Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 18, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-39778 | |
Entity Registrant Name | Airbnb, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-3051428 | |
Entity Address, Address Line One | 888 Brannan Street | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94103 | |
City Area Code | 415 | |
Local Phone Number | 510-4027 | |
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | ABNB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001559720 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 399,166,995 | |
Common class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 240,331,603 | |
Common Class C | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 | |
Common Class H | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,200,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 7,837,992 | $ 6,067,438 |
Marketable securities | 2,057,487 | 2,255,038 |
Restricted cash | 14,768 | 14,764 |
Funds receivable and amounts held on behalf of customers | 7,465,510 | 3,715,471 |
Prepaids and other current assets (including customer receivables of $142,519 and $204,559 and allowances of $30,870 and $34,071, respectively) | 449,892 | 333,669 |
Total current assets | 17,825,649 | 12,386,380 |
Property and equipment, net | 118,056 | 156,585 |
Operating lease right-of-use assets | 164,633 | 272,036 |
Intangible assets, net | 42,426 | 52,308 |
Goodwill | 649,418 | 652,602 |
Other assets, noncurrent | 258,944 | 188,563 |
Total assets | 19,059,126 | 13,708,474 |
Current liabilities: | ||
Accounts payable | 139,248 | 118,361 |
Operating lease liabilities, current | 61,702 | 63,479 |
Accrued expenses and other current liabilities | 1,639,842 | 1,558,243 |
Funds payable and amounts payable to customers | 7,465,510 | 3,715,471 |
Unearned fees | 1,980,863 | 903,728 |
Total current liabilities | 11,287,165 | 6,359,282 |
Long-term debt | 1,984,618 | 1,982,537 |
Operating lease liabilities, noncurrent | 334,989 | 372,483 |
Other liabilities, noncurrent | 207,329 | 218,459 |
Total liabilities | 13,814,101 | 8,932,761 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Common stock | 64 | 63 |
Additional paid-in capital | 11,266,683 | 11,140,284 |
Accumulated other comprehensive loss | (24,030) | (6,893) |
Accumulated deficit | (5,997,692) | (6,357,741) |
Total stockholders’ equity | 5,245,025 | 4,775,713 |
Total liabilities and stockholders’ equity | $ 19,059,126 | $ 13,708,474 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Customer receivables | $ 204,559 | $ 142,519 |
Customer receivables, allowance | $ 34,071 | $ 30,870 |
Common stock, par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Goodwill | $ 649,418 | $ 652,602 |
Common class A | ||
Common stock authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock issued (in shares) | 398,763,000 | 364,500,000 |
Common stock outstanding (in shares) | 398,763,000 | 364,500,000 |
Common class B | ||
Common stock authorized (in shares) | 710,000,000 | 710,000,000 |
Common stock issued (in shares) | 240,729,000 | 269,024,000 |
Common stock outstanding (in shares) | 240,729,000 | 269,024,000 |
Common Class C | ||
Common stock authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock issued (in shares) | 0 | 0 |
Common stock outstanding (in shares) | 0 | 0 |
Common Class H | ||
Common stock authorized (in shares) | 26,000,000 | 26,000,000 |
Common stock issued (in shares) | 9,200,000 | 9,200,000 |
Common stock outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues [Abstract] | ||||
Revenue | $ 2,104,107 | $ 1,335,196 | $ 3,613,044 | $ 2,222,132 |
Costs and expenses: | ||||
Cost of revenue | 390,107 | 294,427 | 752,730 | 548,942 |
Operations and support | 258,255 | 208,125 | 491,267 | 393,561 |
Product development | 375,050 | 349,734 | 737,977 | 712,795 |
Sales and marketing | 379,875 | 315,323 | 724,491 | 544,448 |
General and administrative | 243,254 | 218,303 | 453,827 | 408,065 |
Restructuring charges | 88,743 | 562 | 89,060 | 112,544 |
Total costs and expenses | 1,735,284 | 1,386,474 | 3,249,352 | 2,720,355 |
Income (loss) from operations | 368,823 | (51,278) | 363,692 | (498,223) |
Interest income | 20,247 | 2,942 | 24,991 | 5,994 |
Interest expense | (7,483) | (6,520) | (13,247) | (428,431) |
Other income (expense), net | 1,524 | (2,128) | (411) | (302,226) |
Income (loss) before income taxes | 383,111 | (56,984) | 375,025 | (1,222,886) |
Provision for income taxes | 4,270 | 11,233 | 14,976 | 17,542 |
Net income (loss) | $ 378,841 | $ (68,217) | $ 360,049 | $ (1,240,428) |
Net income (loss) per share attributable Class A and Class B common stockholders, basic (in USD per share) | $ 0.59 | $ (0.11) | $ 0.57 | $ (2.05) |
Net income (loss) per share attributable Class A and Class B common stockholders, diluted (in USD per share) | $ 0.56 | $ (0.11) | $ 0.53 | $ (2.05) |
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, basic (in shares) | 638,407 | 611,739 | 636,869 | 606,380 |
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, diluted (in shares) | 683,536 | 611,739 | 684,148 | 606,380 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 378,841 | $ (68,217) | $ 360,049 | $ (1,240,428) |
Other comprehensive income (loss): | ||||
Net unrealized loss on available-for-sale marketable securities, net of tax | (2,108) | (165) | (6,662) | (1,121) |
Foreign currency translation adjustments | (9,507) | 2,372 | (10,475) | (1,511) |
Other comprehensive income (loss) | (11,615) | 2,207 | (17,137) | (2,632) |
Comprehensive income (loss) | $ 367,226 | $ (66,010) | $ 342,912 | $ (1,243,060) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2020 | 599,197 | ||||
Beginning balance at Dec. 31, 2020 | $ 2,901,783 | $ 60 | $ 8,904,791 | $ 2,639 | $ (6,005,707) |
Ending balance (in shares) at Mar. 31, 2021 | 608,057 | ||||
Ending balance at Mar. 31, 2021 | 3,159,423 | $ 61 | 10,339,480 | (2,200) | (7,177,918) |
Beginning balance (in shares) at Dec. 31, 2020 | 599,197 | ||||
Beginning balance at Dec. 31, 2020 | 2,901,783 | $ 60 | 8,904,791 | 2,639 | (6,005,707) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (1,240,428) | (1,240,428) | |||
Other comprehensive loss | (2,632) | (2,632) | |||
Exercise of common stock options (in shares) | 11,137 | ||||
Exercise of common stock options | 83,855 | $ 2 | 83,853 | ||
Issuance of common stock upon settlement of RSUs, net of shares withheld (in shares) | 8,206 | ||||
Issuance of common stock upon settlement of RSUs, net of shares withheld | (22,792) | (22,792) | |||
Reclassification of derivative warrant liability to equity | 1,277,168 | 1,277,168 | |||
Purchase of capped calls | (100,200) | (100,200) | |||
Issuance of common stock under employee stock purchase plan, net of shares withheld (in shares) | 466 | ||||
Issuance of common stock under employee stock purchase plan, net of shares withheld | 25,464 | 25,464 | |||
Stock-based compensation | 470,983 | 470,983 | |||
Ending balance (in shares) at Jun. 30, 2021 | 619,006 | ||||
Ending balance at Jun. 30, 2021 | 3,393,201 | $ 62 | 10,639,267 | 7 | (7,246,135) |
Beginning balance (in shares) at Mar. 31, 2021 | 608,057 | ||||
Beginning balance at Mar. 31, 2021 | 3,159,423 | $ 61 | 10,339,480 | (2,200) | (7,177,918) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (68,217) | (68,217) | |||
Other comprehensive loss | 2,207 | 2,207 | |||
Exercise of common stock options (in shares) | 5,848 | ||||
Exercise of common stock options | 36,062 | $ 1 | 36,061 | ||
Issuance of common stock upon settlement of RSUs, net of shares withheld (in shares) | 4,635 | ||||
Issuance of common stock upon settlement of RSUs, net of shares withheld | (7,738) | (7,738) | |||
Issuance of common stock under employee stock purchase plan, net of shares withheld (in shares) | 466 | ||||
Issuance of common stock under employee stock purchase plan, net of shares withheld | 25,464 | 25,464 | |||
Stock-based compensation | 246,000 | 246,000 | |||
Ending balance (in shares) at Jun. 30, 2021 | 619,006 | ||||
Ending balance at Jun. 30, 2021 | 3,393,201 | $ 62 | 10,639,267 | 7 | (7,246,135) |
Beginning balance (in shares) at Dec. 31, 2021 | 633,524 | ||||
Beginning balance at Dec. 31, 2021 | 4,775,713 | $ 63 | 11,140,284 | (6,893) | (6,357,741) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 360,049 | 360,049 | |||
Other comprehensive loss | $ (17,137) | (17,137) | |||
Exercise of common stock options (in shares) | 1,631 | 1,631 | |||
Exercise of common stock options | $ 16,473 | 16,473 | |||
Issuance of common stock upon settlement of RSUs, net of shares withheld (in shares) | 4,140 | ||||
Issuance of common stock upon settlement of RSUs, net of shares withheld | (357,189) | $ 1 | (357,190) | ||
Issuance of common stock under employee stock purchase plan, net of shares withheld (in shares) | 197 | ||||
Issuance of common stock under employee stock purchase plan, net of shares withheld | 20,330 | 20,330 | |||
Stock-based compensation | 446,786 | 446,786 | |||
Ending balance (in shares) at Jun. 30, 2022 | 639,492 | ||||
Ending balance at Jun. 30, 2022 | 5,245,025 | $ 64 | 11,266,683 | (24,030) | (5,997,692) |
Beginning balance (in shares) at Mar. 31, 2022 | 636,422 | ||||
Beginning balance at Mar. 31, 2022 | 4,737,416 | $ 64 | 11,126,300 | (12,415) | (6,376,533) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 378,841 | 378,841 | |||
Other comprehensive loss | (11,615) | (11,615) | |||
Exercise of common stock options (in shares) | 847 | ||||
Exercise of common stock options | 4,821 | 4,821 | |||
Issuance of common stock upon settlement of RSUs, net of shares withheld (in shares) | 2,026 | ||||
Issuance of common stock upon settlement of RSUs, net of shares withheld | (132,831) | (132,831) | |||
Issuance of common stock under employee stock purchase plan, net of shares withheld (in shares) | 197 | ||||
Issuance of common stock under employee stock purchase plan, net of shares withheld | 20,330 | 20,330 | |||
Stock-based compensation | 248,063 | 248,063 | |||
Ending balance (in shares) at Jun. 30, 2022 | 639,492 | ||||
Ending balance at Jun. 30, 2022 | $ 5,245,025 | $ 64 | $ 11,266,683 | $ (24,030) | $ (5,997,692) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 360,049 | $ (1,240,428) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||
Depreciation and amortization | 55,237 | 73,788 |
Bad debt expense | 20,270 | 9,622 |
Stock-based compensation expense | 442,028 | 462,337 |
(Gain) loss on investments, net | 2,852 | (10,847) |
Change in fair value of warrant liability | 0 | 291,987 |
Amortization of debt discount and debt issuance costs | 2,081 | 6,362 |
Noncash interest expense, net | 4,979 | 4,879 |
Foreign exchange (gain) loss | 38,241 | (16,974) |
Impairment of long-lived assets | 88,749 | 112,545 |
Loss from extinguishment of debt | 0 | 377,248 |
Other, net | 9,904 | 4,417 |
Changes in operating assets and liabilities: | ||
Prepaids and other assets | (186,718) | (52,146) |
Operating lease right-of-use assets | 18,054 | 19,708 |
Accounts payable | 23,266 | 18,109 |
Accrued expenses and other liabilities | 71,237 | 281,607 |
Operating lease liabilities | (26,811) | (22,177) |
Unearned fees | 1,078,321 | 1,075,993 |
Net cash provided by operating activities | 2,001,739 | 1,396,030 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (11,007) | (15,358) |
Purchases of marketable securities | (2,078,797) | (2,807,829) |
Sales of marketable securities | 581,436 | 1,172,953 |
Maturities of marketable securities | 1,682,246 | 803,464 |
Other investing activities, net | (2,847) | 0 |
Net cash provided by (used in) investing activities | 171,031 | (846,770) |
Cash flows from financing activities: | ||
Taxes paid related to net share settlement of equity awards | (344,559) | (138,924) |
Principal repayment of long-term debt | 0 | (1,995,000) |
Prepayment penalty on long-term debt | 0 | (212,883) |
Proceeds from issuance of convertible senior notes, net of issuance costs | 0 | 1,979,166 |
Purchases of capped calls related to convertible senior notes | 0 | (100,200) |
Proceeds from exercise of stock options | 16,473 | 83,855 |
Proceeds from the issuance of common stock under employee stock purchase plan | 20,330 | 25,464 |
Change in funds payable and amounts payable to customers | 3,957,242 | 4,141,754 |
Net cash provided by financing activities | 3,649,486 | 3,783,232 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (307,885) | (55,754) |
Net increase in cash, cash equivalents, and restricted cash | 5,514,371 | 4,276,738 |
Cash, cash equivalents, and restricted cash, beginning of period | 9,727,289 | 7,668,252 |
Cash, cash equivalents, and restricted cash, end of period | 15,241,660 | 11,944,990 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes, net of refunds | 27,523 | 11,744 |
