Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 $0.0001 per share | |
Trading Symbol | ABNB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001559720 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 193,184,557 | |
Common class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 415,137,999 | |
Common Class C | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 | |
Common Class H | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,200,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 4,482,641 | $ 5,480,557 |
Marketable securities | 2,086,666 | 910,700 |
Restricted cash | 19,914 | 33,846 |
Funds receivable and amounts held on behalf of customers | 4,014,876 | 2,181,329 |
Prepaids and other current assets (including customer receivables of $189,753 and $162,707 and allowance of $90,547 and $66,773, respectively) | 322,544 | 309,954 |
Total current assets | 10,926,641 | 8,916,386 |
Property and equipment, net | 210,953 | 270,194 |
Operating lease right-of-use assets | 301,020 | 384,068 |
Intangible assets, net | 69,325 | 75,886 |
Goodwill | 654,017 | 655,801 |
Other assets, noncurrent | 177,121 | 189,164 |
Total assets | 12,339,077 | 10,491,499 |
Current liabilities: | ||
Accounts payable | 116,688 | 79,898 |
Operating lease liabilities, current | 54,867 | 56,586 |
Accrued expenses and other current liabilities | 1,440,557 | 2,414,071 |
Funds payable and amounts payable to customers | 4,014,876 | 2,181,329 |
Unearned fees | 946,204 | 407,895 |
Total current liabilities | 6,573,192 | 5,139,779 |
Long-term debt, net of current portion | 1,979,398 | 1,815,562 |
Operating lease liabilities, noncurrent | 422,759 | 430,905 |
Other liabilities, noncurrent | 204,305 | 203,470 |
Total liabilities | 9,179,654 | 7,589,716 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Common stock | 61 | 60 |
Additional paid-in capital | 10,339,480 | 8,904,791 |
Accumulated other comprehensive income (loss) | (2,200) | 2,639 |
Accumulated deficit | (7,177,918) | (6,005,707) |
Total stockholders’ equity | 3,159,423 | 2,901,783 |
Total liabilities and stockholders’ equity | $ 12,339,077 | $ 10,491,499 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
customer receivables | $ 162,707 | $ 189,753 |
Customer receivables, allowance | $ 66,773 | $ 90,547 |
Common stock, par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Common class A | ||
Common stock authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock issued (in shares) | 136,114,000 | 115,500,000 |
Common stock outstanding (in shares) | 136,114,000 | 115,500,000 |
Common class B | ||
Common stock authorized (in shares) | 710,000,000 | 710,000,000 |
Common stock issued (in shares) | 471,943,000 | 483,697,000 |
Common stock outstanding (in shares) | 471,943,000 | 483,697,000 |
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) | 0 | 9,200,000 |
Common stock outstanding (in shares) | 0 | 9,200,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues [Abstract] | ||
Revenue | $ 886,936 | $ 841,830 |
Costs and expenses: | ||
Cost of revenue | 254,515 | 277,772 |
Operations and support | 185,436 | 221,787 |
Product development | 363,061 | 258,819 |
Sales and marketing | 229,125 | 317,179 |
General and administrative | 189,762 | 91,762 |
Restructuring charges | 111,982 | 0 |
Total costs and expenses | 1,333,881 | 1,167,319 |
Loss from operations | (446,945) | (325,489) |
Interest income | 3,052 | 13,649 |
Interest expense | (421,911) | 1,510 |
Other income (expense), net | (300,098) | (46,760) |
Loss before income taxes | (1,165,902) | (357,090) |
Provision for (benefit from) income taxes | 6,309 | (16,485) |
Net loss | $ (1,172,211) | $ (340,605) |
Net loss per share attributable Class A and Class B common stockholders, basic (in USD per share) | $ (1.95) | $ (1.30) |
Net loss per share attributable Class A and Class B common stockholders, diluted (in USD per share) | $ (1.95) | $ (1.30) |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares) | 600,960 | 262,509 |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) | 600,960 | 262,509 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (1,172,211) | $ (340,605) |
Other comprehensive loss: | ||
Net unrealized loss on available-for-sale marketable securities, net of tax | (956) | (1,392) |
Foreign currency translation adjustments | (3,883) | (9,600) |
Other comprehensive loss | (4,839) | (10,992) |
Comprehensive loss | $ (1,177,050) | $ (351,597) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - 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, 2019 | 239,624 | ||||
Beginning balance at Dec. 31, 2019 | $ 3,231,502 | ||||
Ending balance (in shares) at Mar. 31, 2020 | 239,624 | ||||
Ending balance at Mar. 31, 2020 | $ 3,231,502 | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 263,814 | ||||
Beginning balance at Dec. 31, 2019 | (807,685) | $ 26 | $ 617,690 | $ (4,410) | $ (1,420,991) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (340,605) | (340,605) | |||
Foreign currency translation adjustments | (9,600) | (9,600) | |||
Net unrealized loss on marketable securities | (1,392) | (1,392) | |||
Exercise of common stock options (in shares) | 68 | ||||
Exercise of common stock options | 241 | 241 | |||
Exercise of common stock warrants (in shares) | 238 | ||||
Exercise of common stock warrants | 0 | ||||
Issuance of common stock upon settlement of RSUs, net of shares withheld (in shares) | 1 | ||||
Issuance of common stock upon settlement of RSUs, net of shares withheld | (16) | (16) | |||
Stock-based compensation | 41,626 | 41,626 | |||
Ending balance (in shares) at Mar. 31, 2020 | 264,121 | ||||
Ending balance at Mar. 31, 2020 | $ (1,117,431) | $ 26 | 659,541 | (15,402) | (1,761,596) |
Beginning balance (in shares) at Dec. 31, 2019 | 239,624 | ||||
Beginning balance at Dec. 31, 2019 | $ 3,231,502 | ||||
Ending balance (in shares) at Dec. 31, 2020 | 0 | ||||
Ending balance at Dec. 31, 2020 | $ 0 | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 263,814 | ||||
Beginning balance at Dec. 31, 2019 | (807,685) | $ 26 | 617,690 | (4,410) | (1,420,991) |
Ending balance (in shares) at Dec. 31, 2020 | 599,197 | ||||
Ending 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 | 0 | ||||
Ending balance at Mar. 31, 2021 | $ 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (1,172,211) | (1,172,211) | |||
Foreign currency translation adjustments | (3,883) | (3,883) | |||
Net unrealized loss on marketable securities | $ (956) | (956) | |||
Exercise of common stock options (in shares) | 5,289 | 5,289 | |||
Exercise of common stock options | $ 47,793 | $ 1 | 47,792 | ||
Issuance of common stock upon settlement of RSUs, net of shares withheld (in shares) | 3,571 | ||||
Issuance of common stock upon settlement of RSUs, net of shares withheld | (15,054) | (15,054) | |||
Reclassification of derivative warrant liability to equity | 1,277,168 | 1,277,168 | |||
Purchase of capped calls | (100,200) | (100,200) | |||
Stock-based compensation | 224,983 | 224,983 | |||
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) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (1,172,211,000) | $ (340,605,000) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 38,252,000 | 33,872,000 |
Bad debt expense | 7,305,000 | 27,128,000 |
Stock-based compensation expense | 229,474,000 | 41,626,000 |
Impairment of investments | 0 | 45,636,000 |
(Gain) loss on investments, net | (12,171,000) | 31,601,000 |
Change in fair value of warrant liability | 291,987,000 | 0 |
Amortization of debt discount and debt issuance costs | 5,405,000 | 0 |
Noncash interest (income) expense, net | 1,716,000 | (3,949,000) |
Foreign exchange gain | (9,151,000) | (38,228,000) |
Impairment of long-lived assets | 112,545,000 | 0 |
Loss from extinguishment of debt | 377,248,000 | 0 |
Other, net | 6,978,000 | (9,463,000) |
Changes in operating assets and liabilities: | ||
Prepaids and other assets | 672,000 | (136,952,000) |
Operating lease right-of-use assets | 7,462,000 | 5,355,000 |
Accounts payable | 37,326,000 | 20,510,000 |
Accrued expenses and other liabilities | 39,849,000 | (225,617,000) |
Operating lease liabilities | (6,650,000) | (3,800,000) |
Unearned fees | 538,332,000 | (16,944,000) |
Net cash provided by (used in) operating activities | 494,368,000 | (569,830,000) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (7,706,000) | (15,667,000) |
Purchases of marketable securities | (1,581,425,000) | (277,324,000) |
Sales of marketable securities | 248,185,000 | 69,295,000 |
Maturities of marketable securities | 168,660,000 | 225,455,000 |
Other investing activities, net | 0 | 500,000 |
Net cash provided by (used in) investing activities | (1,172,286,000) | 2,259,000 |
Cash flows from financing activities: | ||
Taxes paid related to net share settlement of equity awards | (15,054,000) | 0 |
Principal repayment of long-term debt | (1,995,000,000) | 0 |
Prepayment penalty on long-term debt | (212,883,000) | 0 |
Proceeds from issuance of convertible senior notes, net of issuance costs | 1,979,166,000 | 0 |
Purchases of capped calls related to convertible senior notes | (100,200,000) | 0 |
Proceeds from exercise of stock options | 47,793,000 | 241,000 |
Change in funds payable and amounts payable to customers | 1,863,712,000 | (339,427,000) |
Other financing activities, net | 0 | (16,000) |
Net cash provided by (used in) financing activities | 1,567,534,000 | (339,202,000) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (72,287,000) | (97,117,000) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 817,329,000 | (1,003,890,000) |
Cash, cash equivalents, and restricted cash, beginning of period | 7,668,252,000 | 5,143,443,000 |
Cash, cash equivalents, and restricted cash, end of period | 8,485,581,000 | 4,139,553,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes, net of refunds | 6,307,000 | 2,921,000 |
Cash paid for interest | $ 42,950,000 | $ 2,268,000 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
