AIRBNB, INC., 10-K filed on 2/16/2024
Annual Report
v3.24.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 02, 2024
Jun. 30, 2023
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, 2023    
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    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 52.8
Documents Incorporated by Reference
The information required by Part III of this Annual Report on Form 10-K, 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 2024, 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 Annual Report on Form 10-K relates.
    
Entity Central Index Key 0001559720    
Document Fiscal Year End Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   438,087,239  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   199,777,430  
Common Class C      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   0  
Common Class H      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   9,200,000  
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location San Francisco, California
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 6,874 $ 7,378
Short-term investments (including assets reported at fair value of $2,224 and $2,507, respectively) 3,197 2,244
Funds receivable and amounts held on behalf of customers 5,869 4,783
Prepaids and other current assets (including customer receivables of $200 and $249 and allowances of $39 and $44, respectively) 569 456
Total current assets 16,509 14,861
Deferred Income Tax Assets, Net 2,881 16
Intangible Assets, Net (Including Goodwill) 792 684
Other Assets, Noncurrent 463 477
Assets, Total 20,645 16,038
Current liabilities:    
Accrued expenses, accounts payable, and other current liabilities 2,654 2,013
Funds payable and amounts payable to customers 5,869 4,783
Unearned fees 1,427 1,182
Total current liabilities 9,950 7,978
Long-term debt 1,991 1,987
Operating lease liabilities, noncurrent 252 295
Other liabilities, noncurrent 287 218
Total liabilities 12,480 10,478
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Common stock 0 0
Additional paid-in capital 11,639 11,557
Accumulated other comprehensive loss (49) (32)
Accumulated deficit (3,425) (5,965)
Total stockholders’ equity 8,165 5,560
Total liabilities and stockholders’ equity $ 20,645 $ 16,038
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2023
Dec. 31, 2022
Marketable securities $ 2,507 $ 2,224
Customer receivables 249 200
Customer receivables, allowance $ 44 $ 39
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common Class A    
Common stock, par value (in USD per share) $ 0.0001  
Common stock authorized (in shares) 2,000.0 2,000.0
Common stock issued (in shares) 438.0 408.0
Common stock outstanding (in shares) 438.0 408.0
Common Class B    
Common stock, par value (in USD per share) $ 0.0001  
Common stock authorized (in shares) 710.0 710.0
Common stock issued (in shares) 200.0 223.0
Common stock outstanding (in shares) 200.0 223.0
Common Class C    
Common stock authorized (in shares) 2,000.0 2,000.0
Common stock issued (in shares) 0.0 0.0
Common stock outstanding (in shares) 0.0 0.0
Common Class H    
Common stock authorized (in shares) 26.0 26.0
Common stock issued (in shares) 9.0 9.0
Common stock outstanding (in shares) 0.0 0.0
v3.24.0.1
Consolidated Statements of Operations - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues [Abstract]      
Revenue $ 9,917,000,000 $ 8,399,000,000 $ 5,992,000,000
Costs and expenses:      
Cost of revenue 1,703,000,000 1,499,000,000 1,156,000,000
Operations and support 1,186,000,000 1,041,000,000 847,000,000
Product development 1,722,000,000 1,502,000,000 1,425,000,000
Sales and marketing 1,763,000,000 1,516,000,000 1,186,000,000
General and administrative 2,025,000,000 950,000,000 836,000,000
Restructuring charges 0 89,000,000 113,000,000
Total costs and expenses 8,399,000,000 6,597,000,000 5,563,000,000
Income from operations 1,518,000,000 1,802,000,000 429,000,000
Interest income 721,000,000 186,000,000 13,000,000
Interest expense (83,000,000) (24,000,000) (438,000,000)
Other income (expense), net (54,000,000) 25,000,000 (304,000,000)
Income (loss) before income taxes 2,102,000,000 1,989,000,000 (300,000,000)
Provision for (benefit from) income taxes (2,690,000,000) 96,000,000 52,000,000
Net income (loss) $ 4,792,000,000 $ 1,893,000,000 $ (352,000,000)
Net income (loss) per share attributable to Class A and Class B common stockholders:      
Basic (in USD per share) $ 7.52 $ 2.97 $ (0.57)
Diluted (in USD per share) $ 7.24 $ 2.79 $ (0.57)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:      
Basic (in shares) 637 637 616
Diluted (in Shares) 662 680 616
v3.24.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 4,792 $ 1,893 $ (352)
Other comprehensive loss:      
Net unrealized gain (loss) on available-for-sale marketable securities, net of tax 6 (15) (4)
Net unrealized loss on cash flow hedges, net of tax (31) 0 0
Foreign currency translation adjustments 8 (10) (6)
Other comprehensive loss (17) (25) (10)
Comprehensive income (loss) $ 4,775 $ 1,868 $ (362)
v3.24.0.1
Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020   599      
Beginning balance at Dec. 31, 2020 $ 2,901 $ 0 [1] $ 8,904 $ 3 $ (6,006)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (352)       (352)
Other comprehensive loss (10)     (10)  
Exercise of common stock options, net of shares withheld for taxes (in shares)   18      
Exercise of common stock options, net of shares withheld for taxes 138   138    
Issuance of common stock upon settlement of RSUs, net of shares withheld for taxes (in shares)   16      
Issuance of common stock upon settlement of RSUs, net of shares withheld for taxes (44)   (44)    
Reclassification of derivative warrant liability to equity 1,277   1,277    
Purchase of capped calls (100)   (100)    
Issuance of common stock under employee stock purchase plan, net of shares withheld (in shares)   1      
Issuance of common stock under employee stock purchase plan, net of shares withheld for taxes 51   51    
Stock-based compensation 914   914    
Ending balance (in shares) at Dec. 31, 2021   634      
Ending balance at Dec. 31, 2021 4,775 $ 0 [1] 11,140 (7) (6,358)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 1,893       1,893
Other comprehensive loss $ (25)     (25)  
Exercise of common stock options, net of shares withheld for taxes (in shares) 3 3      
Exercise of common stock options, net of shares withheld for taxes $ 40   40    
Issuance of common stock upon settlement of RSUs, net of shares withheld for taxes (in shares)   8      
Issuance of common stock upon settlement of RSUs, net of shares withheld for taxes (612)   (612)    
Issuance of common stock under employee stock purchase plan, net of shares withheld for taxes 48   48    
Stock-based compensation 941   941    
Repurchases of common stock (in shares)   (14)      
Repurchases of common stock (1,500)       (1,500)
Ending balance (in shares) at Dec. 31, 2022   631      
Ending balance at Dec. 31, 2022 5,560 $ 0 [1] 11,557 (32) (5,965)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 4,792       4,792
Other comprehensive loss $ (17)     (17)  
Exercise of common stock options, net of shares withheld for taxes (in shares) 16 9      
Exercise of common stock options, net of shares withheld for taxes $ (521)   (521)    
Shares issued upon net settlement of warrants exercised (in shares)   6      
Issuance of common stock upon settlement of RSUs, net of shares withheld for taxes (in shares)   8      
Issuance of common stock upon settlement of RSUs, net of shares withheld for taxes (660)   (660)    
Issuance of common stock under employee stock purchase plan, net of shares withheld (in shares)   1      
Issuance of common stock under employee stock purchase plan, net of shares withheld for taxes 64   64    
Stock-based compensation 1,146   1,146    
Repurchases of common stock (in shares)   (18)      
Repurchases of common stock (2,252)       (2,252)
Issuance of common stock for acquisition of business (in shares)   1      
Issuance of common stock for acquisition of business 53   53    
Ending balance (in shares) at Dec. 31, 2023   638      
Ending balance at Dec. 31, 2023 $ 8,165 $ 0 [1] $ 11,639 $ (49) $ (3,425)
[1] Amounts round to zero and do not change rounded totals.
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 4,792 $ 1,893 $ (352)
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation and amortization 44 81 138
Stock-based compensation expense 1,120 930 899
Deferred income taxes (2,875) (1) 11
Loss on warrants, net 0 0 292
Impairment of long-lived assets 0 91 113
Loss from extinguishment of debt 0 0 377
Other, net 83 117 74
Changes in operating assets and liabilities, net of acquisitions:      
Prepaids and other assets (102) (185) (29)
Accrued expenses and other liabilities 580 224 294
Unearned fees 242 280 496
Net cash provided by operating activities 3,884 3,430 2,313
Cash flows from investing activities:      
Purchases of short-term investments (3,308) (4,072) (4,938)
Sales and maturities of short-term investments 2,380 4,071 3,611
Other investing activities, net (114) (27) (25)
Net cash used in investing activities (1,042) (28) (1,352)
Cash flows from financing activities:      
Taxes paid related to net share settlement of equity awards (1,224) (607) (177)
Principal repayment of long-term debt 0 0 (1,995)
Prepayment penalty on long-term debt 0 0 (213)
Proceeds from issuance of convertible senior notes, net of issuance costs 0 0 1,979
Purchases of capped calls related to convertible senior notes 0 0 (100)
Proceeds from exercise of equity awards and employee stock purchase plan 110 88 189
Repurchase of common stock (2,252) (1,500) 0
Change in funds payable and amounts payable to customers 936 1,330 1,625
Net cash provided by (used in) financing activities (2,430) (689) 1,308
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 152 (337) (210)
Net increase in cash, cash equivalents, and restricted cash 564 2,376 2,059
Cash, cash equivalents, and restricted cash, beginning of year 12,103 9,727 7,668
Cash, cash equivalents, and restricted cash, end of year $ 12,667 $ 12,103 $ 9,727
v3.24.0.1
Description of Business
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business Airbnb, Inc. (the “Company” or “Airbnb”) was incorporated in Delaware in June 2008 and is headquartered in San Francisco, California. The Company operates a global platform for unique stays and experiences. The Company’s marketplace model connects Hosts and guests (collectively referred to as “customers”) online or through mobile devices to book spaces and experiences around the world.
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
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.

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, 2022 and 2023, 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 consolidated financial statements and accompanying notes. The Company regularly evaluates its estimates, including those related to bad debt reserves, fair value of investments, useful lives of long-lived assets and intangible assets, valuation of goodwill and intangible assets from acquisitions, contingent liabilities, insurance reserves, revenue recognition, valuation of common stock, stock-based compensation, income taxes, and reserves for transient occupancy taxes and tax withholding obligations, among others. Actual results could differ materially from these estimates.

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

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 and Cash Equivalents

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.

Short-term Investments

The Company considers all highly-liquid investments with original maturities of greater than 90 days to be short-term investments. Short-term investments include time deposits, which are accounted for at amortized cost, and available-for-sale debt securities that consist of corporate debt securities, commercial paper, certificates of deposit, U.S. government and government agency debt securities (“government bonds”), and mortgage-backed and asset-backed securities. The Company determines the appropriate classification of its investments at the time of purchase. 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) (“AOCI”) in stockholders’ equity. Realized gains and losses and impairments are reported within other income
(expense), net on 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 equity investments 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 on 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 in 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 on 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 on 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 consolidated 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.

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. No material amounts were reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2022 and 2023.

Remeasurement gains and losses are included in other income (expense), net on 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, 2022 and 2023, the Company had a cumulative translation gain of $13 million and $5 million, respectively. Total net realized and unrealized gains (losses) on foreign currency transactions and balances totaled $(5) million, $29 million and $(48) million for the years ended December 31, 2021, 2022 and 2023, respectively.

Derivative Instruments and Hedging

The Company’s primary objective for holding derivative instruments is to manage foreign currency exchange rate risk. The Company enters into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. All derivative instruments are recorded in the consolidated balance sheets at fair value. The accounting treatment for derivative gains and losses is based on intended use and hedge designation.

Gains and losses arising from amounts that are included in the assessment of cash flow hedge effectiveness are initially deferred in AOCI and subsequently reclassified into earnings when the hedged transaction affects earnings and in the same line item within the consolidated statement of operations. The Company does not exclude any components in the assessment of hedge effectiveness for forwards and options.

If it is no longer probable that a forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the associated derivatives as undesignated derivative instruments. Gains and losses associated with derivatives no longer designated as hedging instruments in AOCI are recognized immediately in other income (expense), net, if it is probable that the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional     two month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company.

Gains and losses arising from changes in the fair value of derivative instruments that are not designated as accounting hedges are recognized in the consolidated statement of operations in other income (expense), net.

The Company presents derivative assets and liabilities at their gross fair values in the consolidated balance sheets, even if they are subject to master netting arrangements with the counterparties. The Company classifies cash flows related to derivative instruments as operating activities in the consolidated statement of cash flows.

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 sheets and the resulting gain or loss is reflected in the consolidated statements of operations.

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 ROU asset related to the lease. These are amortized through the ROU 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 in 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.

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. The Company uses a two-step process to assess the realizability of goodwill. The first step, Step 0, is a qualitative assessment that analyzes current economic indicators associated with a particular reporting unit. For example, the Company analyzes changes in economic, market and industry conditions, business strategy, cost factors, and financial performance, among others, to determine if there would be a significant decline to the fair value of a reporting unit. A qualitative assessment also includes analyzing the excess fair value of a reporting unit over its carrying value from impairment assessments performed in previous years. If the qualitative assessment indicates a stable or improved fair value, no further testing is required.

If a qualitative assessment indicates that a significant decline to fair value of a reporting unit is more likely than not, or if a reporting unit’s fair value has historically been closer to its carrying value, the Company will proceed to Step 1 testing where the Company calculates the fair value of a reporting unit. If Step 1 indicates that the carrying value of a reporting unit is in excess of its fair value, the Company will record an impairment equal to the amount by which a reporting unit’s carrying value exceeds its fair value.

There were no impairment charges in any of the periods presented in the consolidated financial statements.

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.

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. The determination of the 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 factors are 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 year ended December 31, 2021, the Company recorded $113 million of long-lived asset impairment charges within restructuring charges on the consolidated statement of operations. For the year ended December 31, 2022, the Company recorded $91 million of long-lived asset impairment, of which $89 million was recorded within restructuring charges and the remainder within general and administrative, on the consolidated statements of operations. For the year ended December 31, 2023, the Company did not record any restructuring charges.

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, 2022 and 2023. 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 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 customers 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, 2022 and 2023, 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, 2022 and 2023.

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.

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 $27 million, $49 million and $60 million for the years ended December 31, 2021, 2022 and 2023, 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 customers, 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 $542 million, $786 million and $953 million for the years ended December 31, 2021, 2022 and 2023, 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, withholding 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, accounts payable, 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. Accrued interest and penalties related to unrecognized tax benefits are recognized in the provision for (benefit from) income taxes.

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. 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. The Company regularly assesses all available evidence, including cumulative historic losses, forecasted earnings, if carryback is permitted under the law, carryforward periods, and prudent and feasible tax planning strategies.

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.

Share Repurchase

Share repurchases may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, or accelerated share repurchase transactions, or by any combination of such methods. Share repurchases are recorded at settlement date. When shares are retired, the value of repurchased shares is deducted from stockholders’ equity through capital with the excess over par value recorded to accumulated deficit.
Stock-Based Compensation

Stock-based compensation expense primarily relates to restricted stock units (“RSUs”), restricted stock awards (“RSAs”), stock options, and the Employee Stock Purchase Plan (“ESPP”). RSUs, RSAs, stock options and warrants 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 are 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.

Net Income (Loss) Per Share Attributable to Common Stockholders

The Company applies the two-class method when computing net income (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 income (loss) per share attributable to common stockholders is computed by dividing the net income (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 income (loss) per share is computed by giving effect to all potentially dilutive securities outstanding for the period, including RSUs, RSAs, stock options, and warrants using the treasury stock method, and convertible notes, using the if-converted method. 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 Income (Loss)

Comprehensive income (loss) consists of net income (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 income (loss). Other comprehensive income (loss) consists of unrealized gains (losses) on derivative instruments designated as cash flow hedges, net of tax, foreign currency translation adjustments related to consolidation of foreign entities and unrealized gains (losses), net of tax, 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 March 2022, the Financial Accounting Standards (“FASB”) issued Accounting Standards Update (“ASU”) 2022-01, Derivatives and Hedging (Topic 815), which clarifies the guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The standard is effective for public entities in fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted on any date on or after the issuance of ASU 2017-12. The Company adopted the standard during the first quarter of 2023, which did not have an impact on the Company's consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which expands income tax disclosure requirements to include disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies in fiscal years beginning after December 15, 2024, and will be applied prospectively with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements other than the expanded footnote disclosure.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis, primarily through enhanced disclosures of segment expenses. The standard is effective for public entities in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the consolidated financial statements. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements other than the expanded footnote disclosure.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance of equity securities that are subject to a contractual sale restriction as well as includes specific disclosure requirements for such equity securities. The standard is effective for public entities in fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and will be applied prospectively. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact 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.

