16.3 million of tax expense, including interest, and $10.1 million of tax benefit related to estimated Hosts’ withholding tax obligations, respectively. As of December 31, 2020 and 2021, the Company accrued a total of $134.4 million and $124.2 million of estimated tax liabilities, including interest, related to Hosts’ withholding tax obligations, respectively.

The Company has identified reasonably possible exposures related to withholding income taxes and transactional taxes, and has not accrued for these amounts since the likelihood of the contingent liability is less than probable. The Company estimates that the reasonably possible loss related to these matters in excess of the amounts accrued is between $120 million and $140 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 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.

In addition, as of December 31, 2020 and 2021, the Company accrued a total of $65.9 million and $33.6 million of estimated tax liabilities related to employment taxes on certain employee benefits. Refer to Note 13, Income Taxes, for further discussion on other tax matters.

The Company is subject to regular payroll tax examinations by various 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 state and local jurisdictions.

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 claim, 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 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 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 $1.0 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 created during the year ended December 31, 2019, 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 $1.0 million per occurrence, subject to a $1.0 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 officers and directors. The indemnification agreements and the Company’s Amended and Restated Bylaws (the “Bylaws”) require the Company to indemnify these individuals 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. No demands have been made upon the Company to provide indemnification under the indemnification agreements or the Bylaws, and thus, there are no 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 under certain agreements with parties with whom the Company has commercial relations of varying scope and terms with respect to certain matters, including losses arising out of its 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.
v3.22.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The domestic and foreign components of income (loss) before income taxes were as follows (in thousands):

 Year Ended December 31,
 201920202021
Domestic$(153,154)$(4,509,519)$(390,652)
Foreign(258,549)(172,419)90,445 
Loss before income taxes$(411,703)$(4,681,938)$(300,207)

The components of the provision for (benefit from) income taxes were as follows (in thousands):

 Year Ended December 31,
 201920202021
Current
Federal$223,673 $(91,094)$4,704 
State5,930 (976)2,238 
Foreign38,660 14,449 33,950 
Total current provision for (benefit from) income taxes268,263 (77,621)40,892 
Deferred
Federal(1,563)47 98 
State(248)55 — 
Foreign(3,816)(19,703)10,837 
Total deferred benefit for income taxes(5,627)(19,601)10,935 
Total provision for (benefit from) income taxes$262,636 $(97,222)$51,827 
The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:

 Year Ended December 31,
 201920202021
Expected income tax expense at federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of federal benefits(0.2)— (0.7)
Foreign tax rate differential(19.5)(0.5)(5.1)
Stock-based compensation(0.9)7.1 282.4 
Acquisition related expenses(0.3)— — 
Deferred tax impacts of restructuring— 6.5 (9.7)
Other statutorily non-deductible expenses(2.6)(0.3)(1.1)
Non-deductible warrant revaluations— (3.9)(20.4)
Research and development credits(0.9)4.3 51.0 
Uncertain tax positions—prior year positions(53.0)(0.1)(3.1)
Uncertain tax positions—current year positions(4.2)(0.2)(1.0)
Other0.2 0.3 1.3 
Change in valuation allowance(3.4)(32.1)(331.9)
Effective tax rate(63.8)%2.1 %(17.3)%

For the year ended December 31, 2019, the difference in the Company’s effective tax rate and the U.S. federal statutory tax rate was primarily due to a change in the jurisdictional mix of earnings, the Company’s full valuation allowance on its U.S. deferred tax assets, and the Company’s uncertain tax positions.

For the year ended December 31, 2020, the difference in the Company’s effective tax rate and the U.S. federal statutory tax rate was primarily due to the Company’s tax impact of restructuring and the IPO, and the Company’s full valuation allowance on its U.S. deferred tax assets. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted by the United States on March 27, 2020. The CARES Act contains certain tax provisions, including provisions that retroactively and/or temporarily suspend or relax in certain respects the application of certain provisions in the Act, such as the limitations on the deduction of net operating losses and interest. For the year ended December 31, 2020, the Company recorded a benefit of $95.6 million related to the carryback of its 2020 net operating loss.

For the year ended December 31, 2021, the difference in the Company’s effective tax rate and the U.S. federal statutory tax rate was primarily due to the jurisdictional mix of earnings, excess tax benefits related to stock-based compensation, and the Company’s full valuation allowance on its U.S. deferred tax assets.

The components of deferred tax assets and liabilities consisted of the following (in thousands):

 As of December 31,
 20202021
Deferred tax assets:
Net operating loss carryforwards$1,078,070 $1,987,606 
Tax credit carryforwards333,991 568,468 
Accruals and reserves70,130 105,530 
Non-income tax accruals71,706 64,757 
Stock-based compensation211,216 156,726 
Operating lease liabilities94,840 86,690 
Intangible assets274,396 210,057 
Other53,477 155,020 
Gross deferred tax assets2,187,826 3,334,854 
Valuation allowance(2,053,069)(3,263,823)
Total deferred tax assets134,757 71,031 
Deferred tax liabilities:
Property and equipment basis differences(33,503)(7,834)
Operating lease assets(72,659)(48,628)
Other(3,091)— 
Total deferred tax liabilities(109,253)(56,462)
Total net deferred tax assets$25,504 $14,569 

In the fourth quarter of 2020, the Company completed a restructuring plan to repatriate its intellectual property to the United States to align with its evolving operations in a post-COVID-19 environment. The Company recorded a U.S. deferred tax asset of $140.7 million from a step-up in the tax basis of certain repatriated intellectual property. Based on available objective evidence, management believed it was not
more-likely-than-not that these additional U.S. deferred tax assets would be realizable as of December 31, 2020 and, therefore, these deferred tax assets were offset by a full valuation allowance.

For the year ended December 31, 2020, the net increase in the Company’s valuation allowance compared to the prior year was primarily due to the 2020 net operating loss, an increase in tax credits generated, accruals and reserves, and stock-based compensation. For the year ended December 31, 2021, the increase in the Company’s valuation allowance compared to the prior year was primarily due to the 2021 net operating loss, an increase in tax credits generated, and business interest expenses subject to limitation.

In determining the need for a valuation allowance, the Company weighs both positive and negative evidence in the various jurisdictions in which it operates to determine whether it is more likely than not that its deferred tax assets are recoverable. In assessing the ultimate realizability of its deferred tax assets, the Company considers all available evidence, including cumulative historic and forecasted losses, and as such, does not believe it is more likely than not that its U.S. deferred tax assets will be realized. Accordingly, a full valuation allowance has been established in the United States, and no deferred tax assets and related tax benefit have been recognized in the financial statements. There is no valuation allowance in certain foreign jurisdictions that have cumulative income and expected future income.

The Company’s policy with respect to its undistributed foreign subsidiaries’ earnings is to consider those earnings to be indefinitely reinvested. The Company has not provided for the tax effect, if any, of limited outside basis differences of its foreign subsidiaries. The determination of the future tax consequences of the remittance of these earnings is not practicable.

As of December 31, 2020 and 2021, the Company had net operating loss carryforwards for federal income tax purposes of $5.1 billion and $8.8 billion, respectively. Certain of the Company’s federal net operating loss carryforwards will expire, if not utilized, beginning in 2034. As of December 31, 2020 and 2021, the Company had federal research and development tax credit carryforwards of $287.0 million and $491.2 million, respectively. The research and development tax credits will expire beginning in 2034 if not utilized.

As of December 31, 2020 and 2021, the Company had net operating loss carryforwards for state income tax purposes of $2.5 billion and $5.5 billion, respectively. The state net operating loss carryforwards will expire, if not utilized, beginning in 2033. As of December 31, 2020 and 2021, the Company had state research and development carryforwards and enterprise zone tax credit carryforwards of $200.8 million and $338.1 million, respectively. The research and development tax credits do not expire, and the enterprise zone tax credits will expire, if not utilized, beginning in 2023.

The Tax Reform Act of 1986 and similar California legislation impose substantial restrictions on the utilization of net operating losses and tax credit carryforwards in the event that there is a change in ownership as provided by Section 382 of the Internal Revenue Code and similar state provisions. Such a limitation could result in the expiration of the net operating loss carryforwards and tax credits before utilization, which could result in increased future tax liabilities.

A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in thousands):

 Year Ended December 31,
 201920202021
Balance at beginning of period$69,837 $336,726 $507,865 
Gross increases related to prior year tax positions237,972 2,223 13,568 
Gross decreases related to prior year tax positions(5,029)(5,970)(1,772)
Gross increases related to current year tax positions36,502 196,492 84,990 
Reductions due to settlements with taxing authorities(2,296)(21,240)(1,313)
Reduction due to lapse in statute of limitations(260)(366)(6,776)
Balance at end of period$336,726 $507,865 $596,562 

The Company is in various stages of examination in connection with its ongoing tax audits globally, and it is difficult to determine when these examinations will be settled. The Company believes that an adequate provision has been recorded for any adjustments that may result from tax audits. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company may be required to record an adjustment to the provision for (benefit from) income taxes in the period such resolution occurs. Changes in tax laws, regulations, administrative practices, principles, and interpretations may impact the Company’s tax contingencies. The timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ from the amounts accrued. It is reasonably possible that within the next twelve months the Company may experience an increase or decrease in its unrecognized tax benefits as a result of additional assessments by various tax authorities, possibly reach resolution of income tax examinations in one or more jurisdictions, or lapses of the statute of limitations. However, an estimate of the range of the reasonably possible change in the next twelve months cannot be made.

As of December 31, 2021, $195.2 million of unrecognized tax benefits represents the amount that would, if recognized, impact the Company’s effective income tax rate.

In accordance with the Company’s accounting policy, it recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for (benefit from) income taxes. The Company’s accrual for interest and penalties was $52.2 million and $58.7 million as of December 31, 2020 and 2021, respectively.
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 $196.4 million during the year ended December 31, 2019. In December 2020, the Company received a Notice of Proposed Adjustment (“NOPA”) from the IRS which proposes 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 intends to vigorously contest it. In February 2021, the Company submitted a protest to the IRS describing its disagreement with the proposed agreement and requesting the case to be transferred to 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. The Company will continue to pursue all available remedies to resolve this dispute, which include: entering into administrative settlement discussions with the IRS Appeals in 2022, and if necessary, petitioning the U.S. Tax Court (“Tax Court”) for redetermination if an acceptable outcome cannot be reached with IRS Appeals, and finally, 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 cash flow.

On July 27, 2015, the United States Tax Court (the “Tax Court”) issued an opinion in Altera Corp. v. Commissioner (the “Tax Court Opinion”), which concluded that related parties in a cost sharing arrangement are not required to share expenses related to stock-based compensation. The Tax Court Opinion was appealed by the Commissioner to the Ninth Circuit Court of Appeals (the “Ninth Circuit”). On June 7, 2019, the Ninth Circuit issued an opinion (the “Ninth Circuit Opinion”) that reversed the Tax Court Opinion. On July 22, 2019, Altera Corp. filed a petition for a rehearing before the full Ninth Circuit. On November 12, 2019, the Ninth Circuit denied Altera Corp.’s petition for rehearing its case. The Company accordingly recognized tax expense of $26.6 million related to changes in uncertain tax positions during the year ended December 31, 2019. The Company reversed this expense entirely during the year ended December 31, 2020 due to the carryback of its 2020 net operating loss as allowable under the CARES Act.
The Company’s 2008 to 2021 tax years remain subject to examination in the United States and California due to tax attributes and statutes of limitations, and its 2017 to 2021 tax years remain subject to examination in Ireland. There are other ongoing audits in various other jurisdictions that are not material to the Company’s financial statements. The Company remains subject to possible examination in various other jurisdictions that are not expected to result in material tax adjustments.
v3.22.0.1
Net Loss per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Net Loss per Share Net Loss per Share
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods indicated (in thousands, except per share amounts):

Year Ended December 31,
201920202021
Net loss attributable to Class A and Class B common stockholders$(674,339)$(4,584,716)$(352,034)
Weighted-average shares in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted260,556 284,363 615,891 
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted$(2.59)$(16.12)$(0.57)

The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share. Each share of Class B common stock is convertible into a share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net loss per share attributable to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

There were no preferred dividends declared or accumulated for the years ended December 31, 2019, 2020, and 2021. As of December 31, 2019, RSUs to be settled in 70.2 million shares of Class B common stock and 0.6 million shares of restricted stock awards were excluded from the table below because they are subject to performance conditions that were not achieved as of such date. As of December 31, 2020, RSUs to be settled in 12.0 million shares of Class A common stock were excluded from the table below because they are subject to market conditions that were not achieved as of such date. As of December 31, 2020, 0.5 million shares of restricted stock awards were excluded from the table below because they are subject to performance conditions that were not achieved as of such date. As of December 31, 2021, RSUs to be settled in 9.6 million shares of Class A common stock were excluded from the table below because they are subject to market conditions that were not achieved as of such date. As of December 31, 2021, 0.5 million shares of restricted stock awards were excluded from the table below because they are subject to performance conditions that were not achieved as of such date. The 2026 Notes issued in
March 2021 are deemed to be anti-dilutive under the if-converted method for the year ended December 31, 2021. Refer to Note 10, Debt, for further information on the 2026 Notes.

Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands):

Year Ended December 31,
201920202021
2026 Notes(1)
— — 11,086 
Warrants— 7,935 7,935 
Escrow shares644 644 74 
Stock options46,512 41,421 24,122 
Restricted stock awards354 212 127 
Restricted stock units5,931 35,738 26,041 
Employee stock purchase plan— 561 365 
Redeemable convertible preferred stock240,911 — — 
Total294,352 86,511 69,750 
(1)Holders of the 2026 Notes who convert their 2026 Notes in connection with certain corporate events that constitute a make-whole fundamental change are entitled to an increase in the conversion rate. The 11.1 million shares represents the maximum number of shares that can be issued upon conversion after considering the make-whole fundamental change adjustment on an unweighted basis.
v3.22.0.1
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Employee Benefit Plan Employee Benefit Plan The Company maintains a 401(k) defined contribution benefit plan that covers substantially all of its domestic employees. The plan allows U.S. employees to make voluntary pre-tax contributions in certain investments at the discretion of the employee, up to maximum annual contribution limits established by the U.S. Department of Treasury. The Company matched a portion of employee contributions totaling $20.6 million, $22.4 million, and $19.1 million for the years ended December 31, 2019, 2020, and 2021, respectively. Both employee contributions and the Company’s matching contributions are fully vested upon contribution.
v3.22.0.1
Geographic Information
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Geographic Information Geographic Information
The following table sets forth the breakdown of revenue by geography, determined based on the location of the Host’s listing (in thousands):

Year Ended December 31,
201920202021
United States$1,770,550 $1,648,595 $2,996,355 
International(1)
3,034,689 1,729,604 2,995,405 
Total revenue$4,805,239 $3,378,199 $5,991,760 
(1) No individual international country represented 10% or more of the Company’s total revenue for years ended December 31, 2019, 2020, and 2021.

The following table sets forth the breakdown of long-lived assets based on geography (in thousands):

 As of December 31,
 20202021
United States$535,321 $330,373 
Ireland73,884 56,705 
Other international45,057 41,543 
Total long-lived assets$654,262 $428,621 

Tangible long-lived assets as of December 31, 2020 and 2021 consisted of property and equipment and operating lease ROU assets. Long-lived assets attributed to the United States, Ireland, and other international geographies are based upon the country in which the asset is located.
v3.22.0.1
Restructuring
 12 Months Ended
Dec. 31, 2021
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring During the year ended December 31, 2020, the Company experienced significant economic challenges associated with a severe decline in bookings, resulting primarily from COVID-19 and overall global travel restrictions. To address these impacts, in May 2020, the Company’s management approved a restructuring plan to realign the Company’s business and strategic priorities based on the current market and economic conditions as a result of COVID-19. This worldwide restructuring plan included a 25% reduction in the number of full-time
employees, or approximately 1,800 employees, as well as a reduction in the contingent workforce and amendments to certain commercial agreements. These restructuring expenses are included in the Company’s consolidated statements of operations, and unpaid amounts are included in accrued expenses and other current liabilities on its consolidated balance sheets. The cumulative restructuring charges as of December 31, 2021 was $264.2 million, for which the majority of these restructuring actions were completed in 2020.

For the year ended December 31, 2020, the Company incurred $151.4 million in restructuring charges, of which $103.8 million was related to severance and other employee costs, $35.8 million was related to lease impairments, and $11.8 million was primarily related to contract amendments and terminations. For the year ended December 31, 2021, the Company incurred $112.8 million in restructuring charges, including $75.3 million related to impairments of operating lease ROU assets and $37.2 million related to impairments of leasehold improvements. As of December 31, 2021, the restructuring liabilities were not material.
v3.22.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
HotelTonight

On April 15, 2019, the Company completed the acquisition of Hotel Tonight, Inc. (“HotelTonight”), an online marketplace for boutique hotel rentals, to enhance the Company’s offerings in the hotel accommodations space.