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 | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited 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. The accompanying unaudited condensed consolidated financial statements include accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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. Initial Public Offering On December 14, 2020, the Company completed its initial public offering (“IPO”), in which the Company sold 50.0 million shares of Class A common stock at a price to the public of $68.00 per share. On the same day, the Company sold an additional 5.0 million shares of Class A common stock at a price to the public of $68.00 per share pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received aggregate net proceeds of $3.7 billion after deducting underwriting discounts and commissions of $79.3 million and offering expenses of $9.8 million. COVID-19 Pandemic In December 2019, a novel strain of coronavirus disease (“COVID-19”) was reported and in March 2020, the World Health Organization characterized COVID-19 as a global pandemic. The COVID-19 pandemic has forced international, federal, state, and local governments to enforce prohibitions of non-essential activities. The Company first saw the impact of COVID-19 in the first quarter of 2020. Since then, the Company has experienced a significant decline in revenue resulting from a decrease in bookings and an increase in cancellations. The extent and duration of the adverse impact of COVID-19 on the Company over the longer term remain uncertain and dependent on future developments that cannot be accurately predicted at this time, such as the severity and transmission rate of COVID-19, the extent and effectiveness of containment actions taken, including mobility restrictions, the timing, availability, and effectiveness of vaccines, and the impact of these and other factors on travel behavior in general and on the Company’s business. As a result, the Company took a number of actions in 2020 in response to the significant decrease in bookings and the adverse impacts on its revenue, operating results, and financial condition as described in Note 6, Debt, Note 8, Commitments and Contingencies, and Note 13, Restructuring . As the impact of COVID-19 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 financial statements could be affected. 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 December 31, 2020 and March 31, 2021, the Company’s consolidated VIEs were not material to the consolidated financial statements. Use of Estimates The preparation of the Company’s unaudited 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 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 acquired 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. Segment Information Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its Chief Executive Officer. The Company has determined it has one operating and reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents are held in checking and interest-bearing accounts and consist of cash and highly-liquid securities with an original maturity of 90 days or less. 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, March 31, Cash and cash equivalents $ 5,480,557 $ 4,482,641 Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 2,153,849 3,983,026 Restricted cash 33,846 19,914 Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows $ 7,668,252 $ 8,485,581 Revenue Recognition The Company generates substantially all of its revenue from facilitating guest stays at accommodations offered by hosts on the Company’s platform. The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company considers both hosts and guests to be its customers. The customers agree to the Company’s Terms of Service (“ToS”) to use the Company’s platform. Upon confirmation of a booking made by a guest, the host agrees to provide the use of the property. At such time, the host and guest also agree upon the applicable booking value as well as host fees and guest fees (collectively “service fees”). The Company charges service fees in exchange for certain activities, including the use of the Company’s platform, customer support, and payment processing activities. These activities are not distinct from each other and are not separate performance obligations. As a result, the Company’s single performance obligation is to facilitate a stay, which occurs upon the completion of a check-in event (a “check-in”). The Company recognizes revenue upon check-in as its performance obligation is satisfied upon check-in and the Company has the right to receive payment for the fulfillment of the performance obligation. The Company charges service fees to its customers as a percentage of the value of the booking, excluding taxes. The Company collects both the booking value from the guest on behalf of the host and the applicable guest fees owed to the Company using the guest’s pre-authorized payment method. After check-in, the Company disburses the booking value to the host, less the fees due from the host to the Company. The Company’s ToS stipulates that a host may cancel a confirmed booking at any time up to check-in. Therefore, the Company determined that for accounting purposes, each booking is a separate contract with the host and guest, and the contracts are not enforceable until check-in. Since an enforceable contract for accounting purposes is not established until check-in, there were no partially satisfied or unsatisfied performance obligations as of December 31, 2020 and March 31, 2021. The service fees collected from customers prior to check-in are recorded as unearned fees. Unearned fees are not considered contract balances under ASC 606-10-50-8 because they are subject to refund in the event of a cancellation. Guest stays of at least 28 nights are considered long-term stays. The Company charges service fees to facilitate long-term stays on a monthly basis. Such stays are generally cancelable with a 30 days advance notice for no significant penalty. Accordingly, long-term stays are treated as month-to-month contracts; each month is a separate contract with the host and guest, and the contracts are not enforceable until check-in for the initial month as well as subsequent monthly extensions. The Company’s performance obligation for long-term stays is the same as that for short-term stays. The Company recognizes revenue for the first month upon check-in, similar to short-term stays, and recognizes revenue for any subsequent months upon each month’s anniversary from initial check-in date. The Company evaluates the presentation of revenue on a gross versus net basis based on whether or not it is the principal (gross) or the agent (net) in the transaction. As part of the evaluation, the Company considers whether it controls the right to use the property before control is transferred. Indicators of control that the Company considers include whether the Company is primarily responsible for fulfilling the promise associated with the rental of the property, whether it has inventory risk associated with the property, and whether it has discretion in establishing the prices for the property. The Company determined that it does not control the right to use the properties either before or after completion of its service. Accordingly, the Company has concluded that it is acting in an agent capacity and revenue is presented net reflecting the service fees received from guests and hosts to facilitate a stay. The Company has elected to recognize the incremental costs of obtaining a contract, including the costs of certain referrer fees, as an expense when incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less. The Company has no significant financing components in its contracts with customers. The Company has elected to exclude from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions. Accordingly, such amounts are not included as a component of revenue or cost of revenue. Payments to Customers The Company makes payments to customers as part of its referral programs and marketing promotions, collectively referred to as the Company’s incentive programs, and refund activities. The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds. Incentive Programs The Company encourages the use of its platform and attracts new customers through its incentive programs. Under the Company’s referral program, the referring party (the “referrer”) earns a coupon when the new guest or host (the “referee”) completes their first stay on the Company’s platform. Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Company records the incentive as a liability at the time the incentive is earned by the referrer with the corresponding charge recorded to sales and marketing expense in the same way the Company accounts for other marketing services from third-party vendors. Any amounts paid in excess of the fair value of the referral service received are recorded as a reduction of revenue. Fair value of the service is established using amounts paid to vendors for similar services. Customer referral coupon credits generally expire within one year from issuance and the Company estimates the redemption rates using its historical experience. As of December 31, 2020 and March 31, 2021, the referral coupon liability was not material. Through marketing promotions, the Company issues customer coupon credits to encourage the use of its platform. After a customer redeems such incentives, the Company records a reduction to revenue at the date it records the corresponding revenue transaction, as the Company does not receive a distinct good or service in exchange for the customer incentive payment. Refunds In certain instances, the Company issues refunds to customers as part of its customer support activities in the form of cash or credits to be applied toward a future booking. There is no legal obligation to issue such refunds to hosts or guests on behalf of its customers. The Company accounts for refunds, net of any recoveries, as variable consideration, which results in a reduction to revenue. The Company reduces the transaction price by the estimated amount of the payments by applying the most likely outcome method based on known facts and circumstances and historical experience. The estimate for variable consideration was not material as of December 31, 2020 and March 31, 2021. The Company evaluates whether the cumulative amount of payments made to customers that are not in exchange for a distinct good or service received from customers exceeds the cumulative revenue earned since inception of the customer relationships. Any cumulative payments in excess of cumulative revenue are presented within operations and support or sales and marketing on the condensed consolidated statements of operations based on the nature of the payments made to customers. For the three months ended March 31, 2020 and 2021, payments made to customers resulted in: reductions to revenue of $173.1 million and $25.9 million, respectively; charges to operations and support of $29.6 million and $14.8 million, respectively; and, charges to sales and marketing expense of $28.1 million and $9.8 million, respectively. Recently Adopted Accounting Standards In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 , which clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting under Topic 323, and the accounting for certain forward contracts and purchased options accounted for under Topic 815. For public companies, the guidance was effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted the standard on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplify the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. For public companies, the guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the standard on January 1, 2021 and applied this guidance to its convertible senior notes issued in March 2021. Refer to Note 6, Debt, for additional information. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs , which clarifies when an entity should assess whether a callable debt security is within the scope of accounting guidance, which impacts the amortization period for nonrefundable fees and other costs. For public companies, the guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Upon adoption, the amendments are to be applied on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. Early adoption is not permitted. The Company adopted the standard on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s 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 through December 31, 2022 and may be applied at the beginning of the interim period that includes March 12, 2020 or any date thereafter. The Company is currently evaluating the impact of this guidance on its 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. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 Classification as of December 31, 2020 Cost or Gross Gross Total Cash and Marketable Other Funds Receivable (2) Certificates of deposit $ 421,272 $ — $ — $ 421,272 $ 278,281 $ 142,991 $ — $ — Government bonds (1) 1,924,988 65 (1) 1,925,052 1,392,966 65,867 — 466,219 Commercial paper 1,021,150 — — 1,021,150 779,527 241,623 — — Corporate debt securities 508,901 1,475 (1,635) 508,741 229,633 267,618 11,490 — Mortgage-backed and asset-backed securities 36,553 913 (113) 37,353 — 37,353 — — Total $ 3,912,864 $ 2,453 $ (1,749) $ 3,913,568 $ 2,680,407 $ 755,452 $ 11,490 $ 466,219 (1) Includes U.S. government and government agency debt securities (2) Funds receivable and amounts held on behalf of customers As of March 31, 2021 Classification as of March 31, 2021 Cost or Gross Gross Total Cash and Marketable Other Funds Receivable (2) Certificates of deposit $ 279,995 $ — $ — $ 279,995 $ 18,267 $ 261,728 $ — $ — Government bonds (1) 1,260,448 70 — 1,260,518 80,002 714,226 — 466,290 Commercial paper 1,087,814 — — 1,087,814 429,228 658,586 — — Corporate debt securities 557,468 1,150 (1,690) 556,928 128,657 416,794 11,477 — Mortgage-backed and asset-backed securities 35,106 527 (301) 35,332 — 35,332 — — Total $ 3,220,831 $ 1,747 $ (1,991) $ 3,220,587 $ 656,154 $ 2,086,666 $ 11,477 $ 466,290 (1) Includes U.S. government and government agency debt securities (2) Funds receivable and amounts held on behalf of customers As of March 31, 2021, 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 months ended March 31, 2020 and 2021, 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 months ended March 31, 2020 and 2021. Debt securities in an unrealized loss position had an estimated fair value of $229.7 million and $1.7 million unrealized losses as of December 31, 2020, and an estimated fair value of $346.1 million and $2.0 million unrealized losses as of March 31, 2021. An immaterial amount of securities were in a continuous unrealized loss position for more than twelve months as of both December 31, 2020 and March 31, 2021. The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in thousands): As of December 31, 2020 As of March 31, 2021 Amortized Estimated Amortized Estimated Due within one year $ 3,805,934 $ 3,806,059 $ 3,154,422 $ 3,155,069 Due in one year to five years 98,828 99,255 53,248 52,519 Due within five to ten years 5,254 5,436 9,686 9,546 Due beyond ten years 2,848 2,818 3,475 3,453 Total $ 3,912,864 $ 3,913,568 $ 3,220,831 $ 3,220,587 Equity Investments Equity Investments with Readily Determinable Fair Values As of December 31, 2020 and March 31, 2021, the Company had equity investments with readily determinable fair value totaling $155.2 million and zero, respectively, which consisted of mutual funds measured at fair value and classified within marketable securities on the condensed consolidated balance sheet. Gains and Losses on Equity Investments Net unrealized gains (losses) on marketable equity investments totaled $(28.8) million and $11.8 million for the three months ended March 31, 2020 and 2021, respectively. Net realized gains (losses) on marketable equity investments totaled zero and $(14.3) million for the three months ended March 31, 2020 and 2021, respectively. The realized and unrealized gains and losses on marketable equity investments were recorded 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 $78.1 million as of both December 31, 2020 and March 31, 2021, and are classified within other assets on the condensed consolidated balance sheets. These investments were initially recorded using the measurement alternative at cost and are subsequently adjusted to fair value for impairments and price changes from observable transactions in the same or similar security from the same issuer. The following table summarizes the total carrying value of equity investments without readily determinable fair values (in thousands): Three Months Ended March 31, 2020 2021 Carrying value, beginning of period $ 131,210 $ 78,074 Additions — — Sales — — Downward adjustments for observable price changes and impairments (45,636) — Upward adjustments for observable price changes — — Carrying value, end of period $ 85,574 $ 78,074 As of December 31, 2020 and March 31, 2021, there were no upward adjustments for price changes to the Company’s equity investments without readily determinable fair values. The Company did not record any realized gains or losses for the Company’s equity securities without readily determinable fair value during the three months ended March 31, 2020 and 2021. The Company recorded impairment charges of $45.6 million for the three months ended March 31, 2020, and the Company did not record any impairment charges during the three months ended March 31, 2021. The cumulative impairment charges as of March 31, 2021 were $53.1 million. |
Fair Value Measurement and Fina
Fair Value Measurement and Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 22,676 $ — $ — $ 22,676 Certificates of deposit 278,281 — — 278,281 U.S. government debt securities — 1,392,966 — 1,392,966 Commercial paper — 779,527 — 779,527 Corporate debt securities — 229,633 — 229,633 300,957 2,402,126 — 2,703,083 Marketable securities: Certificates of deposit 142,991 — — 142,991 U.S. government and government agency debt securities — 65,867 — 65,867 Commercial paper — 241,623 — 241,623 Corporate debt securities — 267,618 — 267,618 Mortgage-backed and asset-backed securities — 37,353 — 37,353 Mutual funds — 155,248 — 155,248 142,991 767,709 — 910,700 Funds receivable and amounts held on behalf of customers: U.S. government and government agency debt securities — 466,219 — 466,219 Prepaids and other current assets: Foreign exchange derivative assets — 12,478 — 12,478 Other assets, noncurrent: Corporate debt securities — — 11,490 11,490 Total assets at fair value $ 443,948 $ 3,648,532 $ 11,490 $ 4,103,970 Liabilities Accrued expenses and other current liabilities: Foreign exchange derivative liabilities $ — $ 32,250 $ — $ 32,250 Derivative warrant liability (Note 6) — — 985,181 985,181 Total liabilities at fair value $ — $ 32,250 $ 985,181 $ 1,017,431 As of March 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 340,919 $ — $ — $ 340,919 Certificates of deposit 18,267 — — 18,267 U.S. government debt securities — 429,228 — 429,228 Commercial paper — 128,657 — 128,657 Corporate debt securities — 80,002 — 80,002 359,186 637,887 — 997,073 Marketable securities: Certificates of deposit 261,728 — — 261,728 U.S. government and government agency debt securities — 714,226 — 714,226 Commercial paper — 658,586 — 658,586 Corporate debt securities — 416,794 — 416,794 Mortgage-backed and asset-backed securities — 35,332 — 35,332 261,728 1,824,938 — 2,086,666 Funds receivable and amounts held on behalf of customers: U.S. government and government agency debt securities — 466,290 — 466,290 Prepaids and other current assets: Foreign exchange derivative assets — 25,340 — 25,340 Other assets, noncurrent: Corporate debt securities — — 11,477 11,477 Total assets at fair value $ 620,914 $ 2,954,455 $ 11,477 $ 3,586,846 Liabilities Accrued expenses and other current liabilities: Foreign exchange derivative liabilities $ — $ 5,257 $ — $ 5,257 Total liabilities at fair value $ — $ 5,257 $ — $ 5,257 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): December 31, 2020 March 31, 2021 Derivative Other Derivative Other Balance, beginning of period $ — $ 13,029 $ 985,181 $ 11,490 Additions 116,641 — — — Settlements — — — — Reclassifications to equity — — (1,277,168) — Total realized and unrealized gains (losses): Included in earnings 868,540 — 291,987 — Included in other comprehensive loss — (1,539) — (13) Balance, end of period $ 985,181 $ 11,490 $ — $ 11,477 Changes in unrealized gains or losses included in earnings related to investments held at the reporting date $ — $ — $ — $ — Changes in unrealized gains or losses included in other comprehensive income related to investments held at the reporting date $ — $ (1,539) $ — $ (13) There were no transfers of financial instruments between valuation levels during the three months ended March 31, 2021. The Company amended the anti-dilution feature in the warrant agreements associated with the Second Lien Credit Agreement which resulted in a change in classification from liability to equity. Accordingly, the Company recorded $292.0 million in other expense through March 30, 2021, the modification date. 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. The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2020 (fair value amounts in thousands): Fair Value Valuation Technique Unobservable Inputs Value Liability Derivative warrant liability $ 985,181 Black-Scholes option pricing model Stock volatility 44.4 % Risk-free rate 0.9 % Expected term 9.3 years Derivatives Not Designated as Hedging Instruments As of December 31, 2020, the fair value of foreign exchange derivative assets and liabilities totaled $12.5 million and $32.3 million, respectively, with the aggregate notional amount totaling $1.4 billion. As of March 31, 2021, the fair value of foreign exchange derivative assets and liabilities totaled $25.3 million and $5.3 million, respectively, with the aggregate notional amount totaling $1.3 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 losses of $7.8 million and $15.4 million for the three months ended March 31, 2020 and 2021, respectively, related to foreign exchange derivative assets and liabilities. The Company recorded total net unrealized gains of $10.2 million and $39.9 million for the three months ended March 31, 2020 and 2021, 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, 2020, 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 $11.4 million, resulting in net derivative assets of $1.1 million and net derivative liabilities of $20.9 million. As of March 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 $5.3 million, resulting in net derivative assets of $20.0 million. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of December 31, March 31, Indirect tax reserves $ 188,309 $ 184,101 Indirect taxes payable 153,255 326,995 Travel credit liability 209,739 160,871 Compensation and related benefits 380,164 302,369 Derivative warrant liability (Note 6) 985,181 — Foreign exchange derivative liabilities 32,250 5,257 Current portion of long-term debt and accrued interest expense 26,755 — Contingent consideration liability 23,096 31,085 Sales and marketing 25,437 23,493 Income and other tax liabilities 12,002 8,577 Other 377,883 397,809 Total accrued expenses and other current liabilities $ 2,414,071 $ 1,440,557 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes the Company’s outstanding debt (in thousands): As of Effective Interest Rate As of Effective Interest Rate Convertible senior notes $ — — $ 2,000,000 0.2 % First lien loan due April 2025 995,000 9.5 % — — Second lien loan due July 2025 1,000,000 15.1 % — — Total debt 1,995,000 2,000,000 Less: Unamortized debt discount and debt issuance costs (169,438) (20,602) Less: Current portion of long-term debt (10,000) — Total long-term debt, net of current portion $ 1,815,562 $ 1,979,398 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 $1,979.0 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 will be 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 our 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 was comprised of commissions payable to the initial purchasers and third-party offering costs and are amortized to interest expense using the effective interest method over the contractual term. As of March 31, 2021, the if-converted value of the 2026 Notes did not exceed the outstanding principal amount. As of March 31, 2021, the total estimated fair value of the 2026 Notes was $2.1 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. The debt discount and debt issuance costs are amortized to interest expense using the effective interest rate method. No interest expense relating to the contractual interest and amortization of the debt discount and debt issuance costs was recorded for the three months ended March 31, 2020 for the First Lien and Second Lien Loans. As of December 31, 2020, the estimated fair value of the First Lien Loan and Second Lien Loan were $1.1 billion and $1.2 billion, respectively, and were determined based on quoted prices in markets that are not active, or Level 2 inputs. 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 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 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 expense during the quarter. The liability balance of $1.3 billion was then reclassified to equity as the amended warrants met the requirements for equity classification. 2016 Credit Facility In April 2016, the Company entered into a five-year unsecured revolving Credit and Guarantee Agreement (the “2016 Credit Facility”) with a group of lenders led by Bank of America, N.A. The 2016 Credit Facility provides an initial borrowing commitment by the lenders of $1.0 billion, which can be increased by a maximum of $250.0 million. The 2016 Credit Facility also provides a $100.0 million sub-limit for the issuance of letters of credit. The 2016 Credit Facility includes a commitment fee of 0.125% per annum on any undrawn amounts. On April 17, 2020, the Company terminated the 2016 Credit Facility. Certain letters of credit under the 2016 Credit Facility were transferred to new issuers upon the termination of the 2016 Credit Facility. As of December 31, 2020 and March 31, 2021, letters of credit formerly under the 2016 Credit Facility totaled $32.9 million and $19.3 million, respectively, and were secured by cash collateral of $33.8 million and $19.9 million, respectively, which was recorded as restricted cash on the condensed consolidated balance sheet. 2020 Credit Facility |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stockholders' Equity (Deficit) | Stockholders’ Equity (Deficit) 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 March 31, 2020 2021 Expected dividend yield — — Volatility 39.1% - 42.6% 44.9% Expected term (years) 5.1 - 8.0 8.0 Risk-free interest rate 0.7% - 1.5% 1.5% A summary of option and 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- Balances as of December 31, 2020 86,420 41,421 $ 12.48 47,754 $ 40.01 Granted (7,005) 680 194.39 6,325 188.79 Shares withheld for taxes 76 — — — — Exercised/Vested — (5,289) 9.04 (3,647) 48.85 Canceled 1,087 (94) 50.32 (992) 53.90 Balances as of March 31, 2021 80,578 36,718 16.25 49,440 58.11 Number of Weighted- Weighted- Aggregate Options outstanding as of March 31, 2021 36,718 16.25 3.91 6,331,030 Options exercisable as of March 31, 2021 31,916 9.23 3.11 5,703,179 As of March 31, 2021, there was $90.0 million of total unrecognized compensation cost related to stock option awards. The unrecognized cost as of March 31, 2021 is expected to be recognized over a weighted-average period of 3.49 years. Restricted Common Stock The Company has granted restricted common stock 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 common stock (in thousands, except for per share amounts): Number of Weighted-Average Unvested restricted common stock as of December 31, 2020 718 $ 62.32 Issued — — Vested (21) 62.14 Unvested restricted common stock as of March 31, 2021 697 62.33 Stock-Based Compensation The following table summarizes total stock-based compensation expense (in thousands): Three Months Ended March 31, 2020 2021 Operations and support $ 949 $ 11,412 Product development 22,436 143,715 Sales and marketing 6,048 25,901 General and administrative 12,193 48,457 Restructuring charges — (11) Stock-based compensation expense $ 41,626 $ 229,474 Prior to December 9, 2020, no stock-based compensation expense had been recognized for certain awards with a liquidity-event performance-based vesting condition based on the occurrence of a qualifying event, as such qualifying event was not probable. Upon the Company's IPO, the liquidity-event performance-based condition was met and $2.8 billion of stock-based compensation expense was recognized related to these awards. 2020 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. For the three months ended March 31, 2021, the Company recorded stock-based compensation expense related to the ESPP of $32.3 million . |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, 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, 2020. Extenuating Circumstances Policy In March 2020, the Company applied its extenuating circumstances policy to cancellations resulting from COVID-19. That policy provides hosts and guests 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 $250.0 million for hosts. 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 $106.5 million and $0.2 million of payments, primarily for hosts, in its condensed consolidated statement of operations for the three months ended March 31, 2020 and 2021, respectively. 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. The Company collects and remits Lodging Taxes in more than 29,800 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, 2020 and March 31, 2021, the Company had an obligation to remit Lodging Taxes collected from guests on bookings in these jurisdictions totaling $84.0 million and $221.9 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, 2020 and March 31, 2021, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $52.9 million and $53.7 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. In March 2020, a fourth District Court of Appeal affirmed that the Company is not a dealer under the Florida and County Tourist Development Tax Law, and therefore not liable for collecting Lodging Taxes. Accordingly, the Company concluded in the first quarter of 2020 that the liabilities accrued in all Florida counties were no longer probable and reduced its reserves for Lodging Taxes by $87.0 million, including interest. A motion was filed with the Florida Supreme Court in July 2020, and was subsequently denied in October 2020. The ultimate resolution of all remaining unresolved lawsuits cannot be determined at this time. 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 hosts and guests, as well as the tax treatment of certain employee benefits and related employment taxes. In jurisdictions with disputes connected to transactions with hosts and guests, 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, 2020 and March 31, 2021, the Company accrued a total of $134.4 million and $129.5 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 value added 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 $40.0 million to $50.0 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, 2020 and March 31, 2021, the Company accrued a total of $65.9 million and $52.1 million of estimated tax liabilities related to certain employee benefits and related employment taxes, respectively. Refer to Note 9, Income Taxes, for further discussion on other tax matters. 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. In certain instances, the Company has been party to litigation with municipalities relating to or arising out of certain regulations. In addition, the implementation and enforcement of regulation can have an impact on the Company’s business. The Company has been and is currently party or subject to various other government inquiries, investigations and proceedings related to legal and regulatory requirements. For example, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) continues to review the Company’s compliance with U.S. economic and trade sanctions regulations in connection with the Company’s voluntary self disclosure regarding Cuba. In many cases, these inquiries, investigations and proceedings can be complex, time consuming, costly to investigate, and can require significant company and management attention. For certain matters, the Company has investigated and is implementing recommended changes to its managerial, operational and compliance practices. The Company is unable to predict the outcomes and implications on the Company’s business, industry practices or online commerce more generally. Furthermore, the outcome of these proceedings could materially adversely affect the Company’s business, results of operations, and financial condition, including possible fines and penalties and requiring changes to operational activities and procedures. 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 claim, the Company may be subject to monetary damage awards, fines, penalties, and/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 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. 