Prior Period Reclassifications

Certain immaterial amounts in prior periods have been reclassified to conform with current period presentation.

Revision of Previously Issued Consolidated Financial Statements
The consolidated statements of cash flows for year ended December 31, 2021, has been revised to correct for errors identified by management during the preparation of the consolidated financial statements for the three months ended March 31, 2022. The errors understated cash flows from operating activities by $123 million and overstated the cash flows from financing activities by $123 million for the year ended December 31, 2021. Management has determined that these errors did not result in the previously issued consolidated financial statements being materially misstated. These errors primarily related to the timing of tax payments from the net settlement of equity awards at the initial public offering in December 2020. In particular, in 2020, the Company reported $1.7 billion of cash used in financing activities to cover taxes paid related to the net share settlement of its equity awards that vested upon the initial public offering. However, approximately $123 million of this amount was actually remitted to taxing authorities in foreign jurisdictions during 2021. This had no impact on the Company’s consolidated financial statements outside of the presentation in the consolidated statements of cash flow and did not affect the consolidated balance sheets, consolidated statements of operations, or consolidated statements of stockholders’ equity.
v3.24.0.1
Supplemental Financial Statement Information
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Financial Statement Information Supplemental Financial Statement Information
Cash, Cash Equivalents, and Restricted Cash

The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in millions):
December 31,
20222023
Cash and cash equivalents$7,378 $6,874 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers4,708 5,769 
Restricted cash included in prepaids and other current assets
17 24 
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows$12,103 $12,667 

Supplemental Disclosures of Cash Flow Information

Supplemental cash flow information consisted of the following (in millions):
Year Ended December 31,
202120222023
Cash paid for:
Income taxes, net of refunds$17 $68 $132 
Interest$50 $8 $55 
Operating leases$92 $102 $84 
Noncash investing and financing activities:
Net impact of non-cash changes to right-of-use assets related to modifications and reassessments of operating leases$18 $(5)$20 
Net settlement of cashless warrants exercised$— $— $202 
Net settlement of cashless stock options exercised$— $— $36 
Supplemental disclosures of balance sheet information

Supplemental balance sheet information consisted of the following (in millions):

December 31,
20222023
Other assets, noncurrent:
Property and equipment, net$121 $160 
Operating lease right-of-use assets138 119 
Other218 184 
Other assets, noncurrent$477 $463 
Accrued expenses, accounts payable, and other current liabilities:
Indirect taxes payable and withholding tax reserves
$624 $1,119 
Compensation and employee benefits380 436 
Accounts payable
137 141 
Operating lease liabilities, current59 61 
Other813 897 
Accrued expenses, accounts payable, and other current liabilities
$2,013 $2,654 

Payments to Customers

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

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

Year Ended December 31,
202120222023
Reductions to revenue
$156 $284 $360 
Charges to operations and support
69 88 96 
Charges to sales and marketing expense
47 60 61 
Total payments made to customers
$272 $432 $517 

Revenue Disaggregated by Geographic Region

The following table presents revenue disaggregated by listing location (in millions):

Year Ended December 31,
202120222023
North America$3,201 $4,210 $4,638 
Europe, the Middle East, and Africa
1,931 2,924 3,615 
Latin America431 643 824 
Asia Pacific429 622 840 
Total revenue disaggregated by geographic region$5,992 $8,399 $9,917 
v3.24.0.1
Investments
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The following tables summarize the Company’s investments by major security type (in millions):

December 31, 2022
Amortized
Cost 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit$573 $— $— $573 
Government bonds83 — — 83 
Commercial paper574 — — 574 
Corporate debt securities965 1 (7)959 
Mortgage-backed and asset-backed securities
37 — (3)34 
Total debt securities2,232 1 (10)2,223 
Time deposits20 — — 20 
Equity investments (1)
1 — — 1 
Total short-term investments
$2,253 $1 $(10)$2,244 
Long-term investments (2)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit
$172 $— $— $172 
Government bonds
332 1 — 333 
Commercial paper
366 — — 366 
Corporate debt securities
1,490 4 (3)1,491 
Mortgage-backed and asset-backed securities
148 1 (4)145 
Total debt securities2,508 6 (7)2,507 
Time deposits690 — — 690 
Total short-term investments
$3,198 $6 $(7)$3,197 
Long-term investments (2)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

(1)Unrealized gains (losses) on equity investments were not material for the years ended December 31, 2022 and 2023.
(2)Classified within other assets, noncurrent on the consolidated balance sheets.

As of December 31, 2022 and December 31, 2023, the Company did not have any available-for-sale debt securities for which the Company recorded credit-related losses.

Unrealized gains and losses, net of tax before reclassifications from AOCI to other income (expense), net were not material for the years ended December 31, 2021, 2022 and 2023. Realized gains and losses reclassified from AOCI to other income (expense), net were not material for the years ended December 31, 2021, 2022 and 2023.

Debt securities in an unrealized loss position had an estimated fair value of $748 million and $777 million, and unrealized losses of $19 million and $16 million as of December 31, 2022 and 2023, respectively. A total of $92 million and $283 million of these securities, with unrealized losses of $13 million and $14 million, were in a continuous unrealized loss position for more than twelve months as of December 31, 2022 and December 31, 2023, respectively.
The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):
December 31, 2023
Amortized
Cost		Estimated
Fair Value
Due within one year$1,406 $1,406 
Due within one to five years
1,027 1,020 
Due beyond five years
88 85 
Total$2,521 $2,511 

Equity Investments

Gains and Losses on Marketable Equity Investments

During the year ended December 31, 2021, the Company sold all of its marketable equity investments and recognized a realized net loss of $13 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.

Equity Investments Without Readily Determinable Fair Values

The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. These investments had a net carrying value of $75 million and $83 million as of December 31, 2022 and December 31, 2023, respectively, and are classified within other assets, noncurrent on the consolidated balance sheets.

The Company recorded impairment charges of $3 million for the year ended December 31, 2021, and did not have any impairment charges nor downward adjustments for observable price changes during the years ended December 31, 2022 and 2023. The Company recorded upward adjustments of $4 million during the year ended December 31, 2023, and did not have any upward adjustments for observable price changes during the years ended December 31, 2021 and 2022. As of December 31, 2023, the cumulative impairment and downward adjustments for observable price changes were $56 million.

Investments Accounted for Under the Equity Method
As of December 31, 2022 and December 31, 2023, the carrying values of the Company’s equity method investments were $14 million and $8 million, respectively. For the years ended December 31, 2021, 2022 and 2023, the Company recorded losses of $4 million, $5 million and $6 million, respectively, within other income (expense), net on the consolidated statements of operations, representing its proportionate share of net income or loss based on the investee’s financial results. There were no impairment charges for the years ended December 31, 2021, 2022 and 2023.
v3.24.0.1
Fair Value Measurements and Financial Instruments
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments Fair Value Measurements and Financial Instruments
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in millions):

December 31, 2022
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,326 $— $— $2,326 
Certificates of deposit26 — — 26 
Government bonds— 32 — 32 
Commercial paper— 327 — 327 
Corporate debt securities— 68 — 68 
Total cash equivalents at fair value
2,352 427 — 2,779 
Short-term investments:
Certificates of deposit573 — — 573 
Government bonds— 83 — 83 
Commercial paper— 574 — 574 
Corporate debt securities— 959 — 959 
Mortgage-backed and asset-backed securities— 34 — 34 
Equity investments1 — — 1 
Total short-term investments at fair value
574 1,650 — 2,224 
Funds receivable and amounts held on behalf of customers:
Money market funds501 — — 501 
Prepaids and other current assets:
Foreign exchange derivative assets— 14 — 14 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$3,427 $2,091 $4 $5,522 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $31 $— $31 
Total liabilities at fair value$— $31 $— $31 
December 31, 2023
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,018 $— $— $2,018 
Certificates of deposit— 1 — 1 
Government bonds— 115 — 115 
Commercial paper— 223 — 223 
Corporate debt securities— 12 — 12 
Total cash equivalents at fair value
2,018 351 — 2,369 
Short-term investments:
Certificates of deposit— 172 — 172 
Government bonds— 333 — 333 
Commercial paper— 366 — 366 
Corporate debt securities— 1,491 — 1,491 
Mortgage-backed and asset-backed securities— 145 — 145 
Total short-term investments at fair value
— 2,507 — 2,507 
Funds receivable and amounts held on behalf of customers:
Money market funds1,360 — — 1,360 
Prepaids and other current assets:
Foreign exchange derivative assets— 27 — 27 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$3,378 $2,885 $4 $6,267 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $55 $— $55 
Other liabilities, noncurrent:
Foreign exchange derivative liabilities— 5 — 5 
Total liabilities at fair value$— $60 $— $60 

There were no transfers of financial instruments between valuation levels during the years ended December 31, 2022 and 2023.

There were no material changes in unrealized losses included in other comprehensive income relating to investments measured at fair value for which the Company has utilized Level 3 inputs to determine fair value during the years ended December 31, 2021, 2022 and 2023.
v3.24.0.1
Derivative Instruments and Hedging
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Derivative Instruments and Hedging
The Company has a portion of its business denominated and transacted in foreign currencies, which subjects the Company to foreign exchange risk, and uses derivative instruments to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes.

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

Foreign Exchange Risk

To protect revenue from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, option contracts, or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue, typically for up to 18 months. In the first quarter of 2023, the Company initiated a foreign exchange cash flow hedging program to minimize the effects of foreign currency fluctuations on future revenue.

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

Derivative Assets(1)
Fair value as of December 31,
Location
20222023
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$— $4 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$14 $23 

Derivative Liabilities(1)
Fair value as of December 31,
Location
20222023
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$— $25 
Foreign exchange contracts (noncurrent)Other liabilities, noncurrent— 5 
Total derivatives designated as hedging instruments$— $30 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$31 $30 

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

To limit credit risk, the Company generally enters into master netting arrangements with the respective counterparties to the Company’s derivative contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. As of December 31, 2023, the potential effect of these rights of off-set associated with the Company’s derivative contracts would be a reduction to both derivative assets and liabilities of $26 million, resulting in net derivative assets of $1 million and net derivative liabilities of $34 million.

The effect of derivative instruments designated as hedging instruments on the consolidated statements of operations was not material for the year ended December 31, 2023.

Effect of Derivative Instruments Designated as Hedging Instruments on AOCI

The following table summarizes the activity of derivative instruments designated as cash flow hedges before reclassifications from AOCI to revenue and the impact of these derivative contracts on AOCI, net of tax (in millions):

Year Ended December 31,
2023
Derivatives designated as cash flow hedges:
Foreign exchange contracts(1)
$(30)

(1)Loss recognized in other comprehensive income (loss).

As of December 31, 2023, cumulative unrealized losses recorded in AOCI, net of tax, related to derivative instruments designated as hedging instruments were $31 million.
Effect of Derivative Instruments not Designated as Hedging Instruments on the Consolidated Statements of Operations

The following table presents the activity of derivative instruments not designated as hedging instruments and the impact of these derivative contracts on the consolidated statements of operations (in millions):

Realized Gain (Loss) on Derivatives
Unrealized Gain (Loss) on Derivatives
Year Ended December 31,Year Ended December 31,
202120222023202120222023
Derivatives not designated as hedging instruments:
Foreign exchange contracts$19 $92 $(43)$35 $(33)$10 

Cash Flow Hedges

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

As of December 31, 2023, approximately $11 million of deferred net losses on both outstanding and matured derivatives in AOCI are expected to be reclassified to revenue during the next 12 months concurrent with the underlying hedged transactions which will be recorded in revenue. Actual amounts ultimately reclassified to revenue are dependent on the exchange rates in effect when derivative contracts currently outstanding mature.

Derivatives not Designated as Hedging Instruments

As of both December 31, 2022 and December 31, 2023, the total notional amount of outstanding derivatives not designated as hedging instruments was $2.4 billion.
v3.24.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
In November 2023, the Company completed an acquisition, which increased goodwill and intangible assets. The acquisition was not material to the Company’s financial results.

Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2023 were as follows (in millions):

Amount
Balance as of December 31, 2021$653 
Foreign currency translation adjustments(3)
Balance as of December 31, 2022650 
Acquisition
101 
Foreign currency translation adjustments1 
Balance as of December 31, 2023$752 

Intangible Assets

As of December 31, 2022 and 2023, intangible assets, net was $34 million and $40 million, respectively, and primarily consisted of listing relationships, technology and trade names.

Amortization expense related to intangible assets for the years ended December 31, 2021, 2022 and 2023 was $24 million, $19 million and $13 million, respectively. The accumulated amortization related to intangible assets as of December 31, 2022 and 2023, was $43 million and $55 million, respectively.
Estimated future amortization expense for intangible assets as of December 31, 2023 was as follows (in millions):

Year Ending December 31,Amount
2024$12 
202511 
20268 
20274 
20284 
Thereafter1 
Total future amortization expense$40 
v3.24.0.1
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):

December 31,
20222023
Leasehold improvements$152 $90 
Computer software and capitalized internal-use software164 51 
Computer equipment32 22 
Buildings and land17 17 
Office furniture and equipment
23 8 
Construction in progress45 82 
Total property and equipment, gross
433 270 
Less: Accumulated depreciation and amortization(312)(110)
Total property and equipment, net$121 $160 

Depreciation expense related to property and equipment for the years ended December 31, 2021, 2022 and 2023 was $86 million, $43 million and $18 million, respectively. During the years ended December 31, 2021, 2022 and 2023, amortization of capitalized internal-use software costs was $66 million, $28 million and $13 million, respectively.
The net carrying value of capitalized internal-use software as of December 31, 2022 and 2023 was $9 million and $27 million, respectively.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
The Company’s material operating leases consist of office space. The Company’s leases generally have remaining terms of one to 15 years, some of which include one or more options to extend the leases up to 10 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 millions):

Year Ended December 31,
202120222023
Operating lease cost(1)
$83 $77 $58 
Short-term lease cost(1)
3 2 6 
Variable lease cost(1)
14 17 16 
Lease cost, net(2)
$100 $96 $80 

(1)Classified within operations and support, product development, sales and marketing, and general and administrative expenses on the consolidated statements of operations.
(2)Lease costs do not include lease impairments due to restructuring. Refer to Note 18, Restructuring, for additional information.

Lease term and discount rate were as follows:
December 31,
20222023
Weighted-average remaining lease term (years)6.05.3
Weighted-average discount rate7.0 %7.2 %
Maturities of lease liabilities (excluding short-term leases) were as follows as of December 31, 2023 (in millions):

Year Ending December 31,Amount
2024$81 
202575 
202679 
202731 
202828 
Thereafter102 
Total lease payments396 
Less: Imputed interest(83)
Present value of lease liabilities313 
Less: Current portion of lease liabilities(61)
Total long-term lease liabilities$252 
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
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.

As of both December 31, 2022 and December 31, 2023, total outstanding debt, net of unamortized debt discount and debt issuance costs, was $2.0 billion and the effective interest rate was 0.2%. Debt issuance costs related to the 2026 Notes totaled $21 million and were 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. The Company recorded interest expense of $3 million for the year ended December 31, 2021 and $4 million for both the years ended December 31, 2022 and 2023, representing amortization of debt discount and debt issuance costs.

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 received in 2021, net of debt issuance costs, were $1,979 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.

As of December 31, 2023, the if-converted value of the 2026 Notes did not exceed the outstanding principal amount.