The Company acquired all outstanding shares of HotelTonight for a total purchase consideration of $441.4 million funded primarily with cash and 3.2 million shares of the Company’s Class A common stock. The aggregate purchase consideration for HotelTonight was comprised of the following (in thousands):

Fair Value
Cash paid to HotelTonight stockholders and equity award holders$237,387 
Common stock issued to HotelTonight stockholders and equity award holders201,079 
Replacement stock options attributable to pre-acquisition service2,891 
Total purchase consideration$441,357 

Cash consideration included reimbursement of acquisition-related transaction costs of $11.3 million incurred by HotelTonight to execute the transaction. Additionally, the Company recognized $3.9 million of acquisition-related costs, recorded as general and administrative expenses in its consolidated statements of operations.

Certain unvested stock options held by HotelTonight employees were assumed by the Company in connection with the acquisition. The portion of the fair value of the assumed stock options associated with pre-acquisition service of HotelTonight employees represented a component of the total purchase consideration, as presented above. The remaining fair value of $12.3 million of these issued awards was excluded from the purchase price. These awards, which are subject to the recipients’ continued service with the Company, will be recognized ratably as stock-based compensation expense over the requisite service period.

The following table summarizes the final allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):

Amount
Cash, cash equivalents, and restricted cash$55,960 
Intangible assets88,000 
Goodwill329,899 
Net liabilities assumed(32,502)
Total purchase consideration$441,357 

Goodwill is primarily attributable to the assembled workforce and anticipated synergies and economies of scale expected from the integration of the acquired business. The identified intangible assets assumed in the acquisition were recognized as follows based upon their fair values as of the acquisition date (in thousands):

Estimated
Useful Life		Fair
Value
Developed technology3 years$20,000 
Listing relationships10 years35,100 
Trade names5 years32,900 
Total identified intangible assets$88,000 

The Company’s consolidated financial statements include the accounts of HotelTonight starting as of the acquisition date.
Other Acquisitions

During the year ended December 31, 2019, the Company completed two business combinations in addition to the HotelTonight acquisition described above for total consideration of $63.3 million, of which $11.4 million was paid in cash, $36.7 million was paid in shares of the Company’s Class A common stock, and $15.3 million was contingent consideration. Of the total consideration for these acquisitions, $33.8 million was attributed to goodwill, $31.7 million was attributed to intangible assets, and $2.2 million was attributed to other net liabilities.

In connection with an acquisition made in 2019, consideration in the form of equity will be earned contingent upon meeting certain milestones based on cumulative booking values. The contingent consideration was valued as of the acquisition date using a Monte Carlo simulation model with varying assumptions including booking projections and probability of achievement through the performance period, which ends in 2025. The contingent consideration is marked to market at each reporting period with changes in fair value recorded in sales and marketing expense, given that the contingent consideration is dependent on selling related activities. For the years ended December 31, 2019 and 2020, the changes in the fair value of the contingent consideration liability were not material and $30.9 million, respectively. During the year ended December 31, 2020, certain performance milestones were met resulting in the vesting of equity to the acquiree with a fair value of $22.4 million. No performance milestones were met for the year ended December 31, 2019.

For all intangible assets acquired during the year ended December 31, 2019, the weighted-average useful life was 5.4 years. There were no acquisitions completed during the year ended December 31, 2020 or 2021.
These acquisitions were made to enhance the Company’s offerings and expand the Company’s expertise in engineering and other functional areas. The amount of goodwill deductible for income tax purposes was $15.0 million as of December 31, 2019. Pro forma and historical post-acquisition results of operations for the acquisition completed during the year ended December 31, 2019 were not material to the Company’s consolidated statements of operations.
v3.22.0.1
Related Party Disclosures
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions Related Party TransactionsAn executive officer of the Company served on the board of directors of a payment processing vendor. The Company is party to a merchant agreement with the vendor whereby the Company earns transaction fees and incentives for offering its services to its customers in certain markets and satisfying certain base requirements pursuant to the agreement. The Company applies the transaction fees and incentives received to partially offset the merchant fees charged by the vendor. This individual was an executive officer of the Company until March 1, 2020, at which time this individual ceased being an executive officer and was appointed to the Company’s board of directors. Net expense with this vendor was $130.8 million and $210.9 million for the years ended December 31, 2019 and 2020, respectively, and was included in cost of revenue in the consolidated statements of operations. As of December 31, 2020, the amount due from this vendor was $8.3 million
v3.22.0.1
Schedule II—Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II—Valuation and Qualifying Accounts
Schedule II—Valuation and Qualifying Accounts
The tables below detail the activity of the customer receivable reserve, insurance liability, and the valuation allowance on deferred tax assets for the years ended December 31, 2019, 2020, and 2021 (in thousands):
 Balance at
Beginning of
Period		Charged to
Expenses		Charges
Utilized/
Write-Offs		Balance at
End of Period
Customer Receivable Reserve
Year Ended December 31, 2019$25,966 $77,053 $(51,708)$51,311 
Year Ended December 31, 2020$51,311 $107,685 $(68,449)$90,547 
Year Ended December 31, 2021$90,547 $27,285 $(86,962)$30,870 
Balance at
Beginning of
Period		Additions for
Current Period		Changes in
Estimates for
Prior Periods		Net PaymentsBalance at
End of Period
Insurance Liability
Year Ended December 31, 2019$43,912 $130,559 $(7,140)$(94,558)$72,773 
Year Ended December 31, 2020$72,773 $98,735 $(21,484)$(99,004)$51,020 
Year Ended December 31, 2021$51,020 $85,313 $1,308 $(90,408)$47,233 
Balance at
Beginning of
Period		Charged
(Credited) to
Expenses		Charged to
Other
Accounts		Balance at
End of Period
Valuation Allowance on Deferred Tax Assets
Year Ended December 31, 2019$190,583 $824,628 $8,794 $1,024,005 
Year Ended December 31, 2020$1,024,005 $1,029,064 $— $2,053,069 
Year Ended December 31, 2021$2,053,069 $1,210,754 $— $3,263,823 
v3.22.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Principles of Consolidation
Principles of Consolidation

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

The Company determines, at the inception of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest in is considered a VIE. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to direct the activities that most significantly
affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interest in a VIE in accordance with applicable U.S. GAAP. As of December 31, 2020 and 2021, the Company’s consolidated VIEs were not material to the consolidated financial statements.
Use of Estimates Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company regularly evaluates its estimates, including those related to bad debt reserves, fair value of investments, useful lives of long-lived assets and intangible assets, valuation of acquired goodwill and intangible assets from acquisitions, contingent liabilities, insurance reserves, revenue recognition, valuation of common stock, stock-based compensation, and income and non-income taxes, among others. Actual results could differ materially from these estimates.
Segment Information Segment Information Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its Chief Executive Officer. The Company has determined it has one operating and reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.
Cash, Cash Equivalents, and Restricted Cash Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents are held in checking and interest-bearing accounts and consist of cash and highly-liquid securities with an original maturity of 90 days or less.
Marketable Securities
Marketable Securities

The Company considers all highly-liquid investments with original maturities of greater than 90 days to be marketable securities. The Company determines the appropriate classification of its investments in marketable securities at the time of purchase. As the Company views these securities as available to support current operations, it accounts for these debt securities as available-for-sale and classifies them as short-term assets on its consolidated balance sheets. The Company determines realized gains or losses on the sale of equity and debt securities on a specific identification method.

Unrealized gains and non-credit related losses on available-for-sale debt securities are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit). Realized gains and losses and impairments are reported within other income (expense), net in the consolidated statements of operations. The assessment for impairment takes into account the severity and duration of the decline in value, adverse changes in the market or industry of the investee, the Company’s intent to sell the security and whether it is more likely than not that it will be required to sell the security before recovery of the amortized cost basis.

The Company’s marketable equity securities with readily determinable fair values are measured at fair value on a recurring basis with changes in fair value recognized within other income (expense), net in the consolidated statements of operations.
The Company records an impairment of its available-for-sale debt securities if the amortized cost basis exceeds its fair value and if the Company has the intention to sell the security or if it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the unrealized loss is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance on the consolidated balance sheets with a corresponding charge in the consolidated statements of operations. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Company’s best estimate of the present value of cash flows expected to be collected. Any remaining decline in fair value that is non-credit related is recognized in other comprehensive income (loss). Improvements in expected cash flows due to improvements in credit are recognized through reversal of the credit loss and corresponding reduction in the allowance for credit loss.
Non-Marketable Investments
Non-Marketable Investments

Non-marketable investments consist of debt and equity investments in privately-held companies, which are classified as other assets, noncurrent on the consolidated balance sheets. The Company classifies its non-marketable investments that meet the definition of a debt security as available-for-sale. The accounting policy for debt securities classified as available-for-sale is described above. The Company’s non-marketable equity investments are accounted for using either the equity method of accounting or as equity investments without readily determinable fair values under the measurement alternative.

The Company uses the equity method if it has the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. For investments accounted for using the equity method, the Company’s proportionate share of its equity interest in the net income (loss) and other comprehensive income (loss) of these companies is recorded in the consolidated statements of operations within other income (expense), net. The carrying amount of the investment in equity interests is adjusted to reflect the Company’s interest in the investee’s net income or loss and any impairments and is classified in other assets, noncurrent on the consolidated balance sheets.

Equity investments for which the Company is not able to exercise significant influence over the investee and for which fair value is not readily determinable are accounted for using the measurement alternative. Such investments are carried at cost, less any impairments, and are adjusted for subsequent observable price changes obtained from orderly transactions for identical or similar investments issued by the same investee. This election is reassessed each reporting period to determine whether non-marketable equity securities have a readily determinable fair value, in which case they would no longer be eligible for this election. Changes in the basis of the equity investment are recognized in other income (expense), net in the consolidated statements of operations.
The Company reviews its non-marketable debt and equity investments for impairment at the end of each reporting period or whenever events or circumstances indicate that the carrying value may not be fully recoverable. Impairment indicators might include negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. Upon determining that an impairment exists, the Company recognizes as an impairment in other income (expense), net in the consolidated statements of operations the amount by which the carrying value exceeds the fair value of the investment.
Fair Value of Financial Instruments
Fair Value of Financial Instruments

The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements. The authoritative guidance on fair value measurements establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. This hierarchy requires the Company to use observable market data when available and to minimize the use of unobservable inputs when determining fair value. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and disclosed at fair value are classified and disclosed based on the observability of inputs used in the determination of fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Observable inputs other than Level 1 prices, such as quoted prices in less active markets or model-derived valuations that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data that are significant to the fair value of the assets or liabilities.

The carrying amount of the Company’s financial instruments, including cash equivalents, funds receivable and amounts held on behalf of customers, accounts payable, accrued liabilities, funds payable and amounts payable to customers, and unearned fees approximate their respective fair values because of their short maturities.
Level 2 Valuation Techniques

Financial instruments classified as Level 2 within the Company’s fair value hierarchy are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. Prices of these securities are obtained through independent, third-party pricing services and include market quotations that may include both observable and unobservable inputs. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The Company’s foreign exchange derivative instruments are valued using pricing models that take into account the contract terms, as well as multiple inputs where applicable, such as interest rate yield curves and currency rates.

Level 3 Valuation Techniques

Financial instruments classified as Level 3 within the Company’s fair value hierarchy consist primarily of a derivative warrant liability relating to the warrants issued in conjunction with the second lien loan discussed in Note 10, Debt. Valuation techniques for the derivative warrant liability include the Black-Scholes option-pricing model with key assumptions such as stock price volatility, expected term, and risk-free interest rates.
Internal-Use Software Internal-Use Software The Company capitalizes certain costs in connection with obtaining or developing software for internal use. Amortization of such costs begins when the project is substantially complete and ready for its intended use. Capitalized software development costs are classified as property and equipment, net on the consolidated balance sheets and are amortized using the straight-line method over the estimated useful life of the applicable software.
Property and Equipment
Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization.

Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives indicated below:

Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of estimated useful life or remaining lease term
Costs of maintenance and repairs that do not improve or extend the useful lives of assets are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statements of operations.
Business Combinations
Business Combinations

The Company accounts for business combinations using the acquisition method of accounting, under which assets acquired and liabilities assumed are recorded at their respective fair values at the date of acquisition, with the exception of contract assets and liabilities which are accounted for in accordance with Topic 606. The excess purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred.
Leases
Leases

The Company determines whether an arrangement is or contains a lease at inception. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease ROU assets represent the Company’s right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has real estate and equipment lease agreements that contain lease and non-lease components, which are accounted for as a single lease component.

The Company’s leases often contain rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives, primarily used to fund leasehold improvements, are recognized when earned and reduce the Company’s right-of-use asset related to the lease. These are amortized through the right-of-use asset as reductions of expense over the lease term.

The Company’s lease agreements may contain variable costs such as common area maintenance, operating expenses or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations. The Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants.

For substantially all leases with an initial non-cancelable lease term of less than one year and no option to purchase, the Company elected not to recognize the lease on its Consolidated Balance Sheets and instead recognize rent payments on a straight-line basis over the lease term within operating expense on its Consolidated Statements of Operations.

The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019. Upon adoption, the Company recognized an operating lease ROU asset of $340.2 million and lease liabilities of $366.0 million, as well as a cumulative-effect adjustment to the opening balance of accumulated deficit of $22.2 million.
Goodwill
Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company has one reporting unit. The Company tests goodwill for impairment at least annually, in the fourth quarter, or whenever events or changes in
circumstances indicate that goodwill might be impaired. There were no impairment charges in any of the periods presented in the consolidated financial statements. Refer to Note 6, Intangible Assets and Goodwill, for additional information.
Intangible Assets Intangible Assets Intangible assets are amortized on a straight-line basis over the estimated useful lives ranging from one to ten years. The Company reviews intangible assets for impairment under the long-lived asset model described below. There were no impairment charges in any of the periods presented in the consolidated financial statements. Refer to Note 6, Intangible Assets and Goodwill, for additional information.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets

Long-lived assets that are held and used by the Company are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Determination of recoverability of long-lived assets is based on an estimate of the undiscounted cash flows resulting from the use of the asset and its eventual disposition. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as necessary.

Any impairments to ROU assets, leasehold improvements, or other assets as a result of a sublease, abandonment, or other similar factor are initially recognized when a decision to do so is made and recorded as an operating expense. Similar to other long-lived assets, management tests ROU assets for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. For ROU assets, such circumstances may include subleases that do not fully recover the costs of the associated leases or a decision to abandon the use of all or part of an asset. For the years ended December 31, 2020 and 2021, the Company recorded $35.8 million and $112.5 million, respectively, of long-lived asset impairment charges within restructuring charges in the consolidated statement of operations. The Company had no impairments of long-lived assets for the year ended December 31, 2019.
Revenue Recognition
Revenue Recognition

The Company generates substantially all of its revenue from facilitating guest stays at accommodations offered by Hosts on the Company’s platform.

The Company considers both Hosts and guests to be its customers. The customers agree to the Company’s Terms of Service (“ToS”) to use the Company’s platform. Upon confirmation of a booking made by a guest, the Host agrees to provide the use of the property. At such time, the Host and guest also agree upon the applicable booking value as well as Host fees and guest fees (collectively “service fees”). The Company charges service fees in exchange for certain activities, including the use of the Company’s platform, customer support, and payment processing activities. These activities are not distinct from each other and are not separate performance obligations. As a result, the Company’s single performance obligation is to facilitate a stay, which occurs upon the completion of a check-in event (a “check-in”). The Company recognizes revenue upon check-in as its performance obligation is satisfied upon check-in and the Company has the right to receive payment for the fulfillment of the performance obligation.

The Company charges service fees to its customers as a percentage of the value of the booking, excluding taxes. The Company collects both the booking value from the guest on behalf of the Host and the applicable guest fees owed to the Company using the guest’s pre-authorized payment method. After check-in, the Company disburses the booking value to the Host, less the fees due from the Host to the Company. The Company’s ToS stipulates that a Host may cancel a confirmed booking at any time up to check-in. Therefore, the Company determined that for accounting purposes, each booking is a separate contract with the Host and guest, and the contracts are not enforceable until check-in. Since an enforceable contract for accounting purposes is not established until check-in, there were no partially satisfied or unsatisfied performance obligations as of December 31, 2020 and 2021. The service fees collected from customers prior to check-in are recorded as unearned fees. Unearned fees are not considered contract balances because they are subject to refund in the event of a cancellation.

Guest stays of at least 28 nights are considered long-term stays. The Company charges service fees to facilitate long-term stays on a monthly basis. Such stays are generally cancelable with a 30 days advance notice for no significant penalty. Accordingly, long-term stays are treated as month-to-month contracts; each month is a separate contract with the Host and guest, and the contracts are not enforceable until check-in for the initial month as well as subsequent monthly extensions. The Company’s performance obligation for long-term stays is the same as that for short-term stays. The Company recognizes revenue for the first month upon check-in, similar to short-term stays, and recognizes revenue for any subsequent months upon each month’s anniversary from initial check-in date.