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 an income tax benefit of $16.5 million and an income tax expense of $6.3 million for the three months ended March 31, 2020 and 2021, respectively. The income tax benefit for the three months ended March 31, 2020 was primarily driven by the carryback of the Company’s 2020 U.S. net operating loss allowable under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The income tax expense for the three months ended March 31, 2021 was primarily driven by current tax on foreign earnings. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods indicated (in thousands, except per share amounts): Three Months Ended March 31, 2020 2021 Net loss attributable to Class A and Class B common stockholders $ (340,605) $ (1,172,211) Weighted-average shares in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 262,509 600,960 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (1.30) $ (1.95) 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 loss per share attributable to common stockholders will, therefore, be 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 months ended March 31, 2020 and 2021. As of March 31, 2020, RSUs to be settled in 43.2 million shares of Class A common stock and 0.3 million 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 March 31, 2021, RSUs to be settled in 12.0 million shares of Class A common stock and 0.5 million restricted stock awards were excluded from the table below because they are subject to performance conditions that were not achieved as of such date. The 2026 Notes were issued in March 2021, which is deemed to be anti-dilutive under the if-converted method. Refer to Note 6, Debt , for further information on the 2026 Notes. Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands): As of March 31, March 31, 2026 Notes — 11,086 Warrants — 7,935 Escrow shares 643 431 Stock options 46,699 36,718 Restricted stock awards 346 192 Restricted stock units 7,440 49,440 Employee stock purchase plan — 559 Redeemable convertible preferred stock 240,911 — Total 296,039 106,361 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions An executive officer of the Company served on the board of directors of a payment processing vendor. The Company is party to a merchant agreement with the vendor whereby the Company earns transaction fees and incentives for offering its services to its customers in certain markets and satisfying certain base requirements pursuant to the agreement. The Company applies the transaction fees and incentives received to partially offset the merchant fees charged by the vendor. Net expense with this vendor was $52.0 million for the three months ended March 31, 2020 and was included in cost of revenue in the condensed consolidated statements of operations. As of December 31, 2020, amounts due to this vendor were not material. This individual was an executive officer of the Company until March 1, 2020, at which time this individual ceased being an executive officer and was appointed to the Company’s board of directors. |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2020 2021 United States $ 370,681 $ 510,786 International (1) 471,149 376,150 Total revenue $ 841,830 $ 886,936 (1) No individual international country represented 10% or more of the Company’s total revenue for three months ended March 31, 2020 and 2021. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RestructuringDuring 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. The cumulative restructuring charges as of March 31, 2021 was $263.3 million, for which the majority of these restructuring actions were completed in 2020. As of March 31, 2021, the remaining liability for restructuring costs was not material. For the three months ended March 31, 2021, the Company incurred $112.0 million in restructuring charges, which includes $75.3 million related to impairments of operating lease ROU assets and $37.2 million related to impairments of leasehold improvements. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited 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. The accompanying unaudited condensed consolidated financial statements include accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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 unaudited 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 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 acquired 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. |
Segment Information | Segment Information Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its Chief Executive Officer. The Company has determined it has one operating and reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents are held in checking and interest-bearing accounts and consist of cash and highly-liquid securities with an original maturity of 90 days or less. |
Revenue Recognition | Revenue Recognition The Company generates substantially all of its revenue from facilitating guest stays at accommodations offered by hosts on the Company’s platform. The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company considers both hosts and guests to be its customers. The customers agree to the Company’s Terms of Service (“ToS”) to use the Company’s platform. Upon confirmation of a booking made by a guest, the host agrees to provide the use of the property. At such time, the host and guest also agree upon the applicable booking value as well as host fees and guest fees (collectively “service fees”). The Company charges service fees in exchange for certain activities, including the use of the Company’s platform, customer support, and payment processing activities. These activities are not distinct from each other and are not separate performance obligations. As a result, the Company’s single performance obligation is to facilitate a stay, which occurs upon the completion of a check-in event (a “check-in”). The Company recognizes revenue upon check-in as its performance obligation is satisfied upon check-in and the Company has the right to receive payment for the fulfillment of the performance obligation. The Company charges service fees to its customers as a percentage of the value of the booking, excluding taxes. The Company collects both the booking value from the guest on behalf of the host and the applicable guest fees owed to the Company using the guest’s pre-authorized payment method. After check-in, the Company disburses the booking value to the host, less the fees due from the host to the Company. The Company’s ToS stipulates that a host may cancel a confirmed booking at any time up to check-in. Therefore, the Company determined that for accounting purposes, each booking is a separate contract with the host and guest, and the contracts are not enforceable until check-in. Since an enforceable contract for accounting purposes is not established until check-in, there were no partially satisfied or unsatisfied performance obligations as of December 31, 2020 and March 31, 2021. The service fees collected from customers prior to check-in are recorded as unearned fees. Unearned fees are not considered contract balances under ASC 606-10-50-8 because they are subject to refund in the event of a cancellation. Guest stays of at least 28 nights are considered long-term stays. The Company charges service fees to facilitate long-term stays on a monthly basis. Such stays are generally cancelable with a 30 days advance notice for no significant penalty. Accordingly, long-term stays are treated as month-to-month contracts; each month is a separate contract with the host and guest, and the contracts are not enforceable until check-in for the initial month as well as subsequent monthly extensions. The Company’s performance obligation for long-term stays is the same as that for short-term stays. The Company recognizes revenue for the first month upon check-in, similar to short-term stays, and recognizes revenue for any subsequent months upon each month’s anniversary from initial check-in date. The Company evaluates the presentation of revenue on a gross versus net basis based on whether or not it is the principal (gross) or the agent (net) in the transaction. As part of the evaluation, the Company considers whether it controls the right to use the property before control is transferred. Indicators of control that the Company considers include whether the Company is primarily responsible for fulfilling the promise associated with the rental of the property, whether it has inventory risk associated with the property, and whether it has discretion in establishing the prices for the property. The Company determined that it does not control the right to use the properties either before or after completion of its service. Accordingly, the Company has concluded that it is acting in an agent capacity and revenue is presented net reflecting the service fees received from guests and hosts to facilitate a stay. The Company has elected to recognize the incremental costs of obtaining a contract, including the costs of certain referrer fees, as an expense when incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less. The Company has no significant financing components in its contracts with customers. The Company has elected to exclude from revenue, taxes assessed by a governmental authority that are both imposed on and are concurrent with specific revenue producing transactions. Accordingly, such amounts are not included as a component of revenue or cost of revenue. Refunds In certain instances, the Company issues refunds to customers as part of its customer support activities in the form of cash or credits to be applied toward a future booking. There is no legal obligation to issue such refunds to hosts or guests on behalf of its customers. The Company accounts for refunds, net of any recoveries, as variable consideration, which results in a reduction to revenue. The Company reduces the transaction price by the estimated amount of the payments by applying the most likely outcome method based on known facts and circumstances and historical experience. The estimate for variable consideration was not material as of December 31, 2020 and March 31, 2021. |
