Airbnb Files S-1
Airbnb filed its S-1 this afternoon in preparation for its upcoming IPO.
The filing mentions that Airbnb saw a $501.4 quarterly adjusted EBITDA gain for Q3 of 2020 after three consecutive losing quarters. The pandemic has caused a sharp decline in bookings; gross nights booked for September 2020 was 23.9 million, down 23% from the previous year.
Host retention is a strong point for the company. Over 90% of hosts remain on the platform from year-to-year.
Airbnb reported $2.518 billion in revenue year-to-date, down from $3.698 billion over the same time frame one year ago. The net loss YTD is $696 million, as of September 30th.
Airbnb has not had a profitable year on an unadjusted basis in its history.
The company has not set a target price range for its IPO yet.