Cash paid for interest | $ 6,179 | $ 45,047 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Airbnb, Inc. (the “Company” or “Airbnb”) was incorporated in Delaware in June 2008 and is headquartered in San Francisco, California. The Company operates a global platform for unique stays and experiences. The Company’s marketplace model connects Hosts and guests (collectively referred to as “customers”) online or through mobile devices to book spaces and experiences around the world |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in our Annual Report on Form 10-K, filed with the SEC on February 25, 2022. There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2021 that have had a material impact on our condensed consolidated financial statements and related notes. The results for the interim periods are not necessarily indicative of results for the full year. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and variable interest entities (“VIE”) in which the Company is the primary beneficiary in accordance with consolidation accounting guidance. All intercompany transactions have been eliminated in consolidation. The Company determines, at the inception of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest in is considered a VIE. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to direct the activities that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interest in a VIE in accordance with applicable U.S. GAAP. As of June 30, 2022, the Company’s consolidated VIEs were not material to the condensed consolidated financial statements. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company regularly evaluates its estimates, including those related to bad debt reserves, fair value of investments, useful lives of long-lived assets and intangible assets, valuation of goodwill and intangible assets from acquisitions, contingent liabilities, insurance reserves, revenue recognition, valuation of common stock, stock-based compensation, and income and non-income taxes, among others. Actual results could differ materially from these estimates. As the impact of the coronavirus disease (“COVID-19”) pandemic continues to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial statements as new events occur and additional information becomes known. To the extent the Company’s actual results differ materially from those estimates and assumptions, the Company’s future consolidated financial statements could be affected. Recently Adopted Accounting Standards In May 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-04, Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Topic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) , which clarifies existing guidance for freestanding written call options which are equity classified and remain so after they are modified or exchanged in order to reduce diversity in practice. The standard is effective for public entities in fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted the standard during the first quarter of 2022, which did not have an impact on the Company's condensed consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , which provides optional expedients and exceptions to contract modifications and hedging relationships that reference the London Interbank Offered Rate or another reference rate expected to be discontinued. The standard is effective upon issuance and may be applied at the beginning of the interim period that includes March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, which clarified the scope of Topic 848 to include derivatives that are affected by a change in the interest rate used for margining, discounting, or contract price alignment that do not also reference London Interbank Offered Rate or another reference rate that is expected to be discontinued as a result of the reference rate reform. The standard is effective upon issuance and may be applied retroactively as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively to any new modifications within an interim period including or subsequent to January 7, 2021. The Company is evaluating the impact on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815) , which clarifies the guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The standard is effective for public entities in fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted on any date on or after the issuance of ASU 2017-12. The Company is evaluating the impact on the Company’s consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance of equity securities that are subject to a contractual sale restriction as well as includes specific disclosure requirements for such equity securities. The standard is effective for public entities in fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and will be applied prospectively. Early adoption is permitted. The Company is evaluating the impact on the Company’s consolidated financial statements. There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its consolidated financial statements or disclosures. Revision of Previously Issued Financial Statements |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Supplemental Financial Statement Information | Supplemental Financial Statement Information Cash, Cash Equivalents, and Restricted Cash The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s condensed consolidated balance sheets to the total amount presented in the condensed consolidated statements of cash flows (in thousands): As of December 31, June 30, Cash and cash equivalents $ 6,067,438 $ 7,837,992 Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 3,645,087 7,388,900 Restricted cash 14,764 14,768 Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows $ 9,727,289 $ 15,241,660 Accrued expenses and other current liabilities consisted of the following (in thousands): As of December 31, June 30, Indirect taxes payable $ 309,616 $ 473,894 Compensation and related benefits 415,626 307,126 Indirect tax reserves 182,796 190,198 Gift card liability 98,129 102,187 Other 552,076 566,437 Total accrued expenses and other current liabilities $ 1,558,243 $ 1,639,842 Payments to Customers The Company makes payments to customers as part of its incentive programs (composed of referral programs and marketing promotions) and refund activities. The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds. The following table summarizes total payments made to customers (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Reductions to revenue $ 33,498 $ 67,341 $ 59,354 $ 112,293 Charges to operations and support 12,689 22,311 27,498 44,041 Charges to sales and marketing expense 12,342 14,635 22,117 25,108 Total payments made to customers $ 58,529 $ 104,287 $ 108,969 $ 181,442 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Debt Securities The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands): As of December 31, 2021 Classification as of December 31, 2021 Cost or Gross Gross Total Cash and Marketable Other Certificates of deposit $ 395,351 $ — $ — $ 395,351 $ 31,117 $ 364,234 $ — Government bonds (1) 850 13 — 863 — 863 — Commercial paper 1,156,963 — — 1,156,963 163,959 993,004 — Corporate debt securities 917,718 220 (3,147) 914,791 41,439 862,901 10,451 Mortgage-backed and asset-backed securities 34,019 338 (321) 34,036 — 34,036 — Total $ 2,504,901 $ 571 $ (3,468) $ 2,502,004 $ 236,515 $ 2,255,038 $ 10,451 (1) Includes U.S. government and government agency debt securities As of June 30, 2022 Classification as of June 30, 2022 Cost or Gross Gross Total Cash and Marketable Other Certificates of deposit $ 571,218 $ — $ — $ 571,218 $ 11,500 $ 559,718 $ — Government bonds (1) 850 — (24) 826 — 826 — Commercial paper 1,057,708 — (5) 1,057,703 288,510 769,193 — Corporate debt securities 746,904 6 (7,195) 739,715 31,976 697,274 10,465 Mortgage-backed and asset-backed securities 32,803 1 (2,328) 30,476 — 30,476 — Total $ 2,409,483 $ 7 $ (9,552) $ 2,399,938 $ 331,986 $ 2,057,487 $ 10,465 (1) Includes U.S. government and government agency debt securities As of December 31, 2021 and June 30, 2022, the Company does not have any available-for-sale debt securities for which the Company has recorded credit related losses. Before reclassifications of gains and losses from accumulated other comprehensive income (loss) on the condensed consolidated balance sheets to other income (expense), net in the condensed consolidated statements of operations, unrealized gains and losses, net of tax, for the three and six months ended June 30, 2021 and 2022, were not material. Realized gains and losses reclassified from accumulated other comprehensive income (loss) to other income (expense), net were not material for the three and six months ended June 30, 2021 and 2022. Debt securities in an unrealized loss position had an estimated fair value of $801.5 million and unrealized losses of $3.5 million as of December 31, 2021, and an estimated fair value of $734.5 million and unrealized losses of $9.5 million as of June 30, 2022. An immaterial amount of securities were in a continuous unrealized loss position for more than twelve months as of December 31, 2021, and $46.2 million of securities were in a continuous unrealized loss position for more than twelve months as of June 30, 2022. The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in thousands): As of June 30, 2022 Amortized Estimated Due within one year $ 2,248,257 $ 2,244,780 Due in one year to five years 138,551 134,770 Due within five to ten years 20,332 18,110 Due beyond ten years 2,343 2,278 Total $ 2,409,483 $ 2,399,938 Equity Investments Gains and Losses on Marketable Equity Investments During the six months ended June 30, 2021, the marketable equity investments were sold, and the Company realized a net loss of $14.3 million in other income (expense), net on the condensed consolidated statements of operations. Equity Investments Without Readily Determinable Fair Values The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. These investments had a net carrying value of $75.0 million as of both December 31, 2021 and June 30, 2022, and are classified within other assets, noncurrent on the condensed consolidated balance sheets. There were no upward or downward adjustments for observable price changes or impairment charges for the three and six months ended June 30, 2021 and 2022. As of December 31, 2021 and June 30, 2022, the cumulative downward adjustments for observable price changes and impairment were $56.2 million. Investments Accounted for Under the Equity Method |
Fair Value Measurement and Fina
Fair Value Measurement and Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Financial Instruments | Fair Value Measurements and Financial Instruments The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,923,184 $ — $ — $ 1,923,184 Certificates of deposit 31,117 — — 31,117 Commercial paper — 163,959 — 163,959 Corporate debt securities — 41,439 — 41,439 1,954,301 205,398 — 2,159,699 Marketable securities: Certificates of deposit 364,234 — — 364,234 U.S. government and government agency debt securities — 863 — 863 Commercial paper — 993,004 — 993,004 Corporate debt securities — 862,901 — 862,901 Mortgage-backed and asset-backed securities — 34,036 — 34,036 364,234 1,890,804 — 2,255,038 Funds receivable and amounts held on behalf of customers: Money market funds 466,319 — — 466,319 Prepaids and other current assets: Foreign exchange derivative assets — 25,918 — 25,918 Other assets, noncurrent: Corporate debt securities — — 10,451 10,451 Total assets at fair value $ 2,784,854 $ 2,122,120 $ 10,451 $ 4,917,425 Liabilities Accrued expenses and other current liabilities: Foreign exchange derivative liabilities $ — $ 10,280 $ — $ 10,280 Total liabilities at fair value $ — $ 10,280 $ — $ 10,280 As of June 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 3,575,350 $ — $ — $ 3,575,350 Certificates of deposit 11,500 — — 11,500 Commercial paper — 288,510 — 288,510 Corporate debt securities — 31,976 — 31,976 3,586,850 320,486 — 3,907,336 Marketable securities: Certificates of deposit 559,718 — — 559,718 U.S. government and government agency debt securities — 826 — 826 Commercial paper — 769,193 — 769,193 Corporate debt securities — 697,274 — 697,274 Mortgage-backed and asset-backed securities — 30,476 — 30,476 559,718 1,497,769 — 2,057,487 Funds receivable and amounts held on behalf of customers: Money market funds 619,283 — — 619,283 Prepaids and other current assets: Foreign exchange derivative assets — 54,253 — 54,253 Other assets, noncurrent: Corporate debt securities — — 10,465 10,465 Total assets at fair value $ 4,765,851 $ 1,872,508 $ 10,465 $ 6,648,824 Liabilities Accrued expenses and other current liabilities: Foreign exchange derivative liabilities $ — $ 13,457 $ — $ 13,457 Total liabilities at fair value $ — $ 13,457 $ — $ 13,457 The following table presents additional information about investments that are measured at fair value for which the Company has utilized Level 3 inputs to determine fair value (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Balance, beginning of period $ 11,477 $ 10,511 $ 11,490 $ 10,451 Changes in unrealized gains or losses included in other comprehensive income (loss) related to investments held at the reporting date — (46) (13) 14 Balance, end of period $ 11,477 $ 10,465 $ 11,477 $ 10,465 There were no transfers of financial instruments into or out of Level 3 during the six months ended June 30, 2021 and 2022. The Company amended the anti-dilution feature in the warrant agreements associated with the Second Lien Credit Agreement, as defined in Note 6, Debt , which resulted in a change in classification from liability to equity, on March 30, 2021 (the “Modification Date”). The Company recorded a marked-to-market charge of $292.0 million through the first quarter of 2021, which was recorded in other income (expense), net on the condensed consolidated statements of operations. Subsequent to the Modification Date, the warrants were no longer subject to marked-to-market charges. The balance of $1.3 billion was then reclassified from liability to equity as the amended warrants met the requirements for equity classification. Refer to Note 6, Debt, for additional information. Derivatives Not Designated as Hedging Instruments As of December 31, 2021, the fair value of foreign exchange derivative assets and liabilities totaled $25.9 million and $10.3 million, respectively, with the aggregate notional amount totaling $2.4 billion. As of June 30, 2022, the fair value of foreign exchange derivative assets and liabilities totaled $54.3 million and $13.5 million, respectively, with the aggregate notional amount totaling $2.1 billion. Derivative assets are included in prepaids and other current assets and derivative liabilities are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. The Company recorded total net realized gains (losses) of $(8.3) million and $27.2 million for the three months ended June 30, 2021 and 2022, respectively, and $(23.6) million and $40.1 million for the six months ended June 30, 2021 and 2022, respectively, related to foreign exchange derivative assets and liabilities. The Company recorded total net unrealized gains (losses) of $(4.5) million and $49.1 million for the three months ended June 30, 2021 and 2022, respectively, and $35.4 million and $25.2 million for the six months ended June 30, 2021 and 2022, respectively, related to foreign exchange derivative assets and liabilities. The realized and unrealized gains and losses on non-designated derivatives are reported in other income (expense), net in the condensed consolidated statements of operations. The cash flows related to derivative instruments not designated as hedging instruments are classified within operating activities in the condensed consolidated statements of cash flows. The Company has master netting arrangements with the respective counterparties to its derivative contracts, which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty. The Company presents its derivative assets and derivative liabilities at their gross fair values in its condensed consolidated balance sheets. As of December 31, 2021, the potential effect of these rights of set-off associated with the Company’s derivative contracts would be a reduction to both assets and liabilities of $10.3 million, resulting in net derivative assets of $15.6 million. As of June 30, 2022, the potential effect of these rights of set-off associated with the Company’s derivative contracts would be a reduction to both assets and liabilities of $13.5 million, resulting in net derivative assets of $40.8 million. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes the Company’s outstanding debt (in thousands): December 31, 2021 June 30, 2022 Balance Effective Interest Rate Balance Effective Interest Rate Convertible senior notes due March 2026 $ 2,000,000 0.2 % $ 2,000,000 0.2 % Less: Unamortized debt discount and debt issuance costs (17,463) (15,382) Total long-term debt $ 1,982,537 $ 1,984,618 Convertible Senior Notes On March 8, 2021, the Company issued $2.0 billion aggregate principal amount of 0% convertible senior notes due 2026 (the "2026 Notes") pursuant to an indenture, dated March 8, 2021 (the "Indenture"), between the Company and U.S. Bank National Association, as trustee. The 2026 Notes were offered and sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2026 Notes are senior unsecured obligations of the Company and will not bear regular interest. The 2026 Notes mature on March 15, 2026, unless earlier converted, redeemed or repurchased. The proceeds, net of debt issuance costs, were $1,979.2 million. The initial conversion rate for the 2026 Notes is 3.4645 shares of the Company's Class A common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $288.64 per share of the Class A common stock. The conversion rate and conversion price are subject to customary adjustments under certain circumstances in accordance with the terms of the Indenture. The 2026 Notes are convertible at the option of the holders before December 15, 2025 only upon the occurrence of certain events, and from and after December 15, 2025, at any time at their election until the close of business on the second scheduled trading day immediately preceding March 15, 2026, only under certain circumstances. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election, based on the applicable conversion rate. In addition, if certain corporate events that constitute a make-whole fundamental change (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. Additionally, in the event of a corporate event constituting a fundamental change (as defined in the Indenture), holders of the 2026 Notes may require the Company to repurchase all or a portion of their 2026 Notes at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus accrued and unpaid special interest or additional interest, if any, to, but excluding, the date of the fundamental change repurchase. Debt issuance costs related to the 2026 Notes totaled $20.8 million and were composed of commissions payable to the initial purchasers and third-party offering costs. Debt issuance costs are amortized to interest expense using the effective interest method over the contractual term. The Company recorded interest expense of $1.0 million and $1.1 million for the three months ended June 30, 2021 and 2022, respectively, and $1.3 million and $2.1 million for the six months ended June 30, 2021 and 2022, respectively, for the 2026 Notes relating to amortization of the debt discount and debt issuance costs. As of June 30, 2022, the if-converted value of the 2026 Notes did not exceed the outstanding principal amount. As of June 30, 2022, the total estimated fair value of the 2026 Notes was $1.7 billion and was determined based on a market approach using actual bids and offers of the 2026 Notes in an over-the-counter market on the last trading day of the period, or Level 2 inputs. Capped Calls On March 3, 2021, in connection with the pricing of the 2026 Notes, the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain of the initial purchasers and other financial institutions (the "option counterparties") at a cost of $100.2 million. The Capped Calls cover, subject to customary adjustments, the number of shares of Class A common stock initially underlying the 2026 Notes. By entering into the Capped Calls, the Company expects to reduce the potential dilution to its Class A common stock (or, in the event a conversion of the 2026 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2026 Notes its common stock price exceeds the conversion price of the 2026 Notes. The cap price of the Capped Calls will initially be $360.80 per share of Class A common stock, which represents a premium of 100% over the last reported sale price of the Class A common stock of $180.40 per share on March 3, 2021, and is subject to certain customary adjustments under the terms of the Capped Calls. The Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period and are included as a reduction to additional paid-in-capital within stockholders’ equity. Term Loans In April 2020, the Company entered into a $1.0 billion First Lien Credit and Guaranty Agreement (the “First Lien Credit Agreement,” and the loans thereunder, the “First Lien Loan”), resulting in net proceeds of $961.4 million, net of debt discount and debt issuance costs of $38.6 million. The loan was due and payable in April 2025 and could be repaid in whole or in part at the Company’s option, subject to applicable prepayment premiums and make-whole premiums. Beginning in September 2020, the Company was required to repay the First Lien Loan in quarterly installments equal to 0.25% of the $1.0 billion aggregate principal amount of the First Lien Loan, with the remaining principal amount payable on the maturity date. Also in April 2020, the Company entered into a $1.0 billion Second Lien Credit and Guaranty Agreement (the “Second Lien Credit Agreement,” and the loans thereunder, the “Second Lien Loan”), resulting in net proceeds of $967.5 million, net of debt discount and debt issuance costs of $32.5 million. The loan was due and payable in July 2025 and could be repaid in whole or in part, subject to applicable prepayment premiums, make-whole premiums, and the priority of lenders under the First Lien Credit Agreement over any proceeds the Company receives from the sale of collateral. In March 2021, the Company repaid the principal amount outstanding of $1,995.0 million under the First Lien and Second Lien loans, which resulted in a loss of extinguishment of debt of $377.2 million, including early redemption premiums of $212.9 million and a write-off of $164.3 million of unamortized debt discount and debt issuance costs. The loss on extinguishment of debt was included in interest expense in the condensed consolidated statements of operations. Additionally, the Company incurred third-party costs, principally legal and administrative fees, of $0.1 million relating to the extinguishment of the loans. The debt discount and debt issuance costs are amortized to interest expense using the effective interest rate method. For the three months ended March 31, 2021, interest expense of $17.0 million and $24.3 million, respectively, was recorded for the First Lien and Second Lien Loans relating to the contractual interest and amortization of the debt discount and debt issuance costs. The First Lien Loan and the Second Lien Loan were unconditionally guaranteed by certain of the Company’s domestic subsidiaries and were both secured by substantially all the assets of the Company and of these subsidiary guarantors. In connection with the Second Lien Loan, the Company issued warrants to purchase 7,934,794 shares of Class A common stock with an initial exercise price of $28.355 per share, subject to adjustment upon the occurrence of certain specified events, to the Second Lien Loan lenders. The warrants expire on April 17, 2030 and the exercise price can be paid in cash or in net shares at the holder’s option. The fair value of the warrants at issuance was $116.6 million and was recorded as a liability in accrued expenses and other current liabilities on the condensed consolidated balance sheet with a corresponding debt discount recorded against the Second Lien Loan. The warrant liability was remeasured to fair value at each reporting date as long as the warrants remained outstanding and unexercised with changes in fair value recorded in other income (expense), net in the condensed consolidated statements of operations. As of December 31, 2020, the fair value of the warrant totaled $985.2 million. The Company amended the anti-dilution feature in the warrant agreements on March 30, 2021, which resulted in a change in classification from liability to equity. Accordingly, the Company recorded $292.0 million in other income (expense), net during the first quarter of 2021. The liability balance of $1.3 billion was then reclassified to equity as the amended warrants met the requirements for equity classification. 2020 Credit Facility On November 19, 2020, the Company entered into a five-year secured revolving Credit and Guarantee Agreement, which provides for initial commitments by a group of lenders led by Morgan Stanley Senior Funding, Inc. of $500.0 million (“2020 Credit Facility”). The 2020 Credit Facility provides a $200.0 million sub-limit for the issuance of letters of credit. The 2020 Credit Facility has a commitment fee of 0.15% per annum on any undrawn amounts, payable quarterly in arrears. Interest on borrowings is equal to (i) in the case of LIBOR borrowings, 1.5% plus LIBOR, subject to a floor of 0%, or (ii) in the case of base rate borrowings, 0.5% plus the greatest of (a) the federal funds effective rate plus 0.5%, (b) the rate of interest in effect for such day by Morgan Stanley Senior Funding, Inc. as its “prime rate”, and (c) LIBOR for a one-month period plus 1.0%, in each case subject to a floor of 1.0%. Outstanding balances may be repaid prior to maturity without penalty. The 2020 Credit Facility contains customary affirmative and negative covenants, including restrictions on the Company’s and certain of its subsidiaries’ ability to incur debt and liens, undergo fundamental changes, and pay dividends or other distributions, as well as certain financial covenants. The Company was in compliance with all financial covenants as of June 30, 2022. No amounts have been drawn on the 2020 Credit Facility as of December 31, 2021 and June 30, 2022, and outstanding letters of credit totaled $15.9 million and $28.5 million as of December 31, 2021 and June 30, 2022, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock-Based Compensation Expense The following table summarizes total stock-based compensation expense (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Operations and support $ 14,236 $ 16,914 $ 25,648 $ 28,609 Product development 143,812 144,932 287,527 262,808 Sales and marketing 24,064 29,118 49,965 50,325 General and administrative 50,728 56,164 99,185 100,278 Restructuring charges 23 (23) 12 8 Stock-based compensation expense $ 232,863 $ 247,105 $ 462,337 $ 442,028 Stock Option and Restricted Stock Unit Activity The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model using the range of assumptions in the following table: Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Expected dividend yield — — — — Expected volatility 44.9% 48.6% 44.9% 48.6% Expected term (years) 8.0 6.1 8.0 6.1 Risk-free interest rate 1.5 % 2.2% 1.5% 2.2% A summary of stock option and restricted stock unit (“RSU”) activity under the Plans was as follows (in thousands, except per share amounts): Outstanding Stock Options Outstanding Restricted Stock Units Shares Number of Weighted- Number of Weighted- As of December 31, 2021 81,365 24,122 $ 19.69 36,789 $ 61.22 Granted (7,346) 635 167.00 6,711 158.82 Increase in shares available for grant 31,675 — — — — Shares withheld for taxes 2,512 — — (2,512) 76.20 Exercised/Vested — (1,631) 10.10 (4,140) 77.52 Canceled 1,973 (240) 80.57 (1,733) 92.75 As of June 30, 2022 110,179 22,886 $ 23.82 35,115 $ 75.35 Number of Weighted- Weighted- Aggregate Options outstanding as of June 30, 2022 22,886 $ 23.82 3.40 $ 1,591,785 Options exercisable as of June 30, 2022 20,081 $ 15.41 2.69 $ 1,499,461 Restricted Stock Awards The Company has granted restricted stock awards to certain continuing employees, primarily in connection with acquisitions. Vesting of this stock is primarily dependent on a service-based vesting condition that generally becomes satisfied over a period of four years. The Company has the right to repurchase or cancel shares for which the vesting condition is not satisfied. The following table summarizes the activity related to the Company’s restricted stock awards (in thousands, except for per share amounts): Number of Weighted-Average Unvested restricted stock awards as of December 31, 2021 632 $ 62.32 Issued — — Vested (77) 62.48 Unvested restricted stock awards as of June 30, 2022 555 $ 62.30 Employee Stock Purchase Plan (“ESPP”) In December 2020, the Company’s board of directors adopted the ESPP. The maximum number of shares of Class A common stock authorized for sale under the ESPP is equal to the sum of (i) 4,000,000 shares of Class A common stock and (ii) an annual increase on the first day of each year beginning in 2022 and ending in 2030, equal to the lesser of (a) 1% of shares of Class A common stock (on an as converted basis) on the last day immediately preceding year and (b) such number of shares of common stock as determined by the board of directors; provided, however, that no more than 89,785,394 shares may be issued under the ESPP. The Company estimates the fair value of shares to be issued under the ESPP based on a combination of options valued using the Black-Scholes option-pricing model. The Company recorded stock-based compensation expense related to the ESPP of $32.5 million and $8.5 million for the three months ended June 30, 2021 and 2022, respectively, and $64.8 million and $13.9 million for the six months ended June 30, 2021 and 2022, respectively. During the three and six months ended June 30, 2021, 0.5 million shares of common stock were purchased under the ESPP at a weighted-average price of $57.80 per share, resulting in net cash proceeds of $25.5 million. During the three and six months ended June 30, 2022, 0.2 million shares of common stock were purchased under the ESPP at a weighted-average price of $103.23 per share, resulting in net cash proceeds of $20.3 million. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company has commitments including purchase obligations for web-hosting services and other commitments for brand marketing. As of June 30, 2022, there were no material changes outside the ordinary course of business to the Company’s commitments, as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021. Extenuating Circumstances Policy In March 2020, the Company applied its extenuating circumstances policy to cancellations resulting from COVID-19. That policy provides customers with greater flexibility to cancel reservations that are disrupted by epidemics, natural disasters, and other emergencies. Specifically, accommodation bookings made by guests on or before March 14, 2020, have so far been covered by the policy and may be canceled before check-in. To support Hosts impacted by elevated guest cancellations under that policy, the Company committed up to $250 million for Hosts, and had a remaining reserve balance of $45.8 million as of June 30, 2022. The reservations eligible for this $250.0 million Host program were defined as reservations made on or before March 14, 2020 with a check-in date between March 14, 2020 and May 31, 2020. For these reservations, eligible Hosts are entitled to receive 25% of the amount they would have received from guests under the Host’s cancellation policies. These payments are accounted for as consideration paid to a customer and as such, primarily result in a reduction to revenue. Under this policy, the Company recorded payments, primarily to Hosts, that were not material for the three and six months ended June 30, 2021 and 2022, in its condensed consolidated statement of operations. Lodging Tax Obligations and Other Non-Income Tax Matters Some states and localities in the United States and elsewhere in the world impose transient occupancy or lodging accommodations taxes (“Lodging Taxes”) on the use or occupancy of lodging accommodations or other traveler services. As of June 30, 2022, the Company collects and remits Lodging Taxes in approximately 31,300 jurisdictions on behalf of its Hosts. Such Lodging Taxes are generally remitted to tax jurisdictions within a 30 to 90-day period following the end of each month. As of December 31, 2021 and June 30, 2022, the Company had an obligation to remit Lodging Taxes collected from guests on bookings in these jurisdictions totaling $180.8 million and $268.6 million, respectively. These payables were recorded in accrued expenses and other current liabilities on the condensed consolidated balance sheets. In jurisdictions where the Company does not collect and remit Lodging Taxes, the responsibility for collecting and remitting these taxes primarily rests with Hosts. The Company has estimated liabilities in a certain number of jurisdictions with respect to state, city, and local taxes related to lodging where management believes it is probable that the Company can be held jointly liable with Hosts for taxes and the related amounts can be reasonably estimated. As of December 31, 2021 and June 30, 2022, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $57.3 million and $59.4 million, respectively. With respect to lodging and related taxes for which a loss is probable or reasonably possible, the Company is unable to determine an estimate of the possible loss or range of loss beyond the amounts already accrued. The Company’s potential obligations with respect to Lodging Taxes could be affected by various factors, which include, but are not limited to, whether the Company determines, or any tax authority asserts, that the Company has a responsibility to collect lodging and related taxes on either historical or future transactions or by the introduction of new ordinances and taxes which subject the Company’s operations to such taxes. Accordingly, the ultimate resolution of Lodging Taxes may be greater or less than reserve amounts that the Company has recorded. The Company is currently involved in lawsuits brought by certain states and localities involving the payment of Lodging Taxes. These jurisdictions are asserting that the Company is liable or jointly liable with Hosts to collect and remit Lodging Taxes. These lawsuits are in various stages and the Company continues to vigorously defend these claims. The Company believes that the statutes at issue impose a Lodging Tax obligation on the person exercising the taxable privilege of providing accommodations, or the Company’s Hosts. The imposition of such taxes on the Company could increase the cost of a guest booking and potentially cause a reduction in the volume of bookings on the Company’s platform, which would adversely impact the Company’s results of operations. The Company will continue to monitor the application and interpretation of lodging and related taxes and ordinances and will adjust accruals based on any new information or further developments. The Company is under audit and inquiry by various domestic and foreign tax authorities with regard to non-income tax matters. The subject matter of these contingent liabilities primarily arises from the Company’s transactions with its customers, as well as the tax treatment of certain employee benefits and related employment taxes. In jurisdictions with disputes connected to transactions with customers , disputes involve the applicability of transactional taxes (such as sales, value-added, and similar taxes) to services provided, as well as the applicability of withholding tax on payments made to such Hosts. Due to the inherent complexity and uncertainty of these matters and judicial processes in certain jurisdictions, the final outcomes may exceed the estimated liabilities recorded. As of December 31, 2021 and June 30, 2022, the Company accrued a total of $124.2 million and $129.6 million of estimated tax liabilities, including interest, related to Hosts’ withholding tax obligations, respectively. The Company has identified reasonably possible exposures related to withholding income taxes and transactional taxes, and has not accrued for these amounts since the likelihood of the contingent liability is less than probable. The Company estimates that the reasonably possible loss related to these matters in excess of the amounts accrued is between $140.0 million to $160.0 million; however, no assurance can be given as to the outcomes and the Company could be subject to significant additional tax liabilities. With respect to all other withholding tax on payments made to Hosts and transactional taxes for which a loss is probable or reasonably possible, the Company is unable to determine an estimate of the possible loss or range of loss beyond the amounts already accrued. In addition, as of December 31, 2021 and June 30, 2022, the Company accrued a total of $33.6 million and $34.1 million of estimated tax liabilities related to employment taxes on certain employee benefits, respectively. The Company is subject to regular payroll tax examinations by various state and local jurisdictions. Although management believes its tax withholding remittance practices are appropriate, the Company may be subject to additional tax liabilities, including interest and penalties, if any tax authority disagrees with the Company’s withholding and remittance practices, or if there are changes in laws, regulations, administrative practices, principles or interpretations related to payroll tax withholding in the various state and local jurisdictions. Legal and Regulatory Matters The Company has been and is currently a party to various legal and regulatory matters arising in the normal course of business. Such proceedings and claims, even if not meritorious, can require significant financial and operational resources, including the diversion of management’s attention from the Company’s business objectives. Regulatory Matters The Company operates in a complex legal and regulatory environment and its operations are subject to various U.S. and foreign laws, rules, and regulations, including those related to: Internet activities; short-term rentals, long-term rentals and home sharing; real estate, property rights, housing and land use; travel and hospitality; privacy and data protection; intellectual property; competition; health and safety; protection of minors; consumer protection; employment; payments, money transmission, economic and trade sanctions, anti-corruption and anti-bribery; taxation; and others. In addition, the nature of the Company’s business exposes it to inquiries and potential claims related to the compliance of the business with applicable law and regulations. In some instances, applicable laws and regulations do not yet exist or are being applied, interpreted or implemented to address aspects of the Company’s business, and such adoption or interpretation could further alter or impact the Company’s business. Intellectual Property The Company has been and is currently subject to claims relating to intellectual property, including alleged patent infringement. Adverse results in such lawsuits may include awards of substantial monetary damages, costly royalty or licensing agreements, or orders preventing the Company from offering certain features, functionalities, products, or services, and may also cause the Company to change its business practices or require development of non-infringing products or technologies, which could result in a loss of revenue or otherwise harm its business. To date, the Company has not incurred any material costs as a result of such cases and has not recorded any material liabilities in its condensed consolidated financial statements related to such matters. Litigation and Other Legal Proceedings The Company is currently involved in, and may in the future be involved in, legal proceedings, claims, and government investigations in the ordinary course of business. These include proceedings, claims, and investigations relating to, among other things, regulatory matters, commercial matters, intellectual property, competition, tax, employment, pricing, discrimination, consumer rights, personal injury, and property rights. Depending on the nature of the proceeding, claim, or investigation, the Company may be subject to monetary damage awards, fines, penalties, or injunctive orders. Furthermore, the outcome of these matters could materially adversely affect the Company’s business, results of operations, and financial condition. The outcomes of legal proceedings, claims, and government investigations are inherently unpredictable and subject to significant judgment to determine the likelihood and amount of loss related to such matters. While it is not possible to determine the outcomes, the Company believes based on its current knowledge that the resolution of all such pending matters will not, either individually or in the aggregate, have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows. The Company establishes an accrued liability for loss contingencies related to legal matters when a loss is both probable and reasonably estimable. These accruals represent management’s best estimate of probable losses. Such currently accrued amounts are not material to the Company’s condensed consolidated financial statements. However, management’s views and estimates related to these matters may change in the future, as new events and circumstances arise and the matters continue to develop. Until the final resolution of legal matters, there may be an exposure to losses in excess of the amounts accrued. With respect to outstanding legal matters, based on current knowledge, the amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows. Legal fees are expensed as incurred. Host Protections The Company offers AirCover coverage, which includes but is not limited to, the Company’s Host Damage Protection program that provides protection of up to $1.0 million for direct physical loss or damage to a Host’s covered property caused by guests during a confirmed booking and when the Host and guest are unable to resolve the dispute. The Company retains risk and also maintains insurance from third parties on a per claim basis to protect the Company’s financial exposure under this program. In addition, through third-party insurers and self-insurance mechanisms, including a wholly-owned captive insurance subsidiary created during the year ended December 31, 2019, the Company provides insurance coverage for third-party bodily injury or property damage liability claims that occur during a stay. The Company’s Host Liability Insurance and Experiences Liability Insurance consists of a commercial general liability policy, with Hosts and the Company as named insureds and landlords of Hosts as additional insureds. The Host Liability Insurance and Experiences Liability Insurance provides primary coverage for up to $1.0 million per occurrence, subject to a $1.0 million cap per listing location, and includes various market standard conditions, limitations, and exclusions. Indemnifications The Company has entered into indemnification agreements with certain of its officers and directors. The indemnification agreements and the Company’s Amended and Restated Bylaws (the “Bylaws”) require the Company to indemnify these individuals to the fullest extent not prohibited by Delaware law. Subject to certain limitations, the indemnification agreements and Bylaws also require the Company to advance expenses incurred by its directors and officers. No demands have been made upon the Company to provide indemnification under the indemnification agreements or the Bylaws, and thus, there are no claims that the Company is aware of that could have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows. In the ordinary course of business, the Company has included limited indemnification provisions under certain agreements with parties with whom the Company has commercial relations of varying scope and terms with respect to certain matters, including losses arising out of its breach of such agreements or out of intellectual property infringement claims made by third parties. It is not possible to determine the maximum potential loss under these indemnification provisions due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, no significant costs have been incurred, either individually or collectively, in connection with the Company’s indemnification provisions. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s tax provision for interim periods is determined by using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, the Company updates the estimated annual effective tax rate and makes a year-to-date adjustment to the provision. The estimated annual effective tax rate is subject to significant volatility due to several factors, including accurately predicting the Company’s pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, intercompany transactions, audit-related developments, and changes in statutes, regulations, case law, and administrative actions. The Company recorded income tax expense of $11.2 million and $4.3 million for the three months ended June 30, 2021 and 2022, respectively, and $17.5 million and $15.0 million for the six months ended June 30, 2021 and 2022, respectively. Tax expense for all periods was primarily driven by current tax on foreign earnings. The Company’s significant tax jurisdictions include the United States, California, and Ireland. The Company is currently under examination for income taxes by the Internal Revenue Service (“IRS”) for the 2013, 2016, 2017, and 2018 tax years. The primary issue under examination in the 2013 audit is the valuation of the Company’s international intellectual property which was sold to a subsidiary in 2013. In the year ended December 31, 2019, new information became available which required the Company to remeasure its reserve for unrecognized tax benefits. The Company recorded additional tax expense of $196.4 million during the year ended December 31, 2019. In December 2020, the Company |