The Company evaluates the presentation of revenue on a gross versus net basis based on whether or not it is the principal (gross) or the agent (net) in the transaction. As part of the evaluation, the Company considers whether it controls the right to use the property before control is transferred. Indicators of control that the Company considers include whether the Company is primarily responsible for fulfilling the promise associated with the rental of the property, whether it has inventory risk associated with the property, and whether it has discretion in establishing the prices for the property. The Company determined that it does not control the right to use the properties either before or after completion of its service. Accordingly, the Company has concluded that it is acting in an agent capacity and revenue is presented net reflecting the service fees received from Hosts and guests to facilitate a stay.

The Company has elected to recognize the incremental costs of obtaining a contract, including the costs of certain referrer fees, as an expense when incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less. The Company has no significant financing components in its contracts with customers.
The Company has elected to exclude from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions. Accordingly, such amounts are not included as a component of revenue or cost of revenue.
Incentive Programs

The Company encourages the use of its platform and attracts new customers through its incentive programs. Under the Company’s referral program, the referring party (the “referrer”) earns a coupon when the new guest or Host (the “referee”) completes their first stay on the Company’s platform. Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense in the same way the Company accounts for other marketing services from third-party vendors. Any amounts paid in excess of the fair value of the referral service received are recorded as a reduction of revenue. Fair value of the service is established using amounts paid to vendors for similar services. Customer referral coupon credits generally expire within one year from issuance and the Company estimates the redemption rates using its historical experience. As of December 31, 2020 and 2021, the referral coupon liability was not material.

Through marketing promotions, the Company issues customer coupon credits to encourage the use of its platform. After a customer redeems such incentives, the Company records a reduction to revenue at the date it records the corresponding revenue transaction, as the Company does not receive a distinct good or service in exchange for the customer incentive payment.

Refunds

In certain instances, the Company issues refunds to customers as part of its customer support activities in the form of cash or credits to be applied toward a future booking. There is no legal obligation to issue such refunds to Hosts or guests on behalf of its customers. The Company accounts for refunds, net of any recoveries, as variable consideration, which results in a reduction to revenue. The Company reduces the transaction price by the estimated amount of the payments by applying the most likely outcome method based on known facts and circumstances and historical experience. The estimate for variable consideration was not material as of December 31, 2020 and 2021.
The Company evaluates whether the cumulative amount of payments made to customers that are not in exchange for a distinct good or service received from customers exceeds the cumulative revenue earned since inception of the customer relationships. Any cumulative payments in excess of cumulative revenue are presented within operations and support or sales and marketing on the consolidated statements of operations based on the nature of the payments made to customers.

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

Year Ended December 31,
201920202021
Reductions to revenue
$274,461 $384,181 $156,160 
Charges to operations and support
103,364 83,093 68,850 
Charges to sales and marketing expense
129,623 56,680 46,730 
Total payments made to customers
$507,448 $523,954 $271,740 
Payments to Customers Payments to Customers The Company makes payments to customers as part of its referral programs and marketing promotions, collectively referred to as the Company’s incentive programs, and refund activities. The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds.
Funds Receivable and Funds Payable
Funds Receivable and Funds Payable

Funds receivable and amounts held on behalf of customers represent cash received or in-transit from guests via third-party credit card processors and other payment methods, which the Company remits for payment to the Hosts following check-in. This cash and related receivable represent the total amount due to Hosts, and as such, a liability for the same amount is recorded to funds payable and amounts payable to customers.

The Company records guest payments, net of service fees, as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers when cash is received in advance of check-in. Host and guest fees are recorded as cash with a corresponding amount in unearned fees. For certain bookings, a guest may opt to pay a percentage of the total amount due when the booking is confirmed, with the remaining balance due prior to the stay occurring (the “Pay Less Upfront Program”). Under the Pay Less Upfront Program, when the Company receives the first installment payment from the guest upon confirmation of the booking, the Company records the first installment payment as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers, net of the Host and guest fees. The full value of the service fees is recorded as cash and cash equivalents and unearned fees upon receipt of the first installment payment to represent what the Company expects to be recognized as revenue if the underlying booking is not canceled. Upon receipt of the second installment, such payment amounts are also recorded as funds receivable and amounts held on behalf of customers with a corresponding amount in funds payable and amounts payable to customers.
Following check-in, the Company remits funds due to Hosts and recognizes unearned fees as revenue as its performance obligation is satisfied.
Bad Debt Bad Debt The Company generally collects funds related to bookings from guests on behalf of Hosts prior to check-in. However, in limited circumstances the Company disburses funds to a Host or a guest on behalf of a counterparty guest or Host prior to collecting such amounts from the counterparty. Such uncollected balances generally arise from the timing of payments and collections related to a dispute resolution between the guest and Host or certain alterations to stays and are included in prepaids and other current assets on the consolidated balance sheets. The Company records a customer receivable allowance for credit losses for funds that may never be collected. The Company estimated its exposure to balances deemed to be uncollectible based on factors including known facts and circumstances, historical experience, reasonable and supportable forecasts of economic conditions, and the age of the uncollected balances. The Company writes off the asset when it is determined to be uncollectible. Bad debt expense was $77.1 million, $107.7 million, and $27.3 million for the years ended December 31, 2019, 2020, and 2021, respectively.
Cost of Revenue Cost of RevenueCost of revenue primarily consists of payment processing charges, including merchant fees and chargebacks, costs associated with third-party data centers used to host the Company’s platform, and amortization of internally developed software and acquired technology.
Operations and Support Operations and Support Operations and support costs primarily consist of personnel-related expenses and third-party service provider fees associated with customer support provided via phone, email, and chat to Hosts and guests, customer relations costs, which include refunds and credits related to customer satisfaction and expenses associated with the Company’s Host protection programs, and allocated costs for facilities and information technology. These costs are expensed as incurred.
Product Development Product Development Product development costs primarily consist of personnel-related expenses and third-party service provider fees incurred in connection with the development of the Company’s platform and new products as well as the improvement of existing products, and allocated costs for facilities and information technology. These costs are expensed as incurred.
Sales and Marketing Sales and Marketing Sales and marketing costs primarily consist of performance and brand marketing, personnel-related expenses, including those related to field operations, portions of referral incentives and coupons, policy and communications, and allocated costs for facilities and information technology. These costs are expensed as incurred. Advertising expenses were $712.6 million, $176.0 million, and $542.1 million for the years ended December 31, 2019, 2020, and 2021, respectively.
General and Administrative General and Administrative General and administrative costs primarily consist of personnel-related expenses for executive management and administrative functions, including finance and accounting, legal, and human resources, as well as general corporate and director and officer insurance. General and administrative costs also include certain professional services fees, allocated costs for facilities and information technology expenses, indirect taxes including lodging taxes where the Company may be held jointly liable with Hosts for collecting and remitting such taxes, and bad debt expense. These costs are expensed as incurred.
Restructuring Charges Restructuring Charges Costs and liabilities associated with management-approved restructuring activities are recognized when they are incurred. One-time employee termination costs are recognized at the time of communication to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. Ongoing employee termination benefits are recognized as a liability when it is probable that a liability exists and the amount is reasonably estimable. Restructuring charges are recognized as an operating expense within the consolidated statements of operations and related liabilities are recorded within accrued expenses and other liabilities on the consolidated balance sheets. The Company periodically evaluates and, if necessary, adjusts its estimates based on currently available information.
Income Taxes
Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax law in effect for the years in which the temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company evaluates and accounts for uncertain tax positions using a two-step approach. Recognition, step one, occurs when the Company concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement, step two, determines the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement
with a taxing authority that has full knowledge of all relevant information. Derecognition of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained.
Foreign Currency
Foreign Currency

The Company’s reporting currency is the U.S. dollar. The Company determines the functional currency for each of its foreign subsidiaries by reviewing their operations and currencies used in their primary economic environments. Assets and liabilities for foreign subsidiaries with functional currency other than U.S. dollar are translated into U.S. dollars at the rate of exchange existing at the balance sheet date. Statements of operations amounts are translated at average exchange rates for the period. Translation gains and losses are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity (deficit). No material amounts were reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2019, 2020, and 2021.
Remeasurement gains and losses are included in other income (expense), net in the consolidated statements of operations. Monetary assets and liabilities are remeasured at the exchange rate on the balance sheet date and nonmonetary assets and liabilities are measured at historical exchange rates. As of December 31, 2020, the Company had a cumulative translation loss of $3.1 million and as of December 31, 2021, the Company had a cumulative translation gain of $2.8 million. Total net realized and unrealized gains (losses) on foreign currency transactions and balances totaled $(4.8) million, $31.5 million, and $(5.1) million for the years ended December 31, 2019, 2020, and 2021, respectively.
Derivatives Instruments Derivative Instruments The Company enters into financial derivative instruments, consisting of foreign currency contracts to mitigate its exposure to the impact of movements in currency exchange rates on its transactional balances denominated in currencies other than the functional currency. The Company does not use derivatives for trading or speculative purposes. Derivative instruments are recognized in the consolidated balance sheets at fair value. Gains and losses resulting from changes in the fair value of derivative instruments that are not designated as hedging instruments for accounting purposes are recognized in other income (expense), net in the consolidated statements of operations in the period that the changes occur.
Stock-Based Compensation and Employee Stock Purchase Plan ("ESPP")
Stock-Based Compensation

Stock-based compensation expense primarily relates to restricted stock units (“RSU”), restricted common stock, stock options, and the Employee Stock Purchase Plan (“ESPP”). RSUs and restricted common stock are measured at the fair market value of the underlying stock at the grant date and the expense is recognized over the requisite service period. The fair value of stock options and ESPP shares granted to employees is estimated on the date of grant using the Black-Scholes option pricing model to determine the fair value of stock options on the date of grant. The Company estimates the expected term of stock options granted based on the simplified method and estimates the volatility of its common stock on the date of grant based on the average historical stock price volatility of comparable publicly-traded companies. The simplified method calculates the expected term as the mid-point between the weighted-average time to vesting and the contractual maturity. The simplified method is used as the Company does not have sufficient historical data regarding stock option exercises. The contractual term of the Company’s stock options is ten years. The Company accounts for forfeitures as they occur. The benefits of tax deductions in excess of recognized compensation costs are recognized in the income statement as a discrete item when an option exercise or a vesting and release of shares occurs.
Prior to the Company’s IPO, the absence of an active market for the Company’s common stock required the Company’s board of directors, which includes members who possess extensive business, finance, and venture capital experience, to determine the fair value of its common stock for purposes of granting stock options and RSUs. The Company obtained contemporaneous third-party valuations to assist the board of directors in determining the fair value of the Company’s common stock. All stock options granted were exercisable at a price per share not less than the fair value of the shares of the Company’s common stock as determined by the board of directors (the “Fair Value”) underlying those stock options on their respective grant dates. Historically, substantially all of the Company’s RSUs vested upon the satisfaction of both a service-based vesting condition and liquidity-event performance-based vesting condition. The liquidity-event performance-based vesting condition for RSUs was satisfied upon the effectiveness of the Company’s IPO Registration Statement on December 9, 2020. Upon the Company’s IPO in December 2020, the Company recorded a cumulative one-time stock-based compensation expense of $2.8 billion, determined using the grant-date fair values. The remaining unrecognized stock-based compensation expense related to these RSUs is recorded over their remaining requisite service periods.
Net Loss Per Share Attributable to Common Stockholders
Net Loss Per Share Attributable to Common Stockholders

The Company applies the two-class method when computing net loss per share attributable to common stockholders when shares are issued that meet the definition of a participating security. The two-class method determines net income (loss) per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. The Company’s previously outstanding redeemable convertible preferred stock was a participating security as the holders of such shares participated in dividends but did not contractually participate in the Company’s losses.
Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less weighted-average shares subject to repurchase. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are anti-dilutive.
Comprehensive Loss Comprehensive Loss Comprehensive loss consists of net loss and other comprehensive income (loss). Other comprehensive income (loss) reflects gains and losses that are recorded as a component of stockholders’ equity and are excluded from net loss. Other comprehensive income (loss) consists of foreign currency translation adjustments related to consolidation of foreign entities and unrealized gains (losses) on securities classified as available-for-sale.
Contingencies
Contingencies

The Company is subject to legal proceedings and claims that arise in the ordinary course of business. The Company accrues for losses associated with legal claims when such losses are probable and can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted
Recently Adopted Accounting Standards

In January 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815, which clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting under Topic 323, and the accounting for certain forward contracts and purchased options accounted for under Topic 815. For public companies, the guidance was effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption was permitted. The Company adopted the standard on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplify the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. For public companies, the guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the standard on January 1, 2021 and applied this guidance to its convertible senior notes issued in March 2021. Refer to Note 10, Debt, for additional information.

In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs, which clarifies when an entity should assess whether a callable debt security is within the scope of accounting guidance, which impacts the amortization period for nonrefundable fees and other costs. For public companies, the guidance was effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Upon adoption, the amendments are to be applied on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. Early adoption was not permitted. The Company adopted the standard on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08, Business Combinations - Accounting for contract assets and contract liabilities from contracts with customers (Topic 805), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Revenues from contracts with customers (Topic 606). For public companies, the guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the guidance upon issuance within the fourth quarter of 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

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

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Topic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40), which clarifies existing guidance for freestanding written call options which are equity classified and remain so after they are modified or exchanged in order to reduce diversity in practice. The standard is effective for public entities in fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is evaluating the impact of adopting this guidance on its consolidated financial statements.
There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its consolidated financial statements or disclosures.
v3.22.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of Restricted Cash The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in thousands):
As of December 31,
201920202021
Cash and cash equivalents$2,013,547 $5,480,557 $6,067,438 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers3,129,781 2,153,849 3,645,087 
Restricted cash115 33,846 14,764 
Total cash, cash equivalents, and restricted cash presented in the consolidated statements of cash flows$5,143,443 $7,668,252 $9,727,289 
Schedule of Cash and Cash Equivalents The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in thousands):
As of December 31,
201920202021
Cash and cash equivalents$2,013,547 $5,480,557 $6,067,438 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers3,129,781 2,153,849 3,645,087 
Restricted cash115 33,846 14,764 
Total cash, cash equivalents, and restricted cash presented in the consolidated statements of cash flows$5,143,443 $7,668,252 $9,727,289 
The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands):

December 31, 2020Classification as of December 31, 2020
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value		Cash and
Cash
Equivalents		Marketable
Securities		Other
Assets,
Noncurrent
Funds
Receivable(2)
Certificates of deposit$421,272 $— $— $421,272 $278,281 $142,991 $— $— 
Government bonds(1)
1,924,988 65 (1)1,925,052 1,392,966 65,867 — 466,219 
Commercial paper1,021,150 — — 1,021,150 779,527 241,623 — — 
Corporate debt securities508,901 1,475 (1,635)508,741 229,633 267,618 11,490 — 
Mortgage-backed and asset-backed securities36,553 913 (113)37,353 — 37,353 — — 
Total
$3,912,864 $2,453 $(1,749)$3,913,568 $2,680,407 $755,452 $11,490 $466,219 
(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers
December 31, 2021Classification as of December 31, 2021
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value		Cash and
Cash
Equivalents		Marketable
Securities		Other
Assets,
Noncurrent
Funds
Receivable(2)
Certificates of deposit$395,351 $— $— $395,351 $31,117 $364,234 $— $— 
Government bonds(1)
850 13 — 863 — 863 — — 
Commercial paper1,156,963 — — 1,156,963 163,959 993,004 — — 
Corporate debt securities917,718 220 (3,147)914,791 41,439 862,901 10,451 — 
Mortgage-backed and asset-backed securities34,019 338 (321)34,036 — 34,036 — — 
Total
$2,504,901 $571 $(3,468)$2,502,004 $236,515 $2,255,038 $10,451 $— 
(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers
Schedule of Depreciation and Amortization on Property and Equipment
Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives indicated below:

Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of estimated useful life or remaining lease term
Property and equipment, net, consisted of the following (in thousands):

As of December 31,
20202021
Computer equipment$55,972 $56,513 
Computer software and capitalized internal-use software163,702 175,129 
Office furniture and equipment47,596 43,169 
Leasehold improvements243,110 213,950 
Buildings and land16,844 16,844 
527,224 505,605 
Less: Accumulated depreciation and amortization(267,851)(379,194)
259,373 126,411 
Construction in progress10,821 30,174 
Total property and equipment, net$270,194 $156,585 
Payments Made To Customers
The following table summarizes total payments made to customers (in thousands):

Year Ended December 31,
201920202021
Reductions to revenue
$274,461 $384,181 $156,160 
Charges to operations and support
103,364 83,093 68,850 
Charges to sales and marketing expense
129,623 56,680 46,730 
Total payments made to customers
$507,448 $523,954 $271,740 
v3.22.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash and Cash Equivalents The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in thousands):
As of December 31,
201920202021
Cash and cash equivalents$2,013,547 $5,480,557 $6,067,438 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers3,129,781 2,153,849 3,645,087 
Restricted cash115 33,846 14,764 
Total cash, cash equivalents, and restricted cash presented in the consolidated statements of cash flows$5,143,443 $7,668,252 $9,727,289 
The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands):

