Airbnb's Core Alternative Accommodation Platform Strengthening as Travel Demand Remains Healthy

We think that Airbnb's global online travel agency, or OTA, position will strengthen over the next decade, driven by a leading alternative accommodation network (source of its narrow moat) of over 4 million hosts and cumulative 1.4 billion guest arrivals since its start in 2008 through 2022. 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 74 markets versus 26 for Expedia and 145 for Booking Holdings, according to App Annie on March 18, 2023. Further, we expect some durability in remote working to enhance long-term travel demand.