Net Income (Loss) per Share
Net Income (Loss) per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Net Income (Loss) per Share The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the periods indicated (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Net income (loss) attributable to Class A and Class B common stockholders $ (68,217) $ 378,841 $ (1,240,428) $ 360,049 Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders: Basic 611,739 638,407 606,380 636,869 Diluted 611,739 683,536 606,380 684,148 Net income (loss) per share attributable to Class A and Class B common stockholders: Basic $ (0.11) $ 0.59 $ (2.05) $ 0.57 Diluted $ (0.11) $ 0.56 $ (2.05) $ 0.53 The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share. Each share of Class B common stock is convertible into a share of Class A common stock voluntarily at any time by the holder, and automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A and Class B common stock, the undistributed earnings are allocated on a proportional basis and the resulting net income (loss) per share attributable to common stockholders is the same for both Class A and Class B common stock on an individual or combined basis. There were no preferred dividends declared or accumulated for the three and six months ended June 30, 2021 and 2022. As of June 30, 2021, RSUs to be settled in 12.0 million shares of Class A common stock were excluded from the table below because they are subject to market conditions that were not achieved as of such date. As of June 30, 2021, 0.5 million shares of restricted stock awards were excluded from the table below because they are subject to performance conditions that were not achieved as of such date. As of June 30, 2022, RSUs to be settled in 9.6 million shares of Class A common stock were excluded from the table below because they are subject to market conditions that were not achieved as of such date. As of June 30, 2022, 0.5 million shares of restricted stock awards were excluded from the table below because they are subject to performance conditions that were not achieved as of such date. Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 2026 Notes (1) 11,086 — 11,086 — Warrants 7,935 — 7,935 — Escrow shares 74 74 74 74 Stock options 30,764 1,129 30,764 707 RSUs 44,103 10,396 44,103 7,424 Restricted stock awards 170 — 170 — ESPP 538 — 538 — Total 94,670 11,599 94,670 8,205 |
Geographic Information
Geographic Information | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Geographic Information | Geographic Information The following table sets forth the breakdown of revenue by geography, determined based on the location of the Host’s listing (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 United States $ 769,100 $ 1,023,657 $ 1,279,886 $ 1,795,796 International (1) 566,096 1,080,450 942,246 1,817,248 Total revenue $ 1,335,196 $ 2,104,107 $ 2,222,132 $ 3,613,044 (1) No individual international country represented 10% or more of the Company’s total revenue for three and six months ended June 30, 2021 and 2022. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring During the year ended December 31, 2020, the Company experienced significant economic challenges associated with a severe decline in bookings, resulting primarily from COVID-19 and overall global travel restrictions. To address these impacts, in May 2020, the Company’s management approved a restructuring plan to realign the Company’s business and strategic priorities based on the current market and economic conditions as a result of COVID-19. This worldwide restructuring plan included a 25% reduction in the number of full-time employees, or approximately 1,800 employees, as well as a reduction in the contingent workforce and amendments to certain commercial agreements. These restructuring expenses are included in the Company’s condensed consolidated statements of operations, and unpaid amounts are included in accrued expenses and other current liabilities on its condensed consolidated balance sheets. Cumulative restructuring charges as of June 30, 2022 were $353.2 million. As of June 30, 2022, the remaining liability for restructuring costs was not material. In the second quarter of 2022, the Company announced it would shift to a remote work model, allowing its employees to work from anywhere in the country they currently work. The shift to a remote work model was in direct response to the change in how employees work due to the impact of COVID-19. As a result, the Company recorded a restructuring charge of $88.7 million during the three months ended June 30, 2022, which includes $80.3 million relating to an impairment of both domestic and international operating lease right-of-use assets, and $8.4 million of related leasehold improvements. Restructuring charges for the six months ended June 30, 2022, were $89.1 million. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn August 1, 2022, the Company’s board of directors approved a share repurchase program with authorization to purchase up to $2.0 billion of the Company's Class A common stock at management’s discretion (the “Share Repurchase Program”). Share repurchases under the Share Repurchase Program may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions or by any combination of such methods. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors. The Share Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time at the Company’s discretion. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in our Annual Report on Form 10-K, filed with the SEC on February 25, 2022. There have been no changes to the Company’s significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2021 that have had a material impact on our condensed consolidated financial statements and related notes. The results for the interim periods are not necessarily indicative of results for the full year. In the opinion of management, these condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the condensed consolidated financial position, results of operations and cash flows for these interim periods. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and variable interest entities (“VIE”) in which the Company is the primary beneficiary in accordance with consolidation accounting guidance. All intercompany transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company regularly evaluates its estimates, including those related to bad debt reserves, fair value of investments, useful lives of long-lived assets and intangible assets, valuation of goodwill and intangible assets from acquisitions, contingent liabilities, insurance reserves, revenue recognition, valuation of common stock, stock-based compensation, and income and non-income taxes, among others. Actual results could differ materially from these estimates. As the impact of the coronavirus disease (“COVID-19”) pandemic continues to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial statements as new events occur and additional information becomes known. To the extent the Company’s actual results differ materially from those estimates and assumptions, the Company’s future consolidated financial statements could be affected. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards In May 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-04, Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Topic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) , which clarifies existing guidance for freestanding written call options which are equity classified and remain so after they are modified or exchanged in order to reduce diversity in practice. The standard is effective for public entities in fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted the standard during the first quarter of 2022, which did not have an impact on the Company's condensed consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , which provides optional expedients and exceptions to contract modifications and hedging relationships that reference the London Interbank Offered Rate or another reference rate expected to be discontinued. The standard is effective upon issuance and may be applied at the beginning of the interim period that includes March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, which clarified the scope of Topic 848 to include derivatives that are affected by a change in the interest rate used for margining, discounting, or contract price alignment that do not also reference London Interbank Offered Rate or another reference rate that is expected to be discontinued as a result of the reference rate reform. The standard is effective upon issuance and may be applied retroactively as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively to any new modifications within an interim period including or subsequent to January 7, 2021. The Company is evaluating the impact on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815) , which clarifies the guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The standard is effective for public entities in fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted on any date on or after the issuance of ASU 2017-12. The Company is evaluating the impact on the Company’s consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance of equity securities that are subject to a contractual sale restriction as well as includes specific disclosure requirements for such equity securities. The standard is effective for public entities in fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and will be applied prospectively. Early adoption is permitted. The Company is evaluating the impact on the Company’s consolidated financial statements. There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its consolidated financial statements or disclosures. |
Revision of Previously Issued Financial Statements | Revision of Previously Issued Financial StatementsThe condensed consolidated statements of cash flows for the six months ended June 30, 2021 has been revised to correct for errors identified by management during the preparation of the financial statements for the three months ended March 31, 2022. The errors understated cash flows from operating activities by $110 million and overstated the cash flows from financing activities by $118 million for the six months ended June 30, 2021, and the ending balance of cash, cash equivalents, and restricted cash, by $8 million for the period ended June 30, 2021. Management has determined that these errors did not result in the previously issued financial statements being materially misstated. These errors primarily related to the timing of tax payments from the net settlement of equity awards at the initial public offering in December 2020. In particular, in 2020, the Company reported $1.7 billion of cash used in financing activities to cover taxes paid related to the net share settlement of its equity awards that vested upon the initial public offering. However, approximately $123 million of this amount was actually remitted to taxing authorities in foreign jurisdictions in 2021, of which $116 million was remitted during the six months ended June 30, 2021. This had no impact on the Company’s condensed consolidated financial statements outside of the presentation in the condensed consolidated statements of cash flow and did not affect the condensed consolidated balance sheets, condensed consolidated statements of operations or condensed consolidated statements of stockholders’ equity. |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s condensed consolidated balance sheets to the total amount presented in the condensed consolidated statements of cash flows (in thousands): As of December 31, June 30, Cash and cash equivalents $ 6,067,438 $ 7,837,992 Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 3,645,087 7,388,900 Restricted cash 14,764 14,768 Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows $ 9,727,289 $ 15,241,660 The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands): As of December 31, 2021 Classification as of December 31, 2021 Cost or Gross Gross Total Cash and Marketable Other Certificates of deposit $ 395,351 $ — $ — $ 395,351 $ 31,117 $ 364,234 $ — Government bonds (1) 850 13 — 863 — 863 — Commercial paper 1,156,963 — — 1,156,963 163,959 993,004 — Corporate debt securities 917,718 220 (3,147) 914,791 41,439 862,901 10,451 Mortgage-backed and asset-backed securities 34,019 338 (321) 34,036 — 34,036 — Total $ 2,504,901 $ 571 $ (3,468) $ 2,502,004 $ 236,515 $ 2,255,038 $ 10,451 (1) Includes U.S. government and government agency debt securities As of June 30, 2022 Classification as of June 30, 2022 Cost or Gross Gross Total Cash and Marketable Other Certificates of deposit $ 571,218 $ — $ — $ 571,218 $ 11,500 $ 559,718 $ — Government bonds (1) 850 — (24) 826 — 826 — Commercial paper 1,057,708 — (5) 1,057,703 288,510 769,193 — Corporate debt securities 746,904 6 (7,195) 739,715 31,976 697,274 10,465 Mortgage-backed and asset-backed securities 32,803 1 (2,328) 30,476 — 30,476 — Total $ 2,409,483 $ 7 $ (9,552) $ 2,399,938 $ 331,986 $ 2,057,487 $ 10,465 |
Schedule of Restricted Cash | The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s condensed consolidated balance sheets to the total amount presented in the condensed consolidated statements of cash flows (in thousands): As of December 31, June 30, Cash and cash equivalents $ 6,067,438 $ 7,837,992 Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 3,645,087 7,388,900 Restricted cash 14,764 14,768 Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows $ 9,727,289 $ 15,241,660 |
Accrued Expenses And Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): As of December 31, June 30, Indirect taxes payable $ 309,616 $ 473,894 Compensation and related benefits 415,626 307,126 Indirect tax reserves 182,796 190,198 Gift card liability 98,129 102,187 Other 552,076 566,437 Total accrued expenses and other current liabilities $ 1,558,243 $ 1,639,842 |