As of December 31, 2023 the total estimated fair value of the 2026 Notes was $1.8 billion and was determined based on a market approach using actual bids and offers of the 2026 Notes in an over-the-counter market on the last trading day of the period, or Level 2 inputs.

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 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 was $360.80 per share of Class A common stock, which represented 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, 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 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 million, net of debt discount and debt issuance costs of $39 million.

In 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 $968 million, net of debt discount and debt issuance costs of $33 million.

In 2021, the Company repaid the principal amount outstanding of $2.0 billion under the First Lien Loan and Second Lien Loan, which resulted in a loss of extinguishment of debt of $377 million, including early redemption premiums of $213 million and a write-off of $164 million of unamortized debt discount and debt issuance costs. The loss on extinguishment of debt was included in interest expense on the consolidated statements of operations. In 2021, the Company fully amortized the debt discount and debt issuance costs of $41 million to interest expense using the effective interest rate method.

In connection with the Second Lien Loan, the Company issued warrants to purchase 7.9 million 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 $117 million and was recorded as a liability in accrued expenses, accounts payable, and other current liabilities on the consolidated balance sheets with a corresponding debt discount recorded against the Second Lien Loan. The warrant liability was remeasured to fair value at each reporting date for as long as the warrants remained outstanding and unexercised with changes in fair value recorded in other income (expense), net on the consolidated statements of operations. As of December 31, 2020, the fair value of the warrant totaled $985 million. On March 30, 2021, the Company amended the anti-dilution feature in the warrant agreements, which resulted in a change in classification from liability to equity. Accordingly, during the first quarter of 2021, the Company recorded $292 million in other income (expense), net on the consolidated statements of operations. The liability balance of $1.3 billion was then reclassified to equity as the amended warrants met the requirements for equity classification.

2022 Credit Facility
In October 2022, the Company terminated its then existing credit facility and entered into a five-year unsecured Revolving Credit Agreement, which provides for initial commitments by a group of lenders led by Morgan Stanley Senior Funding, Inc. of $1.0 billion (“2022 Credit Facility”). The 2022 Credit Facility provides a $200 million sub-limit for the issuance of letters of credit. The 2022 Credit Facility has a commitment fee based on ratings and leverage ratios with amounts that range from 0.10% to 0.20% per annum on any undrawn amounts, payable quarterly in arrears. Interest on borrowings is based on ratings and leverage ratios with amounts that range from (i) in the case of the Secured Overnight Financing Rate (“SOFR”) borrowings, 1.0% to 1.5%, plus SOFR, subject to a floor of 0.0%, or (ii) in the case of base rate borrowings, 0.0% to 0.5%; plus the greatest of (a) the rate of interest in effect for such day by Morgan Stanley Senior Funding, Inc. as its “prime rate”; (b) the federal funds effective rate plus 0.5%; and (c) SOFR for a one-month period plus 1.0%. Outstanding balances may be repaid prior to maturity without penalty. The 2022 Credit Facility contains customary events of default, affirmative and negative covenants, including restrictions on the Company’s and certain of its subsidiaries’ ability to incur debt and liens, undergo fundamental changes, as well as certain financial covenants. The Company was in compliance with all financial covenants as of December 31, 2023. As of December 31, 2023, no amounts were drawn under the 2022 Credit Facility and outstanding letters of credit totaled $29 million.
v3.24.0.1
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Common Stock

The Company’s restated certificate of incorporation authorizes the Company to issue 2.0 billion shares of Class A common stock and 710.0 million 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. One share of Class B common stock is convertible into one share of Class A common stock voluntarily at any time by the holder, and will convert automatically into one 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 one share of Class B common stock will result in the conversion of such share of Class B common stock into one share of Class A common stock.

Under the Company’s restated certificate of incorporation, the Company is also authorized to issue 2.0 billion shares of Class C common stock and 26.0 million 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 one 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 of December 31, 2022 and 2023, the Company had 7.9 million and 0.8 million warrants outstanding, respectively, with an exercise price of $28.355 per share, subject to adjustment upon the occurrence of certain specified events. During the year ended December 31, 2023, warrant holders exercised warrants to purchase 7.1 million shares of Class A common stock. The warrants were exercised on a cashless basis resulting in the issuance of 5.6 million shares of Class A common stock.
Share Repurchase Programs

On August 2, 2022 and May 9, 2023, the Company announced that its board of directors had approved share repurchase programs to purchase up to $2.0 billion and $2.5 billion of the Company's Class A common stock, respectively.

Share repurchases under these share repurchase programs may be made through a variety of methods, such as open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions or by any combination of such methods. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors. These share repurchase programs do not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time at the Company’s discretion.

During the year ended December 31, 2023, the Company repurchased and subsequently retired 17.9 million shares of Class A common stock for $2.3 billion. As of December 31, 2023, the Company completed the repurchases under the August 2, 2022 share repurchase program and had $750 million available for repurchase of Class A common stock under the May 9, 2023 share repurchase program.
The Inflation Reduction Act imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. For the year ended December 31, 2023, the excise tax on share repurchases was not material.
v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-Based Compensation Expense

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

Year Ended December 31,
202120222023
Operations and support$49 $63 $68 
Product development545 548 694 
Sales and marketing100 114 130 
General and administrative205 205 228 
Stock-based compensation expense$899 $930 $1,120 

The Company recognized an income tax benefit of $36 million, $19 million and $435 million in the consolidated statements of operations for stock-based compensation arrangements in the years ended December 31, 2021, 2022 and 2023, respectively.

The income tax benefit related to stock-based compensation expense was $227 million for the year ended December 31, 2023. There were no income tax benefits related to stock-based compensation expense for the years ended December 31, 2021 and 2022.

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 was 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, 2021, a total of 98,093 shares of the Company’s Class A common stock were issuable upon exercise of outstanding options under the Assumed Equity Incentive Plan, with weighted-average exercise price of $22.67 per share. In addition, as of December 31, 2021, a total of 3,512 RSUs were issued and outstanding under the Assumed Equity Incentive 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, 62.1 million 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 371.2 million 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,
202120222023
Expected term (years)
8.0
 6.1
1.4 - 6.1
Risk-free interest rate
1.1% - 1.5%
0.3% - 2.2%
3.6% - 5.0%
Expected volatility
44.2% - 44.9%
48.6% - 58.4%
51.3% - 54.4%
Expected dividend yield— — — 

A summary of stock option and RSU activity under the Plans was as follows (in millions, 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, 202181 24 $19.69 37 $61.22 
Granted
(13)1 161.70 12 135.09 
Increase in shares available for grant
32 — — — — 
Exercised/Vested 5 (3)14.32 (12)83.12 
Canceled3 — 95.93 (3)101.58 
Balances as of December 31, 2022108 22 23.41 34 77.07 
Granted
(13)1 115.15 12 122.84 
Increase in shares available for grant32 — — — — 
Exercised/Vested5 (16)5.37 (14)93.25 
Canceled2 — 98.60 (2)120.36 
Balances as of December 31, 2023134 7 $71.76 30 $85.35 
 Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 202222 $23.41 2.78$1,432 
Options exercisable as of December 31, 202220 17.01 2.271,380 
Options outstanding as of December 31, 20237 71.76 5.77500 
Options exercisable as of December 31, 20236 60.89 5.11448 

In May 2023, 11.2 million stock options were exercised in cashless transactions pursuant to which the Company withheld and retired 5.7 million shares of common stock, valued at their fair market value on the exercise date, to cover the related $567 million of employee withholding tax and $36 million of exercise cost.

During the years ended December 31, 2021, 2022 and 2023, the weighted-average fair value of stock options granted under the Plans was $96.50, $79.75 and $65.22 per share, respectively. During the years ended December 31, 2021, 2022 and 2023, the aggregate intrinsic value of stock options exercised was $2,825 million, $326 million and $1,620 million, respectively, and the total grant-date fair value of stock options that vested was $46 million, $45 million and $44 million, respectively.

As of December 31, 2023, there was $87 million of total unrecognized compensation cost related to stock option awards granted under the Plans. The unrecognized cost as of December 31, 2023 is expected to be recognized over a weighted-average period of 2.5 years.

Restricted Stock Awards

The Company has granted RSAs 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.
Unvested RSAs as of December 31, 2021, 2022 and 2023 was 0.6 million, 0.4 million and 0.8 million shares, respectively, with weighted-average grant-date fair value of $62.32, $62.33 and $100.04 per share, respectively. Activities related to the Company’s RSAs were not material for the years ended December 31, 2021, 2022 and 2023.

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.

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) 4.0 million 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 common stock 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 89.8 million shares may be issued under the ESPP. As of December 31, 2022 and 2023, the Company had reserved 8.9 million and 14.0 million shares 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. The Company recorded stock-based compensation expense related to the ESPP of $33 million and $29 million for the years ended December 31, 2022, and 2023, respectively.

The following table summarizes transactions under the Company’s ESPP (in millions except per share amounts):

Year Ended December 31,
20222023
Shares issued
0.5 0.7 
Weighted-average price per share
$95.90 $88.81 
Cash proceeds
$48 $64 
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
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, 2023 (in millions):

 TotalLess than
1 year		1 to 3 years3 to 5 yearsMore than
5 years
Purchase obligations$934 $203 $622 $109 $— 
Other commitments157 37 59 61 — 
Total$1,091 $240 $681 $170 $— 

Purchase commitments include amounts related to the Company’s commercial agreement with a data hosting services provider, pursuant to which the Company committed to spend an aggregate of at least $842 million for vendor services through 2027.

Lodging Tax Obligations and Other Non-Income Tax Matters

Platform Related Taxes and Collection Obligations

Some states and localities in the United States and elsewhere in the world impose transient occupancy or lodging accommodations taxes (“Lodging Taxes”) on the use or occupancy of lodging accommodations or other traveler services. As of December 31, 2023, the Company collects and remits Lodging Taxes in approximately 32,000 jurisdictions on behalf of its Hosts. Such Lodging Taxes are generally remitted to tax jurisdictions within a 30 to 90-day period following the end of each month.

As of December 31, 2022 and December 31, 2023, the Company had an obligation to remit Lodging Taxes collected from guests on bookings in these jurisdictions totaling $251 million and $274 million, respectively. These payables were recorded in accrued expenses, accounts payable, and other current liabilities on the consolidated balance sheets.

In jurisdictions where the Company does not collect and remit Lodging Taxes, Hosts are primarily responsible for such taxes. The Company has estimated Lodging Tax liabilities in a certain number of jurisdictions with respect to state, city, and local taxes where management believes it is probable that the Company can be held jointly liable with Hosts for taxes and the related amounts can be reasonably estimated. As of December 31, 2022 and December 31, 2023, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $71 million and $114 million, respectively. As of December 31, 2023, the Company estimates that the reasonably possible loss related to certain Lodging Taxes that can be determined in excess of the amounts accrued is between $35 million to $45 million; however, no assurance can be given as to the outcomes and the Company could be subject to significant additional tax liabilities. With respect to all other jurisdictions’ Lodging Taxes for which a loss is probable or reasonably possible, the Company is unable to determine an estimate of the possible loss or range of loss beyond the amounts already accrued.
The Company’s potential obligations with respect to Lodging Taxes could be affected by various factors, which include, but are not limited to, whether the Company determines or any tax authority asserts that the Company has a responsibility to collect lodging and related taxes on either historical or future transactions, or by the introduction of new ordinances and taxes that subject the Company’s operations to such taxes. Accordingly, the ultimate resolution of Lodging Taxes may be greater or less than the reserve amounts that the Company has recorded.

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

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

The Company is under audit and inquiry by various domestic and foreign tax authorities with regard to non-income tax matters. The subject matter of these contingent liabilities primarily arises from the Company’s transactions with its customers, as well as the tax treatment of certain employee benefits and related employment taxes. In jurisdictions with disputes connected to transactions with customers, disputes involve the applicability of transactional taxes (such as sales, value-added, and similar taxes) to services provided, as well as the applicability of withholding tax on payments made to such Hosts. As of December 31, 2022 and 2023, the Company accrued a total of $135 million and $521 million of estimated tax liabilities, including interest and penalties, related to Hosts’ withholding tax obligations, respectively. In the year ended December 31, 2023, based upon new information, and interest expense connected to historic Host withholding reserves, the Company accrued $384 million of expense related to foreign and domestic Hosts’ withholding tax obligations. As of December 31, 2023, the Company estimates that the reasonably possible loss related to withholding income taxes that can be determined in excess of the amounts accrued is between $90 million to $110 million; however, no assurance can be given as to the outcomes and the Company could be subject to significant additional tax liabilities. Due to the inherent complexity and uncertainty of these matters and judicial processes in certain jurisdictions, the final outcomes may exceed the estimated liabilities recorded.

The Company has identified reasonably possible exposures related to transactional taxes and business taxes and has not accrued for these amounts since the likelihood of the contingent liability is less than probable. As of December 31, 2023, the Company estimates that the reasonably possible loss related to these matters in excess of the amounts accrued is between $290 million and $310 million; however, no assurance can be given as to the outcomes and the Company could be subject to significant additional tax liabilities.

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

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

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

Payroll Taxes

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

In addition, as of December 31, 2022 and 2023, the Company accrued a total of $33 million and $43 million of estimated tax liabilities related to employment taxes on certain employee benefits, respectively.

Refer to Note 14, Income Taxes, for further discussion on other tax matters.

Legal and Regulatory Matters

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

Regulatory Matters

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

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

Intellectual Property

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

Litigation and Other Legal Proceedings

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

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

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

Host Protections

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

Indemnifications

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

In the ordinary course of business, the Company has included limited indemnification provisions in certain agreements with parties with whom the Company has commercial relations, which provisions are of varying scope and terms with respect to indemnification of certain matters, which may include losses arising out of the Company’s breach of such agreements or out of intellectual property infringement claims made by third parties. It is not possible to determine the maximum potential loss under these indemnification provisions due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, no significant costs have been incurred, either individually or collectively, in connection with the Company’s indemnification provisions.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The domestic and foreign components of income (loss) before income taxes were as follows (in millions):

 Year Ended December 31,
 202120222023
Domestic$(390)$1,820 $1,913 
Foreign90 169 189 
Income (loss) before income taxes$(300)$1,989 $2,102 

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

 Year Ended December 31,
 202120222023
Current
Federal$5 $19 $19 
State2 10 8 
Foreign34 68 158 
Total current provision for income taxes
41 97 185 
Deferred
Federal— — (2,410)
State— — (461)
Foreign11 (1)(4)
Total deferred provision for (benefit from) income taxes11 (1)(2,875)
Total provision for (benefit from) income taxes$52 $96 $(2,690)

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:

 Year Ended December 31,
 202120222023
Expected income tax expense at federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of federal benefits(0.7)0.4 0.3 
Foreign tax rate differential(5.1)1.0 2.9 
Stock-based compensation282.4 (6.9)(16.7)
Deferred tax impacts of restructuring(9.7)— — 
Other statutorily non-deductible expenses(1.1)0.3 0.1 
Non-deductible warrant revaluations(20.4)(0.1)— 
Research and development credits51.0 (4.7)(5.5)
Uncertain tax positions—prior year positions(3.1)0.1 1.8 
Uncertain tax positions—current year positions(1.0)0.8 1.7 
U.S. tax on foreign income, net of allowable credits and deductions— 0.7 3.9 
Foreign-derived intangible income deduction— (1.9)(1.0)
Other1.3 0.1 0.1 
Change in valuation allowance(331.9)(6.0)(136.6)
Effective tax rate(17.3)%4.8 %(128.0)%

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.
For the year ended December 31, 2022, the difference in the Company’s effective tax rate and the U.S. federal statutory tax rate was primarily due to excess tax benefits related to stock-based compensation, research and development credits, and the Company’s full valuation allowance on its U.S. deferred tax assets.

For the year ended December 31, 2023, the difference in the Company’s effective tax rate and the U.S. federal statutory tax rate was primarily due to the release of $2.9 billion of the Company’s valuation allowance related to its U.S. deferred tax assets, excess tax benefits related to stock-based compensation, and research and development tax credits.

