Airbnb's Demand Moderating From High Levels, but Market Share Leadership Intact

We think 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 97 markets versus 25 for Expedia and 149 for Booking Holdings, according to App Annie on Aug. 1, 2022. Further, we expect some durability in remote working to enhance long-term travel demand.