美国爱彼迎Airbnb公司市场前景及投资研究报告-培训课件外文版2024.6

COMPANIES

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PRODUCTSAirbnbCHAPTER

01OnlinetravelcompaniesEstimatedenterprisevaluetorevenue(EV/Revenue)ratiointheonlinetravelmarketworldwideasofApril2024,bysegmentEstimatedEV/Revenueratiointheonlinetravelmarket2024,bysegmentEV/forecast

2024

revenueSaaS(hospitalitymarket)Lodging6.8x4.8x4.7x3.1x2.6x2.1x1.4x1xGlobalonlinetravelagenciesB2BtransactionalRideshareLeisureNicheonlinetravelagenciesMetasearchAirlines0.6x3Description:AccordingtoanApril2024study,SaaScompaniesoperatinginthehospitalityindustryreportedthehighestenterprisevaluetorevenue(EV/Revenue)ratiointheonlinetravelmarketworldwide.Asestimated,businessesinthatsegmentrecordedanEV/Revenuemultipleof6.8x.Thisfigurewasnearlyseventimeshigherthanthatofthemetasearchsegment.ReadmoreNote(s):Worldwide;asofApril12,2024;451companiesSource(s):AGCPartners;TraveltechessentialistLeadingonlinetravelagencies(OTAs)worldwidefrom2019to2022,byrevenue(inmillionU.S.dollars)RevenueofleadingOTAsworldwide2019-2022201915066120674805512915606332020679651993378280960420211095885985992314390220221709011667839929091492577BookingHoldingsExpediaGroupAirbnbTGroupTripadvisoreDreamsOdigeo¹Despegar241334525131323538Trivago942304412574MakeMyTrip¹LGroupOntheBeachGroup52718929553339212816331619497421744Description:Revenueofleadingonlinetravelagencies(OTAs)worldwideincreasedsignificantlyin2022comparedtothepreviousyear,followingasharpdeclinewiththeonsetofthecoronavirus(COVID-19)pandemic.Thatsaid,amongtheselectedcompanies,onlyBookingHoldingsandAirbnbreportedhigherrevenuesin2022comparedto2019.Overall,bothbeforeandaftertheimpactofthehealthcrisis,BookingHoldingsrecordedthehighestfigure,generatingrevenueofover17billionU.S.dollars[...]

ReadmoreNote(s):Worldwide;2019to2022Source(s):VarioussourcesEstimatedenterprisevaluetoEBITDA(EV/EBITDA)ratiointheonlinetravelmarketworldwideasofApril2024,bysegmentEstimatedEV/EBITDAratiointheonlinetravelmarket2024,bysegmentEV/forecast

2024

EBITDASaaS(hospitalitymarket)Metasearch33.2x23.8x23.4x15xRideshareGlobalonlinetravelagenciesLodging14.9x11.7x9.7xB2BtransactionalNicheonlinetravelagenciesLeisure9.5xAirlines5x5Description:AccordingtoanApril2024study,SaaScompaniesoperatinginthehospitalityindustryreportedthehighestenterprisevaluetoEBITDA(EV/EBITDA)ratiointheonlinetravelmarketworldwide.Asestimated,businessesinthatsegmentrecordedanEV/EBITDAmultipleof33.2x.Thisfigurewasroughlydoublethatoftheglobalonlinetravelagenciessegment,whichhadanEV/EBITDAmultipleof15xasofApril2024.ReadmoreNote(s):Worldwide;asofApril12,2024;451companiesSource(s):AGCPartners;TraveltechessentialistMarketingtorevenueratioofleadingonlinetravelagencies(OTAs)worldwidefrom2019to2022Marketing/revenueratioofleadingOTAsworldwide2019-2022201933%50%34%26%43%62%36%79%35%37%25%202032%49%35%24%52%74%44%72%20%47%32%202135%49%20%25%52%84%29%69%17%36%36%202235%52%18%21%53%83%31%64%17%44%26%BookingHoldingsExpediaGroupAirbnbTGroupTripadvisoreDreamsOdigeo¹DespegarTrivagoMakeMyTrip¹LGroupOntheBeachGroup6Description:Themarketingtorevenueratioisanindicatorthatmeasureshowmuchacompanyspendsonmarketingtogeneratesales.Thelowertheratio,thelessthecompanydependsonmarketingtoearnrevenue.In2022,themarketing/revenueratioofAirbnb,whichreportedthethird-highestꢀrevenueofleadingonlinetravelagencies(OTAs)thatyear,wasjust18percent.Bycontrast,BookingHoldingsandtheExpediaGrouphadmarketingtorevenueratiosof35percentand52percent,respectively.