December 31, 2020Classification as of December 31, 2020
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value		Cash and
Cash
Equivalents		Marketable
Securities		Other
Assets,
Noncurrent
Funds
Receivable(2)
Certificates of deposit$421,272 $— $— $421,272 $278,281 $142,991 $— $— 
Government bonds(1)
1,924,988 65 (1)1,925,052 1,392,966 65,867 — 466,219 
Commercial paper1,021,150 — — 1,021,150 779,527 241,623 — — 
Corporate debt securities508,901 1,475 (1,635)508,741 229,633 267,618 11,490 — 
Mortgage-backed and asset-backed securities36,553 913 (113)37,353 — 37,353 — — 
Total
$3,912,864 $2,453 $(1,749)$3,913,568 $2,680,407 $755,452 $11,490 $466,219 
(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers
December 31, 2021Classification as of December 31, 2021
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value		Cash and
Cash
Equivalents		Marketable
Securities		Other
Assets,
Noncurrent
Funds
Receivable(2)
Certificates of deposit$395,351 $— $— $395,351 $31,117 $364,234 $— $— 
Government bonds(1)
850 13 — 863 — 863 — — 
Commercial paper1,156,963 — — 1,156,963 163,959 993,004 — — 
Corporate debt securities917,718 220 (3,147)914,791 41,439 862,901 10,451 — 
Mortgage-backed and asset-backed securities34,019 338 (321)34,036 — 34,036 — — 
Total
$2,504,901 $571 $(3,468)$2,502,004 $236,515 $2,255,038 $10,451 $— 
(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers
Debt Securities, Available-for-sale
The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands):

December 31, 2020Classification as of December 31, 2020
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value		Cash and
Cash
Equivalents		Marketable
Securities		Other
Assets,
Noncurrent
Funds
Receivable(2)
Certificates of deposit$421,272 $— $— $421,272 $278,281 $142,991 $— $— 
Government bonds(1)
1,924,988 65 (1)1,925,052 1,392,966 65,867 — 466,219 
Commercial paper1,021,150 — — 1,021,150 779,527 241,623 — — 
Corporate debt securities508,901 1,475 (1,635)508,741 229,633 267,618 11,490 — 
Mortgage-backed and asset-backed securities36,553 913 (113)37,353 — 37,353 — — 
Total
$3,912,864 $2,453 $(1,749)$3,913,568 $2,680,407 $755,452 $11,490 $466,219 
(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers
December 31, 2021Classification as of December 31, 2021
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value		Cash and
Cash
Equivalents		Marketable
Securities		Other
Assets,
Noncurrent
Funds
Receivable(2)
Certificates of deposit$395,351 $— $— $395,351 $31,117 $364,234 $— $— 
Government bonds(1)
850 13 — 863 — 863 — — 
Commercial paper1,156,963 — — 1,156,963 163,959 993,004 — — 
Corporate debt securities917,718 220 (3,147)914,791 41,439 862,901 10,451 — 
Mortgage-backed and asset-backed securities34,019 338 (321)34,036 — 34,036 — — 
Total
$2,504,901 $571 $(3,468)$2,502,004 $236,515 $2,255,038 $10,451 $— 
(1)Includes U.S. government and government agency debt securities
(2)Funds receivable and amounts held on behalf of customers
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 thousands):
December 31, 2021
Amortized
Cost		Estimated
Fair Value
Due within one year$2,359,069 $2,358,792 
Due in one year to five years130,273 127,861 
Due within five to ten years13,019 12,837 
Due beyond ten years2,540 2,514 
Total$2,504,901 $2,502,004 
Equity Securities without Readily Determinable Fair Value
The following table summarizes the total carrying value of equity investments without readily determinable fair values (in thousands):

Year Ended December 31,
20202021
Carrying value, beginning of period$131,210 $78,074 
Downward adjustments for observable price changes and impairment(53,136)(3,081)
Carrying value, end of period$78,074 $74,993 
The following table summarizes the cumulative impairment charges of equity investments without readily determinable fair values (in thousands):
As of December 31,
20202021
Cumulative downward adjustments for observable price changes and impairment
$53,136 $56,217 
v3.22.0.1
Fair Value Measurement and Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):

As of December 31, 2020
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$22,676 $— $— $22,676 
Certificates of deposit278,281 — — 278,281 
U.S. government debt securities— 1,392,966 — 1,392,966 
Commercial paper— 779,527 — 779,527 
Corporate debt securities— 229,633 — 229,633 
300,957 2,402,126 — 2,703,083 
Marketable securities:
Certificates of deposit142,991 — — 142,991 
U.S. government and government agency debt securities— 65,867 — 65,867 
Commercial paper— 241,623 — 241,623 
Corporate debt securities— 267,618 — 267,618 
Mortgage-backed and asset-backed securities— 37,353 — 37,353 
Mutual funds— 155,248 — 155,248 
142,991 767,709 — 910,700 
Funds receivable and amounts held on behalf of customers:
U.S. government and government agency debt securities— 466,219 — 466,219 
Prepaids and other current assets:
Foreign exchange derivative assets— 12,478 — 12,478 
Other assets, noncurrent:
Corporate debt securities— — 11,490 11,490 
Total assets at fair value$443,948 $3,648,532 $11,490 $4,103,970 
Liabilities
Accrued expenses and other current liabilities:
Foreign exchange derivative liabilities$— $32,250 $— $32,250 
Derivative warrant liability (Note 10)
— — 985,181 985,181 
Total liabilities at fair value$— $32,250 $985,181 $1,017,431 
As of December 31, 2021
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$1,923,184 $— $— $1,923,184 
Certificates of deposit31,117 — — 31,117 
Commercial paper— 163,959 — 163,959 
Corporate debt securities— 41,439 — 41,439 
1,954,301 205,398 — 2,159,699 
Marketable securities:
Certificates of deposit364,234 — — 364,234 
U.S. government and government agency debt securities— 863 — 863 
Commercial paper— 993,004 — 993,004 
Corporate debt securities— 862,901 — 862,901 
Mortgage-backed and asset-backed securities— 34,036 — 34,036 
364,234 1,890,804 — 2,255,038 
Funds receivable and amounts held on behalf of customers:
Money market funds466,319 — — 466,319 
Prepaids and other current assets:
Foreign exchange derivative assets— 25,918 — 25,918 
Other assets, noncurrent:
Corporate debt securities— — 10,451 10,451 
Total assets at fair value$2,784,854 $2,122,120 $10,451 $4,917,425 
Liabilities
Accrued expenses and other current liabilities:
Foreign exchange derivative liabilities$— $10,280 $— $10,280 
Total liabilities at fair value$— $10,280 $— $10,280 
Schedule of Fair Value Assets Measured on Recurring Basis, Rollforward
The following table presents additional information about investments that are measured at fair value for which the Company has utilized Level 3 inputs to determine fair value (in thousands):

December 31,
20202021
Derivative
Warrant
Liability		Other
Assets,
Noncurrent		Derivative
Warrant
Liability		Other
Assets,
Noncurrent
Balance, beginning of year$— $13,029 $985,181 $11,490 
Additions116,641 — — — 
Reclassifications to equity— — (1,277,168)— 
Total realized and unrealized gains (losses):
Included in earnings868,540 — 291,987 — 
Included in other comprehensive income (loss)— (1,539)— (1,039)
Balance, end of year$985,181 $11,490 $— $10,451 
Changes in unrealized gains or losses included in other comprehensive income (loss) related to investments held at the reporting date$— $(1,539)$— $(1,039)
Schedule of Fair Value Liabilities Measured on Recurring Basis, Rollforward
The following table presents additional information about investments that are measured at fair value for which the Company has utilized Level 3 inputs to determine fair value (in thousands):

December 31,
20202021
Derivative
Warrant
Liability		Other
Assets,
Noncurrent		Derivative
Warrant
Liability		Other
Assets,
Noncurrent
Balance, beginning of year$— $13,029 $985,181 $11,490 
Additions116,641 — — — 
Reclassifications to equity— — (1,277,168)— 
Total realized and unrealized gains (losses):
Included in earnings868,540 — 291,987 — 
Included in other comprehensive income (loss)— (1,539)— (1,039)
Balance, end of year$985,181 $11,490 $— $10,451 
Changes in unrealized gains or losses included in other comprehensive income (loss) related to investments held at the reporting date$— $(1,539)$— $(1,039)
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2020 (fair value amounts in thousands):
Fair ValueValuation TechniqueUnobservable
Inputs		Inputs Value
Liability
Derivative warrant liability$985,181 Black-Scholes option-pricing modelStock volatility44.4 %
Risk-free rate0.9 %
Expected term9.3 years
v3.22.0.1
Intangible Assets and Goodwill (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
Identifiable intangible assets consisted of the following (in thousands):

December 31, 2020December 31, 2021
Gross
Carrying
Amount (1)		Accumulated
Amortization (1)		Net
Carrying
Value		Gross
Carrying
Amount (1)		Accumulated
Amortization (1)		Net
Carrying
Value
Listing relationships$42,501 $(9,492)$33,009 $42,501 $(15,467)$27,034 
Customer contacts4,346 (2,159)2,187 4,346 (3,570)776 
Developed technology37,800 (28,417)9,383 22,900 (20,956)1,944 
Trade names35,753 (13,823)21,930 33,163 (17,980)15,183 
Other9,652 (275)9,377 9,650 (2,279)7,371 
Total intangible assets$130,052 $(54,166)$75,886 $112,560 $(60,252)$52,308 
(1) Excludes write off of intangible assets that have been fully amortized.
Schedule of Estimated Amortization Expense for Intangible Assets
Estimated future amortization expense for intangible assets as of December 31, 2021 was as follows (in thousands):

Year Ending December 31,Amount
2022$16,320 
202312,065 
20246,988 
20255,313 
20263,679 
Thereafter7,943 
Total future amortization expense$52,308 
Schedule of Goodwill
Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2021 were as follows (in thousands):

Amount
Balance as of December 31, 2019$652,088 
Foreign currency translation adjustments3,713 
Balance as of December 31, 2020655,801 
Foreign currency translation adjustments(3,199)
Balance as of December 31, 2021$652,602 
v3.22.0.1
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Depreciation and Amortization on Property and Equipment
Depreciation and amortization on property and equipment is calculated using the straight-line method over the estimated useful lives indicated below:

Asset CategoryPeriod
Computer equipment5 years
Computer software and capitalized internal-use software
1.5 to 3 years
Office furniture and equipment5 years
Buildings
25 to 40 years
Leasehold improvements
Lesser of estimated useful life or remaining lease term
Property and equipment, net, consisted of the following (in thousands):

As of December 31,
20202021
Computer equipment$55,972 $56,513 
Computer software and capitalized internal-use software163,702 175,129 
Office furniture and equipment47,596 43,169 
Leasehold improvements243,110 213,950 
Buildings and land16,844 16,844 
527,224 505,605 
Less: Accumulated depreciation and amortization(267,851)(379,194)
259,373 126,411 
Construction in progress10,821 30,174 
Total property and equipment, net$270,194 $156,585 
v3.22.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Lease, Cost
The components of lease cost were as follows (in thousands):

Year Ended December 31,
20202021
Operating lease cost(1)
$91,248 $83,317 
Short-term lease cost(1)
632 2,641 
Variable lease cost(1)
12,309 13,895 
Sublease income(2)
(143)(305)
Lease cost, net(3)
$104,046 $99,548 
(1) Classified within operations and support, product development, sales and marketing, and general and administrative expenses in the consolidated statements of operations.
(2) Classified within other income (expense), net on the consolidated statements of operations.
(3) Lease costs do not include lease impairments due to restructuring. Refer to Note 17, Restructuring, for additional information.

Supplemental disclosures of cash flow information related to leases were as follows (in thousands):

Year Ended December 31,
20202021
Cash paid for operating lease liabilities$63,407 $92,286 
Lease liabilities arising from obtaining right-of-use assets103,452 17,889 

Lease term and discount rate were as follows:

As of December 31,
20202021
Weighted-average remaining lease term (years)8.17.2
Weighted-average discount rate6.6 %6.8 %
Maturities of lease liabilities
Maturities of lease liabilities (excluding short-term leases) were as follows as of December 31, 2021 (in thousands):

Year Ending December 31,Amount
2022$89,717 
202369,923 
202457,402 
202589,898 
202682,153 
Thereafter195,539 
Total lease payments584,632 
Less: Imputed interest(148,670)
Present value of lease liabilities435,962 
Less: Current portion of lease liabilities(63,479)
Total long-term lease liabilities$372,483 
v3.22.0.1
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
Payables and Accruals [Abstract]  
Accrued Expenses And Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):

As of December 31,
20202021
Indirect tax reserves$188,309 $182,796 
Indirect taxes payable153,255 309,616 
Travel credit liability209,739 74,492 
Compensation and related benefits380,164 415,626 
Derivative warrant liability985,181 — 
Foreign exchange derivative liabilities 32,250 10,280 
Current portion of long-term debt and accrued interest expense26,755 — 
Contingent consideration liability23,096 34,344 
Sales and marketing25,437 59,418 
Income and other tax liabilities12,002 25,112 
Gift card liability56,489 98,129 
Other321,394 348,430 
Total accrued expenses and other current liabilities$2,414,071 $1,558,243 
v3.22.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Summary of Outstanding Debt
The following table summarizes the Company’s outstanding debt (in thousands):

As of
December 31, 2020
Effective
Interest Rate
As of
December 31, 2021
Effective
Interest Rate
Convertible senior notes due March 2026$— — %$2,000,000 0.2 %
First lien loan due April 2025995,000 9.5 %— — %
Second lien loan due July 20251,000,000 15.1 %— — %
Total debt1,995,000 2,000,000 
Less: Unamortized debt discount and debt issuance costs(169,438)(17,463)
Less: Current portion of long-term debt(10,000)— 
Total long-term debt, net of current portion$1,815,562 $1,982,537 
Schedule of Maturities of Long-term Debt
The future principal payments for the Company’s long-term debt as of December 31, 2021 are summarized as follows (in thousands):

Year Ending December 31,Amount
2022$— 
2023— 
2024— 
2025— 
20262,000,000 
Total$2,000,000 
v3.22.0.1
Stockholders’ Equity (Deficit) (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Fair Value Assumptions of Options Granted
The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model using the range of assumptions in the following table:

Year Ended December 31,
201920202021
Expected dividend yield— — — 
Volatility
41.8% - 44.3%
39.1% - 43.6%
44.2% - 44.9%
Expected term (years)
5.0 - 8.0
5.1 - 8.0
8.0
Risk-free interest rate
1.5% - 2.5%
0.5% - 1.5%
1.1% - 1.5%
Summary of Option Activity
A summary of option and RSU activity under the Plans was as follows (in thousands, except per share amounts):

Outstanding
Stock Options
Outstanding
Restricted Stock Units
 Shares
Available for
Grant		Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
Balances as of December 31, 201925,344 46,512 $10.08 76,136 $45.69 
Granted(1)
(45,368)4,638 39.38 40,730 30.13 
Increase in shares available for grant(2)
66,942 — — — — 
Shares withheld for taxes24,296 — — — — 
Exercised/Vested — (7,496)2.01 (56,070)37.79 
Canceled(3)
15,206 (2,233)53.32 (13,042)51.86 
Balances as of December 31, 202086,420 41,421 12.48 47,754 40.01 
Granted(1)
(9,591)715 191.08 8,876 181.15 
Shares withheld for taxes464 — — (464)66.99 
Exercised/Vested— (17,707)7.77 (15,612)57.05 
Canceled(3)
4,072 (307)56.69 (3,765)64.32 
Balances as of December 31, 202181,365 24,122 19.69 36,789 61.22 
(1) There were no options or RSUs that were granted from the Assumed Equity Incentive Plan for the years ended December 31, 2020 and 2021.
(2) Includes 62,069,613 shares of the Company’s Class A common stock initially reserved for issuance under the 2020 Incentive Award Plan.
(3) The outstanding options and RSUs include cancellations of 55,158 and 2,158 options and 14,178 and 530 RSUs in 2020 and 2021, respectively, from the Assumed Equity Incentive Plan that are no longer available for future grants.
 Number of
Shares (in
thousands)		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 202041,421 $12.48 3.91$5,563,735 
Options exercisable as of December 31, 202036,682 8.63 3.215,068,315 
Options outstanding as of December 31, 202124,122 19.69 3.663,555,384 
Options exercisable as of December 31, 202120,909 13.28 2.903,206,548 
Summary of RSU Activity
A summary of option and RSU activity under the Plans was as follows (in thousands, except per share amounts):