Payments To Customers | Payments to Customers The Company makes payments to customers as part of its referral programs and marketing promotions, collectively referred to as the Company’s incentive programs, and refund activities. The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 , which clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting under Topic 323, and the accounting for certain forward contracts and purchased options accounted for under Topic 815. For public companies, the guidance was effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted the standard on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplify the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. For public companies, the guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the standard on January 1, 2021 and applied this guidance to its convertible senior notes issued in March 2021. Refer to Note 6, Debt, for additional information. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs , which clarifies when an entity should assess whether a callable debt security is within the scope of accounting guidance, which impacts the amortization period for nonrefundable fees and other costs. For public companies, the guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Upon adoption, the amendments are to be applied on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. Early adoption is not permitted. The Company adopted the standard on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s 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 through December 31, 2022 and may be applied at the beginning of the interim period that includes March 12, 2020 or any date thereafter. The Company is currently evaluating the impact of this guidance on its 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [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, March 31, Cash and cash equivalents $ 5,480,557 $ 4,482,641 Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 2,153,849 3,983,026 Restricted cash 33,846 19,914 Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows $ 7,668,252 $ 8,485,581 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, 2020 Classification as of December 31, 2020 Cost or Gross Gross Total Cash and Marketable Other Funds Receivable (2) Certificates of deposit $ 421,272 $ — $ — $ 421,272 $ 278,281 $ 142,991 $ — $ — Government bonds (1) 1,924,988 65 (1) 1,925,052 1,392,966 65,867 — 466,219 Commercial paper 1,021,150 — — 1,021,150 779,527 241,623 — — Corporate debt securities 508,901 1,475 (1,635) 508,741 229,633 267,618 11,490 — Mortgage-backed and asset-backed securities 36,553 913 (113) 37,353 — 37,353 — — Total $ 3,912,864 $ 2,453 $ (1,749) $ 3,913,568 $ 2,680,407 $ 755,452 $ 11,490 $ 466,219 (1) Includes U.S. government and government agency debt securities (2) Funds receivable and amounts held on behalf of customers As of March 31, 2021 Classification as of March 31, 2021 Cost or Gross Gross Total Cash and Marketable Other Funds Receivable (2) Certificates of deposit $ 279,995 $ — $ — $ 279,995 $ 18,267 $ 261,728 $ — $ — Government bonds (1) 1,260,448 70 — 1,260,518 80,002 714,226 — 466,290 Commercial paper 1,087,814 — — 1,087,814 429,228 658,586 — — Corporate debt securities 557,468 1,150 (1,690) 556,928 128,657 416,794 11,477 — Mortgage-backed and asset-backed securities 35,106 527 (301) 35,332 — 35,332 — — Total $ 3,220,831 $ 1,747 $ (1,991) $ 3,220,587 $ 656,154 $ 2,086,666 $ 11,477 $ 466,290 (1) Includes U.S. government and government agency debt securities |
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, March 31, Cash and cash equivalents $ 5,480,557 $ 4,482,641 Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 2,153,849 3,983,026 Restricted cash 33,846 19,914 Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows $ 7,668,252 $ 8,485,581 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, March 31, Cash and cash equivalents $ 5,480,557 $ 4,482,641 Cash and cash equivalents included in funds receivable and amounts held on behalf of customers 2,153,849 3,983,026 Restricted cash 33,846 19,914 Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows $ 7,668,252 $ 8,485,581 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, 2020 Classification as of December 31, 2020 Cost or Gross Gross Total Cash and Marketable Other Funds Receivable (2) Certificates of deposit $ 421,272 $ — $ — $ 421,272 $ 278,281 $ 142,991 $ — $ — Government bonds (1) 1,924,988 65 (1) 1,925,052 1,392,966 65,867 — 466,219 Commercial paper 1,021,150 — — 1,021,150 779,527 241,623 — — Corporate debt securities 508,901 1,475 (1,635) 508,741 229,633 267,618 11,490 — Mortgage-backed and asset-backed securities 36,553 913 (113) 37,353 — 37,353 — — Total $ 3,912,864 $ 2,453 $ (1,749) $ 3,913,568 $ 2,680,407 $ 755,452 $ 11,490 $ 466,219 (1) Includes U.S. government and government agency debt securities (2) Funds receivable and amounts held on behalf of customers As of March 31, 2021 Classification as of March 31, 2021 Cost or Gross Gross Total Cash and Marketable Other Funds Receivable (2) Certificates of deposit $ 279,995 $ — $ — $ 279,995 $ 18,267 $ 261,728 $ — $ — Government bonds (1) 1,260,448 70 — 1,260,518 80,002 714,226 — 466,290 Commercial paper 1,087,814 — — 1,087,814 429,228 658,586 — — Corporate debt securities 557,468 1,150 (1,690) 556,928 128,657 416,794 11,477 — Mortgage-backed and asset-backed securities 35,106 527 (301) 35,332 — 35,332 — — Total $ 3,220,831 $ 1,747 $ (1,991) $ 3,220,587 $ 656,154 $ 2,086,666 $ 11,477 $ 466,290 (1) Includes U.S. government and government agency debt securities |
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, 2020 Classification as of December 31, 2020 Cost or Gross Gross Total Cash and Marketable Other Funds Receivable (2) Certificates of deposit $ 421,272 $ — $ — $ 421,272 $ 278,281 $ 142,991 $ — $ — Government bonds (1) 1,924,988 65 (1) 1,925,052 1,392,966 65,867 — 466,219 Commercial paper 1,021,150 — — 1,021,150 779,527 241,623 — — Corporate debt securities 508,901 1,475 (1,635) 508,741 229,633 267,618 11,490 — Mortgage-backed and asset-backed securities 36,553 913 (113) 37,353 — 37,353 — — Total $ 3,912,864 $ 2,453 $ (1,749) $ 3,913,568 $ 2,680,407 $ 755,452 $ 11,490 $ 466,219 (1) Includes U.S. government and government agency debt securities (2) Funds receivable and amounts held on behalf of customers As of March 31, 2021 Classification as of March 31, 2021 Cost or Gross Gross Total Cash and Marketable Other Funds Receivable (2) Certificates of deposit $ 279,995 $ — $ — $ 279,995 $ 18,267 $ 261,728 $ — $ — Government bonds (1) 1,260,448 70 — 1,260,518 80,002 714,226 — 466,290 Commercial paper 1,087,814 — — 1,087,814 429,228 658,586 — — Corporate debt securities 557,468 1,150 (1,690) 556,928 128,657 416,794 11,477 — Mortgage-backed and asset-backed securities 35,106 527 (301) 35,332 — 35,332 — — Total $ 3,220,831 $ 1,747 $ (1,991) $ 3,220,587 $ 656,154 $ 2,086,666 $ 11,477 $ 466,290 (1) Includes U.S. government and government agency debt securities |
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 December 31, 2020 As of March 31, 2021 Amortized Estimated Amortized Estimated Due within one year $ 3,805,934 $ 3,806,059 $ 3,154,422 $ 3,155,069 Due in one year to five years 98,828 99,255 53,248 52,519 Due within five to ten years 5,254 5,436 9,686 9,546 Due beyond ten years 2,848 2,818 3,475 3,453 Total $ 3,912,864 $ 3,913,568 $ 3,220,831 $ 3,220,587 |
Equity Securities without Readily Determinable Fair Value | The following table summarizes the total carrying value of equity investments without readily determinable fair values (in thousands): Three Months Ended March 31, 2020 2021 Carrying value, beginning of period $ 131,210 $ 78,074 Additions — — Sales — — Downward adjustments for observable price changes and impairments (45,636) — Upward adjustments for observable price changes — — Carrying value, end of period $ 85,574 $ 78,074 |
Fair Value Measurement and Fi_2
Fair Value Measurement and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 22,676 $ — $ — $ 22,676 Certificates of deposit 278,281 — — 278,281 U.S. government debt securities — 1,392,966 — 1,392,966 Commercial paper — 779,527 — 779,527 Corporate debt securities — 229,633 — 229,633 300,957 2,402,126 — 2,703,083 Marketable securities: Certificates of deposit 142,991 — — 142,991 U.S. government and government agency debt securities — 65,867 — 65,867 Commercial paper — 241,623 — 241,623 Corporate debt securities — 267,618 — 267,618 Mortgage-backed and asset-backed securities — 37,353 — 37,353 Mutual funds — 155,248 — 155,248 142,991 767,709 — 910,700 Funds receivable and amounts held on behalf of customers: U.S. government and government agency debt securities — 466,219 — 466,219 Prepaids and other current assets: Foreign exchange derivative assets — 12,478 — 12,478 Other assets, noncurrent: Corporate debt securities — — 11,490 11,490 Total assets at fair value $ 443,948 $ 3,648,532 $ 11,490 $ 4,103,970 Liabilities Accrued expenses and other current liabilities: Foreign exchange derivative liabilities $ — $ 32,250 $ — $ 32,250 Derivative warrant liability (Note 6) — — 985,181 985,181 Total liabilities at fair value $ — $ 32,250 $ 985,181 $ 1,017,431 As of March 31, 2021 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 340,919 $ — $ — $ 340,919 Certificates of deposit 18,267 — — 18,267 U.S. government debt securities — 429,228 — 429,228 Commercial paper — 128,657 — 128,657 Corporate debt securities — 80,002 — 80,002 359,186 637,887 — 997,073 Marketable securities: Certificates of deposit 261,728 — — 261,728 U.S. government and government agency debt securities — 714,226 — 714,226 Commercial paper — 658,586 — 658,586 Corporate debt securities — 416,794 — 416,794 Mortgage-backed and asset-backed securities — 35,332 — 35,332 261,728 1,824,938 — 2,086,666 Funds receivable and amounts held on behalf of customers: U.S. government and government agency debt securities — 466,290 — 466,290 Prepaids and other current assets: Foreign exchange derivative assets — 25,340 — 25,340 Other assets, noncurrent: Corporate debt securities — — 11,477 11,477 Total assets at fair value $ 620,914 $ 2,954,455 $ 11,477 $ 3,586,846 Liabilities Accrued expenses and other current liabilities: Foreign exchange derivative liabilities $ — $ 5,257 $ — $ 5,257 Total liabilities at fair value $ — $ 5,257 $ — $ 5,257 |
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): December 31, 2020 March 31, 2021 Derivative Other Derivative Other Balance, beginning of period $ — $ 13,029 $ 985,181 $ 11,490 Additions 116,641 — — — Settlements — — — — Reclassifications to equity — — (1,277,168) — Total realized and unrealized gains (losses): Included in earnings 868,540 — 291,987 — Included in other comprehensive loss — (1,539) — (13) Balance, end of period $ 985,181 $ 11,490 $ — $ 11,477 Changes in unrealized gains or losses included in earnings related to investments held at the reporting date $ — $ — $ — $ — Changes in unrealized gains or losses included in other comprehensive income related to investments held at the reporting date $ — $ (1,539) $ — $ (13) |
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): December 31, 2020 March 31, 2021 Derivative Other Derivative Other Balance, beginning of period $ — $ 13,029 $ 985,181 $ 11,490 Additions 116,641 — — — Settlements — — — — Reclassifications to equity — — (1,277,168) — Total realized and unrealized gains (losses): Included in earnings 868,540 — 291,987 — Included in other comprehensive loss — (1,539) — (13) Balance, end of period $ 985,181 $ 11,490 $ — $ 11,477 Changes in unrealized gains or losses included in earnings related to investments held at the reporting date $ — $ — $ — $ — Changes in unrealized gains or losses included in other comprehensive income related to investments held at the reporting date $ — $ (1,539) $ — $ (13) |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2020 (fair value amounts in thousands): Fair Value Valuation Technique Unobservable Inputs Value Liability Derivative warrant liability $ 985,181 Black-Scholes option pricing model Stock volatility 44.4 % Risk-free rate 0.9 % Expected term 9.3 years |