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

 December 31,
 20222023
Deferred tax assets:
Net operating loss carryforwards$1,539 $1,232 
Tax credit carryforwards664 844 
Accruals and reserves123 113 
Non-income tax accruals68 78 
Stock-based compensation111 70 
Operating lease liabilities73 62 
Intangible assets188 158 
Capitalized research and development costs413 671 
Other37 55 
Gross deferred tax assets3,216 3,283 
Valuation allowance(3,166)(364)
Total deferred tax assets50 2,919 
Deferred tax liabilities:
Property and equipment basis differences(9)(18)
Operating lease assets(23)(18)
Other(2)(2)
Total deferred tax liabilities(34)(38)
Total net deferred tax assets$16 $2,881 

The Company regularly assesses the need for a valuation allowance against its deferred tax assets each quarter. In making that assessment, the Company considers both positive and negative evidence in the various jurisdictions in which it operates related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2023, based on all available positive and negative evidence, having demonstrated sustained profitability which is objective and verifiable, and taking into account anticipated future earnings, the Company has concluded that it is more likely than not that its U.S. federal and state deferred tax assets will be realizable, with the exception of California research and development credits, capital loss carryovers, and certain losses subject to the dual consolidated loss rules. The Company continues to maintain a valuation allowance against its California research and development credit deferred tax assets due to the uncertainty regarding realizability of these deferred tax assets as they have not met the “more likely than not” realization criteria, particularly as the Company expects research and development tax credit generation to exceed its ability to use the credits in future years. When a change in valuation allowance is recognized during an interim period, the change in valuation allowance resulting from current year income is included in the annual effective tax rate and the release of valuation allowance supported by projections of future taxable income is recorded as a discrete tax benefit in the interim period. The Company released $2.9 billion of its valuation allowance during 2023. The Company will continue to monitor the need for a valuation allowance against its deferred tax assets on a quarterly basis.

There is no valuation allowance in certain foreign jurisdictions in which it is more likely than not that deferred tax assets will be realized.

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, 2022 and 2023, the Company had net operating loss carryforwards for federal income tax purposes of $6.8 billion and $5.3 billion, respectively. The Company’s federal net operating loss carryforwards do not have an expiration date. As of December 31, 2022 and 2023, the Company had federal research and development tax credit carryforwards of $578 million and $720 million, respectively. The research and development tax credits will expire beginning in 2038 if not utilized.

As of December 31, 2022 and 2023, the Company had net operating loss carryforwards for state income tax purposes of $4.8 billion and $4.6 billion, respectively. Some of the Company’s state net operating loss carryforwards will expire, if not utilized, beginning in 2027. As of December 31, 2022 and 2023, the Company had state research and development tax credit carryforwards of $399 million and $464 million, respectively. The research and development tax credits do not have an expiration date.
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 millions):

 Year Ended December 31,
 202120222023
Balance at beginning of year$508 $597 $650 
Gross increases related to prior year tax positions14 7 52 
Gross decreases related to prior year tax positions(2)(2)(8)
Gross increases related to current year tax positions85 60 103 
Reductions due to settlements with taxing authorities(1)(7)(12)
Reduction due to lapse in statute of limitations(7)(5)(5)
Balance at end of year$597 $650 $780 

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, 2023, $780 million of unrecognized tax benefits represents the amount that would, if recognized, impact the Company’s effective income tax rate. The Company’s accrual for interest and penalties was $66 million and $90 million as of December 31, 2022 and 2023, 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 million during the year ended December 31, 2019. In December 2020, the Company received a Notice of Proposed Adjustment (“NOPA”) from the IRS which proposed an increase to the Company’s U.S. taxable income that could result in additional income tax expense and cash liability of $1.3 billion plus penalties and interest, which exceeds its current reserve recorded in its consolidated financial statements by more than $1.0 billion. The Company disagrees with the proposed adjustment and continues to vigorously contest it. In February 2021, the Company submitted a protest to the IRS describing its disagreement with the proposed adjustment and requesting the case be transferred to the IRS Independent Office of Appeals (“IRS Appeals”). In December 2021, the Company received a rebuttal from the IRS with the same proposed adjustments that were in the NOPA. In January 2022, the Company entered into an administrative dispute process with IRS Appeals. The Company will continue to pursue all available remedies to resolve this dispute, including petitioning the U.S. Tax Court (“Tax Court”) for redetermination if an acceptable outcome cannot be reached with IRS Appeals, 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 consolidated statements of cash flow.

The Company’s 2008 to 2023 tax years remain subject to examination in the United States and California due to tax attributes and statutes of limitations, and its 2019 to 2023 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 consolidated financial statements. The Company remains subject to possible examination in various other jurisdictions that are not expected to result in material tax adjustments.

On August 16, 2022, the Inflation Reduction Act was signed into law, with tax provisions primarily focused on implementing a 15% minimum tax (CAMT) on global adjusted financial statement income and a 1% excise tax on net share repurchases. The Inflation Reduction Act became effective beginning in fiscal year 2023 and did not have a material impact on the year ended December 31, 2023. We may be subject to a material amount of CAMT in the next several years but expect to fully utilize the corresponding tax credits generated from the CAMT in the subsequent following years.
v3.24.0.1
Net Income (Loss) per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Net Income (Loss) per Share Net Income (Loss) per Share
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the years indicated (in millions, except per share amounts):

Year Ended December 31,
202120222023
Net income (loss)$(352)$1,893 $4,792 
Add: convertible notes interest expense, net of tax— 4 3 
Net income (loss) - diluted$(352)$1,897 $4,795 
Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic616 637 637 
Effect of dilutive securities— 43 25 
Diluted616 680 662 
Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic$(0.57)$2.97 $7.52 
Diluted$(0.57)$2.79 $7.24 

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, 2021, 2022 and 2023. As of each December 31, 2021, 2022 and 2023, 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 RSAs 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, 2022 and 2023, 0.3 million shares of RSAs were excluded from the table below because they are subject to performance conditions that were not achieved as of such date.

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

Year Ended December 31,
202120222023
2026 Notes(1)
11 — — 
Warrants8 — — 
Stock options24 1 2 
RSUs26 9 5 
RSAs1 — — 
Total70 10 7 

(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 represent the maximum number of shares that could have been issued upon conversion after considering the make-whole fundamental change adjustment on an unweighted basis.
v3.24.0.1
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2023
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 subject to Internal Revenue Code limitations. The Company matched a portion of employee contributions totaling $19 million, $23 million and $27 million for the years ended December 31, 2021, 2022 and 2023, respectively. Both employee contributions and the Company’s matching contributions are fully vested upon contribution.
v3.24.0.1
Geographic Information
 12 Months Ended
Dec. 31, 2023
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 millions):

Year Ended December 31,
202120222023
United States$2,996 $3,890 $4,290 
International(1)
2,996 4,509 5,627 
Total revenue$5,992 $8,399 $9,917 

(1)No individual international country represented 10% or more of the Company’s total revenue for years ended December 31, 2021, 2022, and 2023.

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

 December 31,
 20222023
United States$203 $229 
Ireland36 32 
Other international20 18 
Total long-lived assets$259 $279 

Long-lived assets as of December 31, 2022 and 2023 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.
v3.24.0.1
Restructuring
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
In 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 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.

For the year ended December 31, 2021, the Company incurred $113 million in restructuring charges, including $75 million related to impairments of operating lease ROU assets and $37 million related to impairments of leasehold improvements.

For the year ended December 31, 2022, the Company recorded restructuring charges of $89 million, which include $81 million relating to an impairment of operating lease ROU assets, and $8 million of related leasehold improvements. There were no restructuring charges recorded during 2023.
v3.24.0.1
Subsequent Event
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
In February 2024, the Company’s board of directors approved a share repurchase program (“2024 Share Repurchase Program”) with authorization to purchase up to $6.0 billion of the Company's Class A common stock at management’s discretion. Share repurchases under the 2024 Share Repurchase Program may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions or by any combination of such methods. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors. The 2024 Share Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time at the Company’s discretion.
v3.24.0.1
Schedule II—Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2023
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, 2021, 2022 and 2023 (in millions):
 Balance at
Beginning of
Year		Charged to
Expenses		Charges
Utilized/
Write-Offs		Balance at
End of Year
Customer Receivable Reserve
Year Ended December 31, 2021$91 $27 $(87)$31 
Year Ended December 31, 2022$31 $49 $(41)$39 
Year Ended December 31, 2023$39 $61 $(56)$44 

Balance at
Beginning of
Year		Additions for
Current Period		Changes in
Estimates for
Prior Periods		Net PaymentsBalance at
End of Year
Insurance Liability
Year Ended December 31, 2021$51 $85 $1 $(90)$47 
Year Ended December 31, 2022$47 $140 $(5)$(121)$61 
Year Ended December 31, 2023$61 $206 $2 $(185)$84 

Balance at
Beginning of
Year
Charged to
Expenses
Credited to Expenses
Balance at
End of Year
Valuation Allowance on Deferred Tax Assets
Year Ended December 31, 2021$2,053 $1,211 $— $3,264 
Year Ended December 31, 2022$3,264 $— $(98)$3,166 
Year Ended December 31, 2023$3,166 $95 $(2,897)$364 
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net income (loss) $ 4,792 $ 1,893 $ (352)
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2023
shares
Dec. 31, 2023
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
The following table sets forth the material terms of 10b5-1 Plans intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) that were adopted, terminated, or modified by our directors and officers during the three months ended December 31, 2023:

Name and Title of Director or OfficerAction
 Date
Expiration DateMaximum Number of Shares to be Sold Under the Plan
Ari Balogh, Chief Technology Officer
Adopt
11/29/202310/31/2024525,688

There were no “non-Rule 10b5-1 trading arrangements,” as defined in Item 408(c) of Regulation S-K, adopted, terminated, or modified by our directors or officers during the three months ended December 31, 2023.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Ari Balogh [Member]    
Trading Arrangements, by Individual    
Name Ari Balogh  
Title Chief Technology Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 11/29/2023  
Arrangement Duration 337 days  
Aggregate Available 525,688 525,688
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
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, 2022 and 2023, 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 consolidated financial statements and accompanying notes. The Company regularly evaluates its estimates, including those related to bad debt reserves, fair value of investments, useful lives of long-lived assets and intangible assets, valuation of goodwill and intangible assets from acquisitions, contingent liabilities, insurance reserves, revenue recognition, valuation of common stock, stock-based compensation, income taxes, and reserves for transient occupancy taxes and tax withholding obligations, among others. Actual results could differ materially from these estimates.

As the impact of the uncertain macroeconomic conditions, including inflation and rising interest rates, continues to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial statements as new events occur and additional information becomes known. To the extent the Company’s actual results differ materially from those estimates and assumptions, the Company’s future consolidated financial statements could be affected.
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 and Cash Equivalents
Cash and Cash Equivalents
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.
Short-term Investments
Short-term Investments

The Company considers all highly-liquid investments with original maturities of greater than 90 days to be short-term investments. Short-term investments include time deposits, which are accounted for at amortized cost, and available-for-sale debt securities that consist of corporate debt securities, commercial paper, certificates of deposit, U.S. government and government agency debt securities (“government bonds”), and mortgage-backed and asset-backed securities. The Company determines the appropriate classification of its investments at the time of purchase. 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) (“AOCI”) in stockholders’ equity. Realized gains and losses and impairments are reported within other income
(expense), net on 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 equity investments 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 on 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 in 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 on 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 on 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 consolidated 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.
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. No material amounts were reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2022 and 2023.
Remeasurement gains and losses are included in other income (expense), net on 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.
Derivatives Instruments and Hedging
Derivative Instruments and Hedging

The Company’s primary objective for holding derivative instruments is to manage foreign currency exchange rate risk. The Company enters into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. All derivative instruments are recorded in the consolidated balance sheets at fair value. The accounting treatment for derivative gains and losses is based on intended use and hedge designation.

Gains and losses arising from amounts that are included in the assessment of cash flow hedge effectiveness are initially deferred in AOCI and subsequently reclassified into earnings when the hedged transaction affects earnings and in the same line item within the consolidated statement of operations. The Company does not exclude any components in the assessment of hedge effectiveness for forwards and options.

If it is no longer probable that a forecasted hedged transaction will occur in the initially identified time period, hedge accounting is discontinued and the Company accounts for the associated derivatives as undesignated derivative instruments. Gains and losses associated with derivatives no longer designated as hedging instruments in AOCI are recognized immediately in other income (expense), net, if it is probable that the forecasted hedged transaction will not occur by the end of the initially identified time period or within an additional     two month period thereafter. In rare circumstances, the additional period of time may exceed two months due to extenuating circumstances related to the nature of the forecasted transaction that are outside the control or influence of the Company.

Gains and losses arising from changes in the fair value of derivative instruments that are not designated as accounting hedges are recognized in the consolidated statement of operations in other income (expense), net.

The Company presents derivative assets and liabilities at their gross fair values in the consolidated balance sheets, even if they are subject to master netting arrangements with the counterparties. The Company classifies cash flows related to derivative instruments as operating activities in the consolidated statement of cash flows.
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 sheets and the resulting gain or loss is reflected in the consolidated statements of operations.
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 ROU asset related to the lease. These are amortized through the ROU 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 in 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.
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. The Company uses a two-step process to assess the realizability of goodwill. The first step, Step 0, is a qualitative assessment that analyzes current economic indicators associated with a particular reporting unit. For example, the Company analyzes changes in economic, market and industry conditions, business strategy, cost factors, and financial performance, among others, to determine if there would be a significant decline to the fair value of a reporting unit. A qualitative assessment also includes analyzing the excess fair value of a reporting unit over its carrying value from impairment assessments performed in previous years. If the qualitative assessment indicates a stable or improved fair value, no further testing is required.

If a qualitative assessment indicates that a significant decline to fair value of a reporting unit is more likely than not, or if a reporting unit’s fair value has historically been closer to its carrying value, the Company will proceed to Step 1 testing where the Company calculates the fair value of a reporting unit. If Step 1 indicates that the carrying value of a reporting unit is in excess of its fair value, the Company will record an impairment equal to the amount by which a reporting unit’s carrying value exceeds its fair value.
There were no impairment charges in any of the periods presented in the consolidated financial statements.
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.
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. The determination of the 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 factors are 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.
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, 2022 and 2023. 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 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 customers 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, 2022 and 2023, 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, 2022 and 2023.
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.
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 $27 million, $49 million and $60 million for the years ended December 31, 2021, 2022 and 2023, respectively.
Cost of Revenue
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
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 customers, 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 $542 million, $786 million and $953 million for the years ended December 31, 2021, 2022 and 2023, 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, withholding 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, accounts payable, 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. Accrued interest and penalties related to unrecognized tax benefits are recognized in the provision for (benefit from) income taxes.

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. 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. The Company regularly assesses all available evidence, including cumulative historic losses, forecasted earnings, if carryback is permitted under the law, carryforward periods, and prudent and feasible tax planning strategies.