Outstanding
Stock Options
Outstanding
Restricted Stock Units
 Shares
Available for
Grant		Number of
Shares		Weighted-
Average
Exercise
Price		Number of
Shares		Weighted-
Average
Grant
Date Fair
Value
Balances as of December 31, 201925,344 46,512 $10.08 76,136 $45.69 
Granted(1)
(45,368)4,638 39.38 40,730 30.13 
Increase in shares available for grant(2)
66,942 — — — — 
Shares withheld for taxes24,296 — — — — 
Exercised/Vested — (7,496)2.01 (56,070)37.79 
Canceled(3)
15,206 (2,233)53.32 (13,042)51.86 
Balances as of December 31, 202086,420 41,421 12.48 47,754 40.01 
Granted(1)
(9,591)715 191.08 8,876 181.15 
Shares withheld for taxes464 — — (464)66.99 
Exercised/Vested— (17,707)7.77 (15,612)57.05 
Canceled(3)
4,072 (307)56.69 (3,765)64.32 
Balances as of December 31, 202181,365 24,122 19.69 36,789 61.22 
(1) There were no options or RSUs that were granted from the Assumed Equity Incentive Plan for the years ended December 31, 2020 and 2021.
(2) Includes 62,069,613 shares of the Company’s Class A common stock initially reserved for issuance under the 2020 Incentive Award Plan.
(3) The outstanding options and RSUs include cancellations of 55,158 and 2,158 options and 14,178 and 530 RSUs in 2020 and 2021, respectively, from the Assumed Equity Incentive Plan that are no longer available for future grants.
 Number of
Shares (in
thousands)		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 202041,421 $12.48 3.91$5,563,735 
Options exercisable as of December 31, 202036,682 8.63 3.215,068,315 
Options outstanding as of December 31, 202124,122 19.69 3.663,555,384 
Options exercisable as of December 31, 202120,909 13.28 2.903,206,548 
The following table summarizes the activity related to the Company’s restricted common stock (in thousands, except for per share amounts):

Number of
Shares		Weighted-Average
Grant-Date 
Fair Value
Per Share
Unvested restricted common stock as of December 31, 2019996 $62.26 
Issued— — 
Vested(278)62.12 
Unvested restricted common stock as of December 31, 2020718 62.33 
Issued— — 
Vested(86)62.41 
Unvested restricted common stock as of December 31, 2021632 62.32 
Summary of Stock-based Compensation Expense
The following table summarizes total stock-based compensation expense (in thousands):

Year Ended December 31,
201920202021
Operations and support$817 $143,997 $48,473 
Product development56,632 1,878,793 545,113 
Sales and marketing23,919 435,272 99,969 
General and administrative16,179 544,086 205,292 
Restructuring charges— (200)(17)
Stock-based compensation expense$97,547 $3,001,948 $898,830 
v3.22.0.1
Commitment and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of commitments, purchase obligations and other commitments
The Company has commitments including purchase obligations for web-hosting services and other commitments for brand marketing. The following table presents these non-cancelable commitments and obligations as of December 31, 2021 (in thousands):

 TotalLess than
1 year		1 to 3 years3 to 5 yearsMore than
5 years
Purchase obligations$1,173,429 $145,336 $310,671 $608,171 $109,251 
Other commitments268,000 36,000 74,000 78,000 80,000 
Total$1,441,429 $181,336 $384,671 $686,171 $189,251 
v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The domestic and foreign components of income (loss) before income taxes were as follows (in thousands):

 Year Ended December 31,
 201920202021
Domestic$(153,154)$(4,509,519)$(390,652)
Foreign(258,549)(172,419)90,445 
Loss before income taxes$(411,703)$(4,681,938)$(300,207)
Schedule of Components of Income Tax Expense (Benefit)
The components of the provision for (benefit from) income taxes were as follows (in thousands):

 Year Ended December 31,
 201920202021
Current
Federal$223,673 $(91,094)$4,704 
State5,930 (976)2,238 
Foreign38,660 14,449 33,950 
Total current provision for (benefit from) income taxes268,263 (77,621)40,892 
Deferred
Federal(1,563)47 98 
State(248)55 — 
Foreign(3,816)(19,703)10,837 
Total deferred benefit for income taxes(5,627)(19,601)10,935 
Total provision for (benefit from) income taxes$262,636 $(97,222)$51,827 
Schedule of Effective Income Tax Rate Reconciliation
The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:

 Year Ended December 31,
 201920202021
Expected income tax expense at federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of federal benefits(0.2)— (0.7)
Foreign tax rate differential(19.5)(0.5)(5.1)
Stock-based compensation(0.9)7.1 282.4 
Acquisition related expenses(0.3)— — 
Deferred tax impacts of restructuring— 6.5 (9.7)
Other statutorily non-deductible expenses(2.6)(0.3)(1.1)
Non-deductible warrant revaluations— (3.9)(20.4)
Research and development credits(0.9)4.3 51.0 
Uncertain tax positions—prior year positions(53.0)(0.1)(3.1)
Uncertain tax positions—current year positions(4.2)(0.2)(1.0)
Other0.2 0.3 1.3 
Change in valuation allowance(3.4)(32.1)(331.9)
Effective tax rate(63.8)%2.1 %(17.3)%
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities consisted of the following (in thousands):

 As of December 31,
 20202021
Deferred tax assets:
Net operating loss carryforwards$1,078,070 $1,987,606 
Tax credit carryforwards333,991 568,468 
Accruals and reserves70,130 105,530 
Non-income tax accruals71,706 64,757 
Stock-based compensation211,216 156,726 
Operating lease liabilities94,840 86,690 
Intangible assets274,396 210,057 
Other53,477 155,020 
Gross deferred tax assets2,187,826 3,334,854 
Valuation allowance(2,053,069)(3,263,823)
Total deferred tax assets134,757 71,031 
Deferred tax liabilities:
Property and equipment basis differences(33,503)(7,834)
Operating lease assets(72,659)(48,628)
Other(3,091)— 
Total deferred tax liabilities(109,253)(56,462)
Total net deferred tax assets$25,504 $14,569 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in thousands):

 Year Ended December 31,
 201920202021
Balance at beginning of period$69,837 $336,726 $507,865 
Gross increases related to prior year tax positions237,972 2,223 13,568 
Gross decreases related to prior year tax positions(5,029)(5,970)(1,772)
Gross increases related to current year tax positions36,502 196,492 84,990 
Reductions due to settlements with taxing authorities(2,296)(21,240)(1,313)
Reduction due to lapse in statute of limitations(260)(366)(6,776)
Balance at end of period$336,726 $507,865 $596,562 
v3.22.0.1
Net Loss per Share (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings per Share of Common Stock
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods indicated (in thousands, except per share amounts):

Year Ended December 31,
201920202021
Net loss attributable to Class A and Class B common stockholders$(674,339)$(4,584,716)$(352,034)
Weighted-average shares in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted260,556 284,363 615,891 
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted$(2.59)$(16.12)$(0.57)
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 thousands):

Year Ended December 31,
201920202021
2026 Notes(1)
— — 11,086 
Warrants— 7,935 7,935 
Escrow shares644 644 74 
Stock options46,512 41,421 24,122 
Restricted stock awards354 212 127 
Restricted stock units5,931 35,738 26,041 
Employee stock purchase plan— 561 365 
Redeemable convertible preferred stock240,911 — — 
Total294,352 86,511 69,750 
(1)Holders of the 2026 Notes who convert their 2026 Notes in connection with certain corporate events that constitute a make-whole fundamental change are entitled to an increase in the conversion rate. The 11.1 million shares represents the maximum number of shares that can be issued upon conversion after considering the make-whole fundamental change adjustment on an unweighted basis.
v3.22.0.1
Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Geography
The following table sets forth the breakdown of revenue by geography, determined based on the location of the Host’s listing (in thousands):

Year Ended December 31,
201920202021
United States$1,770,550 $1,648,595 $2,996,355 
International(1)
3,034,689 1,729,604 2,995,405 
Total revenue$4,805,239 $3,378,199 $5,991,760 
(1) No individual international country represented 10% or more of the Company’s total revenue for years ended December 31, 2019, 2020, and 2021.
Long-lived Assets by Geographic Areas
The following table sets forth the breakdown of long-lived assets based on geography (in thousands):

 As of December 31,
 20202021
United States$535,321 $330,373 
Ireland73,884 56,705 
Other international45,057 41,543 
Total long-lived assets$654,262 $428,621 
v3.22.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, Aggregate Purchase Consideration The aggregate purchase consideration for HotelTonight was comprised of the following (in thousands):
Fair Value
Cash paid to HotelTonight stockholders and equity award holders$237,387 
Common stock issued to HotelTonight stockholders and equity award holders201,079 
Replacement stock options attributable to pre-acquisition service2,891 
Total purchase consideration$441,357 
Schedule of Allocation for Assets Acquired and Liabilities Assumed
The following table summarizes the final allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):