Payables and Accruals (Tables)
Payables and Accruals (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities And Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): As of December 31, March 31, Indirect tax reserves $ 188,309 $ 184,101 Indirect taxes payable 153,255 326,995 Travel credit liability 209,739 160,871 Compensation and related benefits 380,164 302,369 Derivative warrant liability (Note 6) 985,181 — Foreign exchange derivative liabilities 32,250 5,257 Current portion of long-term debt and accrued interest expense 26,755 — Contingent consideration liability 23,096 31,085 Sales and marketing 25,437 23,493 Income and other tax liabilities 12,002 8,577 Other 377,883 397,809 Total accrued expenses and other current liabilities $ 2,414,071 $ 1,440,557 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes the Company’s outstanding debt (in thousands): As of Effective Interest Rate As of Effective Interest Rate Convertible senior notes $ — — $ 2,000,000 0.2 % First lien loan due April 2025 995,000 9.5 % — — Second lien loan due July 2025 1,000,000 15.1 % — — Total debt 1,995,000 2,000,000 Less: Unamortized debt discount and debt issuance costs (169,438) (20,602) Less: Current portion of long-term debt (10,000) — Total long-term debt, net of current portion $ 1,815,562 $ 1,979,398 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
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 March 31, 2020 2021 Expected dividend yield — — Volatility 39.1% - 42.6% 44.9% Expected term (years) 5.1 - 8.0 8.0 Risk-free interest rate 0.7% - 1.5% 1.5% |
Share-based Payment Arrangement, Option, Activity | A summary of option and 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- Balances as of December 31, 2020 86,420 41,421 $ 12.48 47,754 $ 40.01 Granted (7,005) 680 194.39 6,325 188.79 Shares withheld for taxes 76 — — — — Exercised/Vested — (5,289) 9.04 (3,647) 48.85 Canceled 1,087 (94) 50.32 (992) 53.90 Balances as of March 31, 2021 80,578 36,718 16.25 49,440 58.11 Number of Weighted- Weighted- Aggregate Options outstanding as of March 31, 2021 36,718 16.25 3.91 6,331,030 Options exercisable as of March 31, 2021 31,916 9.23 3.11 5,703,179 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | A summary of option and 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- Balances as of December 31, 2020 86,420 41,421 $ 12.48 47,754 $ 40.01 Granted (7,005) 680 194.39 6,325 188.79 Shares withheld for taxes 76 — — — — Exercised/Vested — (5,289) 9.04 (3,647) 48.85 Canceled 1,087 (94) 50.32 (992) 53.90 Balances as of March 31, 2021 80,578 36,718 16.25 49,440 58.11 Number of Weighted- Weighted- Aggregate Options outstanding as of March 31, 2021 36,718 16.25 3.91 6,331,030 Options exercisable as of March 31, 2021 31,916 9.23 3.11 5,703,179 The following table summarizes the activity related to the Company’s restricted common stock (in thousands, except for per share amounts): Number of Weighted-Average Unvested restricted common stock as of December 31, 2020 718 $ 62.32 Issued — — Vested (21) 62.14 Unvested restricted common stock as of March 31, 2021 697 62.33 |
Summary of Stock-based Compensation Expense | The following table summarizes total stock-based compensation expense (in thousands): Three Months Ended March 31, 2020 2021 Operations and support $ 949 $ 11,412 Product development 22,436 143,715 Sales and marketing 6,048 25,901 General and administrative 12,193 48,457 Restructuring charges — (11) Stock-based compensation expense $ 41,626 $ 229,474 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 loss per share attributable to common stockholders for the periods indicated (in thousands, except per share amounts): Three Months Ended March 31, 2020 2021 Net loss attributable to Class A and Class B common stockholders $ (340,605) $ (1,172,211) Weighted-average shares in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 262,509 600,960 Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (1.30) $ (1.95) |
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): As of March 31, March 31, 2026 Notes — 11,086 Warrants — 7,935 Escrow shares 643 431 Stock options 46,699 36,718 Restricted stock awards 346 192 Restricted stock units 7,440 49,440 Employee stock purchase plan — 559 Redeemable convertible preferred stock 240,911 — Total 296,039 106,361 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenue from external customers by geographic areas | 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 March 31, 2020 2021 United States $ 370,681 $ 510,786 International (1) 471,149 376,150 Total revenue $ 841,830 $ 886,936 (1) No individual international country represented 10% or more of the Company’s total revenue for three months ended March 31, 2020 and 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions | Dec. 14, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) |
Subsidiary, Sale of Stock [Line Items] | |||
Number of operating segments | segment | 1 | ||
Number of reportable segments | segment | 1 | ||
Minimum number of days for stay to be considered long-term (in days) | 28 days | ||
Cancellation advance notice (in days) | 30 days | ||
Revenue from Contract with Customer | |||
Subsidiary, Sale of Stock [Line Items] | |||
Amounts refunded to customers | $ 25.9 | $ 173.1 | |
Operations And Support | |||
Subsidiary, Sale of Stock [Line Items] | |||
Amounts refunded to customers | 14.8 | 29.6 | |
Sales and Marketing Expense | |||
Subsidiary, Sale of Stock [Line Items] | |||
Amounts refunded to customers | $ 9.8 | $ 28.1 | |
IPO | Common class A | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares issued in IPO (in shares) | shares | 50 | ||
Price per share issued in IPO (in USD per share) | $ / shares | $ 68 | ||
Aggregate net proceeds in IPO | $ 3,700 | ||
IPO | Discounts and comissions | Common class A | |||
Subsidiary, Sale of Stock [Line Items] | |||
Payments of IPO issuance costs | 79.3 | ||
IPO | Initial Public Offering Expense | Common class A | |||
Subsidiary, Sale of Stock [Line Items] | |||
Payments of IPO issuance costs | $ 9.8 | ||
Over-allotment option | Common class A | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares issued in IPO (in shares) | shares | 5 | ||
Price per share issued in IPO (in USD per share) | $ / shares | $ 68 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 4,482,641 | $ 5,480,557 | ||
Cash and cash equivalents included in funds receivable and amounts held on behalf of customers | 3,983,026 | 2,153,849 | ||
Restricted cash | 19,914 | 33,846 | ||
Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows | $ 8,485,581 | $ 7,668,252 | $ 4,139,553 | $ 5,143,443 |
Investments - Schedule of Debt
Investments - Schedule of Debt Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Certificates of deposit, Cost or Amortized Cost | $ 4,482,641 | $ 5,480,557 |
Total, Cost or Amortized Cost | 3,220,831 | 3,912,864 |
Gross Unrealized Gains | 1,747 | 2,453 |
Gross Unrealized Losses | (1,991) | (1,749) |
Total, Estimated Fair Value | 3,220,587 | 3,913,568 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Estimated Fair Value | 656,154 | 2,680,407 |
Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Estimated Fair Value | 2,086,666 | 755,452 |
Other Assets, Noncurrent | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Estimated Fair Value | 11,477 | 11,490 |
Funds Receivable | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total, Estimated Fair Value | 466,290 | 466,219 |
Government bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Cost or Amortized Cost | 1,260,448 | 1,924,988 |
Gross Unrealized Gains | 70 | 65 |
Gross Unrealized Losses | 0 | (1) |
Available-for-sale debt securities, Total Estimated Fair Value | 1,260,518 | 1,925,052 |
Government bonds | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 80,002 | 1,392,966 |
Government bonds | Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 714,226 | 65,867 |
Government bonds | Other Assets, Noncurrent | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 0 | 0 |
Government bonds | Funds Receivable | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 466,290 | 466,219 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Cost or Amortized Cost | 1,087,814 | 1,021,150 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Available-for-sale debt securities, Total Estimated Fair Value | 1,087,814 | 1,021,150 |
Commercial paper | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 429,228 | 779,527 |
Commercial paper | Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 658,586 | 241,623 |
Commercial paper | Other Assets, Noncurrent | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 0 | 0 |
Commercial paper | Funds Receivable | ||
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 | 557,468 | 508,901 |
Gross Unrealized Gains | 1,150 | 1,475 |
Gross Unrealized Losses | (1,690) | (1,635) |
Available-for-sale debt securities, Total Estimated Fair Value | 556,928 | 508,741 |
Corporate debt securities | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 128,657 | 229,633 |
Corporate debt securities | Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 416,794 | 267,618 |
Corporate debt securities | Other Assets, Noncurrent | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 11,477 | 11,490 |
Corporate debt securities | Funds Receivable | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Total Estimated Fair Value | 0 | 0 |
Mortgage-backed and asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Cost or Amortized Cost | 35,106 | 36,553 |
Gross Unrealized Gains | 527 | 913 |
Gross Unrealized Losses | (301) | (113) |
Available-for-sale debt securities, Total Estimated Fair Value | 35,332 | 37,353 |
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 | 35,332 | 37,353 |
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 |
Mortgage-backed and asset-backed securities | Funds Receivable | ||
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 | 279,995 | 421,272 |
Certificate of deposit, Total Estimated Fair Value | 279,995 | 421,272 |
Certificates of deposit | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Certificate of deposit, Total Estimated Fair Value | 18,267 | 278,281 |
Certificates of deposit | Marketable Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Certificate of deposit, Total Estimated Fair Value | 261,728 | 142,991 |
Certificates of deposit | Other Assets, Noncurrent | ||
Debt Securities, Available-for-sale [Line Items] | ||
Certificate of deposit, Total Estimated Fair Value | 0 | 0 |
Certificates of deposit | Funds Receivable | ||
