I posted two days ago what I was looking for in Airbnb's earnings that would keep my thesis on track. They crushed it.
Here's what I wrote two days ago with the bold being my update now.
Here's what I'm looking for this afternoon:
- Exceed Q1 guidance of $1.445B at the midpoint. They beat their own guidance by 4.4%.
- GPM >73%. GPM came in at 76% vs 71.3% in Q1 2021.
- Keep minting FCF. Went from TTM FCF of $2.16B at end of Q4 to $2.88B at end of Q1.
- Growth of Nights & Experiences Booked (N&EB) >10%. Came in at 58.5% growth.
- Gross Booking Value (GBV) growth >15%. Came in at 66.8% growth.
- GBV/N&EB rate >$167. Came in at $168.07.