Airbnb's IPO filing reveals Q3 revenue drop, $219M profit

• Airbnb (AIRB) reveals its IPO prospectus with the expected Y/Y Q3 decline in revenue and a profit, despite the pandemic's pressures.
• The company plans to trade on the Nasdaq under the "ABNB" ticker. Airbnb says it is seeking up to $1B in the listing, which could be a placeholder figure. Share count and pricing will come in a later update.
• Revenue was up 32% Y/Y to $4.8B in 2019. For the first nine months of 2020, revenue dropped 32% to $2.5B. Net loss for 2019 was $674M and totaled $697M for the first nine months of this year.
• Last quarter, revenue totaled $1.34B (-19% Y/Y) with net income of $219M.
• Nights and experience bookings increased 31% in 2019 to 250.3M. In the nine months ending September 30, 2020, bookings 41% to 146.9M.
• Gross booking value (includes bookings, host earnings, service fees, cleaning fees, and taxes, net of cancellations and alterations) rose 29% in 2019 to nearly $38B. In the first nine months of 2020, GBV dropped 39% to nearly $18B.
• Adjusted EBITDA dropped from $170.6M in 2018 to a loss of $253.3M in 2019. For the nine month periods, Airbnb reports positive $23.1M in 2019 anda $230.2M loss this year.
• The listing includes Class A shares, but the company has four classes total. Class A shares have one vote each, Class B have 20, Class C carry zero votes, and Class H have no votes but can convert to Class A shares
• https://seekingalpha.com/news/3636847-airbnbs-ipo-filing-reveals-q3-revenue-drop-219m-profit