Payments Made To Customers | The following table summarizes total payments made to customers (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Reductions to revenue $ 33,498 $ 67,341 $ 59,354 $ 112,293 Charges to operations and support 12,689 22,311 27,498 44,041 Charges to sales and marketing expense 12,342 14,635 22,117 25,108 Total payments made to customers $ 58,529 $ 104,287 $ 108,969 $ 181,442 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table reconciles cash, cash equivalents, and restricted cash reported on the Company’s condensed consolidated balance sheets to the total amount presented in the condensed consolidated statements of cash flows (in thousands): As of December 31, June 30, Cash and cash equivalents $ 6,067,438 $ 7,837,992 Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 3,645,087 7,388,900 Restricted cash 14,764 14,768 Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows $ 9,727,289 $ 15,241,660 The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands): As of December 31, 2021 Classification as of December 31, 2021 Cost or Gross Gross Total Cash and Marketable Other Certificates of deposit $ 395,351 $ — $ — $ 395,351 $ 31,117 $ 364,234 $ — Government bonds (1) 850 13 — 863 — 863 — Commercial paper 1,156,963 — — 1,156,963 163,959 993,004 — Corporate debt securities 917,718 220 (3,147) 914,791 41,439 862,901 10,451 Mortgage-backed and asset-backed securities 34,019 338 (321) 34,036 — 34,036 — Total $ 2,504,901 $ 571 $ (3,468) $ 2,502,004 $ 236,515 $ 2,255,038 $ 10,451 (1) Includes U.S. government and government agency debt securities As of June 30, 2022 Classification as of June 30, 2022 Cost or Gross Gross Total Cash and Marketable Other Certificates of deposit $ 571,218 $ — $ — $ 571,218 $ 11,500 $ 559,718 $ — Government bonds (1) 850 — (24) 826 — 826 — Commercial paper 1,057,708 — (5) 1,057,703 288,510 769,193 — Corporate debt securities 746,904 6 (7,195) 739,715 31,976 697,274 10,465 Mortgage-backed and asset-backed securities 32,803 1 (2,328) 30,476 — 30,476 — Total $ 2,409,483 $ 7 $ (9,552) $ 2,399,938 $ 331,986 $ 2,057,487 $ 10,465 |
Debt Securities, Available-for-sale | The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available-for-sale debt securities aggregated by investment category (in thousands): As of December 31, 2021 Classification as of December 31, 2021 Cost or Gross Gross Total Cash and Marketable Other Certificates of deposit $ 395,351 $ — $ — $ 395,351 $ 31,117 $ 364,234 $ — Government bonds (1) 850 13 — 863 — 863 — Commercial paper 1,156,963 — — 1,156,963 163,959 993,004 — Corporate debt securities 917,718 220 (3,147) 914,791 41,439 862,901 10,451 Mortgage-backed and asset-backed securities 34,019 338 (321) 34,036 — 34,036 — Total $ 2,504,901 $ 571 $ (3,468) $ 2,502,004 $ 236,515 $ 2,255,038 $ 10,451 (1) Includes U.S. government and government agency debt securities As of June 30, 2022 Classification as of June 30, 2022 Cost or Gross Gross Total Cash and Marketable Other Certificates of deposit $ 571,218 $ — $ — $ 571,218 $ 11,500 $ 559,718 $ — Government bonds (1) 850 — (24) 826 — 826 — Commercial paper 1,057,708 — (5) 1,057,703 288,510 769,193 — Corporate debt securities 746,904 6 (7,195) 739,715 31,976 697,274 10,465 Mortgage-backed and asset-backed securities 32,803 1 (2,328) 30,476 — 30,476 — Total $ 2,409,483 $ 7 $ (9,552) $ 2,399,938 $ 331,986 $ 2,057,487 $ 10,465 |
Contractual Maturities of the Available-for-Sale Debt Securities | The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in thousands): As of June 30, 2022 Amortized Estimated Due within one year $ 2,248,257 $ 2,244,780 Due in one year to five years 138,551 134,770 Due within five to ten years 20,332 18,110 Due beyond ten years 2,343 2,278 Total $ 2,409,483 $ 2,399,938 |
Fair Value Measurement and Fi_2
Fair Value Measurement and Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value | The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 1,923,184 $ — $ — $ 1,923,184 Certificates of deposit 31,117 — — 31,117 Commercial paper — 163,959 — 163,959 Corporate debt securities — 41,439 — 41,439 1,954,301 205,398 — 2,159,699 Marketable securities: Certificates of deposit 364,234 — — 364,234 U.S. government and government agency debt securities — 863 — 863 Commercial paper — 993,004 — 993,004 Corporate debt securities — 862,901 — 862,901 Mortgage-backed and asset-backed securities — 34,036 — 34,036 364,234 1,890,804 — 2,255,038 Funds receivable and amounts held on behalf of customers: Money market funds 466,319 — — 466,319 Prepaids and other current assets: Foreign exchange derivative assets — 25,918 — 25,918 Other assets, noncurrent: Corporate debt securities — — 10,451 10,451 Total assets at fair value $ 2,784,854 $ 2,122,120 $ 10,451 $ 4,917,425 Liabilities Accrued expenses and other current liabilities: Foreign exchange derivative liabilities $ — $ 10,280 $ — $ 10,280 Total liabilities at fair value $ — $ 10,280 $ — $ 10,280 As of June 30, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 3,575,350 $ — $ — $ 3,575,350 Certificates of deposit 11,500 — — 11,500 Commercial paper — 288,510 — 288,510 Corporate debt securities — 31,976 — 31,976 3,586,850 320,486 — 3,907,336 Marketable securities: Certificates of deposit 559,718 — — 559,718 U.S. government and government agency debt securities — 826 — 826 Commercial paper — 769,193 — 769,193 Corporate debt securities — 697,274 — 697,274 Mortgage-backed and asset-backed securities — 30,476 — 30,476 559,718 1,497,769 — 2,057,487 Funds receivable and amounts held on behalf of customers: Money market funds 619,283 — — 619,283 Prepaids and other current assets: Foreign exchange derivative assets — 54,253 — 54,253 Other assets, noncurrent: Corporate debt securities — — 10,465 10,465 Total assets at fair value $ 4,765,851 $ 1,872,508 $ 10,465 $ 6,648,824 Liabilities Accrued expenses and other current liabilities: Foreign exchange derivative liabilities $ — $ 13,457 $ — $ 13,457 Total liabilities at fair value $ — $ 13,457 $ — $ 13,457 |
Schedule of Fair Value Assets Measured on Recurring Basis, Rollforward | The following table presents additional information about investments that are measured at fair value for which the Company has utilized Level 3 inputs to determine fair value (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Balance, beginning of period $ 11,477 $ 10,511 $ 11,490 $ 10,451 Changes in unrealized gains or losses included in other comprehensive income (loss) related to investments held at the reporting date — (46) (13) 14 Balance, end of period $ 11,477 $ 10,465 $ 11,477 $ 10,465 |
Schedule of Fair Value Liabilities Measured on Recurring Basis, Rollforward | The following table presents additional information about investments that are measured at fair value for which the Company has utilized Level 3 inputs to determine fair value (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Balance, beginning of period $ 11,477 $ 10,511 $ 11,490 $ 10,451 Changes in unrealized gains or losses included in other comprehensive income (loss) related to investments held at the reporting date — (46) (13) 14 Balance, end of period $ 11,477 $ 10,465 $ 11,477 $ 10,465 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The following table summarizes the Company’s outstanding debt (in thousands): December 31, 2021 June 30, 2022 Balance Effective Interest Rate Balance Effective Interest Rate Convertible senior notes due March 2026 $ 2,000,000 0.2 % $ 2,000,000 0.2 % Less: Unamortized debt discount and debt issuance costs (17,463) (15,382) Total long-term debt $ 1,982,537 $ 1,984,618 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-based Compensation Expense | The following table summarizes total stock-based compensation expense (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Operations and support $ 14,236 $ 16,914 $ 25,648 $ 28,609 Product development 143,812 144,932 287,527 262,808 Sales and marketing 24,064 29,118 49,965 50,325 General and administrative 50,728 56,164 99,185 100,278 Restructuring charges 23 (23) 12 8 Stock-based compensation expense $ 232,863 $ 247,105 $ 462,337 $ 442,028 |
Schedule of Fair Value Assumptions of Options Granted | The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model using the range of assumptions in the following table: Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Expected dividend yield — — — — Expected volatility 44.9% 48.6% 44.9% 48.6% Expected term (years) 8.0 6.1 8.0 6.1 Risk-free interest rate 1.5 % 2.2% 1.5% 2.2% |
Summary of Option Activity | A summary of stock option and restricted stock unit (“RSU”) activity under the Plans was as follows (in thousands, except per share amounts): Outstanding Stock Options Outstanding Restricted Stock Units Shares Number of Weighted- Number of Weighted- As of December 31, 2021 81,365 24,122 $ 19.69 36,789 $ 61.22 Granted (7,346) 635 167.00 6,711 158.82 Increase in shares available for grant 31,675 — — — — Shares withheld for taxes 2,512 — — (2,512) 76.20 Exercised/Vested — (1,631) 10.10 (4,140) 77.52 Canceled 1,973 (240) 80.57 (1,733) 92.75 As of June 30, 2022 110,179 22,886 $ 23.82 35,115 $ 75.35 Number of Weighted- Weighted- Aggregate Options outstanding as of June 30, 2022 22,886 $ 23.82 3.40 $ 1,591,785 Options exercisable as of June 30, 2022 20,081 $ 15.41 2.69 $ 1,499,461 |
Summary of RSU Activity | A summary of stock option and restricted stock unit (“RSU”) activity under the Plans was as follows (in thousands, except per share amounts): Outstanding Stock Options Outstanding Restricted Stock Units Shares Number of Weighted- Number of Weighted- As of December 31, 2021 81,365 24,122 $ 19.69 36,789 $ 61.22 Granted (7,346) 635 167.00 6,711 158.82 Increase in shares available for grant 31,675 — — — — Shares withheld for taxes 2,512 — — (2,512) 76.20 Exercised/Vested — (1,631) 10.10 (4,140) 77.52 Canceled 1,973 (240) 80.57 (1,733) 92.75 As of June 30, 2022 110,179 22,886 $ 23.82 35,115 $ 75.35 Number of Weighted- Weighted- Aggregate Options outstanding as of June 30, 2022 22,886 $ 23.82 3.40 $ 1,591,785 Options exercisable as of June 30, 2022 20,081 $ 15.41 2.69 $ 1,499,461 The following table summarizes the activity related to the Company’s restricted stock awards (in thousands, except for per share amounts): Number of Weighted-Average Unvested restricted stock awards as of December 31, 2021 632 $ 62.32 Issued — — Vested (77) 62.48 Unvested restricted stock awards as of June 30, 2022 555 $ 62.30 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Share of Common Stock | The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the periods indicated (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 Net income (loss) attributable to Class A and Class B common stockholders $ (68,217) $ 378,841 $ (1,240,428) $ 360,049 Weighted-average shares in computing net income (loss) per share attributable to Class A and Class B common stockholders: Basic 611,739 638,407 606,380 636,869 Diluted 611,739 683,536 606,380 684,148 Net income (loss) per share attributable to Class A and Class B common stockholders: Basic $ (0.11) $ 0.59 $ (2.05) $ 0.57 Diluted $ (0.11) $ 0.56 $ (2.05) $ 0.53 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 2026 Notes (1) 11,086 — 11,086 — Warrants 7,935 — 7,935 — Escrow shares 74 74 74 74 Stock options 30,764 1,129 30,764 707 RSUs 44,103 10,396 44,103 7,424 Restricted stock awards 170 — 170 — ESPP 538 — 538 — Total 94,670 11,599 94,670 8,205 |
Geographic Information (Tables)
Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Geography | The following table sets forth the breakdown of revenue by geography, determined based on the location of the Host’s listing (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2022 2021 2022 United States $ 769,100 $ 1,023,657 $ 1,279,886 $ 1,795,796 International (1) 566,096 1,080,450 942,246 1,817,248 Total revenue $ 1,335,196 $ 2,104,107 $ 2,222,132 $ 3,613,044 (1) No individual international country represented 10% or more of the Company’s total revenue for three and six months ended June 30, 2021 and 2022. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net cash provided by operating activities | $ 2,001,739 | $ 1,396,030 | ||
Net cash provided by financing activities | 3,649,486 | 3,783,232 | ||
Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows | 15,241,660 | 11,944,990 | $ 9,727,289 | $ 7,668,252 |
Taxes paid related to net share settlement of equity awards | $ 344,559 | 138,924 | $ 1,700,000 | |
Revision of Prior Period, Adjustment | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net cash provided by operating activities | 110,000 | |||
Net cash provided by financing activities | 118,000 | |||
Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows | 8,000 | |||
Taxes paid related to net share settlement of equity awards | $ 116,000 | $ 123,000 |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||||
Cash and cash equivalents | $ 7,837,992 | $ 6,067,438 | ||
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers | 7,388,900 | 3,645,087 | ||
Restricted cash | 14,768 | 14,764 | ||
Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows | $ 15,241,660 | $ 9,727,289 | $ 11,944,990 | $ 7,668,252 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Indirect taxes payable | $ 473,894 | $ 309,616 |
Compensation and related benefits | 307,126 | 415,626 |
Indirect tax reserves | 190,198 | 182,796 |
Gift card liability | 102,187 | 98,129 |
Other | 566,437 | 552,076 |
Total accrued expenses and other current liabilities | $ 1,639,842 | $ 1,558,243 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Payments to Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total payments made to customers | $ 104,287 | $ 58,529 | $ 181,442 | $ 108,969 |
Reductions to revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total payments made to customers | 67,341 | 33,498 | 112,293 | 59,354 |
Charges to operations and support | ||||
Disaggregation of Revenue [Line Items] | ||||
Total payments made to customers | 22,311 | 12,689 | 44,041 | 27,498 |
Charges to sales and marketing expense | ||||
Disaggregation of Revenue [Line Items] | ||||
Total payments made to customers | $ 14,635 | $ 12,342 | $ 25,108 | $ 22,117 |
Investments - Schedule of Debt
Investments - Schedule of Debt Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Certificates of deposit, Cost or Amortized Cost | $ 7,837,992 | $ 6,067,438 |
Total, Cost or Amortized Cost | 2,409,483 | 2,504,901 |
Gross Unrealized Gains | 7 | 571 |
Gross Unrealized Losses | (9,552) | (3,468) |
Total, Estimated Fair Value | 2,399,938 | 2,502,004 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Estimated Fair Value | 331,986 | 236,515 |
Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Estimated Fair Value | 2,057,487 | 2,255,038 |
Other Assets, Noncurrent | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Estimated Fair Value | 10,465 | 10,451 |
Government bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Cost or Amortized Cost | 850 | 850 |
