Analyst Note
| Dan Wasiolek |We see four key takeaways from Airbnb’s IPO filing. One, Airbnb hosts a network advantage, as we have long believed. Two, Airbnb has seen a stronger recovery in travel demand versus the industry, aided by domestic road trips, as has been our expectation since the early days of the pandemic. Three, Airbnb’s liquidity profile appears to be strong enough that solvency is a very low risk. Four, Airbnb is generating losses, as it wisely builds out its network to compete with narrow-moat peers Booking and Expedia.