ReadmoreNote(s):Worldwide;2019to2022;companiesarerankedbasedonthehighestrevenuein2022Source(s):VarioussourcesCHAPTER

02CompanyinformationMarketcapitalizationofAirbnbworldwidefrom2020to2023(inbillionU.S.dollars)MarketcapofAirbnbworldwide2020-2023120105.7810087.78060402073.3454.1302020202120222023*8Description:Airbnbhasbecomeaglobalphenomenonsinceitsfoundingin2008.AsofApril2023,Airbnb'smarketcapitalizationvaluedat73.34billionU.S.dollars,upfrom54.13billionU.S.dollarsthepreviousyear.Overthepastfouryears,thecompany'smarketcapitalizationpeakedin2021atover100billionU.S.dollars.ReadmoreNote(s):Worldwide;2020to2023;*Datafor2023wasasofApril2023.Releasedateisthedateaccessed.

ReadmoreSource(s):CompaniesMarketCRevenueofAirbnbworldwidefrom2017to2023(inbillionU.S.dollars)Airbnbrevenueworldwide2017-2023129.921088.45.9964.813.6543.382.562020172018201920202021202220239Description:ThetotalrevenueofAirbnbworldwidereached9.92billionU.S.dollarsin2023.Thiswasanincreaseoverthepreviousyear'stotalof8.4billion.Thedecreaseinrevenuein2020canbeattributedtothecoronavirus(COVID-19)pandemic,whichcausedtraveldisruptionacrosstheglobe.WhenbreakingdownAirbnbrevenuebyregion,NorthAmerica,whereAirbnbwasfounded,broughtinthemostrevenuein2022.ReadmoreNote(s):Worldwide;2017to2023Source(s):AirbnbRevenueofAirbnbworldwidefrom2019to2023,byregion(inbillionU.S.dollars)Airbnbrevenueworldwide2019-2023,byregionNorthAmericaEMEA3.2AsiaPacificLatinAmerica4.25.04.54.03.53.04.63.62.92.521.91.92.01.51.00.50.01.810.80.80.60.60.60.40.40.30.30.32019202020212022202310Description:NorthAmericawastheregionthatbroughtinthehighestamountofAirbnb’sworldwiderevenuein2023,at4.6billionU.S.dollars.AsthecompanyisbasedintheUnitedStates,thisisnotsurprising.However,theEurope,MiddleEast,andAfrica(EMEA)regionwasnottoofarbehindwith3.6billionU.S.dollarsinrevenue.TheEMEAregionalsoreportedthehighestaveragenumberofnightsbookedbyregionwithAirbnbin2023.ReadmoreNote(s):Worldwide;2019to2023Source(s):AirbnbRegionalpercentagedistributionofAirbnb’srevenueworldwidefrom2019to2023Airbnbrevenuedistributionworldwide2019-2023,byregion2019202035%20212022202360%54%53%50%50%40%30%20%10%0%47%41%40%36%32%30%12%10%9%8%8%7%7%7%7%7%NorthAmericaEMEALatinAmericaAsiaPacific11Description:Airbnb,ahomesharingeconomyplatform,givesusersanalternativetotraditionalhotelaccommodationbyallowingthemtorentaccommodationfrompeoplewhoarewillingtosharetheirhomes.In2023,theNorthAmericaregionearnedthelargestshareofAirbnb'srevenueat47percent.Meanwhile,theEuropeandtheMiddleEastandAfrica(EMEA)regionrankedsecondat35percent.ReadmoreNote(s):Worldwide;2019to2023Source(s):AirbnbIncomefromoperationsofAirbnbworldwidefrom2017to2023(inmillionU.S.dollars)Airbnboperationsincomeworldwide2017-20233,0002,0001,0001,8021,518429.3218.740-81.36-501.54-1,000-2,000-3,000-4,000-3,590.15202020172018201920212022202312Description:Airbnb,ahomesharingeconomyplatform,givesusersanalternativetotraditionalhotelaccommodationbyallowingthemtorentaccommodationfrompeoplewhoarewillingtosharetheirhomes.In2023,Airbnbreportedanoperatingincomeofover1.5billionU.S.dollars.ReadmoreNote(s):Worldwide;2017to2023Source(s):AirbnbNetincomeofAirbnbworldwidefrom2017to2023(inmillionU.S.dollars)Airbnbnetincomeworldwide2017-20236,0004,7924,0001,8932,0000-70.05-16.86-352.03-674.34-2,000-4,000-6,000-4,584.72202020172018201920212022202313Description:Airbnb,ahomesharingeconomyplatform,givesusersanalternativetotraditionalhotelaccommodationbyallowingthemtorentaccommodationfrompeoplewhoarewillingtosharetheirhomes.In2023,Airbnbreportedanetincomeof4.79billionU.S.dollars.ReadmoreNote(s):Worldwide;2017to2023Source(s):AirbnbCostsandexpensesofAirbnbworldwidefrom2017to2023(inbillionU.S.dollars)Airbnbcostsandexpensesworldwide2017-2023987658.396.976.595.565.31432103.632.642017201820192020*20212022202314Description:Airbnb,ahomesharingeconomyplatform,givesusersanalternativetotraditionalhotelaccommodationbyallowingthemtorentaccommodationfrompeoplewhoarewillingtosharetheirhomes.ThecostsandexpensesofAirbnbin2023amountedto8.39billionU.S.dollars,anincreaseoverthepreviousyear.ReadmoreNote(s):Worldwide;2017to2023;*Figuresfor2020onlyincludeninemonths,endingSeptember30.ReadmoreSource(s):AirbnbCostsandexpensesofAirbnbworldwidefrom2017to2023,bytype(inmillionU.S.dollars)Airbnbcostsandexpensesworldwidebytype2017-2023Costofrevenue

