Airbnb — Feb 13, 2025 release

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 year. Inclusive of these investments, we expect to deliver a full-year Adjusted EBITDA Margin of at least 34.5%—maintaining our strong track record of profitability without compromising our growth initiatives. The impact of these investments on our quarterly Adjusted EBITDA Margin will be the most pronounced during the first nine months of 2025 due to the timing of when we introduce these new offerings. We anticipate a more significant contrib