Gross Unrealized Gains | 0 | 13 |
Gross Unrealized Losses | (24) | 0 |
Available-for-sale debt securities, Total Estimated Fair Value | 826 | 863 |
Government bonds | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 0 | 0 |
Government bonds | Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 826 | 863 |
Government bonds | Other Assets, Noncurrent | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 0 | 0 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Cost or Amortized Cost | 1,057,708 | 1,156,963 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (5) | 0 |
Available-for-sale debt securities, Total Estimated Fair Value | 1,057,703 | 1,156,963 |
Commercial paper | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 288,510 | 163,959 |
Commercial paper | Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 769,193 | 993,004 |
Commercial paper | Other Assets, Noncurrent | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 0 | 0 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Cost or Amortized Cost | 746,904 | 917,718 |
Gross Unrealized Gains | 6 | 220 |
Gross Unrealized Losses | (7,195) | (3,147) |
Available-for-sale debt securities, Total Estimated Fair Value | 739,715 | 914,791 |
Corporate debt securities | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 31,976 | 41,439 |
Corporate debt securities | Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 697,274 | 862,901 |
Corporate debt securities | Other Assets, Noncurrent | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 10,465 | 10,451 |
Mortgage-backed and asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Cost or Amortized Cost | 32,803 | 34,019 |
Gross Unrealized Gains | 1 | 338 |
Gross Unrealized Losses | (2,328) | (321) |
Available-for-sale debt securities, Total Estimated Fair Value | 30,476 | 34,036 |
Mortgage-backed and asset-backed securities | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 0 | 0 |
Mortgage-backed and asset-backed securities | Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 30,476 | 34,036 |
Mortgage-backed and asset-backed securities | Other Assets, Noncurrent | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 0 | 0 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Certificates of deposit, Cost or Amortized Cost | 571,218 | 395,351 |
Certificate of deposit, Total Estimated Fair Value | 571,218 | 395,351 |
Certificates of deposit | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Certificate of deposit, Total Estimated Fair Value | 11,500 | 31,117 |
Certificates of deposit | Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Certificate of deposit, Total Estimated Fair Value | 559,718 | 364,234 |
Certificates of deposit | Other Assets, Noncurrent | ||
Debt Securities, Available-for-sale [Line Items] | ||
Certificate of deposit, Total Estimated Fair Value | $ 0 | $ 0 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Allowance for credit loss, available-for-sale debt securities | $ 0 | $ 0 | $ 0 | ||
Debt securities in an unrealized loss position | 734,500,000 | 734,500,000 | 801,500,000 | ||
Debt securities, unrealized loss | 9,500,000 | 3,500,000 | |||
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss | 46,200,000 | 46,200,000 | |||
Realized gain (loss) on marketable equity securities | $ (14,300,000) | ||||
Equity securities without readily determinable fair value, carrying value | 75,000,000 | 75,000,000 | 75,000,000 | ||
Carrying value of equity method investments | 14,600,000 | 14,600,000 | 17,400,000 | ||
Unrealized gain (loss) on marketable equity securities | (1,600,000) | $ (1,300,000) | (2,800,000) | (900,000) | |
Impairment in equity method investments | 0 | $ 0 | 0 | $ 0 | |
Cost-method Investments | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cumulative downward adjustments for observable price changes and impairment | $ 56,200,000 | $ 56,200,000 | $ 56,200,000 |
Investments - Schedule of Contr
Investments - Schedule of Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due within one year | $ 2,248,257 | |
Due in one year to five years | 138,551 | |
Due within five to ten years | 20,332 | |
Due beyond ten years | 2,343 | |
Total, Cost or Amortized Cost | 2,409,483 | $ 2,504,901 |
Estimated Fair Value | ||
Due within one year | 2,244,780 | |
Due in one year to five years | 134,770 | |
Due within five to ten years | 18,110 | |
Due beyond ten years | 2,278 | |
Total, Estimated Fair Value | $ 2,399,938 | $ 2,502,004 |
Fair Value Measurement and Fi_3
Fair Value Measurement and Financial Instruments - Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Corporate debt securities | ||
Assets | ||
Marketable securities | $ 739,715 | $ 914,791 |
Corporate debt securities | Other Assets, Noncurrent | ||
Assets | ||
Marketable securities | 10,465 | 10,451 |
Mortgage-backed and asset-backed securities | ||
Assets | ||
Marketable securities | 30,476 | 34,036 |
Mortgage-backed and asset-backed securities | Other Assets, Noncurrent | ||
Assets | ||
Marketable securities | 0 | 0 |
Certificates of deposit | ||
Assets | ||
Cash equivalents | 571,218 | 395,351 |
Certificates of deposit | Other Assets, Noncurrent | ||
Assets | ||
Cash equivalents | 0 | 0 |
Fair value, recurring | ||
Assets | ||
Cash equivalents | 3,907,336 | 2,159,699 |
Marketable securities | 2,057,487 | 2,255,038 |
Total assets at fair value | 6,648,824 | 4,917,425 |
Liabilities | ||
Total liabilities at fair value | 13,457 | 10,280 |
Fair value, recurring | Foreign exchange | ||
Liabilities | ||
Derivative liabilities | 13,457 | 10,280 |
Fair value, recurring | Prepaids and other current assets | Foreign exchange | ||
Assets | ||
Other assets | 54,253 | 25,918 |
Fair value, recurring | Certificates of deposit | ||
Assets | ||
Marketable securities | 559,718 | 364,234 |
Fair value, recurring | U.S. government and government agency debt securities | ||
Assets | ||
Marketable securities | 826 | 863 |
Fair value, recurring | Commercial paper | ||
Assets | ||
Marketable securities | 769,193 | 993,004 |
Fair value, recurring | Corporate debt securities | ||
Assets | ||
Marketable securities | 697,274 | 862,901 |
Fair value, recurring | Corporate debt securities | Other Assets, Noncurrent | ||
Assets | ||
Other assets | 10,465 | 10,451 |
Fair value, recurring | Mortgage-backed and asset-backed securities | ||
Assets | ||
Marketable securities | 30,476 | 34,036 |
Fair value, recurring | Money market funds | ||
Assets | ||
Cash equivalents | 3,575,350 | 1,923,184 |
Funds receivable and amounts held on behalf of customers | 619,283 | 466,319 |
Fair value, recurring | Certificates of deposit | ||
Assets | ||
Cash equivalents | 11,500 | 31,117 |
Fair value, recurring | Commercial paper | ||
Assets | ||
Cash equivalents | 288,510 | 163,959 |
Fair value, recurring | Corporate debt securities | ||
Assets | ||
Cash equivalents | 31,976 | 41,439 |
Fair value, recurring | Level 1 | ||
Assets | ||
Cash equivalents | 3,586,850 | 1,954,301 |
Marketable securities | 559,718 | 364,234 |
Total assets at fair value | 4,765,851 | 2,784,854 |
Liabilities | ||
Total liabilities at fair value | 0 | 0 |
Fair value, recurring | Level 1 | Foreign exchange | ||
Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair value, recurring | Level 1 | Prepaids and other current assets | Foreign exchange | ||
Assets | ||
Other assets | 0 | 0 |
Fair value, recurring | Level 1 | Certificates of deposit | ||
Assets | ||
Marketable securities | 559,718 | 364,234 |
Fair value, recurring | Level 1 | U.S. government and government agency debt securities | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 1 | Commercial paper | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 1 | Corporate debt securities | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 1 | Corporate debt securities | Other Assets, Noncurrent | ||
Assets | ||
Other assets | 0 | 0 |
Fair value, recurring | Level 1 | Mortgage-backed and asset-backed securities | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 1 | Money market funds | ||
Assets | ||
Cash equivalents | 3,575,350 | 1,923,184 |
Funds receivable and amounts held on behalf of customers | 619,283 | 466,319 |
Fair value, recurring | Level 1 | Certificates of deposit | ||
Assets | ||
Cash equivalents | 11,500 | 31,117 |
Fair value, recurring | Level 1 | Commercial paper | ||
Assets | ||
Cash equivalents | 0 | 0 |
Fair value, recurring | Level 1 | Corporate debt securities | ||
Assets | ||
Cash equivalents | 0 | 0 |
Fair value, recurring | Level 2 | ||
Assets | ||
Cash equivalents | 320,486 | 205,398 |
Marketable securities | 1,497,769 | 1,890,804 |
Total assets at fair value | 1,872,508 | 2,122,120 |
Liabilities | ||
Total liabilities at fair value | 13,457 | 10,280 |
Fair value, recurring | Level 2 | Foreign exchange | ||
Liabilities | ||
Derivative liabilities | 13,457 | 10,280 |
Fair value, recurring | Level 2 | Prepaids and other current assets | Foreign exchange | ||
Assets | ||
Other assets | 54,253 | 25,918 |
Fair value, recurring | Level 2 | Certificates of deposit | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 2 | U.S. government and government agency debt securities | ||
Assets | ||
Marketable securities | 826 | 863 |
Fair value, recurring | Level 2 | Commercial paper | ||
Assets | ||
Marketable securities | 769,193 | 993,004 |
Fair value, recurring | Level 2 | Corporate debt securities | ||
Assets | ||
Marketable securities | 697,274 | 862,901 |
Fair value, recurring | Level 2 | Corporate debt securities | Other Assets, Noncurrent | ||
Assets | ||
Other assets | 0 | 0 |
Fair value, recurring | Level 2 | Mortgage-backed and asset-backed securities | ||
Assets | ||
Marketable securities | 30,476 | 34,036 |
Fair value, recurring | Level 2 | Money market funds | ||
Assets | ||
Cash equivalents | 0 | 0 |
Funds receivable and amounts held on behalf of customers | 0 | 0 |
Fair value, recurring | Level 2 | Certificates of deposit | ||
Assets | ||
Cash equivalents | 0 | 0 |
Fair value, recurring | Level 2 | Commercial paper | ||
Assets | ||
Cash equivalents | 288,510 | 163,959 |
Fair value, recurring | Level 2 | Corporate debt securities | ||
Assets | ||
Cash equivalents | 31,976 | 41,439 |
Fair value, recurring | Level 3 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Total assets at fair value | 10,465 | 10,451 |
Liabilities | ||
Total liabilities at fair value | 0 | 0 |
Fair value, recurring | Level 3 | Foreign exchange | ||
Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair value, recurring | Level 3 | Prepaids and other current assets | Foreign exchange | ||
Assets | ||
Other assets | 0 | 0 |
Fair value, recurring | Level 3 | Certificates of deposit | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 3 | U.S. government and government agency debt securities | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 3 | Commercial paper | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 3 | Corporate debt securities | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 3 | Corporate debt securities | Other Assets, Noncurrent | ||
Assets | ||
Other assets | 10,465 | 10,451 |
Fair value, recurring | Level 3 | Mortgage-backed and asset-backed securities | ||
Assets | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 3 | Money market funds | ||
Assets | ||
Cash equivalents | 0 | 0 |
Funds receivable and amounts held on behalf of customers | 0 | 0 |
Fair value, recurring | Level 3 | Certificates of deposit | ||
Assets | ||
Cash equivalents | 0 | 0 |
Fair value, recurring | Level 3 | Commercial paper | ||
Assets | ||
Cash equivalents | 0 | 0 |
Fair value, recurring | Level 3 | Corporate debt securities | ||
Assets | ||
Cash equivalents | $ 0 | $ 0 |
Fair Value Measurement and Fi_4
Fair Value Measurement and Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis, Rollforward (Details) - Corporate debt securities - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 10,511 | $ 11,477 | $ 10,451 | $ 11,490 |
Changes in unrealized gains or losses included in other comprehensive income (loss) related to investments held at the reporting date | (46) | 0 | 14 | (13) |
Balance, end of period | $ 10,465 | $ 11,477 | $ 10,465 | $ 11,477 |
Fair Value Measurement and Fi_5
Fair Value Measurement and Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Change in fair value of warrant liability | $ 0 | $ 291,987 | ||||
Reclassification of derivative warrant liability to equity | 1,277,168 | |||||
Potential effects of rights of set-off associated with derivative asset contracts | $ 13,500 | 13,500 | $ 10,300 | |||
Potential effects of rights of set-off associated with derivative liabilities contracts | 13,500 | 13,500 | 10,300 | |||
Derivative asset, fair value after offset | 40,800 | 40,800 | 15,600 | |||
Foreign exchange | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Net realized gain (loss) on foreign exchange derivative assets and liabilities | 27,200 | $ (8,300) | 40,100 | (23,600) | ||
Net unrealized gain (loss) on foreign exchange derivative assets and liabilities | 49,100 | $ (4,500) | 25,200 | $ 35,400 | ||
Foreign exchange | Not Designated as Hedging Instrument | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Foreign exchange derivative assets | 54,300 | 54,300 | 25,900 | |||
Derivative liabilities | 13,500 | 13,500 | 10,300 | |||
Aggregate notional amount of foreign exchange derivative assets and liabilities | $ 2,100,000 | $ 2,100,000 | $ 2,400,000 | |||
Secured Debt | Second lien loan due July 2025 | Class A Common Stock Warrants | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Change in fair value of warrant liability | $ 292,000 | |||||
Reclassification of derivative warrant liability to equity | $ 1,300,000 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Less: Unamortized debt discount and debt issuance costs | $ (15,382) | $ (17,463) |
Total long-term debt | 1,984,618 | 1,982,537 |
Convertible senior notes due March 2026 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | $ 2,000,000 | $ 2,000,000 |
Effective Interest Rate | 0.20% | 0.20% |
Debt - Narrative (Details)
Debt - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
Mar. 08, 2021 USD ($) $ / shares | Mar. 03, 2021 USD ($) $ / shares | Nov. 19, 2020 USD ($) | Mar. 31, 2021 USD ($) | Apr. 30, 2020 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Capped calls, transaction costs | $ 100,200 | |||||||||||
Principal repayment of long-term debt | $ 0 | $ 1,995,000 | ||||||||||
Loss from extinguishment of debt | 0 | 377,248 | ||||||||||
Early redemption premiums | 0 | 212,883 | ||||||||||
Change in fair value of warrant liability | 0 | 291,987 | ||||||||||
Reclassification of derivative warrant liability to equity | 1,277,168 | |||||||||||