Operatonsandsupport*

Productdevelopment*

Salesandmarketing*

Generalandadministrative*

Restructuringcharges9,0008,0007,0006,0005,0004,0003,0002,0001,0000201720182019202020212022202315Description:Airbnb,ahomesharingeconomyplatform,givesusersanalternativetotraditionalhotelaccommodationbyallowingthemtorentaccommodationfrompeoplewhoarewillingtosharetheirhomes.Airbnb'sgeneraladministrativecostsandexpensesgrewin2023toovertwobillionU.Sdollars.ReadmoreNote(s):Worldwide;2017to2023;*Includesstock-basedcompensationexpense.ReadmoreSource(s):AirbnbTotalassetsofAirbnbworldwidefrom2017to2023(inbillionU.S.dollars)Airbnbtotalassetsworldwide2017-20232520.652016.041510513.7110.498.316.616.050201720182019202020212022202316Description:Airbnb,ahomesharingeconomyplatform,givesusersanalternativetotraditionalhotelaccommodationbyallowingthemtorentaccommodationfrompeoplewhoarewillingtosharetheirhomes.In2023,Airbnbreportedtotalassetsworldwideamountingto20.65billionU.S.dollars.ReadmoreNote(s):Worldwide;2017to2023Source(s):AirbnbGenderdistributionofAirbnbhostsworldwidein2023Airbnbhosts'genderdistributionworldwide2023Women49%Other*51%17Description:Airbnb,ahomesharingeconomyplatform,givesusersanalternativetotraditionalhotelaccommodationbyallowingthemtorentaccommodationfrompeoplewhoarewillingtosharetheirhomes.In2023,Airbnbreportedthat49percentoftheirhostsidentifiedaswomen.ReadmoreNote(s):Worldwide;2023;*Thesourceonlyprovidedthepercentageforwomen,“other”includesallhoststhatdonotidentifyasawoman.ReadmoreSource(s):AirbnbCHAPTER

03BookingsNightsandexperiencesbookedwithAirbnbfrom2017to2023(inmillions)Airbnbnightsandexperiencesbookedworldwide2017-2023500450400350448.2393.7326.9300.6300250.325020015010050193.2185.82017020182019202020212022202319Description:Airbnb,ahomesharingeconomyplatform,givesusersanalternativetotraditionalhotelaccommodationbyallowingthemtorentaccommodationfrompeoplewhoarewillingtosharetheirhomes.Theplatformalsoallowsconsumerstobook"experiences"intheregionstheyvisit.In2023,Airbnbreportedover448millionbookednightsandexperiences,anincreaseof14percentoverthepreviousyear.