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.
Share Repurchase
Share Repurchase
Share repurchases may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, or accelerated share repurchase transactions, or by any combination of such methods. Share repurchases are recorded at settlement date. When shares are retired, the value of repurchased shares is deducted from stockholders’ equity through capital with the excess over par value recorded to accumulated deficit.
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation expense primarily relates to restricted stock units (“RSUs”), restricted stock awards (“RSAs”), stock options, and the Employee Stock Purchase Plan (“ESPP”). RSUs, RSAs, stock options and warrants 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 are 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.
Net Income (Loss) Per Share Attributable to Common Stockholders
Net Income (Loss) Per Share Attributable to Common Stockholders

The Company applies the two-class method when computing net income (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 income (loss) per share attributable to common stockholders is computed by dividing the net income (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 income (loss) per share is computed by giving effect to all potentially dilutive securities outstanding for the period, including RSUs, RSAs, stock options, and warrants using the treasury stock method, and convertible notes, using the if-converted method. 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 Income (Loss)
Comprehensive Income (Loss)
Comprehensive income (loss) consists of net income (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 income (loss). Other comprehensive income (loss) consists of unrealized gains (losses) on derivative instruments designated as cash flow hedges, net of tax, foreign currency translation adjustments related to consolidation of foreign entities and unrealized gains (losses), net of tax, 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 March 2022, the Financial Accounting Standards (“FASB”) issued Accounting Standards Update (“ASU”) 2022-01, Derivatives and Hedging (Topic 815), which clarifies the guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The standard is effective for public entities in fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted on any date on or after the issuance of ASU 2017-12. The Company adopted the standard during the first quarter of 2023, which did not have an impact on the Company's consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which expands income tax disclosure requirements to include disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies in fiscal years beginning after December 15, 2024, and will be applied prospectively with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements other than the expanded footnote disclosure.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis, primarily through enhanced disclosures of segment expenses. The standard is effective for public entities in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the consolidated financial statements. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements other than the expanded footnote disclosure.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance of equity securities that are subject to a contractual sale restriction as well as includes specific disclosure requirements for such equity securities. The standard is effective for public entities in fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and will be applied prospectively. Early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact 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.
Prior Period Reclassifications
Prior Period Reclassifications

Certain immaterial amounts in prior periods have been reclassified to conform with current period presentation.
Revision of Previously Issued Consolidated Financial Statements
Revision of Previously Issued Consolidated Financial Statements
The consolidated statements of cash flows for year ended December 31, 2021, has been revised to correct for errors identified by management during the preparation of the consolidated financial statements for the three months ended March 31, 2022. The errors understated cash flows from operating activities by $123 million and overstated the cash flows from financing activities by $123 million for the year ended December 31, 2021. Management has determined that these errors did not result in the previously issued consolidated financial statements being materially misstated. These errors primarily related to the timing of tax payments from the net settlement of equity awards at the initial public offering in December 2020. In particular, in 2020, the Company reported $1.7 billion of cash used in financing activities to cover taxes paid related to the net share settlement of its equity awards that vested upon the initial public offering. However, approximately $123 million of this amount was actually remitted to taxing authorities in foreign jurisdictions during 2021. This had no impact on the Company’s consolidated financial statements outside of the presentation in the consolidated statements of cash flow and did not affect the consolidated balance sheets, consolidated statements of operations, or consolidated statements of stockholders’ equity.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Depreciation and Amortization on Property and Equipment over the Estimated Useful Lives
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 millions):

December 31,
20222023
Leasehold improvements$152 $90 
Computer software and capitalized internal-use software164 51 
Computer equipment32 22 
Buildings and land17 17 
Office furniture and equipment
23 8 
Construction in progress45 82 
Total property and equipment, gross
433 270 
Less: Accumulated depreciation and amortization(312)(110)
Total property and equipment, net$121 $160 
v3.24.0.1
Supplemental Financial Statement Information (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents
The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s consolidated balance sheets to the total amount presented in the consolidated statements of cash flows (in millions):
December 31,
20222023
Cash and cash equivalents$7,378 $6,874 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers4,708 5,769 
Restricted cash included in prepaids and other current assets
17 24 
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows$12,103 $12,667 
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 millions):
December 31,
20222023
Cash and cash equivalents$7,378 $6,874 
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers4,708 5,769 
Restricted cash included in prepaids and other current assets
17 24 
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows$12,103 $12,667 
Schedule of Supplemental Disclosures of Cash Flow Information
Supplemental Disclosures of Cash Flow Information

Supplemental cash flow information consisted of the following (in millions):
Year Ended December 31,
202120222023
Cash paid for:
Income taxes, net of refunds$17 $68 $132 
Interest$50 $8 $55 
Operating leases$92 $102 $84 
Noncash investing and financing activities:
Net impact of non-cash changes to right-of-use assets related to modifications and reassessments of operating leases$18 $(5)$20 
Net settlement of cashless warrants exercised$— $— $202 
Net settlement of cashless stock options exercised$— $— $36 
Schedule of Supplemental Balance Sheet Information
Supplemental disclosures of balance sheet information

Supplemental balance sheet information consisted of the following (in millions):

December 31,
20222023
Other assets, noncurrent:
Property and equipment, net$121 $160 
Operating lease right-of-use assets138 119 
Other218 184 
Other assets, noncurrent$477 $463 
Accrued expenses, accounts payable, and other current liabilities:
Indirect taxes payable and withholding tax reserves
$624 $1,119 
Compensation and employee benefits380 436 
Accounts payable
137 141 
Operating lease liabilities, current59 61 
Other813 897 
Accrued expenses, accounts payable, and other current liabilities
$2,013 $2,654 
Schedule of Payments to Customers
The following table summarizes total payments made to customers (in millions):

Year Ended December 31,
202120222023
Reductions to revenue
$156 $284 $360 
Charges to operations and support
69 88 96 
Charges to sales and marketing expense
47 60 61 
Total payments made to customers
$272 $432 $517 
Schedule of Revenue Disaggregated by Location
The following table presents revenue disaggregated by listing location (in millions):

Year Ended December 31,
202120222023
North America$3,201 $4,210 $4,638 
Europe, the Middle East, and Africa
1,931 2,924 3,615 
Latin America431 643 824 
Asia Pacific429 622 840 
Total revenue disaggregated by geographic region$5,992 $8,399 $9,917 
The following table sets forth the breakdown of revenue by geography, determined based on the location of the Host’s listing (in millions):

Year Ended December 31,
202120222023
United States$2,996 $3,890 $4,290 
International(1)
2,996 4,509 5,627 
Total revenue$5,992 $8,399 $9,917 
(1)No individual international country represented 10% or more of the Company’s total revenue for years ended December 31, 2021, 2022, and 2023.
v3.24.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash and Cash Equivalents, Debt Securities, Available-for-Sale
The following tables summarize the Company’s investments by major security type (in millions):

December 31, 2022
Amortized
Cost 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit$573 $— $— $573 
Government bonds83 — — 83 
Commercial paper574 — — 574 
Corporate debt securities965 1 (7)959 
Mortgage-backed and asset-backed securities
37 — (3)34 
Total debt securities2,232 1 (10)2,223 
Time deposits20 — — 20 
Equity investments (1)
1 — — 1 
Total short-term investments
$2,253 $1 $(10)$2,244 
Long-term investments (2)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Certificates of deposit
$172 $— $— $172 
Government bonds
332 1 — 333 
Commercial paper
366 — — 366 
Corporate debt securities
1,490 4 (3)1,491 
Mortgage-backed and asset-backed securities
148 1 (4)145 
Total debt securities2,508 6 (7)2,507 
Time deposits690 — — 690 
Total short-term investments
$3,198 $6 $(7)$3,197 
Long-term investments (2)
Debt securities:
Corporate debt securities$13 $— $(9)$4 

(1)Unrealized gains (losses) on equity investments were not material for the years ended December 31, 2022 and 2023.
(2)Classified within other assets, noncurrent on the consolidated balance sheets.
Schedule of Contractual Maturities of the Available-for-Sale Debt Securities
The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):
December 31, 2023
Amortized
Cost		Estimated
Fair Value
Due within one year$1,406 $1,406 
Due within one to five years
1,027 1,020 
Due beyond five years
88 85 
Total$2,521 $2,511 
v3.24.0.1
Fair Value Measurements and Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
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 millions):

December 31, 2022
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,326 $— $— $2,326 
Certificates of deposit26 — — 26 
Government bonds— 32 — 32 
Commercial paper— 327 — 327 
Corporate debt securities— 68 — 68 
Total cash equivalents at fair value
2,352 427 — 2,779 
Short-term investments:
Certificates of deposit573 — — 573 
Government bonds— 83 — 83 
Commercial paper— 574 — 574 
Corporate debt securities— 959 — 959 
Mortgage-backed and asset-backed securities— 34 — 34 
Equity investments1 — — 1 
Total short-term investments at fair value
574 1,650 — 2,224 
Funds receivable and amounts held on behalf of customers:
Money market funds501 — — 501 
Prepaids and other current assets:
Foreign exchange derivative assets— 14 — 14 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$3,427 $2,091 $4 $5,522 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $31 $— $31 
Total liabilities at fair value$— $31 $— $31 
December 31, 2023
Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,018 $— $— $2,018 
Certificates of deposit— 1 — 1 
Government bonds— 115 — 115 
Commercial paper— 223 — 223 
Corporate debt securities— 12 — 12 
Total cash equivalents at fair value
2,018 351 — 2,369 
Short-term investments:
Certificates of deposit— 172 — 172 
Government bonds— 333 — 333 
Commercial paper— 366 — 366 
Corporate debt securities— 1,491 — 1,491 
Mortgage-backed and asset-backed securities— 145 — 145 
Total short-term investments at fair value
— 2,507 — 2,507 
Funds receivable and amounts held on behalf of customers:
Money market funds1,360 — — 1,360 
Prepaids and other current assets:
Foreign exchange derivative assets— 27 — 27 
Other assets, noncurrent:
Corporate debt securities— — 4 4 
Total assets at fair value$3,378 $2,885 $4 $6,267 
Liabilities
Accrued expenses, accounts payable, and other current liabilities:
Foreign exchange derivative liabilities$— $55 $— $55 
Other liabilities, noncurrent:
Foreign exchange derivative liabilities— 5 — 5 
Total liabilities at fair value$— $60 $— $60 
v3.24.0.1
Derivative Instruments and Hedging (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments on the Company’s Condensed Consolidated Balance Sheets
The following table summarizes the effect of derivative instruments on the Company’s consolidated balance sheets (in millions):

Derivative Assets(1)
Fair value as of December 31,
Location
20222023
Derivatives designated as hedging instruments:
Foreign exchange contracts (current) Prepaids and other current assets$— $4 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)Prepaids and other current assets$14 $23 

Derivative Liabilities(1)
Fair value as of December 31,
Location
20222023
Derivatives designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$— $25 
Foreign exchange contracts (noncurrent)Other liabilities, noncurrent— 5 
Total derivatives designated as hedging instruments$— $30 
Derivatives not designated as hedging instruments:
Foreign exchange contracts (current)
Accrued expenses, accounts payable, and other current liabilities
$31 $30 

(1)Derivative assets and derivatives liabilities are measured using Level 2 inputs.
Schedule of Derivative Instruments Designated as Cash Flow Hedges and the Impact of Derivative Contracts on AOCI
The following table summarizes the activity of derivative instruments designated as cash flow hedges before reclassifications from AOCI to revenue and the impact of these derivative contracts on AOCI, net of tax (in millions):

Year Ended December 31,
2023
Derivatives designated as cash flow hedges:
Foreign exchange contracts(1)
$(30)

(1)Loss recognized in other comprehensive income (loss).
Schedule of Derivative Instruments Not Designated as Hedging Instruments and the Impact of Derivative Contracts on the Condensed Consolidated Statements of Operations
The following table presents the activity of derivative instruments not designated as hedging instruments and the impact of these derivative contracts on the consolidated statements of operations (in millions):

Realized Gain (Loss) on Derivatives
Unrealized Gain (Loss) on Derivatives
Year Ended December 31,Year Ended December 31,
202120222023202120222023
Derivatives not designated as hedging instruments:
Foreign exchange contracts$19 $92 $(43)$35 $(33)$10 
v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2023 were as follows (in millions):

Amount
Balance as of December 31, 2021$653 
Foreign currency translation adjustments(3)
Balance as of December 31, 2022650 
Acquisition
101 
Foreign currency translation adjustments1 
Balance as of December 31, 2023$752 
Schedule of Estimated Future Amortization Expense for Intangible Assets
Estimated future amortization expense for intangible assets as of December 31, 2023 was as follows (in millions):

Year Ending December 31,Amount
2024$12 
202511 
20268 
20274 
20284 
Thereafter1 
Total future amortization expense$40 
v3.24.0.1
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
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 millions):

December 31,
20222023
Leasehold improvements$152 $90 
Computer software and capitalized internal-use software164 51 
Computer equipment32 22 
Buildings and land17 17 
Office furniture and equipment
23 8 
Construction in progress45 82 
Total property and equipment, gross
433 270 
Less: Accumulated depreciation and amortization(312)(110)
Total property and equipment, net$121 $160 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Components of Lease Cost, Operating Lease Liabilities, Lease Term and Discount Rate
The components of lease cost were as follows (in millions):

Year Ended December 31,
202120222023
Operating lease cost(1)
$83 $77 $58 
Short-term lease cost(1)
3 2 6 
Variable lease cost(1)
14 17 16 
Lease cost, net(2)
$100 $96 $80 

(1)Classified within operations and support, product development, sales and marketing, and general and administrative expenses on the consolidated statements of operations.
(2)Lease costs do not include lease impairments due to restructuring. Refer to Note 18, Restructuring, for additional information.

Lease term and discount rate were as follows:
December 31,
20222023
Weighted-average remaining lease term (years)6.05.3
Weighted-average discount rate7.0 %7.2 %
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities (excluding short-term leases) were as follows as of December 31, 2023 (in millions):

Year Ending December 31,Amount
2024$81 
202575 
202679 
202731 
202828 
Thereafter102 
Total lease payments396 
Less: Imputed interest(83)
Present value of lease liabilities313 
Less: Current portion of lease liabilities(61)
Total long-term lease liabilities$252 
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The following table summarizes total stock-based compensation expense (in millions):

Year Ended December 31,
202120222023
Operations and support$49 $63 $68 
Product development545 548 694 
Sales and marketing100 114 130 
General and administrative205 205 228 
Stock-based compensation expense$899 $930 $1,120 
Schedule of Fair Value Assumptions of Options Awarded
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,
202120222023
Expected term (years)
8.0
 6.1
1.4 - 6.1
Risk-free interest rate
1.1% - 1.5%
0.3% - 2.2%
3.6% - 5.0%
Expected volatility
44.2% - 44.9%
48.6% - 58.4%
51.3% - 54.4%
Expected dividend yield— — — 
Schedule of Stock Option Activity
A summary of stock option and RSU activity under the Plans was as follows (in millions, 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, 202181 24 $19.69 37 $61.22 
Granted
(13)1 161.70 12 135.09 
Increase in shares available for grant
32 — — — — 
Exercised/Vested 5 (3)14.32 (12)83.12 
Canceled3 — 95.93 (3)101.58 
Balances as of December 31, 2022108 22 23.41 34 77.07 
Granted
(13)1 115.15 12 122.84 
Increase in shares available for grant32 — — — — 
Exercised/Vested5 (16)5.37 (14)93.25 
Canceled2 — 98.60 (2)120.36 
Balances as of December 31, 2023134 7 $71.76 30 $85.35 
 Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 202222 $23.41 2.78$1,432 
Options exercisable as of December 31, 202220 17.01 2.271,380 
Options outstanding as of December 31, 20237 71.76 5.77500 
Options exercisable as of December 31, 20236 60.89 5.11448 
Schedule of RSU Activity
A summary of stock option and RSU activity under the Plans was as follows (in millions, 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, 202181 24 $19.69 37 $61.22 
Granted
(13)1 161.70 12 135.09 
Increase in shares available for grant
32 — — — — 
Exercised/Vested 5 (3)14.32 (12)83.12 
Canceled3 — 95.93 (3)101.58 
Balances as of December 31, 2022108 22 23.41 34 77.07 
Granted
(13)1 115.15 12 122.84 
Increase in shares available for grant32 — — — — 
Exercised/Vested5 (16)5.37 (14)93.25 
Canceled2 — 98.60 (2)120.36 
Balances as of December 31, 2023134 7 $71.76 30 $85.35 
 Number of
Shares		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
Options outstanding as of December 31, 202222 $23.41 2.78$1,432 
Options exercisable as of December 31, 202220 17.01 2.271,380 
Options outstanding as of December 31, 20237 71.76 5.77500 
Options exercisable as of December 31, 20236 60.89 5.11448 
Schedule of Transactions under Employee Stock Purchase Plan
The following table summarizes transactions under the Company’s ESPP (in millions except per share amounts):

Year Ended December 31,
20222023
Shares issued
0.5 0.7 
Weighted-average price per share
$95.90 $88.81 
Cash proceeds
$48 $64 
v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Non-Cancelable Commitments and Obligations The following table presents these non-cancelable commitments and obligations as of December 31, 2023 (in millions):
 TotalLess than
1 year		1 to 3 years3 to 5 yearsMore than
5 years
Purchase obligations$934 $203 $622 $109 $— 
Other commitments157 37 59 61 — 
Total$1,091 $240 $681 $170 $— 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes
The domestic and foreign components of income (loss) before income taxes were as follows (in millions):

