Airbnb Inc at Nasdaq Investor Conference (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brent Thill - Jefferies LLC - Analyst : And I think everyone -- maybe just to kick off, just curious about where we're at in the shape of the recovery and what's happening. I think we're all feeling a little bit better about wandering back into the world and spending time on the road. Give us a sense of just, high-level, how you would frame what you're seeing from your perspective on the global travel market.

Question: Brent Thill - Jefferies LLC - Analyst : Maybe the US has felt better in pulling the thread on Europe, kind of what you are seeing specifically. It seems like things have really started to ease even when you look at some of the news even coming out in Canada. What's starting to -- everything seems to be thawing a little bit. Just give us a sense of how much more room do you think we have until we're back to full recovery in Europe and in other parts of the world, if you had just a simple barometer. I don't know what the best way to frame it would be. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 17, 2021 / 4:30PM, ABNB.OQ - Airbnb Inc at Nasdaq Investor Conference (Virtual)

Question: Brent Thill - Jefferies LLC - Analyst : About three weeks ago, you announced the most comprehensive update to your service in 12 years. What does this mean for the Company?

Question: Brent Thill - Jefferies LLC - Analyst : One of the questions I've gotten from clients -- and again, if anyone has any questions, you can email me at bthill@jefferies.com and I'll bring those questions up in a conversation with David. And as we rebound the acceptance to go back to hotels and other forms of accommodations are arising, and -- many asked, how you're going to effectively capture the perfect trip. Many of the trips we go on with Airbnb you have to incorporate hotel or air and other things. How are you thinking about incorporating other parts, or not, of this overall trip experience?

Question: Brent Thill - Jefferies LLC - Analyst : You've had a very strong experiences business, so you actually book the accommodation and you want the rock balancer in Lake Tahoe, or you want to go on a kayak tour. When you think about experiences and what that means, can you walk through how important is this to your overall strategy?

Question: Brent Thill - Jefferies LLC - Analyst : Dave, we've got a couple questions from clients on the email hotline. We'll go to those first first in line. One of the questions was when do you expect some of the interesting initiatives that you had to cancel to protect the Company to resume?

Question: Brent Thill - Jefferies LLC - Analyst : Another question from a client as it relates to just restrictions and regulation. We're seeing restrictions on Airbnb in places like Barcelona. Is this more of a widespread risk? How are you moving to mitigate this overhang? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 17, 2021 / 4:30PM, ABNB.OQ - Airbnb Inc at Nasdaq Investor Conference (Virtual)

Question: Brent Thill - Jefferies LLC - Analyst : One of the other questions we've gotten, and this is probably just a sign of the times, is many of us that have looked for places this summer or even into the fall are finding not a lot of great places now. It seems like there's a lot of demand in how you are keeping up and fulfilling the demand, which is obviously accelerating as we all want to journey out beyond Zoom. So can you walk through how you are thinking about the supply side of the equation and what you're doing to get the right supply in what seems to be an increasing demand environment?

Question: Brent Thill - Jefferies LLC - Analyst : Another client question was just around the long-term CAGR. And I know that might be difficult to answer. But how do you think -- maybe to kind of reframe the question, if you can answer it, how you think about this balance of growth and bottom-line profitability, and how you think about that in the short-term and long-term. And ultimately, what does that long-term margin profile look like, do you think, as you continue to build scale?

Question: Brent Thill - Jefferies LLC - Analyst : And when you think about the cost structure, there was another question just to drill in, where are you finding the most areas for operational efficiency? Are there some big buckets that you can actually bring up and describe where you're really getting better scale going forward?

Question: Brent Thill - Jefferies LLC - Analyst : There are a handful of questions just to understand how you build out the competitive moat. And if you look at others like Vrbo with Expedia, you've got local brands, you go to Jackson Hole and you've got Outpost, if you go to Napa you've got BeautifulPlaces. You've got -- there's a lot of different potential competitors and everyone would love to hear how you are building your moat out. What's really going to differentiate you over the others that are moving in?

Question: Brent Thill - Jefferies LLC - Analyst : I think everyone would love to hear -- you mentioned Asia is still somewhat lagging. But just drilling into China, your strategy there and how important this region is to you.

Question: Brent Thill - Jefferies LLC - Analyst : Dave, another client question just asking about market share in your developed markets. Is there an easy way for you to frame your overall share? Or is there another metric, maybe, that you look at that is more important? Any thoughts around the share?

Question: Brent Thill - Jefferies LLC - Analyst : Another question from a client. I think this is an interesting one and it really revolves around those that have second homes or primary home. They have to get the home ready; they have to do certain things. And there's been an ecosystem of partners, whether it's a volume meter, which is if my kids were in the house, the volume meter would go off and the host would get an alert, just my kids are yelling too loud. Airlocks, all the kind of infrastructure that makes it easier to enable -- and the question goes back to Apple. How do you view the risk of Apple kind of getting into this and -- are they more of a partner? Do you feel that they are taking share? There was a question just around the partner ecosystem, the leverage that you could get with them or competition.

Question: Brent Thill - Jefferies LLC - Analyst : The other question is just around the recovery of your business. And we've heard some pretty strong comments in the last day or so from the CEO of Morgan Stanley, get back to the office or you're not going to get paid. Jamie Dimon is saying the same thing. And many say -- well, if the rest of the CEOs in the world start saying this, does this impact an opportunity for you guys? How are you running your structure and the return? Are you going to let employees be wherever they want to be? How do you think about the return to the San Francisco office? Give us your perspective on what's happening. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 17, 2021 / 4:30PM, ABNB.OQ - Airbnb Inc at Nasdaq Investor Conference (Virtual)

Question: Brent Thill - Jefferies LLC - Analyst : Dave, we give you the magic wand, and it's my pen, you can wave it over any constraint. Many would say, maybe it's the global traveler or getting the global traveler back out, getting the borders open, maybe one thing. And maybe that's not your top magic wand activity, but when you think about what you would say would be the one or two things that could really -- if you could unlock now, could really show the real promise of this platform, the story, what would those items be?

Question: Brent Thill - Jefferies LLC - Analyst : That's great. Well, we really appreciate you taking the time to share the story. Congrats on all the success and we're looking forward to staying in touch. Thanks so much, Dave. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 17, 2021 / 4:30PM, ABNB.OQ - Airbnb Inc at Nasdaq Investor Conference (Virtual)

Question: Brent Thill - Jefferies LLC - Analyst : Take care, everyone.