ReadmoreNote(s):Worldwide;2017to2023Source(s):AirbnbNumberofnightsandexperiencesbookedonAirbnbworldwidefrom2019to2023byregion(inmillions)Airbnbnightsandexperiencesbookedworldwide2019-2023,byregion2019202013320212022202320018016014012010080187168146139118.111495.875.567.76458.25360514038.833.94029.727.622.4200EMEANorthAmericaLatinAmericaAsiaPacific20Description:TheregionwiththemostnightsandexperiencesbookedwithAirbnbworldwidein2023wasEurope,theMiddleEast,andAfrica(orEMEA).Thatyear,theEMEAregionreported187millionbookings.AsiaPacifichadthelowestnumberofbookingsat51million.TheAsiaPacificregionalsohadthelowestaveragenumberofnightsperAirbnbbookingin2023.ReadmoreNote(s):Worldwide;2019to2023Source(s):AirbnbAveragenumberofnightsperAirbnbbookingworldwidefrom2019to2023,byregionAveragenightsperAirbnbbookingworldwide2019-2023,byregion201920204.2202120223.720235.04.54.03.53.02.52.01.51.00.50.04.44.44.44.44.34.34.24.24.14.13.93.93.73.33.22.82.82.7EMEALatinAmericaNorthAmericaAsiaPacific21Description:Airbnb,ahomesharingeconomyplatform,givesusersanalternativetotraditionalhotelaccommodationbyallowingthemtorentaccommodationfrompeoplewhoarewillingtosharetheirhomes.In2023,theAsiaPacificregionaveraged3.3nightsperAirbnbbooking.ReadmoreNote(s):Worldwide;2019to2023Source(s):AirbnbGrossbookingvalueofAirbnbbookingsworldwidefrom2017to2023(inbillionU.S.dollars)Airbnbgrossbookingvalueworldwide2017-20238070605073.2563.2146.8737.964029.44302010023.920.98201720182019202020212022202322Description:Airbnb,ahomesharingeconomyplatform,givesusersanalternativetotraditionalhotelaccommodationbyallowingthemtorentaccommodationfrompeoplewhoarewillingtosharetheirhomes.In2023,Airbnbreportedagrossbookingvalueof73.25billionU.S.dollars,anincreaseoverthepreviousyear.ReadmoreNote(s):Worldwide;2017to2023Source(s):AirbnbDistributionofAirbnb'sgrossbookingvalueworldwidefrom2019to2023,byregion(inbillionU.S.dollars)Airbnb'sgrossbookingvalueworldwide2019-2023,byregion201920202021202220234034.9353025201510532.226.225.321.415.814.614.613.26.66.164.84.94.63.73.32.72.41.70NorthAmericaEMEALatinAmericaAsiaPacific23Description:Airbnb,ahomesharingeconomyplatform,givesusersanalternativetotraditionalhotelaccommodationbyallowingthemtorentaccommodationfrompeoplewhoarewillingtosharetheirhomes.In2023,theNorthAmericaregionhadthelargestshareofAirbnb'sgrossbookingvalue,with34.9billionU.S.dollars.ReadmoreNote(s):Worldwide;2019to2023Source(s):AirbnbCHAPTER

04Website&appMostpopulartravelandtourismwebsitesworldwidefromApril2022toJanuary2024,basedonaveragemonthlyvisits(inmillions)Leadingtravelandtourismwebsitesworldwide2022-2024,bymonthlyvisitsAveragemonthlyvisitsinmillions0100200300400500600559.63176.65100.199.6794.93bahn.de85.3684.8684.8480.7678.63irctc.co.inwetteronline.de25Description:Bwasthemost-visitedtravelandtourismwebsiteworldwide,withanaverageof559.6millionvisitspermonthduringthemeasuredperiodofApril2022andJanuary2024.Trankedsecond,with176.6millionvisits,whileregisteredover100.1millionaverageaccesses.ReadmoreNote(s):Worldwide;April2022toJanuary2024;alldevices;basedonSemrush,trendsdataSource(s):SemrushWorldwidevisitstoAfromJulytoDecember2023(inmillions)TotalglobalvisitortraffictoA2023140120100806040200114.8106.889.286.783.576.62023-072023-082023-092023-102023-112023-1226Description:InDecember2023,closeto83.5millionuniqueglobalvisitorsvisitedA,downfrom114.8millionvisitorsinJuly2023.Airbnbisanonlinemarketplaceforshort-termholidayandtravelrentals.

ReadmoreNote(s):Worldwide;JulytoDecember2023;combineddesktop&mobileweb;excludingappsSource(s):SimilarWebNumberofaggregateddownloadsofselectedleadingtravelappsworldwidein2023(inmillions)Numberofaggregateddownloadsofleadingtravelappsworldwide2023Numberofdownloadsinmillions40

6002080100120140GoogleMaps129.8Uber114.19WhereismyTrain93.88B76.45inDrive65.8663.8959.32WazeAirbnbAmap51.6650.08Googl