 Year Ended December 31,
 202120222023
Domestic$(390)$1,820 $1,913 
Foreign90 169 189 
Income (loss) before income taxes$(300)$1,989 $2,102 
Schedule of Components of Provision (Benefit) Income Taxes
The components of the provision for (benefit from) income taxes were as follows (in millions):

 Year Ended December 31,
 202120222023
Current
Federal$5 $19 $19 
State2 10 8 
Foreign34 68 158 
Total current provision for income taxes
41 97 185 
Deferred
Federal— — (2,410)
State— — (461)
Foreign11 (1)(4)
Total deferred provision for (benefit from) income taxes11 (1)(2,875)
Total provision for (benefit from) income taxes$52 $96 $(2,690)
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate
The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:

 Year Ended December 31,
 202120222023
Expected income tax expense at federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of federal benefits(0.7)0.4 0.3 
Foreign tax rate differential(5.1)1.0 2.9 
Stock-based compensation282.4 (6.9)(16.7)
Deferred tax impacts of restructuring(9.7)— — 
Other statutorily non-deductible expenses(1.1)0.3 0.1 
Non-deductible warrant revaluations(20.4)(0.1)— 
Research and development credits51.0 (4.7)(5.5)
Uncertain tax positions—prior year positions(3.1)0.1 1.8 
Uncertain tax positions—current year positions(1.0)0.8 1.7 
U.S. tax on foreign income, net of allowable credits and deductions— 0.7 3.9 
Foreign-derived intangible income deduction— (1.9)(1.0)
Other1.3 0.1 0.1 
Change in valuation allowance(331.9)(6.0)(136.6)
Effective tax rate(17.3)%4.8 %(128.0)%
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities consisted of the following (in millions):

 December 31,
 20222023
Deferred tax assets:
Net operating loss carryforwards$1,539 $1,232 
Tax credit carryforwards664 844 
Accruals and reserves123 113 
Non-income tax accruals68 78 
Stock-based compensation111 70 
Operating lease liabilities73 62 
Intangible assets188 158 
Capitalized research and development costs413 671 
Other37 55 
Gross deferred tax assets3,216 3,283 
Valuation allowance(3,166)(364)
Total deferred tax assets50 2,919 
Deferred tax liabilities:
Property and equipment basis differences(9)(18)
Operating lease assets(23)(18)
Other(2)(2)
Total deferred tax liabilities(34)(38)
Total net deferred tax assets$16 $2,881 
Schedule of Reconciliation of Total Gross Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in millions):

 Year Ended December 31,
 202120222023
Balance at beginning of year$508 $597 $650 
Gross increases related to prior year tax positions14 7 52 
Gross decreases related to prior year tax positions(2)(2)(8)
Gross increases related to current year tax positions85 60 103 
Reductions due to settlements with taxing authorities(1)(7)(12)
Reduction due to lapse in statute of limitations(7)(5)(5)
Balance at end of year$597 $650 $780 
v3.24.0.1
Net Income (Loss) per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the years indicated (in millions, except per share amounts):

Year Ended December 31,
202120222023
Net income (loss)$(352)$1,893 $4,792 
Add: convertible notes interest expense, net of tax— 4 3 
Net income (loss) - diluted$(352)$1,897 $4,795 
Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic616 637 637 
Effect of dilutive securities— 43 25 
Diluted616 680 662 
Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic$(0.57)$2.97 $7.52 
Diluted$(0.57)$2.79 $7.24 
Schedule of Computation of Diluted Shares Outstanding
Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in millions):

Year Ended December 31,
202120222023
2026 Notes(1)
11 — — 
Warrants8 — — 
Stock options24 1 2 
RSUs26 9 5 
RSAs1 — — 
Total70 10 7 

(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 represent the maximum number of shares that could have been issued upon conversion after considering the make-whole fundamental change adjustment on an unweighted basis.
v3.24.0.1
Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Geography
The following table presents revenue disaggregated by listing location (in millions):

Year Ended December 31,
202120222023
North America$3,201 $4,210 $4,638 
Europe, the Middle East, and Africa
1,931 2,924 3,615 
Latin America431 643 824 
Asia Pacific429 622 840 
Total revenue disaggregated by geographic region$5,992 $8,399 $9,917 
The following table sets forth the breakdown of revenue by geography, determined based on the location of the Host’s listing (in millions):

Year Ended December 31,
202120222023
United States$2,996 $3,890 $4,290 
International(1)
2,996 4,509 5,627 
Total revenue$5,992 $8,399 $9,917 
(1)No individual international country represented 10% or more of the Company’s total revenue for years ended December 31, 2021, 2022, and 2023.
Schedule of Breakdown of Long-Lived Assets Based on Geography
The following table sets forth the breakdown of long-lived assets based on geography (in millions):