Amount
Cash, cash equivalents, and restricted cash$55,960 
Intangible assets88,000 
Goodwill329,899 
Net liabilities assumed(32,502)
Total purchase consideration$441,357 
Schedule of Finite-Lived Intangible Assets Acquired in Business Combination The identified intangible assets assumed in the acquisition were recognized as follows based upon their fair values as of the acquisition date (in thousands):
Estimated
Useful Life		Fair
Value
Developed technology3 years$20,000 
Listing relationships10 years35,100 
Trade names5 years32,900 
Total identified intangible assets$88,000 
v3.22.0.1
Summary of Significant Accounting Policies - Narrative (Details)
 1 Months Ended 12 Months Ended
Dec. 14, 2020
USD ($)
$ / shares
shares
Oct. 26, 2020
Jun. 30, 2019
shares
Dec. 31, 2021
USD ($)
reportingUnit
segment
shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
shares
Nov. 30, 2020
shares
Jan. 01, 2019
USD ($)
Dec. 31, 2018
shares
Subsidiary, Sale of Stock [Line Items]                  
Stock split, conversion ratio   0.5              
Temporary equity outstanding (in shares) | shares       0 0 239,624,000     239,624,000
Stock-based compensation expense       $ 898,830,000 $ 3,001,948,000 $ 97,547,000      
Shares withheld for tax withholding obligation (in shares) | shares 24,200,000                
Taxes paid related to net share settlement of equity awards $ 1,600,000,000     $ 53,955,000 1,650,454,000 0      
Common stock authorized (in shares) | shares 4,736,000,000                
Number of operating segments | segment       1          
Number of reportable segments | segment       1          
Operating lease right-of-use assets       $ 272,036,000 384,068,000        
Operating lease liabilities       435,962,000          
Accumulated deficit       $ (6,357,741,000) (6,005,707,000)        
Number of reporting units | reportingUnit       1          
Long-lived asset impairment charge       $ 112,500,000 35,800,000 0      
Number of days, long-term stay, minimum       28 days          
Advance notice period required for cancellation       30 days          
Referral coupon liability       $ 0 0        
Estimate for variable consideration       0 0        
Bad debt expense       27,285,000 107,685,000 77,053,000      
Advertising expense       542,100,000 176,000,000 712,600,000      
Reclassified from accumulated other comprehensive income (loss)       0 0 0      
Cumulative translation gain (loss)       2,800,000 (3,100,000)        
Net realized and unrealized gains (losses) on foreign currency transactions and balances       $ (5,100,000) $ 31,500,000 $ (4,800,000)      
Award contractual term       10 years          
Cumulative Effect, Period of Adoption, Adjustment                  
Subsidiary, Sale of Stock [Line Items]                  
Operating lease right-of-use assets               $ 340,200,000  
Operating lease liabilities               366,000,000  
Accumulated deficit               $ 22,200,000  
Minimum                  
Subsidiary, Sale of Stock [Line Items]                  
Intangible assets, estimated useful life       1 year          
Maximum                  
Subsidiary, Sale of Stock [Line Items]                  
Intangible assets, estimated useful life       10 years          
Performance Shares                  
Subsidiary, Sale of Stock [Line Items]                  
Stock-based compensation expense $ 2,800,000,000                
Common Class A                  
Subsidiary, Sale of Stock [Line Items]                  
Sale of stock, aggregate net proceeds $ 3,700,000,000                
Common stock authorized (in shares) | shares 2,000,000,000     2,000,000,000 2,000,000,000        
Common stock issued (in shares) | shares       364,500,000 115,500,000        
Common Class A | Discounts And Commissions                  
Subsidiary, Sale of Stock [Line Items]                  
Stock issuance costs $ 79,300,000                
Common Class A | Offering Expense                  
Subsidiary, Sale of Stock [Line Items]                  
Stock issuance costs $ 9,800,000                
Common Class A | IPO                  
Subsidiary, Sale of Stock [Line Items]                  
Sale of stock (in shares) | shares 50,000,000                
Sale of stock (USD per share) | $ / shares $ 68.00                
Common Class A | Over-Allotment Option                  
Subsidiary, Sale of Stock [Line Items]                  
Sale of stock (in shares) | shares 5,000,000                
Sale of stock (USD per share) | $ / shares $ 68.00                
Common Class B                  
Subsidiary, Sale of Stock [Line Items]                  
Conversion of convertible securities (in shares) | shares 240,910,588   144,986            
Common stock authorized (in shares) | shares 710,000,000     710,000,000 710,000,000        
Common stock issued (in shares) | shares       269,024,000 483,697,000        
Common Class C                  
Subsidiary, Sale of Stock [Line Items]                  
Common stock authorized (in shares) | shares 2,000,000,000     2,000,000,000 2,000,000,000        
Common stock issued (in shares) | shares       0 0        
Common Class H                  
Subsidiary, Sale of Stock [Line Items]                  
Common stock authorized (in shares) | shares 26,000,000     26,000,000 26,000,000        
Common stock issued (in shares) | shares       9,200,000 9,200,000   9,200,000    
Redeemable convertible preferred stock                  
Subsidiary, Sale of Stock [Line Items]                  
Temporary equity outstanding (in shares) | shares 239,623,894                
Series C redeemable convertible preferred stock                  
Subsidiary, Sale of Stock [Line Items]                  
Conversion of convertible securities (in shares) | shares 1,286,694                
v3.22.0.1
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accounting Policies [Abstract]        
Cash and cash equivalents $ 6,067,438 $ 5,480,557 $ 2,013,547  
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 3,645,087 2,153,849 3,129,781  
Restricted cash 14,764 33,846 115  
Total cash, cash equivalents, and restricted cash presented in the consolidated statements of cash flows $ 9,727,289 $ 7,668,252 $ 5,143,443 $ 4,438,576
v3.22.0.1
Summary of Significant Accounting Policies - Summary of Payments Made to Customers (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Total payments made to customers $ 271,740 $ 523,954 $ 507,448
Reductions to revenue      
Disaggregation of Revenue [Line Items]      
Total payments made to customers 156,160 384,181 274,461
Charges to operations and support      
Disaggregation of Revenue [Line Items]      
Total payments made to customers 68,850 83,093 103,364
Charges to sales and marketing expense      
Disaggregation of Revenue [Line Items]      
Total payments made to customers $ 46,730 $ 56,680 $ 129,623
v3.22.0.1
Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)
 12 Months Ended
Dec. 31, 2021
Computer equipment  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 5 years
Computer software and capitalized internal-use software | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 1 year 6 months
Computer software and capitalized internal-use software | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 3 years
Office furniture and equipment  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 5 years
Buildings | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 25 years
Buildings | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life 40 years
v3.22.0.1
Investments - Schedule of Debt Securities Available-for-Sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]      
Certificates of deposit, Cost or Amortized Cost $ 6,067,438 $ 5,480,557 $ 2,013,547
Total, Cost or Amortized Cost 2,504,901 3,912,864  
Gross Unrealized Gains 571 2,453  
Gross Unrealized Losses (3,468) (1,749)  
Total, Estimated Fair Value 2,502,004 3,913,568  
Cash and Cash Equivalents      
Debt Securities, Available-for-sale [Line Items]      
Total, Estimated Fair Value 236,515 2,680,407  
Marketable Securities      
Debt Securities, Available-for-sale [Line Items]      
Total, Estimated Fair Value 2,255,038 755,452  
Other Assets, Noncurrent      
Debt Securities, Available-for-sale [Line Items]      
Total, Estimated Fair Value 10,451 11,490  
Funds Receivable      
Debt Securities, Available-for-sale [Line Items]      
Total, Estimated Fair Value 0 466,219  
Government bonds      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Cost or Amortized Cost 850 1,924,988  
Gross Unrealized Gains 13 65  
Gross Unrealized Losses 0 (1)  
Available-for-sale debt securities, Total Estimated Fair Value 863 1,925,052  
Government bonds | Cash and Cash Equivalents      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 0 1,392,966  
Government bonds | Marketable Securities      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 863 65,867  
Government bonds | Other Assets, Noncurrent      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 0 0  
Government bonds | Funds Receivable      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 0 466,219  
Commercial paper      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Cost or Amortized Cost 1,156,963 1,021,150  
Gross Unrealized Gains 0 0  
Gross Unrealized Losses 0 0  
Available-for-sale debt securities, Total Estimated Fair Value 1,156,963 1,021,150  
Commercial paper | Cash and Cash Equivalents      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 163,959 779,527  
Commercial paper | Marketable Securities      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 993,004 241,623  
Commercial paper | Other Assets, Noncurrent      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 0 0  
Commercial paper | Funds Receivable      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 0 0  
Corporate debt securities      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Cost or Amortized Cost 917,718 508,901  
Gross Unrealized Gains 220 1,475  
Gross Unrealized Losses (3,147) (1,635)  
Available-for-sale debt securities, Total Estimated Fair Value 914,791 508,741  
Corporate debt securities | Cash and Cash Equivalents      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 41,439 229,633  
Corporate debt securities | Marketable Securities      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 862,901 267,618  
Corporate debt securities | Other Assets, Noncurrent      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 10,451 11,490  
Corporate debt securities | Funds Receivable      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 0 0  
Mortgage-backed and asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Cost or Amortized Cost 34,019 36,553  
Gross Unrealized Gains 338 913  
Gross Unrealized Losses (321) (113)  
Available-for-sale debt securities, Total Estimated Fair Value 34,036 37,353  
Mortgage-backed and asset-backed securities | Cash and Cash Equivalents      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 0 0  
Mortgage-backed and asset-backed securities | Marketable Securities      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 34,036 37,353  
Mortgage-backed and asset-backed securities | Other Assets, Noncurrent      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 0 0  
Mortgage-backed and asset-backed securities | Funds Receivable      
Debt Securities, Available-for-sale [Line Items]      
Available-for-sale debt securities, Total Estimated Fair Value 0 0  
Certificates of deposit      
Debt Securities, Available-for-sale [Line Items]      
Certificates of deposit, Cost or Amortized Cost 395,351 421,272  
Certificate of deposit, Total Estimated Fair Value 395,351 421,272  
Certificates of deposit | Cash and Cash Equivalents      
Debt Securities, Available-for-sale [Line Items]      
Certificate of deposit, Total Estimated Fair Value 31,117 278,281  
Certificates of deposit | Marketable Securities      
Debt Securities, Available-for-sale [Line Items]      
Certificate of deposit, Total Estimated Fair Value 364,234 142,991  
Certificates of deposit | Other Assets, Noncurrent      
Debt Securities, Available-for-sale [Line Items]      
Certificate of deposit, Total Estimated Fair Value 0 0  
Certificates of deposit | Funds Receivable      
Debt Securities, Available-for-sale [Line Items]      
Certificate of deposit, Total Estimated Fair Value $ 0 $ 0  
v3.22.0.1
Investments - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]      
Allowance for credit loss, available-for-sale debt securities $ 0 $ 0  
Debt securities in an unrealized loss position 801,500,000 229,700,000 $ 139,700,000
Debt Securities, Unrealized Gain (Loss) 3,500,000 1,700,000 0
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss 0 0 0
Available-for-sale non-marketable debt securities, impairment charge 0 0 18,000,000
Equity securities with readily determinable fair value 0 155,200,000  
Equity securities without readily determinable fair value, carrying value 74,993,000 78,074,000 131,210,000
Impairment of investments 3,081,000 82,125,000 27,751,000
Unrealized gain (loss) on marketable equity securities   (21,700,000) 13,200,000
Realized loss on marketable equity securities (13,400,000)    
Cost-method Investments      
Debt Securities, Available-for-sale [Line Items]      
Impairment of investments $ 3,100,000 $ 53,100,000 $ 0
v3.22.0.1
Investments - Schedule of Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Amortized Cost     
Due within one year $ 2,359,069  
Due in one year to five years 130,273  
Due within five to ten years 13,019  
Due beyond ten years 2,540  
Total, Cost or Amortized Cost 2,504,901 $ 3,912,864
Estimated Fair Value    
Due within one year 2,358,792  
Due in one year to five years 127,861  
Due within five to ten years 12,837  
Due beyond ten years 2,514  
Total, Estimated Fair Value $ 2,502,004 $ 3,913,568
v3.22.0.1
Investments - Schedule of Equity Securities without Readily Determinable Fair Value (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Carrying Value, Equity Securities Without Readily Determinable Fair Value, Calculation [Roll Forward]    
Carrying value, beginning of period $ 78,074 $ 131,210
Downward adjustments for observable price changes and impairment (3,081) (53,136)
Carrying value, end of period $ 74,993 $ 78,074
v3.22.0.1
Investments - Summary of Cumulative Impairment Charges of Equity Investments without Readily Determinable Fair Values (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]    
Cumulative downward adjustments for observable price changes and impairment $ 56,217 $ 53,136
v3.22.0.1
Investments Accounted for Under the Equity Method (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jul. 31, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]          
Carrying value of equity method investments   $ 17,400,000 $ 21,000,000    
Income (loss) from equity method investments   3,500,000 (8,200,000) $ (6,000,000)  
Impairment in equity method investments   $ 0 $ 29,000,000.0 $ 9,800,000  
2016 Investee          
Schedule of Equity Method Investments [Line Items]          
Aggregate price         $ 10,000,000
Equity method investment, gain on disposal $ 24,600,000        
v3.22.0.1
Fair Value Measurement and Financial Instruments - Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Corporate debt securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities $ 914,791 $ 508,741
Corporate debt securities | Other assets, noncurrent    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 10,451 11,490
Mortgage-backed and asset-backed securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 34,036 37,353
Mortgage-backed and asset-backed securities | Other assets, noncurrent    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 0 0
Certificates of deposit    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 395,351 421,272
Certificates of deposit | Other assets, noncurrent    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 0 0
Fair value, recurring    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 2,159,699 2,703,083
Marketable securities 2,255,038 910,700
Total assets at fair value 4,917,425 4,103,970
Liabilities, Fair Value Disclosure [Abstract]    
Total liabilities at fair value 10,280 1,017,431
Fair value, recurring | Foreign exchange derivative assets    
Liabilities, Fair Value Disclosure [Abstract]    
Derivative liability 10,280 32,250
Fair value, recurring | Derivative warrant liability    
Liabilities, Fair Value Disclosure [Abstract]    
Derivative liability   985,181
Fair value, recurring | Prepaids and other current assets | Foreign exchange derivative assets    
Assets, Fair Value Disclosure [Abstract]    
Other assets 25,918 12,478
Fair value, recurring | Certificates of deposit    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 364,234 142,991
Fair value, recurring | U.S. government and government agency debt securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 863 65,867
Funds receivable and amounts held on behalf of customers   466,219
Fair value, recurring | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 993,004 241,623
Fair value, recurring | Corporate debt securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 862,901 267,618
Fair value, recurring | Corporate debt securities | Other assets, noncurrent    
Assets, Fair Value Disclosure [Abstract]    
Other assets 10,451 11,490
Fair value, recurring | Mortgage-backed and asset-backed securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 34,036 37,353
Fair value, recurring | Mutual funds    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities   155,248
Fair value, recurring | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 1,923,184 22,676
Funds receivable and amounts held on behalf of customers 466,319  
Fair value, recurring | Certificates of deposit    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 31,117 278,281
Fair value, recurring | U.S. government debt securities    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents   1,392,966
Fair value, recurring | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 163,959 779,527
Fair value, recurring | Corporate debt securities    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 41,439 229,633
Fair value, recurring | Level 1    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 1,954,301 300,957
Marketable securities 364,234 142,991
Total assets at fair value 2,784,854 443,948
Liabilities, Fair Value Disclosure [Abstract]    
Total liabilities at fair value 0 0
Fair value, recurring | Level 1 | Foreign exchange derivative assets    
Liabilities, Fair Value Disclosure [Abstract]    
Derivative liability 0 0
Fair value, recurring | Level 1 | Derivative warrant liability    
Liabilities, Fair Value Disclosure [Abstract]    
Derivative liability   0
Fair value, recurring | Level 1 | Prepaids and other current assets | Foreign exchange derivative assets    
Assets, Fair Value Disclosure [Abstract]    
Other assets 0 0
Fair value, recurring | Level 1 | Certificates of deposit    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 364,234 142,991
Fair value, recurring | Level 1 | U.S. government and government agency debt securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 0 0
Funds receivable and amounts held on behalf of customers   0
Fair value, recurring | Level 1 | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 0 0
Fair value, recurring | Level 1 | Corporate debt securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 0 0
Fair value, recurring | Level 1 | Corporate debt securities | Other assets, noncurrent    
Assets, Fair Value Disclosure [Abstract]    
Other assets 0 0
Fair value, recurring | Level 1 | Mortgage-backed and asset-backed securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 0 0
Fair value, recurring | Level 1 | Mutual funds    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities   0
Fair value, recurring | Level 1 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 1,923,184 22,676
Funds receivable and amounts held on behalf of customers 466,319  
Fair value, recurring | Level 1 | Certificates of deposit    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 31,117 278,281
Fair value, recurring | Level 1 | U.S. government debt securities    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents   0
Fair value, recurring | Level 1 | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 0 0
Fair value, recurring | Level 1 | Corporate debt securities    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 0 0
Fair value, recurring | Level 2    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 205,398 2,402,126
Marketable securities 1,890,804 767,709
Total assets at fair value 2,122,120 3,648,532
Liabilities, Fair Value Disclosure [Abstract]    
Total liabilities at fair value 10,280 32,250
Fair value, recurring | Level 2 | Foreign exchange derivative assets    
Liabilities, Fair Value Disclosure [Abstract]    
Derivative liability 10,280 32,250
Fair value, recurring | Level 2 | Derivative warrant liability    
Liabilities, Fair Value Disclosure [Abstract]    
Derivative liability   0
Fair value, recurring | Level 2 | Prepaids and other current assets | Foreign exchange derivative assets    
Assets, Fair Value Disclosure [Abstract]    
Other assets 25,918 12,478
Fair value, recurring | Level 2 | Certificates of deposit    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 0 0
Fair value, recurring | Level 2 | U.S. government and government agency debt securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 863 65,867
Funds receivable and amounts held on behalf of customers   466,219
Fair value, recurring | Level 2 | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 993,004 241,623
Fair value, recurring | Level 2 | Corporate debt securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 862,901 267,618
Fair value, recurring | Level 2 | Corporate debt securities | Other assets, noncurrent    
Assets, Fair Value Disclosure [Abstract]    
Other assets 0 0
Fair value, recurring | Level 2 | Mortgage-backed and asset-backed securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 34,036 37,353
Fair value, recurring | Level 2 | Mutual funds    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities   155,248
Fair value, recurring | Level 2 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 0 0
Funds receivable and amounts held on behalf of customers 0  
Fair value, recurring | Level 2 | Certificates of deposit    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 0 0
Fair value, recurring | Level 2 | U.S. government debt securities    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents   1,392,966
