Airbnb-Airbnb上市IPO招股书（英文）-2020.11-446页_34mb

Airbnb, Inc. IPO Summary

Core Content

Airbnb, Inc. filed a registration statement with the Securities and Exchange Commission (SEC) on November 16, 2020, for an initial public offering (IPO) of Class A common stock. The IPO aimed to raise up to $1,000,000,000, with a registration fee of $109,100. The company is incorporated in Delaware and has its principal executive offices in San Francisco, California.

Main Points

• Company Overview:
  Airbnb, Inc. is a global platform that connects hosts with guests, enabling home sharing and unique travel experiences. It was founded in 2007 by Brian Chesky and Joe Gebbia, who sought to solve a personal financial challenge by offering airbeds in their apartment during a design conference in San Francisco.

• Stock Structure:
  The company has four classes of common stock: Class A, Class B, Class C, and Class H. Class A shares have one vote each, while Class B shares have 20 votes and can convert to Class A. Class C and Class H shares have no voting rights, with Class H shares converting to Class A upon sale to non-subsidiaries.

• IPO Details:
  The IPO was for Class A common stock, with an estimated initial public offering price range. The underwriters were expected to deliver shares to purchasers as soon as the registration statement became effective. The underwriters had the option to purchase up to an additional 30-day period of shares.

• Business Model:
  Airbnb's business model is based on enabling hosts to share their homes and experiences globally. The platform provides tools for pricing, scheduling, and payments, and has grown to include over 4 million hosts in more than 220 countries and regions, offering stays and experiences in over 100,000 cities.

• Financial Highlights:
  In 2019, Airbnb generated a Gross Booking Value (GBV) of $38.0 billion and revenue of $4.8 billion. However, the company reported a net loss of $674.3 million in 2019 and a net loss of $696.9 million during the nine months ended September 30, 2020, due to the impact of the global pandemic. Despite this, the company maintained positive Free Cash Flow of $520.1 million from January 1, 2011, to December 31, 2019.

• Community and Engagement:
  Airbnb's platform is designed to foster a sense of belonging and connection. Hosts and guests are described as active members of a global community. Guests often return to the platform, contributing to the company's growth and engagement. In 2019, 69% of Airbnb's revenue came from repeat guests.

• Host Motivations and Support:
  Hosts host for various reasons, including earning extra income, connecting with local communities, and sharing their skills and passions. Airbnb provides tools and support to help hosts succeed, including Smart Pricing, activation assistance, community support, and host protections such as property damage insurance and fraud prevention.

• Market Position:
  Airbnb has created a new category of travel, offering unique stays and experiences that differ from traditional hotel-based travel. The company's platform is known for its authenticity and local connection, which has attracted millions of guests worldwide.

• Future Outlook:
  Airbnb believes it has only scratched the surface of the opportunities in hosting and travel. The company continues to innovate and expand its offerings, including Airbnb Experiences, and remains committed to enabling a more connected and personalized travel experience.

Key Information

• IPO Purpose: To raise capital for the company's growth and expansion.
• Offering Price: Estimated to be between $ and $ per share (not specified in the document).
• Listing: The stock will be listed on the Nasdaq Global Select Market under the symbol "ABNB."
• Hosts and Guests: As of September 30, 2020, Airbnb had over 4 million hosts and 54 million active bookers worldwide.
• Impact of Pandemic: The global pandemic significantly impacted Airbnb's business, with a 39% year-over-year decline in GBV and a 32% decline in revenue for the nine months ended September 30, 2020.
• Community Engagement: Guests and hosts are seen as integral to the company's ecosystem, with high engagement and a strong sense of community.
• Financial Measures: The company reported a net loss of $674.3 million in 2019 and $696.9 million during the nine months ended September 30, 2020, with Free Cash Flow of $520.1 million from 2011 to 2019.

Summary of Sections

• Prospectus Summary: Highlights the company's mission, growth, and financial performance.
• Risk Factors: Outlines potential risks associated with investing in Airbnb's Class A common stock.
• Special Note Regarding Forward-Looking Statements: Advises readers to consider the risks and uncertainties of future performance.
• Market and Industry Data: Provides insights into the travel industry and Airbnb's position within it.
• Use of Proceeds: Explains how the company intends to use the proceeds from the IPO.
• Dividend Policy: States that the company does not currently pay dividends.
• Capitalization: Details the company's capital structure and stock offerings.
• Dilution: Explains the impact of the IPO on existing shareholders' ownership.
• Selected Consolidated Financial and Other Data: Includes financial highlights and non-GAAP measures.
• Glossary of Terms: Defines key terms used in the prospectus.
• Management's Discussion and Analysis: Offers an in-depth look at the company's financial condition and results of operations.
• Business: Describes the company's operations, services, and growth strategies.
• Management: Provides information about the company's executive team and board of directors.
• Compensation Discussion and Analysis: Details executive compensation and related policies.
• Certain Relationships and Related Party Transactions: Discloses any relationships that could affect the company's operations.
• Principal and Selling Stockholders: Lists the major stockholders and their ownership stakes.
• Description of Capital Stock: Explains the structure and rights of each class of common stock.
• Description of Certain Indebtedness: Provides details on the company's debt obligations.
• Shares Eligible for Future Sale: Lists shares that may be sold in the future.
• Material U.S. Federal Income Tax Consequences to Non-U.S. Holders: Explains the tax implications for non-U.S. investors.
• Underwriting: Describes the underwriting process and compensation.
• Legal Matters: Outlines legal proceedings and related matters.
• Experts: Lists the experts who have reviewed the prospectus.
• Where You Can Find Additional Information: Directs readers to the SEC and other sources for more information.
• Index to Consolidated Financial Statements: Provides a reference to the financial statements included in the prospectus.

Conclusion

Airbnb, Inc. is a global leader in the home-sharing and travel experience industry, with a strong community and a resilient business model. The IPO is an opportunity for investors to participate in the company's growth, while the company continues to innovate and expand its offerings. Despite the challenges posed by the pandemic, Airbnb remains committed to its mission of connecting people through unique travel experiences and fostering a sense of belonging.