 December 31,
 20222023
United States$203 $229 
Ireland36 32 
Other international20 18 
Total long-lived assets$259 $279 
v3.24.0.1
Summary of Significant Accounting Policies - Narrative (Details)
 1 Months Ended 12 Months Ended
May 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
segment
reportingUnit
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Subsidiary, Sale of Stock [Line Items]          
Number of operating segments | segment   1      
Number of reportable segments | segment   1      
Cumulative translation gain   $ 5,000,000 $ 13,000,000    
Net realized and unrealized gains (losses) on foreign currency transactions and balances   $ (48,000,000) 29,000,000 $ (5,000,000)  
Number of reporting units | reportingUnit   1      
Goodwill impairment   $ 0 0    
Intangible asset impairment   0 0    
Impairment of long-lived assets     $ 91,000,000 113,000,000  
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]     Restructuring charges    
Restructuring charges   $ 0 $ 89,000,000 113,000,000  
Number of days, long-term stay, minimum   28 days      
Advance notice period required for cancellation   30 days      
Bad debt expense   $ 60,000,000 49,000,000 27,000,000  
Advertising expense   $ 953,000,000 786,000,000 542,000,000  
Award contractual term   10 years      
Overstatement (understatement) in cash flows from operating activities   $ 3,884,000,000 3,430,000,000 2,313,000,000  
Overstatement (understatement) in cash flows from financing activities   (2,430,000,000) (689,000,000) 1,308,000,000  
Taxes paid related to net share settlement of equity awards $ 567,000,000 $ 1,224,000,000 $ 607,000,000 177,000,000  
Domestic and Foreign Tax Authority          
Subsidiary, Sale of Stock [Line Items]          
Taxes paid related to net share settlement of equity awards         $ 1,700,000,000
Revision of Prior Period, Adjustment          
Subsidiary, Sale of Stock [Line Items]          
Overstatement (understatement) in cash flows from operating activities       (123,000,000)  
Overstatement (understatement) in cash flows from financing activities       123,000,000  
Revision of Prior Period, Adjustment | Foreign Tax Authority          
Subsidiary, Sale of Stock [Line Items]          
Taxes paid related to net share settlement of equity awards       $ 123,000,000  
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      
v3.24.0.1
Summary of Significant Accounting Policies - Schedule of Depreciation and Amortization on Property and Equipment over the Estimated Useful Lives (Details)
Dec. 31, 2023
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
v3.24.0.1
Supplemental Financial Statement Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 6,874 $ 7,378    
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 5,769 4,708    
Restricted cash included in prepaids and other current assets 24 17    
Total cash, cash equivalents, and restricted cash presented on the consolidated statements of cash flows $ 12,667 $ 12,103 $ 9,727 $ 7,668
v3.24.0.1
Supplemental Financial Statement Information - Schedule of Supplemental Disclosures of Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash paid for:      
Income taxes, net of refunds $ 132 $ 68 $ 17
Interest 55 8 50
Operating leases 84 102 92
Noncash investing and financing activities:      
Net impact of non-cash changes to right-of-use assets related to modifications and reassessments of operating leases 20 (5) 18
Net settlement of cashless warrants exercised 202 0 0
Net settlement of cashless stock options exercised $ 36 $ 0 $ 0
v3.24.0.1
Supplemental Financial Statement Information - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Other assets, noncurrent:    
Property and equipment, net $ 160 $ 121
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, noncurrent Other assets, noncurrent
Operating lease right-of-use assets $ 119 $ 138
Other 184 218
Other assets, noncurrent 463 477
Accrued expenses, accounts payable, and other current liabilities:    
Indirect taxes payable and withholding tax reserves 1,119 624
Compensation and employee benefits 436 380
Accounts payable $ 141 $ 137
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses, accounts payable, and other current liabilities Accrued expenses, accounts payable, and other current liabilities
Operating lease liabilities, current $ 61 $ 59
Other 897 813
Accrued expenses, accounts payable, and other current liabilities $ 2,654 $ 2,013
v3.24.0.1
Supplemental Financial Statement Information - Schedule of Payments to Customers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Total payments made to customers $ 517 $ 432 $ 272
Reductions to revenue      
Disaggregation of Revenue [Line Items]      
Total payments made to customers 360 284 156
Charges to operations and support      
Disaggregation of Revenue [Line Items]      
Total payments made to customers 96 88 69
Charges to sales and marketing expense      
Disaggregation of Revenue [Line Items]      
Total payments made to customers $ 61 $ 60 $ 47
v3.24.0.1
Supplemental Financial Statement Information - Schedule of Revenue Disaggregated by Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Revenue $ 9,917 $ 8,399 $ 5,992
North America      
Disaggregation of Revenue [Line Items]      
Revenue 4,638 4,210 3,201
Europe, the Middle East, and Africa      
Disaggregation of Revenue [Line Items]      
Revenue 3,615 2,924 1,931
Latin America      
Disaggregation of Revenue [Line Items]      
Revenue 824 643 431
Asia Pacific      
Disaggregation of Revenue [Line Items]      
Revenue $ 840 $ 622 $ 429
v3.24.0.1
Investments - Schedule of Investments by Major Security Type (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Short-term investments    
Debt securities, amortized cost $ 2,521  
Debt Securities, total estimated fair value 2,511  
Total short-term investments 3,197 $ 2,244
Long-term investments:    
Debt securities, amortized cost 2,521  
Debt Securities, total estimated fair value 2,511  
Short-term investments    
Short-term investments    
Debt securities, amortized cost 2,508 2,232
Debt securities, gross unrealized gains 6 1
Debt securities, gross unrealized losses (7) (10)
Debt Securities, total estimated fair value 2,507 2,223
Time deposits 690 20
Equity investments   1
Amortized Cost 3,198 2,253
Total short-term investments 3,197 2,244
Long-term investments:    
Debt securities, amortized cost 2,508 2,232
Debt securities, gross unrealized gains 6 1
Debt securities, gross unrealized losses (7) (10)
Debt Securities, total estimated fair value 2,507 2,223
Short-term investments | Certificates of deposit    
Short-term investments    
Debt securities, amortized cost 172 573
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt Securities, total estimated fair value 172 573
Long-term investments:    
Debt securities, amortized cost 172 573
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt Securities, total estimated fair value 172 573
Short-term investments | Government bonds    
Short-term investments    
Debt securities, amortized cost 332 83
Debt securities, gross unrealized gains 1 0
Debt securities, gross unrealized losses 0 0
Debt Securities, total estimated fair value 333 83
Long-term investments:    
Debt securities, amortized cost 332 83
Debt securities, gross unrealized gains 1 0
Debt securities, gross unrealized losses 0 0
Debt Securities, total estimated fair value 333 83
Short-term investments | Commercial paper    
Short-term investments    
Debt securities, amortized cost 366 574
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt Securities, total estimated fair value 366 574
Long-term investments:    
Debt securities, amortized cost 366 574
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses 0 0
Debt Securities, total estimated fair value 366 574
Short-term investments | Corporate debt securities    
Short-term investments    
Debt securities, amortized cost 1,490 965
Debt securities, gross unrealized gains 4 1
Debt securities, gross unrealized losses (3) (7)
Debt Securities, total estimated fair value 1,491 959
Long-term investments:    
Debt securities, amortized cost 1,490 965
Debt securities, gross unrealized gains 4 1
Debt securities, gross unrealized losses (3) (7)
Debt Securities, total estimated fair value 1,491 959
Short-term investments | Mortgage-backed and asset-backed securities    
Short-term investments    
Debt securities, amortized cost 148 37
Debt securities, gross unrealized gains 1 0
Debt securities, gross unrealized losses (4) (3)
Debt Securities, total estimated fair value 145 34
Long-term investments:    
Debt securities, amortized cost 148 37
Debt securities, gross unrealized gains 1 0
Debt securities, gross unrealized losses (4) (3)
Debt Securities, total estimated fair value 145 34
Other Noncurrent Assets | Corporate debt securities    
Short-term investments    
Debt securities, amortized cost 13 13
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses (9) (9)
Debt Securities, total estimated fair value 4 4
Long-term investments:    
Debt securities, amortized cost 13 13
Debt securities, gross unrealized gains 0 0
Debt securities, gross unrealized losses (9) (9)
Debt Securities, total estimated fair value $ 4 $ 4
v3.24.0.1
Investments - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]      
Allowance for credit loss, available-for-sale debt securities $ 0 $ 0  
Debt securities in an unrealized loss position 777,000,000 748,000,000  
Debt securities, unrealized loss 16,000,000 19,000,000  
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss 283,000,000 92,000,000  
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer 14,000,000 13,000,000  
Realized loss on marketable equity securities     $ 13,000,000
Equity securities without readily determinable fair value, carrying value 83,000,000 75,000,000  
Impairment of investments 0 0 3,000,000
Downward adjustment 0 0  
Upward adjustment 4,000,000 0 0
Cumulative impairment of investments 56,000,000    
Carrying value of equity method investments 8,000,000 14,000,000  
Loss from equity method investments 6,000,000 5,000,000 4,000,000
Impairment in equity method investments $ 0 $ 0 $ 0
v3.24.0.1
Investments - Schedule of Contractual Maturities of Available-for-Sale Debt Securities (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Amortized Cost  
Due within one year $ 1,406
Due within one to five years 1,027
Due beyond five years 88
Debt securities, amortized cost 2,521
Estimated Fair Value  
Due within one year 1,406
Due within one to five years 1,020
Due beyond five years 85
Total, Estimated Fair Value $ 2,511
v3.24.0.1
Fair Value Measurements and Financial Instruments - Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Assets    
Marketable securities $ 2,511  
Total short-term investments at fair value 2,507 $ 2,224
Corporate debt securities | Other assets, noncurrent    
Assets    
Marketable securities 4 4
Fair Value, Recurring    
Assets    
Cash equivalents 2,369 2,779
Total short-term investments at fair value 2,507 2,224
Total assets at fair value 6,267 5,522
Liabilities    
Total liabilities at fair value 60 31
Fair Value, Recurring | Foreign exchange derivative assets    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 55 31
Other liabilities, noncurrent: 5  
Fair Value, Recurring | Prepaids and other current assets | Foreign exchange derivative assets    
Assets    
Other assets 27 14
Fair Value, Recurring | Certificates of deposit    
Assets    
Marketable securities 172 573
Fair Value, Recurring | Government bonds    
Assets    
Marketable securities 333 83
Fair Value, Recurring | Commercial paper    
Assets    
Marketable securities 366 574
Fair Value, Recurring | Corporate debt securities    
Assets    
Marketable securities 1,491 959
Fair Value, Recurring | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 4 4
Fair Value, Recurring | Mortgage-backed and asset-backed securities    
Assets    
Marketable securities 145 34
Fair Value, Recurring | Equity Securities    
Assets    
Equity investments   1
Fair Value, Recurring | Money market funds    
Assets    
Cash equivalents 2,018 2,326
Funds receivable and amounts held on behalf of customers 1,360 501
Fair Value, Recurring | Certificates of deposit    
Assets    
Cash equivalents 1 26
Fair Value, Recurring | Government bonds    
Assets    
Cash equivalents 115 32
Fair Value, Recurring | Commercial paper    
Assets    
Cash equivalents 223 327
Fair Value, Recurring | Corporate debt securities    
Assets    
Cash equivalents 12 68
Fair Value, Recurring | Level 1    
Assets    
Cash equivalents 2,018 2,352
Total short-term investments at fair value 0 574
Total assets at fair value 3,378 3,427
Liabilities    
Total liabilities at fair value 0 0
Fair Value, Recurring | Level 1 | Foreign exchange derivative assets    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 0 0
Other liabilities, noncurrent: 0  
Fair Value, Recurring | Level 1 | Prepaids and other current assets | Foreign exchange derivative assets    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 1 | Certificates of deposit    
Assets    
Marketable securities 0 573
Fair Value, Recurring | Level 1 | Government bonds    
Assets    
Marketable securities 0 0
Fair Value, Recurring | Level 1 | Commercial paper    
Assets    
Marketable securities 0 0
Fair Value, Recurring | Level 1 | Corporate debt securities    
Assets    
Marketable securities 0 0
Fair Value, Recurring | Level 1 | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 1 | Mortgage-backed and asset-backed securities    
Assets    
Marketable securities 0 0
Fair Value, Recurring | Level 1 | Equity Securities    
Assets    
Equity investments   1
Fair Value, Recurring | Level 1 | Money market funds    
Assets    
Cash equivalents 2,018 2,326
Funds receivable and amounts held on behalf of customers 1,360 501
Fair Value, Recurring | Level 1 | Certificates of deposit    
Assets    
Cash equivalents 0 26
Fair Value, Recurring | Level 1 | Government bonds    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 1 | Commercial paper    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 1 | Corporate debt securities    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 2    
Assets    
Cash equivalents 351 427
Total short-term investments at fair value 2,507 1,650
Total assets at fair value 2,885 2,091
Liabilities    
Total liabilities at fair value 60 31
Fair Value, Recurring | Level 2 | Foreign exchange derivative assets    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 55 31
Other liabilities, noncurrent: 5  
Fair Value, Recurring | Level 2 | Prepaids and other current assets | Foreign exchange derivative assets    
Assets    
Other assets 27 14
Fair Value, Recurring | Level 2 | Certificates of deposit    
Assets    
Marketable securities 172 0
Fair Value, Recurring | Level 2 | Government bonds    
Assets    
Marketable securities 333 83
Fair Value, Recurring | Level 2 | Commercial paper    
Assets    
Marketable securities 366 574
Fair Value, Recurring | Level 2 | Corporate debt securities    
Assets    
Marketable securities 1,491 959
Fair Value, Recurring | Level 2 | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 2 | Mortgage-backed and asset-backed securities    
Assets    
Marketable securities 145 34
Fair Value, Recurring | Level 2 | Equity Securities    
Assets    
Equity investments   0
Fair Value, Recurring | Level 2 | Money market funds    
Assets    
Cash equivalents 0 0
Funds receivable and amounts held on behalf of customers 0 0
Fair Value, Recurring | Level 2 | Certificates of deposit    
Assets    
Cash equivalents 1 0
Fair Value, Recurring | Level 2 | Government bonds    
Assets    
Cash equivalents 115 32
Fair Value, Recurring | Level 2 | Commercial paper    
Assets    
Cash equivalents 223 327
Fair Value, Recurring | Level 2 | Corporate debt securities    
Assets    
Cash equivalents 12 68
Fair Value, Recurring | Level 3    
Assets    
Cash equivalents 0 0
Total short-term investments at fair value 0 0
Total assets at fair value 4 4
Liabilities    
Total liabilities at fair value 0 0
Fair Value, Recurring | Level 3 | Foreign exchange derivative assets    
Liabilities    
Accrued expenses, accounts payable, and other current liabilities: 0 0
Other liabilities, noncurrent: 0  
Fair Value, Recurring | Level 3 | Prepaids and other current assets | Foreign exchange derivative assets    
Assets    
Other assets 0 0
Fair Value, Recurring | Level 3 | Certificates of deposit    
Assets    
Marketable securities 0 0
Fair Value, Recurring | Level 3 | Government bonds    
Assets    
Marketable securities 0 0
Fair Value, Recurring | Level 3 | Commercial paper    
Assets    
Marketable securities 0 0
Fair Value, Recurring | Level 3 | Corporate debt securities    
Assets    
Marketable securities 0 0
Fair Value, Recurring | Level 3 | Corporate debt securities | Other assets, noncurrent    
Assets    
Other assets 4 4
Fair Value, Recurring | Level 3 | Mortgage-backed and asset-backed securities    
Assets    
Marketable securities 0 0
Fair Value, Recurring | Level 3 | Equity Securities    
Assets    
Equity investments   0
Fair Value, Recurring | Level 3 | Money market funds    
Assets    
Cash equivalents 0 0
Funds receivable and amounts held on behalf of customers 0 0
Fair Value, Recurring | Level 3 | Certificates of deposit    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 3 | Government bonds    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 3 | Commercial paper    
Assets    
Cash equivalents 0 0
Fair Value, Recurring | Level 3 | Corporate debt securities    
Assets    
Cash equivalents $ 0 $ 0
v3.24.0.1
Derivative Instruments and Hedging - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Maximum remaining maturity of foreign currency derivatives 18 months  
Potential effects of rights of set-off associated with derivative asset contracts $ 26  
Potential effects of rights of set-off associated with derivative liabilities contracts 26  
Derivative asset, fair value after offset 1  
Derivative liability, fair value after offset (34)  
Deferred net losses 11  
Foreign exchange derivative | Cash Flow Hedging    
Derivative [Line Items]    
Total notional amount of outstanding derivatives 2,000  
Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative unrealized loss (31)  
Not Designated as Hedging Instrument | Foreign exchange derivative    
Derivative [Line Items]    
Total notional amount of outstanding derivatives $ 2,400 $ 2,400
v3.24.0.1
Derivative Instruments and Hedging - Schedule of Derivative Instruments on the Company’s Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 30 $ 0
Prepaids and other current assets | Foreign exchange contracts | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative assets 4 0
Prepaids and other current assets | Foreign exchange contracts | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative assets 23 14
Accrued expenses, accounts payable, and other current liabilities | Foreign exchange contracts | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 25 0
Accrued expenses, accounts payable, and other current liabilities | Foreign exchange contracts | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 30 31
Other liabilities, noncurrent | Foreign exchange contracts | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 5 $ 0
v3.24.0.1
Derivative Instruments and Hedging - Schedule of Derivative Instruments Designated as Cash Flow Hedges and the Impact of Derivative Contracts on AOCI (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Foreign exchange contracts | Designated as Hedging Instrument  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Gain Recognized in Other Comprehensive Income (Loss) $ (30)
v3.24.0.1
Derivative Instruments and Hedging - Schedule of Derivative Instruments Not Designated as Hedging Instruments and the Impact of Derivative Contracts on the Condensed Consolidated Statements of Operations (Details) - Foreign exchange contracts - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Realized Gain (Loss) on Derivatives $ (43) $ 92 $ 19
Unrealized Gain (Loss) on Derivatives $ 10 $ (33) $ 35
v3.24.0.1
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 650 $ 653
Foreign currency translation adjustments 1 (3)
Acquisition 101  
Goodwill, ending balance $ 752 $ 650
v3.24.0.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Intangible assets, net $ 40 $ 34  
Amortization expense of intangible assets 13 19 $ 24
Accumulated amortization $ (55) $ (43)  
v3.24.0.1
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2024 $ 12  
2025 11  
2026 8  
2027 4  
2028 4  
Thereafter 1  
Total future amortization expense $ 40 $ 34
v3.24.0.1
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Less: Accumulated depreciation and amortization $ (110) $ (312)
Total property and equipment, net 160 121
Depreciable Property, Plant and Equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 270 433
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 90 152
Computer software and capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 51 164
Total property and equipment, net 27 9
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 22 32
Buildings and land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 17 17
Office furniture and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 8 23
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 82 $ 45
v3.24.0.1
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 18 $ 43 $ 86
Property and equipment, net 160 121  
Computer software and capitalized internal-use software      
Property, Plant and Equipment [Line Items]      
Amortization 13 28 $ 66
Property and equipment, net $ 27 $ 9  
v3.24.0.1
Leases - Narrative (Details)
Dec. 31, 2023
Lessee, Lease, Description [Line Items]  
Operating lease, renewal term 10 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 15 years
v3.24.0.1
Leases - Schedule of Components of Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating lease cost $ 58 $ 77 $ 83
Short-term lease cost 6 2 3
Variable lease cost 16 17 14
Lease cost, net $ 80 $ 96 $ 100
v3.24.0.1
Leases - Schedule of Lease Term and Discount Rate (Details)
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Weighted-average remaining lease term (years) 5 years 3 months 18 days 6 years
Weighted-average discount rate 7.20% 7.00%
v3.24.0.1
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2024 $ 81  
2025 75  
2026 79  
2027 31  
2028 28  
Thereafter 102  
Total lease payments 396  
Less: Imputed interest (83)  
Present value of lease liabilities 313  
Less: Current portion of lease liabilities (61) $ (59)
Total long-term lease liabilities $ 252 $ 295
v3.24.0.1
Debt (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Oct. 31, 2022
USD ($)
Mar. 08, 2021
USD ($)
$ / shares
Mar. 03, 2021
USD ($)
$ / shares
Mar. 31, 2021
USD ($)
Apr. 30, 2020
USD ($)
$ / shares
shares
Mar. 31, 2021
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]                    
Long-term debt             $ 1,991,000,000 $ 1,987,000,000    
Capped calls, transaction costs     $ 100,000,000              
Principal repayment of long-term debt             0 0 $ 1,995,000,000  
Loss from extinguishment of debt             0 0 377,000,000  
Early redemption premiums             0 0 213,000,000  
Loss on warrants, net             $ 0 $ 0 292,000,000  
Reclassification of derivative warrant liability to equity                 1,277,000,000  
Class A Common Stock Warrants                    
Debt Instrument [Line Items]                    
Shares called by warrants (in shares) | shares             5,600,000 7,900,000    
Exercise price of warrants (in USD per share) | $ / shares             $ 28.355 $ 28.355    
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              
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                
2022 Credit Facility | Revolving Credit Facility                    
Debt Instrument [Line Items]                    
Debt instrument, term 5 years                  
Initial borrowing capacity $ 1,000,000,000                  
Borrowings outstanding, amount drawn             $ 0      
2022 Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Interest Rate Scenario One                    
