2023 Q4 Form 10-K Financial Statement

#000155972024000006 Filed on February 16, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $2.218B $9.917B $1.902B
YoY Change 16.61% 18.07% 24.14%
Cost Of Revenue $655.0M $1.703B $605.0M
YoY Change 8.26% 13.61% 16.24%
Gross Profit $1.563B $8.214B $1.297B
YoY Change 20.51% 19.04% 28.2%
Gross Profit Margin 70.47% 82.83% 68.19%
Selling, General & Admin $1.627B $3.788B $665.0M
YoY Change 144.66% 53.61% 17.17%
% of Gross Profit 104.09% 46.12% 51.27%
Research & Development $432.0M $1.722B $397.0M
YoY Change 8.82% 14.65% 7.93%
% of Gross Profit 27.64% 20.96% 30.61%
Depreciation & Amortization $16.00M $18.00M $12.95M
YoY Change 23.57% -57.75% -58.02%
% of Gross Profit 1.02% 0.22% 1.0%
Operating Expenses $2.059B $5.510B $1.062B
YoY Change 93.88% 38.86% 13.54%
Operating Profit -$496.0M $1.518B $235.0M
YoY Change -311.06% -15.76% 207.85%
Interest Expense $121.0M -$83.00M $98.00M
YoY Change 23.47% 245.83% 7683.96%
% of Operating Profit -5.47% 41.7%
Other Income/Expense, Net -$8.000M -$54.00M $11.00M
YoY Change -172.73% -316.0% -338.87%
Pretax Income -$383.0M $2.102B $344.0M
YoY Change -211.34% 5.68% 376.32%
Income Tax -$34.00M -$2.690B $25.00M
% Of Pretax Income -127.97% 7.27%
Net Earnings -$349.0M $4.792B $319.0M
YoY Change -209.4% 153.14% 485.31%
Net Earnings / Revenue -15.73% 48.32% 16.77%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.55 $7.24 $0.47
COMMON SHARES
Basic Shares Outstanding 637.0M shares
Diluted Shares Outstanding 662.0M shares

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.07B $10.07B $9.622B
YoY Change 4.67% 4.67% 15.61%
Cash & Equivalents $6.874B $6.874B $7.378B
Short-Term Investments $3.197B $3.197B $2.244B
Other Short-Term Assets $818.0M $818.0M $456.0M
YoY Change 79.39% 79.39% 121.45%
Inventory
Prepaid Expenses
Receivables $5.869B $5.869B $4.783B
Other Receivables -$249.0M -$249.0M $0.00
Total Short-Term Assets $16.51B $16.51B $14.86B
YoY Change 11.09% 11.09% 19.98%
LONG-TERM ASSETS
Property, Plant & Equipment $160.0M $279.0M $121.0M
YoY Change 32.23% 7.72% -22.73%
Goodwill $752.0M $650.0M
YoY Change 15.69% -0.4%
Intangibles $34.00M
YoY Change -35.0%
Long-Term Investments $8.000M $13.80M
YoY Change -42.03% -20.69%
Other Assets $463.0M $3.065B $234.0M
YoY Change 97.86% 1209.83% 24.1%
Total Long-Term Assets $4.136B $4.136B $1.177B
YoY Change 251.4% 251.4% -10.97%
TOTAL ASSETS
Total Short-Term Assets $16.51B $16.51B $14.86B
Total Long-Term Assets $4.136B $4.136B $1.177B
Total Assets $20.65B $20.65B $16.04B
YoY Change 28.73% 28.73% 16.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.0M $6.010B $137.0M
YoY Change 2.92% 22.15% 15.75%
Accrued Expenses $1.394B $1.394B $1.817B
YoY Change -23.28% -25.69% 16.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.950B $9.950B $7.978B
YoY Change 24.72% 24.72% 25.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.991B $1.991B $1.987B
YoY Change 0.2% 0.2% 0.23%
Other Long-Term Liabilities $287.0M $539.0M $218.0M
YoY Change 31.65% 5.07% -0.21%
Total Long-Term Liabilities $2.278B $2.530B $2.205B
YoY Change 3.31% 1.2% 0.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.950B $9.950B $7.978B
Total Long-Term Liabilities $2.278B $2.530B $2.205B
Total Liabilities $12.48B $12.48B $10.48B
YoY Change 19.11% 19.11% 17.3%
SHAREHOLDERS EQUITY
Retained Earnings -$3.425B -$5.965B
YoY Change -42.58% -6.18%
Common Stock $0.00 $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.165B $8.165B $5.560B
YoY Change
Total Liabilities & Shareholders Equity $20.65B $20.65B $16.04B
YoY Change 28.73% 28.73% 16.99%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income -$349.0M $4.792B $319.0M
YoY Change -209.4% 153.14% 485.31%
Depreciation, Depletion And Amortization $16.00M $18.00M $12.95M
YoY Change 23.57% -57.75% -58.02%
Cash From Operating Activities $63.00M $3.884B $462.7M
YoY Change -86.38% 13.24% 21.49%
INVESTING ACTIVITIES
Capital Expenditures $8.394M
YoY Change -288.29%
Acquisitions
YoY Change
Other Investing Activities -$505.0M $114.0M -$134.9M
YoY Change 274.42% 5600.0% -58.5%
Cash From Investing Activities -$475.0M -$1.042B -$143.3M
YoY Change 231.54% 3621.43% -56.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.252B
YoY Change 50.13%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -1.171B -$2.430B -764.4M
YoY Change 53.19% 252.69% 421.84%
NET CHANGE
Cash From Operating Activities 63.00M $3.884B 462.7M
Cash From Investing Activities -475.0M -$1.042B -143.3M
Cash From Financing Activities -1.171B -$2.430B -764.4M
Net Change In Cash -1.583B $564.0M -445.0M
YoY Change 255.73% -76.26% 368.06%
FREE CASH FLOW
Cash From Operating Activities $63.00M $3.884B $462.7M
Capital Expenditures $8.394M
Free Cash Flow $454.3M
YoY Change 17.91%

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<div><span style="color:#000000;font-family:'Airbnb Cereal Bold',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Airbnb Cereal Book',sans-serif;font-size:8pt;font-weight:400;line-height:120%">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.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Airbnb Cereal Book',sans-serif;font-size:8pt;font-weight:400;line-height:120%">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.</span></div>
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<div><span style="color:#000000;font-family:'Airbnb Cereal Bold',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:120%">Prior Period Reclassifications</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Airbnb Cereal Book',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Certain immaterial amounts in prior periods have been reclassified to conform with current period presentation.</span></div>
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<div><span style="color:#000000;font-family:'Airbnb Cereal Bold',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:120%">Revision of Previously Issued Consolidated Financial Statements</span></div>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.
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CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
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CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
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