Airbnb — Feb 13, 2025 release

As we mentioned in our previous shareholder letter, revenue in Q1 2024 benefited from both the timing of Easter and the inclusion of Leap Day, creating an unfavorable comparison of approximately three percentage points on a year-over-year basis in Q1 2025. Excluding the impact of the calendar factors and FX headwinds, we anticipate revenue year-over-year growth would be 10% to 12%. We expect year-over-year growth of Nights and Experiences Booked in Q1 2025 to be relatively stable compared to Q1 2024 after excluding Leap Day, which contributed to approximately one percentage 6 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter. 17 point of growth in Q1 2024. In Q1 2025, we expect ADR to decline slightly on a year-over-year basis, largely driven by FX headwinds. Excluding the impact of FX, we would have anticipated a slight year-over-year increase in ADR. In Q1 2025, we expect Adjusted EBITDA and Adjusted EBITDA Margin to decline compared to Q1 2024, primarily driven by the one-time calendar factors and FX headwinds impacting revenue. Excluding the impact of the calendar factors and FX headwinds, Adjusted EBITDA Margin in Q1 2025 would be approximately flat year-over-year. For the full year 2025, we intend to continue to deliver improving economics and strong FCF generation of our core business, while investing in growth opportunities. Specifically, we plan to invest $200 million to $250 million towards launching and scaling new businesses to be introduced later this y