Fair value, recurring | Level 2 | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 163,959 779,527
Fair value, recurring | Level 2 | Corporate debt securities    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 41,439 229,633
Fair value, recurring | Level 3    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 0 0
Marketable securities 0 0
Total assets at fair value 10,451 11,490
Liabilities, Fair Value Disclosure [Abstract]    
Total liabilities at fair value 0 985,181
Fair value, recurring | Level 3 | Foreign exchange derivative assets    
Liabilities, Fair Value Disclosure [Abstract]    
Derivative liability 0 0
Fair value, recurring | Level 3 | Derivative warrant liability    
Liabilities, Fair Value Disclosure [Abstract]    
Derivative liability   985,181
Fair value, recurring | Level 3 | Prepaids and other current assets | Foreign exchange derivative assets    
Assets, Fair Value Disclosure [Abstract]    
Other assets 0 0
Fair value, recurring | Level 3 | Certificates of deposit    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 0 0
Fair value, recurring | Level 3 | U.S. government and government agency debt securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 0 0
Funds receivable and amounts held on behalf of customers   0
Fair value, recurring | Level 3 | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 0 0
Fair value, recurring | Level 3 | Corporate debt securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 0 0
Fair value, recurring | Level 3 | Corporate debt securities | Other assets, noncurrent    
Assets, Fair Value Disclosure [Abstract]    
Other assets 10,451 11,490
Fair value, recurring | Level 3 | Mortgage-backed and asset-backed securities    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities 0 0
Fair value, recurring | Level 3 | Mutual funds    
Assets, Fair Value Disclosure [Abstract]    
Marketable securities   0
Fair value, recurring | Level 3 | Money market funds    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 0 0
Funds receivable and amounts held on behalf of customers 0  
Fair value, recurring | Level 3 | Certificates of deposit    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 0 0
Fair value, recurring | Level 3 | U.S. government debt securities    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents   0
Fair value, recurring | Level 3 | Commercial paper    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents 0 0
Fair value, recurring | Level 3 | Corporate debt securities    
Assets, Fair Value Disclosure [Abstract]    
Cash equivalents $ 0 $ 0
v3.22.0.1
Fair Value Measurement and Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis, Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative Warrant Liability      
Reclassifications to equity $ (1,277,168)   $ (14,117)
Other Assets, Noncurrent      
Other Assets, Noncurrent      
Balance, beginning of year 11,490 $ 13,029  
Additions 0 0  
Included in earnings 0 0  
Included in other comprehensive income (loss) (1,039) (1,539)  
Balance, end of year 10,451 11,490 13,029
Changes in unrealized gains or losses included in other comprehensive income (loss) related to investments held at the reporting date (1,039) (1,539)  
Derivative warrant liability      
Derivative Warrant Liability      
Balance, beginning of year 985,181 0  
Additions 0 116,641  
Reclassifications to equity (1,277,168) 0  
Included in earnings 291,987 868,540  
Included in other comprehensive income (loss) 0 0  
Balance, end of year 0 985,181 $ 0
Changes in unrealized gains or losses included in other comprehensive income (loss) related to investments held at the reporting date $ 0 $ 0  
v3.22.0.1
Fair Value Measurement and Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Change in fair value of warrant liability   $ 291,987 $ 868,539 $ (286)
Reclassification of derivative warrant liability to equity   1,277,168   $ 14,117
Potential effects of rights of set-off associated with derivative asset contracts   10,300 11,400  
Potential effects of rights of set-off associated with derivative liabilities contracts   10,300 11,400  
Derivative asset, fair value after offset   15,600 1,100  
Derivative liability, fair value after offset     20,900  
Foreign exchange derivative assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net realized gain (loss) on foreign exchange derivative assets and liabilities   19,300 (21,700)  
Net unrealized gain (loss) on foreign exchange derivative assets and liabilities   35,400 (24,600)  
Foreign exchange derivative assets | Not Designated as Hedging Instrument        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Foreign exchange derivative assets   25,900 12,500  
Derivative warrant liability   10,300 32,300  
Aggregate notional amount of foreign exchange derivative assets and liabilities   $ 2,400,000 $ 1,400,000  
Class A Common Stock Warrants | Second lien loan due July 2025 | Secured Debt        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Change in fair value of warrant liability $ 292,000      
Reclassification of derivative warrant liability to equity $ 1,300,000      
v3.22.0.1
Fair Value Measurement and Financial Instruments - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Derivative warrant liability - Fair value, recurring
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative warrant liability $ 985,181
Level 3  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative warrant liability $ 985,181
Level 3 | Stock volatility | Black-Scholes option-pricing model  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative liability, measurement input 0.444
Level 3 | Risk-free rate | Black-Scholes option-pricing model  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative liability, measurement input 0.009
Level 3 | Expected term | Black-Scholes option-pricing model  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Expected term 9 years 3 months 18 days
v3.22.0.1
Intangible Assets and Goodwill - Schedule of Acquired Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 112,560 $ 130,052
Accumulated Amortization (60,252) (54,166)
Net Carrying Value 52,308 75,886
Listing relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 42,501 42,501
Accumulated Amortization (15,467) (9,492)
Net Carrying Value 27,034 33,009
Customer contacts    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 4,346 4,346
Accumulated Amortization (3,570) (2,159)
Net Carrying Value 776 2,187
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 22,900 37,800
Accumulated Amortization (20,956) (28,417)
Net Carrying Value 1,944 9,383
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 33,163 35,753
Accumulated Amortization (17,980) (13,823)
Net Carrying Value 15,183 21,930
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 9,650 9,652
Accumulated Amortization (2,279) (275)
Net Carrying Value $ 7,371 $ 9,377
v3.22.0.1
Intangible Assets and Goodwill - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense of intangible assets $ 23.6 $ 36.2 $ 46.1
v3.22.0.1
Intangible Assets and Goodwill - Estimated Amortization Expense for Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2022 $ 16,320  
2023 12,065  
2024 6,988  
2025 5,313  
2026 3,679  
Thereafter 7,943  
Net Carrying Value $ 52,308 $ 75,886
v3.22.0.1
Intangible Assets and Goodwill - Changes in the carrying amount of goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 655,801 $ 652,088
Foreign currency translation adjustments (3,199) 3,713
Goodwill, ending balance $ 652,602 $ 655,801
v3.22.0.1
Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Less: Accumulated depreciation and amortization $ (379,194) $ (267,851)
Total property and equipment, net 156,585 270,194
Depreciable Property, Plant and Equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 505,605 527,224
Total property and equipment, net 126,411 259,373
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 56,513 55,972
Computer software and capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 175,129 163,702
Total property and equipment, net 21,000 76,600
Office furniture and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 43,169 47,596
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 213,950 243,110
Buildings and land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 16,844 16,844
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 30,174 $ 10,821
v3.22.0.1
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]      
Depreciation and amortization $ 85,600 $ 67,200 $ 57,200
Property and equipment, net 156,585 270,194  
Computer software and capitalized internal-use software      
Property, Plant and Equipment [Line Items]      
Amortization 66,300 22,500 $ 10,900
Property and equipment, net $ 21,000 $ 76,600  
v3.22.0.1
Leases - Narrative (Details)
Dec. 31, 2021
Lessee, Lease, Description [Line Items]  
Operating lease, renewal term 15 years
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, term of contract 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, term of contract 17 years
v3.22.0.1
Leases - Components of Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Operating lease cost $ 83,317 $ 91,248
Short-term lease cost 2,641 632
Variable lease cost 13,895 12,309
Sublease income (305) (143)
Lease cost, net(3) $ 99,548 $ 104,046
v3.22.0.1
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Cash paid for operating lease liabilities $ 92,286 $ 63,407
Lease liabilities arising from obtaining right-of-use assets $ 17,889 $ 103,452
v3.22.0.1
Leases - Summary of Lease Term and Discount Rate (Details)
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Weighted-average remaining lease term (years) 7 years 2 months 12 days 8 years 1 month 6 days
Weighted-average discount rate 6.80% 6.60%
v3.22.0.1
Leases - Maturities of lease liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2022 $ 89,717  
2023 69,923  
2024 57,402  
2025 89,898  
2026 82,153  
Thereafter 195,539  
Total lease payments 584,632  
Less: Imputed interest (148,670)  
Present value of lease liabilities 435,962  
Less: Current portion of lease liabilities (63,479) $ (56,586)
Total long-term lease liabilities $ 372,483 $ 430,905
v3.22.0.1
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Derivative [Line Items]    
Indirect tax reserves $ 182,796 $ 188,309
Indirect taxes payable 309,616 153,255
Travel credit liability 74,492 209,739
Compensation and related benefits 415,626 380,164
Current portion of long-term debt and accrued interest expense 0 26,755
Contingent consideration liability 34,344 23,096
Sales and marketing 59,418 25,437
Income and other tax liabilities 25,112 12,002
Gift card liability 98,129 56,489
Other 348,430 321,394
Total accrued expenses and other current liabilities 1,558,243 2,414,071
Derivative warrant liability    
Derivative [Line Items]    
Derivative liability 0 985,181
Foreign exchange derivative liabilities    
Derivative [Line Items]    
Derivative liability $ 10,280 $ 32,250
v3.22.0.1
Debt - Summary of Outstanding Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Total debt $ 2,000,000 $ 1,995,000
Less: Unamortized debt discount and debt issuance costs (17,463) (169,438)
Less: Current portion of long-term debt 0 (10,000)
Total long-term debt, net of current portion 1,982,537 1,815,562
Convertible senior notes due March 2026 | Senior Notes    
Debt Instrument [Line Items]    
Total debt $ 2,000,000 $ 0
Effective Interest Rate 0.20% 0.00%
First lien loan due April 2025 | Secured Debt    
Debt Instrument [Line Items]    
Total debt $ 0 $ 995,000
Effective Interest Rate 0.00% 9.50%
Second lien loan due July 2025 | Secured Debt    
Debt Instrument [Line Items]    
Total debt $ 0 $ 1,000,000
Effective Interest Rate 0.00% 15.10%
v3.22.0.1
Debt - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 08, 2021
USD ($)
$ / shares
Mar. 03, 2021
USD ($)
$ / shares
Nov. 19, 2020
USD ($)
Mar. 31, 2021
USD ($)
Apr. 30, 2020
USD ($)
$ / shares
shares
Apr. 30, 2016
USD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]                    
Capped calls, transaction costs   $ 100,200                
Principal repayment of long-term debt               $ 1,995,000 $ 5,000 $ 0
Loss from extinguishment of debt               377,248 0 0
Early redemption premiums               212,883 0 0
Change in fair value of warrant liability               291,987 868,539 (286)
Reclassification of derivative warrant liability to equity               1,277,168   $ 14,117
Common Class A                    
Debt Instrument [Line Items]                    
Capped call, initial cap price (in USD per share) | $ / shares   $ 360.80                
Premium of reported share price   100.00%                
Share price (in USD per share) | $ / shares   $ 180.40                
2016 Credit Facility | Letter of Credit                    
Debt Instrument [Line Items]                    
Borrowings outstanding               14,200 32,900  
Collateral amount               14,800 33,800  
2020 Credit Facility | Revolving Credit Facility                    
Debt Instrument [Line Items]                    
Debt instrument, term     5 years              
Initial borrowing capacity     $ 500,000              
Commitment fee percentage     0.15%              
2020 Credit Facility | Revolving Credit Facility | Interest Rate Scenario Two                    
Debt Instrument [Line Items]                    
Variable rate floor     1.00%              
2020 Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Interest Rate Scenario One                    
Debt Instrument [Line Items]                    
Basis spread on variable rate     1.50%              
Variable rate floor     0.00%              
2020 Credit Facility | Revolving Credit Facility | Base Rate | Interest Rate Scenario Two                    
Debt Instrument [Line Items]                    
Basis spread on variable rate     0.50%              
2020 Credit Facility | Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate | Interest Rate Scenario Two                    
Debt Instrument [Line Items]                    
Basis spread on variable rate     0.50%              
2020 Credit Facility | Revolving Credit Facility | Prime Rate | Interest Rate Scenario Two                    
Debt Instrument [Line Items]                    
Basis spread on variable rate     1.00%              
Senior Notes Due 2026 | Common Class A                    
Debt Instrument [Line Items]                    
Convertible debt, conversion ratio 0.0034645                  
Convertible debt, conversion price (in USD per share) | $ / shares $ 288.64                  
Secured Debt                    
Debt Instrument [Line Items]                    
Interest expense               41,300 157,100  
Principal repayment of long-term debt       $ 1,995,000            
Loss from extinguishment of debt       377,200            
Write-off of unamortized debt discount and deferred debt issuance costs       164,300            
Secured Debt | Redemption Premiums                    
Debt Instrument [Line Items]                    
Early redemption premiums       212,900            
Secured Debt | Third Party Costs                    
Debt Instrument [Line Items]                    
Early redemption premiums       $ 100            
Secured Debt | First lien loan due April 2025                    
Debt Instrument [Line Items]                    
Aggregate principle amount         $ 1,000,000          
Proceeds from debt issuance, net         961,400          
Debt issuance costs         $ 38,600          
Periodic payment, percentage of principal amount         0.25%          
Debt, fair value                 1,100,000  
Secured Debt | Second lien loan due July 2025                    
Debt Instrument [Line Items]                    
Aggregate principle amount         $ 1,000,000          
Proceeds from debt issuance, net         967,500          
Debt issuance costs         $ 32,500          
Debt, fair value                 1,200,000  
Secured Debt | Second lien loan due July 2025 | Class A Common Stock Warrants                    
Debt Instrument [Line Items]                    
Shares called by warrants (in shares) | shares         7,934,794          
Exercise price of warrants (in USD per share) | $ / shares         $ 28.355          
Warrants, fair value         $ 116,600       985,200  
Change in fair value of warrant liability             $ 292,000      
Reclassification of derivative warrant liability to equity             $ 1,300,000      
Unsecured Debt | 2016 Credit Facility | Revolving Credit Facility                    
Debt Instrument [Line Items]                    
Debt instrument, term           5 years        
Initial borrowing capacity           $ 1,000,000        
Line of Credit Facility, Increase In Maximum Borrowing Capacity           $ 250,000        
Commitment fee percentage           0.125%        
Line of Credit | 2016 Credit Facility | Letter of Credit                    
Debt Instrument [Line Items]                    
Maximum borrowing capacity           $ 100,000        
Line of Credit | 2020 Credit Facility | Letter of Credit                    
Debt Instrument [Line Items]                    
Maximum borrowing capacity     $ 200,000              
Borrowings outstanding               15,900 $ 21,400  
Convertible Debt | Senior Notes Due 2026                    
Debt Instrument [Line Items]                    
Aggregate principle amount $ 2,000,000                  
Proceeds from debt issuance, net $ 1,979,200                  
Redemption price (percent) 100.00%                  
Debt issuance costs $ 20,800                  
Interest expense               3,400    
Debt, fair value               $ 1,964,000    
Interest rate 0.00%                  
v3.22.0.1
Debt - Future Principle Payments (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2022 $ 0
2023 0
2024 0
2025 0
2026 2,000,000
Total $ 2,000,000
v3.22.0.1
Stockholders’ Equity (Deficit) - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 14, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
shares
May 15, 2017
USD ($)
shares
Dec. 31, 2020
$ / shares
shares
Jun. 30, 2019
shares
Mar. 31, 2021
USD ($)
Dec. 31, 2021
USD ($)
vote
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
$ / shares
shares
Dec. 31, 2018
USD ($)
shares
Apr. 30, 2020
$ / shares
shares
Dec. 31, 2015
shares
Class of Stock [Line Items]                        
Common stock authorized (in shares) 4,736,000,000                      
Common stock, par value (in USD per share) | $ / shares       $ 0.0001     $ 0.0001 $ 0.0001        
Reclassification of derivative warrant liability to equity | $             $ 1,277,168   $ 14,117      
Options exercisable (in shares)       36,682,000     20,909,000 36,682,000        
Options excisable (in USD per share) | $ / shares       $ 8.63     $ 13.28 $ 8.63        
Weighted-average fair value of options granted (in USD per share) | $ / shares             $ 96.50 $ 15.42 $ 33.46      
Aggregate intrinsic value of options exercised | $             $ 2,824,900 $ 476,000 $ 50,400      
Grant date fair value of options vested | $             45,900 44,400 44,600      
Unrecognized compensation cost related to stock option awards granted | $             $ 85,700          
Weighted-average period expected to recognize compensation expense             2 years 8 months 1 day          
Stock-based compensation expense | $             $ 898,830 3,001,948 97,547      
Stock-based compensation arrangement, tax benefit | $             35,600 39,900 9,800      
Proceeds from the issuance of common stock under employee stock purchase plan | $             $ 50,621 $ 0 $ 0      
Restricted stock awards                        
Class of Stock [Line Items]                        
Issued (in shares)             0 0        
Vesting term             4 years          
Performance Shares                        
Class of Stock [Line Items]                        
Stock-based compensation expense | $ $ 2,800,000                      
2018 Plan                        
Class of Stock [Line Items]                        
Additional shares authorized (in shares)                   13,200,000    
Assumed Equity Incentive Plan | Restricted stock awards                        
Class of Stock [Line Items]                        
Issued (in shares)             3,512 12,550        
2020 Employee Stock Purchase Plan | Employee stock purchase plan                        
Class of Stock [Line Items]                        
Maximum shares issuable (in shares)       89,785,394                
Stock-based compensation expense | $             $ 105,900          
Proceeds from the issuance of common stock under employee stock purchase plan | $             $ 50,600          
Shares available for future issuance (in shares)             3,000,000          
Class A Common Stock Warrants | Second lien loan due July 2025 | Secured Debt                        
Class of Stock [Line Items]                        
Shares called by warrants (in shares)                     7,934,794  
Exercise price of warrants (in USD per share) | $ / shares                     $ 28.355  
Reclassification of derivative warrant liability to equity | $           $ 1,300,000            
Class B Common Stock Warrants                        
Class of Stock [Line Items]                        
Shares called by warrants (in shares)   237,756             237,756     429,672
Reclassification of derivative warrant liability to equity | $   $ 14,100                    
Class B Common Stock Warrants | Prior Loan Agreement                        
Class of Stock [Line Items]                        
Shares called by warrants (in shares)         150,000              
Common Class A                        
Class of Stock [Line Items]                        
Common stock authorized (in shares) 2,000,000,000     2,000,000,000     2,000,000,000 2,000,000,000        
Common stock, par value (in USD per share) | $ / shares             $ 0.0001          
Votes per common share | vote             1          
Common Class A | Assumed Equity Incentive Plan                        
Class of Stock [Line Items]                        
Options exercisable (in shares)       150,816     98,093 150,816        
Options excisable (in USD per share) | $ / shares       $ 22.61     $ 22.67 $ 22.61        
Common Class A | 2020 Plan                        
Class of Stock [Line Items]                        
Shares authorized (in shares)       62,069,613       62,069,613        
Annual increase in number of shares authorized (percent)               5.00%        
Maximum shares issuable (in shares)               371,212,920        
Common Class A | 2020 Employee Stock Purchase Plan | Employee stock purchase plan                        
Class of Stock [Line Items]                        