Common class A | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Capped call, initial cap price (in USD per share) | $ / shares | $ 360.80 | |||||||||||
Premium of reported share price | 100% | |||||||||||
Share price (in usd per share) | $ / shares | $ 180.40 | |||||||||||
Senior Notes Due 2026 | Common class A | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Convertible debt, conversion ratio | 0.0034645 | |||||||||||
Convertible debt, conversion price (in USD per share) | $ / shares | $ 288.64 | |||||||||||
2020 Credit Facility | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, term | 5 years | |||||||||||
Initial borrowing capacity | $ 500,000 | |||||||||||
Commitment fee percentage | 0.15% | |||||||||||
2020 Credit Facility | Revolving Credit Facility | Interest Rate Scenario Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable rate floor | 1% | |||||||||||
2020 Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Interest Rate Scenario One | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||
Variable rate floor | 0% | |||||||||||
2020 Credit Facility | Revolving Credit Facility | Base Rate | Interest Rate Scenario Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||
2020 Credit Facility | Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate | Interest Rate Scenario Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||
2020 Credit Facility | Revolving Credit Facility | Prime Rate | Interest Rate Scenario Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1% | |||||||||||
Convertible Debt | Senior Notes Due 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principle amount | $ 2,000,000 | |||||||||||
Interest rate | 0% | |||||||||||
Proceeds from debt issuance, net | $ 1,979,200 | |||||||||||
Redemption price (percent) | 100% | |||||||||||
Debt issuance costs | $ 20,800 | |||||||||||
Interest expense | $ 1,100 | $ 1,000 | 2,100 | 1,300 | ||||||||
Debt, fair value | 1,700,000 | 1,700,000 | ||||||||||
Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal repayment of long-term debt | $ 1,995,000 | |||||||||||
Loss from extinguishment of debt | 377,200 | |||||||||||
Write-off of unamortized debt discount and deferred debt issuance costs | 164,300 | |||||||||||
Secured Debt | Redemption Premiums | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Early redemption premiums | 212,900 | |||||||||||
Secured Debt | Third Party Costs | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Early redemption premiums | $ 100 | |||||||||||
Secured Debt | First lien loan due April 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principle amount | $ 1,000,000 | |||||||||||
Proceeds from debt issuance, net | 961,400 | |||||||||||
Debt issuance costs | $ 38,600 | |||||||||||
Interest expense | $ 17,000 | |||||||||||
Periodic payment, percentage of principal amount | 0.25% | |||||||||||
Secured Debt | Second lien loan due July 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principle amount | $ 1,000,000 | |||||||||||
Proceeds from debt issuance, net | 967,500 | |||||||||||
Debt issuance costs | $ 32,500 | |||||||||||
Interest expense | $ 24,300 | |||||||||||
Secured Debt | Second lien loan due July 2025 | Class A Common Stock Warrants | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Shares called by warrants (in shares) | shares | 7,934,794 | |||||||||||
Exercise price of warrants (in USD per share) | $ / shares | $ 28.355 | |||||||||||
Warrants, fair value | $ 116,600 | $ 985,200 | ||||||||||
Change in fair value of warrant liability | $ 292,000 | |||||||||||
Reclassification of derivative warrant liability to equity | $ 1,300,000 | |||||||||||
Line of Credit | 2020 Credit Facility | Letter of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 200,000 | |||||||||||
Borrowings outstanding | $ 28,500 | $ 28,500 | $ 15,900 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 247,105 | $ 232,863 | $ 442,028 | $ 462,337 |
Operations and support | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 16,914 | 14,236 | 28,609 | 25,648 |
Product development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 144,932 | 143,812 | 262,808 | 287,527 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 29,118 | 24,064 | 50,325 | 49,965 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 56,164 | 50,728 | 100,278 | 99,185 |
Restructuring charges | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ (23) | $ 23 | $ 8 | $ 12 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Valuation Assumptions (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | ||||
Expected dividend yield | 0% | 0% | 0% | 0% |
Expected volatility | 48.60% | 44.90% | 48.60% | 44.90% |
Expected term (years) | 6 years 1 month 6 days | 8 years | 6 years 1 month 6 days | 8 years |
Risk-free interest rate | 2.20% | 1.50% | 2.20% | 1.50% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Option and RSU Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 | |
Shares Available for Grant | |
Balances at beginning of period (in shares) | 81,365 |
Granted (in shares) | (7,346) |
Increase in shares available for grant (in shares) | 31,675 |
Shares withheld for taxes (in shares) | 2,512 |
Exercised/Vested (in shares) | 0 |
Canceled (in shares) | 1,973 |
Balances at end of period (in shares) | 110,179 |
Number of Shares | |
Balances at beginning of period (in shares) | 24,122 |
Granted (in shares) | 635 |
Increase in shares available for grant (in shares) | 0 |
Shares withheld for taxes (shares) | 0 |
Exercised/Vested (in shares) | (1,631) |
Canceled (in shares) | (240) |
Balances at end of period (in shares) | 22,886 |
Weighted- Average Exercise Price | |
Balances at beginning of period (in USD per share) | $ 19.69 |
Granted (in USD per share) | 167 |
Increase in shares available for grant (in USD per share) | 0 |
Shares withheld for taxes (in USD per share) | 0 |
Exercised/Vested (in USD per share) | 10.10 |
Canceled (in USD per share) | 80.57 |
Balances at end of period (in USD per share) | $ 23.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options outstanding (in shares) | 22,886 |
Options exercisable (in shares) | 20,081 |
Options outstanding (in USD per share) | $ 23.82 |
Options excisable (in USD per share) | $ 15.41 |
Options outstanding, weighted-average remaining contractual life (in years) | 3 years 4 months 24 days |
Options exercisable, weighted-average remaining contractual life (in years) | 2 years 8 months 8 days |
Options outstanding, aggregate intrinsic value | $ 1,591,785 |
Options exercisable, aggregate intrinsic value | $ 1,499,461 |
RSUs | |
Number of Shares | |
Balances at beginning of period (in shares) | 36,789 |
Granted (in shares) | 6,711 |
Increase in shares available for grant (in shares) | 0 |
Shares withheld for taxes (in shares) | (2,512) |
Exercised/Vested (in shares) | (4,140) |
Canceled (in shares) | (1,733) |
Balances at end of period (in shares) | 35,115 |
Weighted- Average Grant Date Fair Value | |
Balances at beginning of period (in USD per share) | $ 61.22 |
Granted (in USD per share) | 158.82 |
Increase in shares available for grant (in USD per share) | 0 |
Shares withheld for taxes (in USD per share) | 76.20 |
Exercised/Vested (in USD per share) | 77.52 |
Canceled (in USD per share) | 92.75 |
Balances at end of period (in USD per share) | $ 75.35 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | |||||
Stock-based compensation expense | $ 247,105 | $ 232,863 | $ 442,028 | $ 462,337 | |
Proceeds from the issuance of common stock under employee stock purchase plan | $ 20,330 | 25,464 | |||
Restricted stock awards | |||||
Class of Stock [Line Items] | |||||
Contractual term of the RSUs | 4 years | ||||
Employee Stock Purchase Plan | 2020 Employee Stock Purchase Plan | |||||
Class of Stock [Line Items] | |||||
Maximum shares issuable (in shares) | 89,785,394,000 | ||||
Stock-based compensation expense | 8,500 | 32,500 | $ 13,900 | 64,800 | |
Proceeds from the issuance of common stock under employee stock purchase plan | $ 20,300 | $ 25,500 | $ 20,300 | $ 25,500 | |
Employee Stock Purchase Plan | Common class A | 2020 Employee Stock Purchase Plan | |||||
Class of Stock [Line Items] | |||||
Shares authorized (in shares) | 4,000,000 | ||||
Annual increase in number of shares authorized (percent) | 1% | ||||
ESPP shares purchased during period (in shares) | 200,000 | 500,000 | 200,000 | 500,000 | |
Average price of ESPP shares purchased (in USD per share) | $ 103.23 | $ 57.80 | $ 103.23 | $ 57.80 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted stock awards shares in Thousands | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Number of Shares | |
Balances at beginning of period (in shares) | shares | 632 |
Issued (in shares) | shares | 0 |
Exercised/Vested (in shares) | shares | (77) |
Balances at end of period (in shares) | shares | 555 |
Weighted- Average Grant Date Fair Value | |
Balances at beginning of period (in USD per share) | $ / shares | $ 62.32 |
Issued (in USD per share) | $ / shares | 0 |
Exercised/Vested (in USD per share) | $ / shares | 62.48 |
Balances at end of period (in USD per share) | $ / shares | $ 62.30 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 USD ($) jurisdiction | Dec. 31, 2021 USD ($) | Mar. 31, 2020 USD ($) | |
Other Commitments [Line Items] | |||
Commitments to hosts, extenuating circumstances policy | $ 250 | ||
Commitments, extenuating circumstances reserve remaining balance | $ 45.8 | ||
Amount receivable, eligible hosts, extenuating circumstances policy (in percentage) | 0.25 | ||
Amount of jurisdictions where Company has lodging tax obligations (more than) | jurisdiction | 31,300 | ||
Obligation to remit lodging taxes | $ 268.6 | $ 180.8 | |
Accrued obligations on lodging taxes | 59.4 | 57.3 | |
Host guarantee program, maximum | 1 | ||
Primary coverage, host protection insurance program | 1 | ||
Host protection insurance program, maximum per listing location | 1 | ||
Hosts' withholding tax obligations | |||
Other Commitments [Line Items] | |||
Tax liabilities | 129.6 | 124.2 | |
Employee benefits and employment taxes | |||
Other Commitments [Line Items] | |||
Tax liabilities | $ 34.1 | $ 33.6 | |
Minimum | |||
Other Commitments [Line Items] | |||
Remitting period for lodging taxes | 30 days | ||
Loss contingency, estimate of possible loss | $ 140 | ||
Maximum | |||
Other Commitments [Line Items] | |||
Remitting period for lodging taxes | 90 days | ||
Loss contingency, estimate of possible loss | $ 160 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2019 | |
Income Tax Examination [Line Items] | ||||||
Provision for income taxes | $ 4,270 | $ 11,233 | $ 14,976 | $ 17,542 | ||
Tax adjustments, settlements, and unusual provisions | $ 196,400 | |||||
Income tax examination, additional income tax expense and cash liability | $ 1,300,000 | |||||
Internal Revenue Service (IRS) | ||||||
Income Tax Examination [Line Items] | ||||||
Income tax examination, amount of estimate of possible loss which exceeds reserves | $ 1,000,000 |
Net Income (Loss) per Share - C
Net Income (Loss) per Share - Computation of Basic and Diluted Earnings per Share and Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Class A and Class B common stockholders | $ 378,841 | $ (68,217) | $ 360,049 | $ (1,240,428) |
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, basic (in shares) | 638,407 | 611,739 | 636,869 | 606,380 |
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, diluted (in shares) | 683,536 | 611,739 | 684,148 | 606,380 |
Net income (loss) per share attributable Class A and Class B common stockholders, basic (in USD per share) | $ 0.59 | $ (0.11) | $ 0.57 | $ (2.05) |
Net income (loss) per share attributable Class A and Class B common stockholders, diluted (in USD per share) | $ 0.56 | $ (0.11) | $ 0.53 | $ (2.05) |
Net Income (Loss) per Share - N
Net Income (Loss) per Share - Narrative (Details) shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) vote | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) vote shares | Jun. 30, 2021 USD ($) shares | |
Class of Stock [Line Items] | ||||
Preferred stock dividends declared | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Preferred stock dividends accumulated | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Restricted stock awards | ||||
Class of Stock [Line Items] | ||||
Shares subject to performance conditions (in shares) | shares | 0.5 | 0.5 | ||
Common class A | ||||
Class of Stock [Line Items] | ||||
Votes per common share | vote | 1 | 1 | ||
Common class A | RSUs | ||||
Class of Stock [Line Items] | ||||
Shares subject to performance conditions (in shares) | shares | 9.6 | 12 | ||
Common class B | ||||
Class of Stock [Line Items] | ||||
Votes per common share | vote | 20 | 20 |
Net Income (Loss) per Share - S
Net Income (Loss) per Share - Schedule of securities with antidilutive effect (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 11,599 | 94,670 | 8,205 | 94,670 |
2026 Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 0 | 11,086 | 0 | 11,086 |
Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 0 | 7,935 | 0 | 7,935 |
Escrow shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 74 | 74 | 74 | 74 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 1,129 | 30,764 | 707 | 30,764 |
RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 10,396 | 44,103 | 7,424 | 44,103 |
Restricted stock awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 0 | 170 | 0 | 170 |
ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 0 | 538 | 0 | 538 |
Geographic Information - Schedu
Geographic Information - Schedule of revenue by geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,104,107 | $ 1,335,196 | $ 3,613,044 | $ 2,222,132 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,023,657 | 769,100 | 1,795,796 | 1,279,886 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,080,450 | $ 566,096 | $ 1,817,248 | $ 942,246 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 26 Months Ended | ||
May 31, 2020 employee | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring, reduction in full-time employees | employee | 1,800 | |||||
Restructuring charges | $ 88,743,000 | $ 562,000 | $ 89,060,000 | $ 112,544,000 | $ 353,200,000 | |
Expected restructuring costs remaining | 0 | $ 0 | $ 0 | |||
Impairment of long-lived assets | 80,300,000 | 75,300,000 | 75,300,000 | |||
Impairment of leasehold | $ 8,400,000 | $ 37,200,000 | $ 37,200,000 | |||
Contract termination | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Reduction in full-time employees (in percentage) | 25% |
Subsequent Events (Details)
Subsequent Events (Details) $ in Billions | Aug. 01, 2022 USD ($) |
Subsequent Event | |
Subsequent Event [Line Items] | |
Stock repurchase program, authorized amount | $ 2 |