Airbnb's Demand Broadening to Urban and International From Domestic Non-Urban Leisure Travel

We maintain that Airbnb's global online travel agency, or OTA, position will maintain over the next decade, driven by a leading alternative accommodation network (source of its narrow moat) of 4 million hosts and cumulative over 1 billion guest arrivals since its start in 2008 through 2021. We believe this network advantage will be supported by continued expansion into the experiences vertical over the next several years. Moreover, Airbnb is positioned to benefit from the ongoing shift to mobile bookings, witnessed by Airbnb being a top-10 iPhone travel app in 94 markets versus 18 for Expedia and 147 for Booking Holdings, according to App Annie on May 2, 2022. Further, we expect some durability in remote working to enhance long-term travel demand.