Shares authorized (in shares)       4,000,000       4,000,000        
Annual increase in number of shares authorized (percent)       1.00%                
ESPP shares purchased during period (in shares)             900,000          
Average price of ESPP shares purchased (in USD per share) | $ / shares             $ 59.11          
Common Class A | Convertible Note With Stockholder Of Acquisition                        
Class of Stock [Line Items]                        
Stock-based compensation expense | $     $ 64,900           $ 34,500 $ 19,600    
Vesting term     4 years                  
Common Class A | Convertible Note With Stockholder Of Acquisition | Unsecured Debt                        
Class of Stock [Line Items]                        
Conversion of convertible securities (in shares)     1,236,788                  
Common Class B                        
Class of Stock [Line Items]                        
Common stock authorized (in shares) 710,000,000     710,000,000     710,000,000 710,000,000        
Common stock, par value (in USD per share) | $ / shares             $ 0.0001          
Votes per common share | vote             20          
Terms of conversion, percentage of common stockholders consenting to conversion, minimum             80.00%          
Terms of conversion, period after IPO             20 years          
Conversion of convertible securities (in shares) 240,910,588       144,986              
Common Class B | 2018 Plan                        
Class of Stock [Line Items]                        
Shares authorized (in shares)                   50,000,000    
Common Class C                        
Class of Stock [Line Items]                        
Common stock authorized (in shares) 2,000,000,000     2,000,000,000     2,000,000,000 2,000,000,000        
Votes per common share | vote             0          
Common Class H                        
Class of Stock [Line Items]                        
Common stock authorized (in shares) 26,000,000     26,000,000     26,000,000 26,000,000        
Votes per common share | vote             0          
v3.22.0.1
Stockholders’ Equity (Deficit) - Schedule of Valuation Assumptions (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected dividend yield 0.00% 0.00% 0.00%
Expected term (years) 8 years    
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Volatility 44.20% 39.10% 41.80%
Expected term (years)   5 years 1 month 6 days 5 years
Risk-free interest rate 1.10% 0.50% 1.50%
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Volatility 44.90% 43.60% 44.30%
Expected term (years)   8 years 8 years
Risk-free interest rate 1.50% 1.50% 2.50%
v3.22.0.1
Stockholders’ Equity (Deficit) - Summary of Option and RSU Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Shares Available for Grant    
Balances at beginning of period (in shares) 86,420,000 25,344,000
Granted (in shares) (9,591,000) (45,368,000)
Increase in shares available for grant (in shares)   66,942,000
Shares withheld for taxes (in shares) 464,000 24,296,000
Exercised/Vested (in shares) 0 0
Canceled (in shares) 4,072,000 15,206,000
Balances at end of period (in shares) 81,365,000 86,420,000
Number of Shares    
Balances at beginning of period (in shares) 41,421,000 46,512,000
Granted (in shares) 715,000 4,638,000
Increase in shares available for grant (in shares)   0
Shares withheld for taxes (shares) 0 0
Exercised/Vested (in shares) (17,707,000) (7,496,000)
Canceled (in shares) (307,000) (2,233,000)
Balances at end of period (in shares) 24,122,000 41,421,000
Weighted- Average Exercise Price    
Balances at beginning of period (in USD per share) $ 12.48 $ 10.08
Granted (in USD per share) 191.08 39.38
Increase in shares available for grant (in USD per share)   0
Shares withheld for taxes (in USD per share) 0 0
Exercised/Vested (in USD per share) 7.77 2.01
Canceled (in USD per share) 56.69 53.32
Balances at end of period (in USD per share) $ 19.69 $ 12.48
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Options outstanding (in shares) 24,122,000 41,421,000
Options exercisable (in shares) 20,909,000 36,682,000
Options outstanding (in USD per share) $ 19.69 $ 12.48
Options excisable (in USD per share) $ 13.28 $ 8.63
Options outstanding, weighted-average remaining contractual life (in years) 3 years 7 months 28 days 3 years 10 months 28 days
Options exercisable, weighted-average remaining contractual life (in years) 2 years 10 months 24 days 3 years 2 months 15 days
Options outstanding, aggregate intrinsic value $ 3,555,384 $ 5,563,735
Options exercisable, aggregate intrinsic value $ 3,206,548 $ 5,068,315
2020 Plan | Common Class A    
Shares Available for Grant    
Increase in shares available for grant (in shares)   62,069,613
Assumed Equity Incentive Plan    
Number of Shares    
Canceled (in shares) (2,158) (55,158)
Assumed Equity Incentive Plan | Common Class A    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Options exercisable (in shares) 98,093 150,816
Options excisable (in USD per share) $ 22.67 $ 22.61
Restricted stock units    
Number of Shares    
Balances at beginning of period (in shares) 47,754,000 76,136,000
Granted (in shares) 8,876,000 40,730,000
Shares withheld for taxes (in shares) (464,000) 0
Vested (in shares) (15,612,000) (56,070,000)
Canceled (in shares) (3,765,000) (13,042,000)
Balances at end of period (in shares) 36,789,000 47,754,000
Weighted-Average Grant-Date  Fair Value Per Share    
Balances at beginning of period (in USD per share) $ 40.01 $ 45.69
Granted (in USD per share) 181.15 30.13
Increase in shares available for grant (in USD per share)   $ 0
Increase in shares available for grant (in shares)   0
Shares withheld for taxes (in USD per share) 66.99 $ 0
Vested (in USD per share) 57.05 37.79
Canceled (in USD per share) 64.32 51.86
Balances at end of period (in USD per share) $ 61.22 $ 40.01
Restricted stock units | Assumed Equity Incentive Plan    
Number of Shares    
Canceled (in shares) (530) (14,178)
v3.22.0.1
Stockholders’ Equity (Deficit) - Summary of Restricted Stock Activity (Details) - Restricted stock awards - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Number of Shares    
Balances at beginning of period (in shares) 718 996
Issued (in shares) 0 0
Vested (in shares) (86) (278)
Balances at end of period (in shares) 632 718
Weighted-Average Grant-Date  Fair Value Per Share    
Balances at beginning of period (in USD per share) $ 62.33 $ 62.26
Issued (in USD per share) 0 0
Vested (in USD per share) 62.41 62.12
Balances at end of period (in USD per share) $ 62.32 $ 62.33
v3.22.0.1
Stockholders’ Equity (Deficit) - Summary of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 898,830 $ 3,001,948 $ 97,547
Operations and support      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 48,473 143,997 817
Product development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 545,113 1,878,793 56,632
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 99,969 435,272 23,919
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 205,292 544,086 16,179
Restructuring charges      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ (17) $ (200) $ 0
v3.22.0.1
Commitment and Contingencies - Schedule of commitments including purchase obligations and other commitments (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase Obligation, Total $ 1,173,429
Purchase obligation, to be paid, year one 145,336
Purchase obligation, to be paid, year two and three 310,671
Purchase obligation, to be paid, year four and five 608,171
Purchase obligation, to be paid, after year five 109,251
Other Commitment, Total 268,000
Other commitment, to be paid, year one 36,000
Other commitment, to be paid, year two and three 74,000
Other commitment, to be paid, year four and five 78,000
Other commitment, to be paid, after year five 80,000
Purchase obligations and other commitments 1,441,429
Purchase obligations and other commitments, year one 181,336
Purchase obligations and other commitments, year two 384,671
Purchase obligations and other commitments, year four and five 686,171
Purchase obligations and other commitments, after year five $ 189,251
v3.22.0.1
Commitment and Contingencies - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
jurisdiction
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Other Commitments [Line Items]        
Commitments, extenuating circumstances policy $ 250,000      
Amount receivable, eligible hosts, extenuating circumstances policy (in percentage) 0.25      
Extenuating circumstances policy, consideration paid to customers   $ 5,600 $ 205,100  
Number of jurisdictions where Company has lodging tax obligations (more than) | jurisdiction   30,400    
Obligation to remit lodging taxes   $ 180,800 84,000  
Accrued obligations on lodging taxes   57,300 52,900  
Liabilities accrued reduction on lodging taxes in Florida and County $ 87,000      
Income tax expense (benefit)   51,827 (97,222) $ 262,636
Host Guarantee Program, maximum   1,000    
Primary coverage, host protection insurance program   1,000    
Host protection insurance program, maximum per listing location   1,000    
Hosts' withholding tax obligations        
Other Commitments [Line Items]        
Income tax expense (benefit)   (10,100) 16,300 $ (4,000)
Tax liabilities   124,200 134,400  
Employee benefits and employment taxes        
Other Commitments [Line Items]        
Tax liabilities   $ 33,600 $ 65,900  
Minimum        
Other Commitments [Line Items]        
Remitting period for lodging taxes   30 days    
Minimum | Unfavorable Regulatory Action        
Other Commitments [Line Items]        
Loss contingency, range of possible loss, in excess of amounts accrued   $ 120,000    
Maximum        
Other Commitments [Line Items]        
Remitting period for lodging taxes   90 days    
Maximum | Unfavorable Regulatory Action        
Other Commitments [Line Items]        
Loss contingency, range of possible loss, in excess of amounts accrued   $ 140,000    
v3.22.0.1
Income Taxes - Domestic and Foreign Components of Income (Loss) before Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Domestic $ (390,652) $ (4,509,519) $ (153,154)
Foreign 90,445 (172,419) (258,549)
Loss before income taxes $ (300,207) $ (4,681,938) $ (411,703)
v3.22.0.1
Income Taxes - Components of the Provision for (Benefit from) Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current      
Federal $ 4,704 $ (91,094) $ 223,673
State 2,238 (976) 5,930
Foreign 33,950 14,449 38,660
Total current provision for (benefit from) income taxes 40,892 (77,621) 268,263
Deferred      
Federal 98 47 (1,563)
State 0 55 (248)
Foreign 10,837 (19,703) (3,816)
Total deferred benefit for income taxes 10,935 (19,601) (5,627)
Total provision for (benefit from) income taxes $ 51,827 $ (97,222) $ 262,636
v3.22.0.1
Income Taxes - Effective Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Expected income tax expense at federal statutory rate 21.00% 21.00% 21.00%
State taxes, net of federal benefits (0.70%) 0.00% (0.20%)
Foreign tax rate differential (5.10%) (0.50%) (19.50%)
Stock-based compensation 282.40% 7.10% (0.90%)
Acquisition related expenses 0.00% 0.00% (0.30%)
Deferred tax impacts of restructuring (9.70%) 6.50% 0.00%
Other statutorily non-deductible expenses (1.10%) (0.30%) (2.60%)
Non-deductible warrant revaluations (20.40%) (3.90%) 0.00%
Research and development credits 51.00% 4.30% (0.90%)
Uncertain tax positions—prior year positions (3.10%) (0.10%) (53.00%)
Uncertain tax positions—current year positions (1.00%) (0.20%) (4.20%)
Other 1.30% 0.30% 0.20%
Change in valuation allowance (331.90%) (32.10%) (3.40%)
Effective tax rate (17.30%) 2.10% (63.80%)
v3.22.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2021
Operating Loss Carryforwards [Line Items]        
benefit related to carryback of net operating loss   $ 95,600    
Deferred tax assets $ 2,187,826 2,187,826   $ 3,334,854
Federal net operating loss carryforwards 5,100,000 5,100,000   8,800,000
Federal research and development tax credit carryforwards 287,000 287,000   491,200
State net operating loss carryforwards 2,500,000 2,500,000   5,500,000
State research and development and enterprise zone tax credit carryfowards 200,800 200,800   338,100
Unrecognized tax benefits that would impact effective tax rate       195,200
Unrecognized tax benefits, income tax penalties and interest accrued 52,200 $ 52,200   $ 58,700
Tax adjustments, settlements, and unusual provisions     $ 196,400  
Income tax expense, uncertain tax positions     26,600  
Internal Revenue Service (IRS)        
Operating Loss Carryforwards [Line Items]        
Income tax examination, estimate of possible loss 1,300,000      
Amount of possible loss which exceeds reserves $ 1,000,000      
Domestic Tax Authority        
Operating Loss Carryforwards [Line Items]        
Deferred tax assets     $ 140,700  
v3.22.0.1
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:    
Net operating loss carryforwards $ 1,987,606 $ 1,078,070
Tax credit carryforwards 568,468 333,991
Accruals and reserves 105,530 70,130
Non-income tax accruals 64,757 71,706
Stock-based compensation 156,726 211,216
Operating lease liabilities 86,690 94,840
Intangible assets 210,057 274,396
Other 155,020 53,477
Gross deferred tax assets 3,334,854 2,187,826
Valuation allowance (3,263,823) (2,053,069)
Total deferred tax assets 71,031 134,757
Deferred tax liabilities:    
Property and equipment basis differences (7,834) (33,503)
Operating lease assets (48,628) (72,659)
Other 0 (3,091)
Total deferred tax liabilities (56,462) (109,253)
Total net deferred tax assets $ 14,569 $ 25,504
v3.22.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of period $ 507,865 $ 336,726 $ 69,837
Gross increases related to prior year tax positions 13,568 2,223 237,972
Gross decreases related to prior year tax positions (1,772) (5,970) (5,029)
Gross increases related to current year tax positions 84,990 196,492 36,502
Reductions due to settlements with taxing authorities (1,313) (21,240) (2,296)
Reduction due to lapse in statute of limitations (6,776) (366) (260)
Balance at end of period $ 596,562 $ 507,865 $ 336,726
v3.22.0.1
Net Loss per Share - Computation of Basic and Diluted Earnings per Share and Common Stock (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Earnings Per Share [Abstract]      
Net loss attributable to Class A and Class B common stockholders $ (352,034) $ (4,584,716) $ (674,339)
Weighted-average shares in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares) 615,891 284,363 260,556
Weighted-average shares in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) 615,891 284,363 260,556
v3.22.0.1
Net Loss per Share - Narrative (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
vote
shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
shares
Class of Stock [Line Items]      
Preferred stock dividends declared | $ $ 0 $ 0 $ 0
Preferred stock dividends accumulated | $ $ 0 $ 0 $ 0
Antidilutive securities 69,750 86,511 294,352
2026 Notes      
Class of Stock [Line Items]      
Antidilutive securities 11,086 0 0
Restricted stock awards      
Class of Stock [Line Items]      
Shares subject to performance conditions (in dollars) 500 500 600
Common Class A      
Class of Stock [Line Items]      
Votes per common share | vote 1    
Common Class A | Restricted stock units      
Class of Stock [Line Items]      
Shares subject to performance conditions (in shares) 9,600 12,000  
Common Class B      
Class of Stock [Line Items]      
Votes per common share | vote 20    
Common Class B | Restricted stock units      
Class of Stock [Line Items]      
Shares subject to performance conditions (in dollars)     70,200
v3.22.0.1
Net Loss per Share - Schedule of securities with antidilutive effect (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 69,750 86,511 294,352
Restricted stock awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Shares subject to performance conditions (in dollars) 500 500 600
2026 Notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 11,086 0 0
Warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 7,935 7,935 0
Escrow shares      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 74 644 644
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 24,122 41,421 46,512
Restricted stock awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 127 212 354
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 26,041 35,738 5,931
Employee stock purchase plan      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 365 561 0
Redeemable convertible preferred stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities 0 0 240,911
v3.22.0.1
Employee Benefit Plan - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Retirement Benefits [Abstract]      
Defined contribution plan, employer matching contribution $ 19.1 $ 22.4 $ 20.6
v3.22.0.1
Geographic Information - Schedule of revenue by geography (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Revenue $ 5,991,760 $ 3,378,199 $ 4,805,239
United States      
Disaggregation of Revenue [Line Items]      
Revenue 2,996,355 1,648,595 1,770,550
International      
Disaggregation of Revenue [Line Items]      
Revenue $ 2,995,405 $ 1,729,604 $ 3,034,689
v3.22.0.1
Geographic Information - Schedule of long-lived assets by geography (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 428,621 $ 654,262
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 330,373 535,321
Ireland    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 56,705 73,884
Other international    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 41,543 $ 45,057
v3.22.0.1
Restructuring - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended 20 Months Ended
May 31, 2020
employee
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2021
USD ($)
Restructuring Cost and Reserve [Line Items]          
Restructuring, reduction in full-time employees (in number of employees) | employee 1,800        
Restructuring charges   $ 112,849 $ 151,355 $ 0 $ 264,200
Operating lease impairments   75,300 35,800    
Impairment of leasehold   37,200      
Restructuring liabilities   $ 0     $ 0
Contract termination          
Restructuring Cost and Reserve [Line Items]          
Reduction in full-time employees (in percentage) 25.00%        
Restructuring charges     11,800    
Employee Severance          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges     $ 103,800    
v3.22.0.1
Acquisitions - Narrative (Details)
$ in Thousands, shares in Millions
 12 Months Ended
Apr. 15, 2019
USD ($)
shares
Dec. 31, 2021
USD ($)
acquistion
Dec. 31, 2020
USD ($)
acquistion
Dec. 31, 2019
USD ($)
acquistion
Business Acquisition [Line Items]        
Unrecognized compensation cost related to stock option awards granted   $ 85,700    
Goodwill   652,602 $ 655,801 $ 652,088
Stock-based compensation expense   $ 898,830 $ 3,001,948 97,547
HotelTonight        
Business Acquisition [Line Items]        
Total purchase consideration $ 441,357      
Acquisition, shares issued (in shares) | shares 3.2      
Reimbursement of acquisition-related transaction costs $ 11,300      
Acquisition-related costs 3,900      
Unrecognized compensation cost related to stock option awards granted 12,300      
Payments to acquire businesses 237,387      
Goodwill 329,899      
Net liabilities assumed $ 32,502      
Other Acquisitions        
Business Acquisition [Line Items]        
Total purchase consideration       $ 63,300
Number of business combinations | acquistion   0 0 2
Payments to acquire businesses       $ 11,400
Stock issued as consideration in business combination, amount       36,700
Business combination, contingent consideration       15,300
Goodwill       33,800
Intangible assets       31,700
Net liabilities assumed       2,200
Contingent consideration, increase (decrease) in fair value     $ 30,900 0
Stock-based compensation expense     $ 22,400 $ 0
Intangible assets acquired, weighted-average useful life       5 years 4 months 24 days
Goodwill deductible for income tax purposes       $ 15,000
v3.22.0.1
Acquisitions - Purchase Consideration (Details) - HotelTonight
$ in Thousands
Apr. 15, 2019
USD ($)
Business Acquisition [Line Items]  
Cash paid to HotelTonight stockholders and equity award holders $ 237,387
Total purchase consideration 441,357
Common stock  
Business Acquisition [Line Items]  
Common stock and replacement stock options 201,079
Replacement stock options  
Business Acquisition [Line Items]  
Common stock and replacement stock options $ 2,891
v3.22.0.1
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Apr. 15, 2019
Business Acquisition [Line Items]        
Goodwill $ 652,602 $ 655,801 $ 652,088  
HotelTonight        
Business Acquisition [Line Items]        
Cash, cash equivalents, and restricted cash       $ 55,960
Intangible assets       88,000
Goodwill       329,899
Net liabilities assumed       (32,502)
Total purchase consideration       $ 441,357
v3.22.0.1
Acquisitions - Identified Intangible Assets Recognized (Details) - HotelTonight
$ in Thousands
Apr. 15, 2019
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Identified intangible assets $ 88,000
Developed technology  
Acquired Finite-Lived Intangible Assets [Line Items]  
Estimated Useful Life 3 years
Identified intangible assets $ 20,000
Listing relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Estimated Useful Life 10 years
Identified intangible assets $ 35,100
Trade names  
Acquired Finite-Lived Intangible Assets [Line Items]  
Estimated Useful Life 5 years
Identified intangible assets $ 32,900
v3.22.0.1
Related Party Disclosures (Details) - Payment processing fees - Payment processing vendor - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Related Party Transaction [Line Items]    
Expense transactions with related party $ 210.9 $ 130.8
Due from related parties $ 8.3  
v3.22.0.1
Schedule II—Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Customer Receivable Reserve      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 90,547 $ 51,311 $ 25,966
Charged to Expenses 27,285 107,685 77,053
Charges Utilized/ Write-Offs (86,962) (68,449) (51,708)
Balance at End of Period 30,870 90,547 51,311
Insurance Liability      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 51,020 72,773 43,912
Charged to Expenses 85,313 98,735 130,559
Charges Utilized/ Write-Offs (90,408) (99,004) (94,558)
Changes in Estimates for Prior Periods 1,308 (21,484) (7,140)
Balance at End of Period 47,233 51,020 72,773
Valuation Allowance on Deferred Tax Assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 2,053,069 1,024,005 190,583
Charged to Expenses 1,210,754 1,029,064 824,628
Charged to Other Accounts 0 0 8,794
Balance at End of Period $ 3,263,823 $ 2,053,069 $ 1,024,005