Debt Instrument [Line Items]                    
Variable rate floor 0.00%                  
2022 Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Interest Rate Scenario Two                    
Debt Instrument [Line Items]                    
Basis spread on variable rate 1.00%                  
2022 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%                  
2022 Credit Facility | Revolving Credit Facility | Minimum                    
Debt Instrument [Line Items]                    
Commitment fee percentage 0.10%                  
2022 Credit Facility | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Interest Rate Scenario One                    
Debt Instrument [Line Items]                    
Basis spread on variable rate 1.00%                  
2022 Credit Facility | Revolving Credit Facility | Minimum | Base Rate | Interest Rate Scenario Two                    
Debt Instrument [Line Items]                    
Basis spread on variable rate 0.00%                  
2022 Credit Facility | Revolving Credit Facility | Maximum                    
Debt Instrument [Line Items]                    
Commitment fee percentage 0.20%                  
2022 Credit Facility | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Interest Rate Scenario One                    
Debt Instrument [Line Items]                    
Basis spread on variable rate 1.50%                  
2022 Credit Facility | Revolving Credit Facility | Maximum | Base Rate | Interest Rate Scenario Two                    
Debt Instrument [Line Items]                    
Basis spread on variable rate 0.50%                  
Convertible Debt | Senior Notes Due 2026                    
Debt Instrument [Line Items]                    
Aggregate principle amount   $ 2,000,000,000                
Interest rate   0.00%                
Long-term debt             $ 2,000,000,000 $ 2,000,000,000    
Effective interest rate             0.20% 0.20%    
Debt issuance costs   $ 21,000,000                
Interest expense             $ 4,000,000 $ 4,000,000 3,000,000  
Proceeds from debt issuance, net   $ 1,979,000,000                
Redemption price (percent)   100.00%                
Debt, fair value             1,800,000,000      
Secured Debt                    
Debt Instrument [Line Items]                    
Principal repayment of long-term debt       $ 2,000,000,000            
Loss from extinguishment of debt       377,000,000            
Write-off of unamortized debt discount and deferred debt issuance costs       164,000,000            
Secured Debt | Redemption Premiums                    
Debt Instrument [Line Items]                    
Early redemption premiums       $ 213,000,000            
Secured Debt | First Lien Credit Agreement                    
Debt Instrument [Line Items]                    
Aggregate principle amount         $ 1,000,000,000          
Debt issuance costs         39,000,000          
Interest expense                 41,000,000  
Proceeds from debt issuance, net         961,000,000          
Secured Debt | Second Lien Credit Agreement                    
Debt Instrument [Line Items]                    
Aggregate principle amount         1,000,000,000          
Debt issuance costs         33,000,000          
Interest expense                 $ 41,000,000  
Proceeds from debt issuance, net         $ 968,000,000          
Secured Debt | Second Lien Credit Agreement | Class A Common Stock Warrants                    
Debt Instrument [Line Items]                    
Shares called by warrants (in shares) | shares         7,900,000          
Exercise price of warrants (in USD per share) | $ / shares         $ 28.355          
Warrants, fair value         $ 117,000,000         $ 985,000,000
Loss on warrants, net           $ 292,000,000        
Reclassification of derivative warrant liability to equity           $ 1,300,000,000        
Line of Credit | 2022 Credit Facility | Letter of Credit                    
Debt Instrument [Line Items]                    
Maximum borrowing capacity $ 200,000,000                  
Borrowings outstanding             $ 29,000,000      
v3.24.0.1
Stockholders’ Equity (Details)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
May 31, 2023
shares
Dec. 31, 2023
USD ($)
vote
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
May 09, 2023
USD ($)
Aug. 02, 2022
USD ($)
Class of Stock [Line Items]          
Common stock, par value (in USD per share) | $ / shares   $ 0.0001 $ 0.0001    
Stock repurchased and retired (in shares) 5.7        
Stock repurchased and retired | $   $ 2,252 $ 1,500    
Share Repurchase Program 2022          
Class of Stock [Line Items]          
Stock repurchase program, authorized amount | $         $ 2,000
Share Repurchase Program 2023          
Class of Stock [Line Items]          
Stock repurchase program, authorized amount | $       $ 2,500  
Class A Common Stock Warrants          
Class of Stock [Line Items]          
Shares called by warrants (in shares)   5.6 7.9    
Exercise price of warrants (in USD per share) | $ / shares   $ 28.355 $ 28.355    
Number of warrants exercised (in shares)   7.1      
Warrants outstanding (in shares)   0.8      
Common Class A          
Class of Stock [Line Items]          
Common stock authorized (in shares)   2,000.0 2,000.0    
Common stock, par value (in USD per share) | $ / shares   $ 0.0001      
Votes per common share | vote   1      
Stock repurchased and retired (in shares)   17.9      
Stock repurchased and retired | $   $ 2,300      
Common Class A | Share Repurchase Program 2023          
Class of Stock [Line Items]          
Remaining authorized repurchase amount | $   $ 750      
Common Class B          
Class of Stock [Line Items]          
Common stock authorized (in shares)   710.0 710.0    
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      
Common Class C          
Class of Stock [Line Items]          
Common stock authorized (in shares)   2,000.0 2,000.0    
Votes per common share | vote   0      
Common Class H          
Class of Stock [Line Items]          
Common stock authorized (in shares)   26.0 26.0    
Votes per common share | vote   0      
v3.24.0.1
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 1,120 $ 930 $ 899
Operations and support      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 68 63 49
Product development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 694 548 545
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 130 114 100
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 228 $ 205 $ 205
v3.24.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended
May 31, 2023
Dec. 31, 2020
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2018
Class of Stock [Line Items]              
Stock-based compensation arrangement, tax benefit     $ 435,000,000 $ 19,000,000 $ 36,000,000    
Income tax benefit related to stock-based compensation expense     $ 227,000,000 $ 0 0    
Options exercisable (in shares)     6,000,000 20,000,000      
Options excisable (in USD per share)     $ 60.89 $ 17.01      
Exercise of common stock options, net of shares withheld for taxes (in shares) 11,200,000   16,000,000 3,000,000      
Stock repurchased and retired (in shares) 5,700,000            
Taxes paid related to net share settlement of equity awards $ 567,000,000   $ 1,224,000,000 $ 607,000,000 $ 177,000,000    
Exercise cost $ 36,000,000            
Weighted-average fair value of options granted (in USD per share)     $ 65.22 $ 79.75 $ 96.50    
Aggregate intrinsic value of options exercised     $ 1,620,000,000 $ 326,000,000 $ 2,825,000,000    
Grant date fair value of options vested     44,000,000 45,000,000 46,000,000    
Unrecognized compensation cost related to stock option awards granted     $ 87,000,000        
Weighted-average period expected to recognize compensation expense     2 years 6 months        
Stock-based compensation expense     $ 1,120,000,000 $ 930,000,000 $ 899,000,000    
Common Class A              
Class of Stock [Line Items]              
Stock repurchased and retired (in shares)     17,900,000        
2018 Plan              
Class of Stock [Line Items]              
Additional shares authorized (in shares)             13,200,000
2018 Plan | Common Class B              
Class of Stock [Line Items]              
Shares authorized (in shares)             50,000,000
2020 Plan | Common Class A              
Class of Stock [Line Items]              
Shares authorized (in shares)   62,100,000       62,100,000  
Annual increase in number of shares authorized (percent)           5.00%  
Maximum shares issuable (in shares)           371,200,000  
Assumed Equity Incentive Plan | Common Class A              
Class of Stock [Line Items]              
Options exercisable (in shares)         98,093    
Options excisable (in USD per share)         $ 22.67    
RSAs              
Class of Stock [Line Items]              
Vesting term     4 years        
Issued and outstanding (in shares)     800,000 400,000 600,000    
Unvested RSAs, weighted-average grant-date fair value (in usd per share)     $ 100.04 $ 62.33 $ 62.32    
RSAs | Assumed Equity Incentive Plan              
Class of Stock [Line Items]              
Issued (in shares)         3,512    
RSUs              
Class of Stock [Line Items]              
Issued (in shares)     12,000,000 12,000,000      
Vesting term     4 years        
Issued and outstanding (in shares)     30,000,000 34,000,000 37,000,000    
Unvested RSAs, weighted-average grant-date fair value (in usd per share)     $ 85.35 $ 77.07 $ 61.22    
Employee Stock Purchase Plan | 2020 Employee Stock Purchase Plan              
Class of Stock [Line Items]              
Maximum shares issuable (in shares)   89,800,000          
Shares available for future issuance (in shares)     14,000,000 8,900,000      
Stock-based compensation expense     $ 29,000,000 $ 33,000,000      
Employee Stock Purchase Plan | 2020 Employee Stock Purchase Plan | Common Class A              
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%          
v3.24.0.1
Stock-Based Compensation - Schedule of Fair Value Assumptions of Options Awarded (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years)   6 years 1 month 6 days  
Risk-free interest rate, minimum 3.60% 0.30% 1.10%
Risk-free interest rate, maximum 5.00% 2.20% 1.50%
Expected volatility, minimum 51.30% 48.60% 44.20%
Expected volatility, maximum 54.40% 58.40% 44.90%
Expected dividend yield 0.00% 0.00% 0.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 1 year 4 months 24 days    
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (years) 6 years 1 month 6 days   8 years
v3.24.0.1
Stock-Based Compensation - Schedule of Stock Option Activity and RSU Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
May 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Shares Available for Grant      
Balances at beginning of period (in shares)   108.0 81.0
Granted (in shares)   (13.0) (13.0)
Increase in shares available for grant (in shares)   32.0 32.0
Exercised/Vested (in shares)   5.0 5.0
Canceled (in shares)   2.0 3.0
Balances at end of period (in shares)   134.0 108.0
Number of Shares      
Balances at beginning of period (in shares)   22.0 24.0
Granted (in shares)   1.0 1.0
Increase in shares available for grant (in shares)   0.0 0.0
Exercised/Vested (in shares) (11.2) (16.0) (3.0)
Canceled (in shares)   0.0 0.0
Balances at end of period (in shares)   7.0 22.0
Weighted- Average Exercise Price      
Balances at beginning of period (in USD per share)   $ 23.41 $ 19.69
Granted (in USD per share)   115.15 161.70
Increase in shares available for grant (in USD per share)   0 0
Exercised/Vested (in USD per share)   5.37 14.32
Canceled (in USD per share)   98.60 95.93
Balances at end of period (in USD per share)   $ 71.76 $ 23.41
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]      
Options outstanding (in shares)   7.0 22.0
Options exercisable (in shares)   6.0 20.0
Options outstanding (in USD per share)   $ 71.76 $ 23.41
Options excisable (in USD per share)   $ 60.89 $ 17.01
Options outstanding, weighted-average remaining contractual life (in years)   5 years 9 months 7 days 2 years 9 months 10 days
Options exercisable, weighted-average remaining contractual life (in years)   5 years 1 month 9 days 2 years 3 months 7 days
Options outstanding, aggregate intrinsic value   $ 500 $ 1,432
Options exercisable, aggregate intrinsic value   $ 448 $ 1,380
RSUs      
Number of Shares      
Balances at beginning of period (in shares)   34.0 37.0
Granted (in shares)   12.0 12.0
Increase in shares available for grant (in shares)   0.0 0.0
Exercised/Vested (in shares)   (14.0) (12.0)
Canceled (in shares)   (2.0) (3.0)
Balances at end of period (in shares)   30.0 34.0
Weighted- Average Grant Date Fair Value      
Balances at beginning of period (in usd per share)   $ 77.07 $ 61.22
Granted (in USD per share)   122.84 135.09
Increase in shares available for grant (in USD per share)   0 0
Exercised/Vested (in USD per share)   93.25 83.12
Canceled (in USD per share)   120.36 101.58
Balances at end of period (in usd per share)   $ 85.35 $ 77.07
v3.24.0.1
Stock-Based Compensation - Schedule of Transactions under Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - 2020 Employee Stock Purchase Plan - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Cash proceeds $ 64 $ 48
Common Class A    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares issued (in shares) 0.7 0.5
Weighted-average price per share (in USD per share) $ 88.81 $ 95.90
v3.24.0.1
Commitments and Contingencies - Schedule of Non-Cancelable Commitments and Obligations (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase obligations, Total $ 934
Purchase obligations, Less than 1 year 203
Purchase obligations, 1 to 3 years 622
Purchase obligations, 3 to 5 years 109
Purchase obligations, More than 5 years 0
Other Commitments, Total 157
Other commitments, Less than 1 year 37
Other commitments, 1 to 3 years 59
Other commitments, 3 to 5 years 61
Other commitments, More than 5 years 0
Total 1,091
Total, Less than 1 year 240
Total, 1 to 3 years 681
Total, 3 to 5 years 170
Total, More than 5 years $ 0
v3.24.0.1
Commitments and Contingencies - Narrative (Details)
jurisdiction in Thousands, € in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Dec. 13, 2023
USD ($)
Dec. 13, 2023
EUR (€)
May 31, 2023
EUR (€)
Dec. 31, 2023
USD ($)
jurisdiction
Dec. 31, 2022
USD ($)
Other Commitments [Line Items]          
Commitment to spend amount       $ 842  
Number of jurisdictions where Company has lodging tax obligations | jurisdiction       32  
Obligation to remit lodging taxes       $ 274 $ 251
Accrued obligations on lodging taxes       114 71
Host guarantee program, maximum       3  
Primary coverage, host protection insurance program       1  
Host protection insurance program, maximum per listing location       1  
Foreign Tax Authority          
Other Commitments [Line Items]          
Income tax examination, additional income tax expense and cash liability | €     € 779    
Penalties expense $ 621 € 576      
Hosts' Withholding Tax Obligations          
Other Commitments [Line Items]          
Tax liabilities       521 135
Accrued expenses, accounts payable, and other current liabilities       384  
Employee Benefits and Employment Taxes          
Other Commitments [Line Items]          
Tax liabilities       $ 43 $ 33
Minimum          
Other Commitments [Line Items]          
Remitting period for lodging taxes       30 days  
Estimate of possible loss       $ 35  
Loss contingency, estimate of possible loss       290  
Minimum | Withholding Income Taxes          
Other Commitments [Line Items]          
Income tax examination, additional income tax expense and cash liability       $ 90  
Maximum          
Other Commitments [Line Items]          
Remitting period for lodging taxes       90 days  
Estimate of possible loss       $ 45  
Loss contingency, estimate of possible loss       310  
Maximum | Withholding Income Taxes          
Other Commitments [Line Items]          
Income tax examination, additional income tax expense and cash liability       $ 110  
v3.24.0.1
Income Taxes - Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Domestic $ 1,913 $ 1,820 $ (390)
Foreign 189 169 90
Income (loss) before income taxes $ 2,102 $ 1,989 $ (300)
v3.24.0.1
Income Taxes - Schedule of Components of Provision (Benefit) Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current      
Federal $ 19 $ 19 $ 5
State 8 10 2
Foreign 158 68 34
Total current provision for income taxes 185 97 41
Deferred      
Federal (2,410) 0 0
State (461) 0 0
Foreign (4) (1) 11
Total deferred provision for (benefit from) income taxes (2,875) (1) 11
Total provision for (benefit from) income taxes $ (2,690) $ 96 $ 52
v3.24.0.1
Income Taxes - Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Expected income tax expense at federal statutory rate 21.00% 21.00% 21.00%
State taxes, net of federal benefits 0.30% 0.40% (0.70%)
Foreign tax rate differential 2.90% 1.00% (5.10%)
Stock-based compensation (16.70%) (6.90%) 282.40%
Deferred tax impacts of restructuring 0.00% 0.00% (9.70%)
Other statutorily non-deductible expenses 0.10% 0.30% (1.10%)
Non-deductible warrant revaluations 0.00% (0.10%) (20.40%)
Research and development credits (5.50%) (4.70%) 51.00%
Uncertain tax positions—prior year positions 1.80% 0.10% (3.10%)
Uncertain tax positions—current year positions 1.70% 0.80% (1.00%)
U.S. tax on foreign income, net of allowable credits and deductions 3.90% 0.70% 0.00%
Foreign-derived intangible income deduction (1.00%) (1.90%) 0.00%
Other 0.10% 0.10% 1.30%
Change in valuation allowance (136.60%) (6.00%) (331.90%)
Effective tax rate (128.00%) 4.80% (17.30%)
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2023
Dec. 31, 2019
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]        
Valuation allowance   $ 2,900    
Federal net operating loss carryforwards   5,300   $ 6,800
Federal research and development tax credit carryforwards   720   578
State net operating loss carryforwards   4,600   4,800
State research and development and enterprise zone tax credit carryforwards   464   399
Unrecognized tax benefits that would impact effective tax rate   780    
Unrecognized tax benefits, income tax penalties and interest accrued   $ 90   $ 66
Tax adjustments, settlements, and unusual provisions     $ 196  
Internal Revenue Service (IRS)        
Operating Loss Carryforwards [Line Items]        
Income tax examination, additional income tax expense and cash liability $ 1,300      
Income tax examination, amount of estimate of possible loss which exceeds reserves $ 1,000      
v3.24.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Net operating loss carryforwards $ 1,232 $ 1,539
Tax credit carryforwards 844 664
Accruals and reserves 113 123
Non-income tax accruals 78 68
Stock-based compensation 70 111
Operating lease liabilities 62 73
Intangible assets 158 188
Capitalized research and development costs 671 413
Other 55 37
Gross deferred tax assets 3,283 3,216
Valuation allowance (364) (3,166)
Total deferred tax assets 2,919 50
Deferred tax liabilities:    
Property and equipment basis differences (18) (9)
Operating lease assets (18) (23)
Other (2) (2)
Total deferred tax liabilities (38) (34)
Total net deferred tax assets $ 2,881 $ 16
v3.24.0.1
Income Taxes - Schedule of Reconciliation of Total Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of year $ 650 $ 597 $ 508
Gross increases related to prior year tax positions 52 7 14
Gross decreases related to prior year tax positions (8) (2) (2)
Gross increases related to current year tax positions 103 60 85
Reductions due to settlements with taxing authorities (12) (7) (1)
Reduction due to lapse in statute of limitations (5) (5) (7)
Balance at end of year $ 780 $ 650 $ 597
v3.24.0.1
Net Income (Loss) per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Net income (loss) $ 4,792 $ 1,893 $ (352)
Add: convertible notes interest expense, net of tax 3 4 0
Net income (loss) - diluted $ 4,795 $ 1,897 $ (352)
Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders:      
Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders, basic (in shares) 637 637 616
Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders, effect of dilutive securities (in shares) 25 43 0
Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders, diluted (in shares) 662 680 616
Net income (loss) per share attributable to Class A and Class B common stockholders:      
Net income (loss) per share attributable to Class A and Class B common stockholders, basic (in USD per share) $ 7.52 $ 2.97 $ (0.57)
Net income (loss) per share attributable to Class A and Class B common stockholders, diluted (in USD per share) $ 7.24 $ 2.79 $ (0.57)
v3.24.0.1
Net Income (Loss) per Share - Narrative (Details)
shares in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
vote
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Class of Stock [Line Items]      
Preferred stock dividends declared | $ $ 0 $ 0 $ 0
Preferred stock dividends accumulated | $ $ 0 $ 0 $ 0
Restricted Stock Awards      
Class of Stock [Line Items]      
Shares subject to performance conditions (in shares) | shares 0.3 0.3 0.5
Common Class A      
Class of Stock [Line Items]      
Votes per common share | vote 1    
Common Class A | RSUs      
Class of Stock [Line Items]      
Shares subject to performance conditions (in shares) | shares 9.6 9.6 9.6
Common Class B      
Class of Stock [Line Items]      
Votes per common share | vote 20    
v3.24.0.1
Net Income (Loss) per Share - Schedule of Computation of Diluted Shares Outstanding (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 7.0 10.0 70.0
2026 Notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 0.0 0.0 11.1
Warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 0.0 0.0 8.0
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 2.0 1.0 24.0
RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 5.0 9.0 26.0
Restricted Stock Awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 0.0 0.0 1.0
v3.24.0.1
Employee Benefit Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Defined contribution plan, employer matching contribution $ 27 $ 23 $ 19
v3.24.0.1
Geographic Information - Schedule of Revenue by Geography (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Revenue $ 9,917 $ 8,399 $ 5,992
United States      
Disaggregation of Revenue [Line Items]      
Revenue 4,290 3,890 2,996
International      
Disaggregation of Revenue [Line Items]      
Revenue $ 5,627 $ 4,509 $ 2,996
v3.24.0.1
Geographic Information - Schedule of Breakdown of Long-Lived Assets Based on Geography (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 279 $ 259
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 229 203
Ireland    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 32 36
Other international    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 18 $ 20
v3.24.0.1
Restructuring (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring and Related Activities [Abstract]      
Restructuring charges $ 0 $ 89,000,000 $ 113,000,000
Impairment of long-lived assets   81,000,000 75,000,000
Impairment of leasehold   $ 8,000,000 $ 37,000,000
v3.24.0.1
Subsequent Event (Details)
$ in Billions
Feb. 16, 2024
USD ($)
2024 Share Repurchase Program | Common Class A | Subsequent Event  
Subsequent Event [Line Items]  
Stock repurchase program, authorized amount $ 6.0
v3.24.0.1
Schedule II—Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Customer Receivable Reserve      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year $ 39 $ 31 $ 91
Charged to Expenses 61 49 27
Charges Utilized/ Write-Offs (56) (41) (87)
Balance at End of Year 44 39 31
Insurance Liability      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 61 47 51
Charged to Expenses 206 140 85
Changes in Estimates for Prior Periods 2 (5) 1
Charges Utilized/ Write-Offs (185) (121) (90)
Balance at End of Year 84 61 47
Valuation Allowance on Deferred Tax Assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 3,166 3,264 2,053
Charged to Expenses 95 0 1,211
Charges Utilized/ Write-Offs (2,897) (98) 0
Balance at End of Year $ 364 $ 3,166 $ 3,264