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 | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Allowance for credit loss, available-for-sale debt securities | $ 0 | |||
Debt securities in an unrealized loss position | 346,100,000 | $ 229,700,000 | ||
Debt securities, unrealized loss | 2,000,000 | 1,700,000 | ||
Equity securities with readily determinable fair value | 0 | 155,200,000 | ||
Unrealized gain (loss) on marketable equity securities | 11,800,000 | $ (28,800,000) | ||
Realized gain (loss) on marketable equity securities | (14,300,000) | 0 | ||
Equity securities without readily determinable fair value, carrying value | 78,074,000 | 85,574,000 | $ 78,074,000 | $ 131,210,000 |
Impairment of investments | 0 | $ 45,636,000 | ||
Cumulative impairment of investments | $ 53,100,000 |
Investments - Schedule of Contr
Investments - Schedule of Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due within one year | $ 3,154,422 | $ 3,805,934 |
Due in one year to five years | 53,248 | 98,828 |
Due within five to ten years | 9,686 | 5,254 |
Due beyond ten years | 3,475 | 2,848 |
Total, Cost or Amortized Cost | 3,220,831 | 3,912,864 |
Estimated Fair Value | ||
Due within one year | 3,155,069 | 3,806,059 |
Due in one year to five years | 52,519 | 99,255 |
Due within five to ten years | 9,546 | 5,436 |
Due beyond ten years | 3,453 | 2,818 |
Total, Estimated Fair Value | $ 3,220,587 | $ 3,913,568 |
Investments - Schedule of Equit
Investments - Schedule of Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Carrying Value, Equity Securities Without Readily Determinable Fair Value, Calculation [Roll Forward] | ||
Carrying value, beginning of period | $ 78,074 | $ 131,210 |
Additions | 0 | 0 |
Sales | 0 | 0 |
Downward adjustments for observable price changes and impairments | 0 | (45,636) |
Upward adjustments for observable price changes | 0 | 0 |
Carrying value, end of period | $ 78,074 | $ 85,574 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | $ 556,928 | $ 508,741 |
Corporate debt securities | Other Assets, Noncurrent | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 11,477 | 11,490 |
Mortgage-backed and asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 35,332 | 37,353 |
Mortgage-backed and asset-backed securities | Other Assets, Noncurrent | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | 0 |
Fair value, recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 997,073 | 2,703,083 |
Marketable securities | 2,086,666 | 910,700 |
Total assets at fair value | 3,586,846 | 4,103,970 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total liabilities at fair value | 5,257 | 1,017,431 |
Fair value, recurring | Foreign exchange | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative warrant liability | 5,257 | 32,250 |
Fair value, recurring | Warrants | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative warrant liability | 985,181 | |
Fair value, recurring | Prepaids and other current assets | Foreign exchange | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate debt securities classified as noncurrent other assets | 25,340 | 12,478 |
Fair value, recurring | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 261,728 | 142,991 |
Fair value, recurring | U.S. government and government agency debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 714,226 | 65,867 |
Funds receivable and amounts held on behalf of customers | 466,290 | 466,219 |
Fair value, recurring | Commercial paper | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 658,586 | 241,623 |
Fair value, recurring | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 416,794 | 267,618 |
Fair value, recurring | Corporate debt securities | Other Assets, Noncurrent | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate debt securities classified as noncurrent other assets | 11,477 | 11,490 |
Fair value, recurring | Mortgage-backed and asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 35,332 | 37,353 |
Fair value, recurring | Mutual funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 155,248 | |
Fair value, recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 359,186 | 300,957 |
Marketable securities | 261,728 | 142,991 |
Total assets at fair value | 620,914 | 443,948 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total liabilities at fair value | 0 | 0 |
Fair value, recurring | Level 1 | Foreign exchange | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative warrant liability | 0 | 0 |
Fair value, recurring | Level 1 | Warrants | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative warrant liability | 0 | |
Fair value, recurring | Level 1 | Prepaids and other current assets | Foreign exchange | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate debt securities classified as noncurrent other assets | 0 | 0 |
Fair value, recurring | Level 1 | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 261,728 | 142,991 |
Fair value, recurring | Level 1 | U.S. government and government agency debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | 0 |
Funds receivable and amounts held on behalf of customers | 0 | 0 |
Fair value, recurring | Level 1 | Commercial paper | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 1 | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 1 | Corporate debt securities | Other Assets, Noncurrent | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate debt securities classified as noncurrent other assets | 0 | 0 |
Fair value, recurring | Level 1 | Mortgage-backed and asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 1 | Mutual funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | |
Fair value, recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 637,887 | 2,402,126 |
Marketable securities | 1,824,938 | 767,709 |
Total assets at fair value | 2,954,455 | 3,648,532 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total liabilities at fair value | 5,257 | 32,250 |
Fair value, recurring | Level 2 | Foreign exchange | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative warrant liability | 5,257 | 32,250 |
Fair value, recurring | Level 2 | Warrants | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative warrant liability | 0 | |
Fair value, recurring | Level 2 | Prepaids and other current assets | Foreign exchange | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate debt securities classified as noncurrent other assets | 25,340 | 12,478 |
Fair value, recurring | Level 2 | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 2 | U.S. government and government agency debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 714,226 | 65,867 |
Funds receivable and amounts held on behalf of customers | 466,290 | 466,219 |
Fair value, recurring | Level 2 | Commercial paper | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 658,586 | 241,623 |
Fair value, recurring | Level 2 | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 416,794 | 267,618 |
Fair value, recurring | Level 2 | Corporate debt securities | Other Assets, Noncurrent | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate debt securities classified as noncurrent other assets | 0 | 0 |
Fair value, recurring | Level 2 | Mortgage-backed and asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 35,332 | 37,353 |
Fair value, recurring | Level 2 | Mutual funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 155,248 | |
Fair value, recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Total assets at fair value | 11,477 | 11,490 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total liabilities at fair value | 0 | 985,181 |
Fair value, recurring | Level 3 | Foreign exchange | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative warrant liability | 0 | 0 |
Fair value, recurring | Level 3 | Warrants | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative warrant liability | 985,181 | |
Fair value, recurring | Level 3 | Prepaids and other current assets | Foreign exchange | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate debt securities classified as noncurrent other assets | 0 | 0 |
Fair value, recurring | Level 3 | Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 3 | U.S. government and government agency debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | 0 |
Funds receivable and amounts held on behalf of customers | 0 | 0 |
Fair value, recurring | Level 3 | Commercial paper | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 3 | Corporate debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 3 | Corporate debt securities | Other Assets, Noncurrent | ||
Assets, Fair Value Disclosure [Abstract] | ||
Corporate debt securities classified as noncurrent other assets | 11,477 | 11,490 |
Fair value, recurring | Level 3 | Mortgage-backed and asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | 0 |
Fair value, recurring | Level 3 | Mutual funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Marketable securities | 0 | |
Money market funds | Fair value, recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 340,919 | 22,676 |
Money market funds | Fair value, recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 340,919 | 22,676 |
Money market funds | Fair value, recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Money market funds | Fair value, recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Certificates of deposit | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 279,995 | 421,272 |
Certificates of deposit | Other Assets, Noncurrent | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Certificates of deposit | Fair value, recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 18,267 | 278,281 |
Certificates of deposit | Fair value, recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 18,267 | 278,281 |
Certificates of deposit | Fair value, recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Certificates of deposit | Fair value, recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
U.S. government debt securities | Fair value, recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 429,228 | 1,392,966 |
U.S. government debt securities | Fair value, recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
U.S. government debt securities | Fair value, recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 429,228 | 1,392,966 |
U.S. government debt securities | Fair value, recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Commercial paper | Fair value, recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 128,657 | 779,527 |
Commercial paper | Fair value, recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Commercial paper | Fair value, recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 128,657 | 779,527 |
Commercial paper | Fair value, recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Corporate debt securities | Fair value, recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 80,002 | 229,633 |
Corporate debt securities | Fair value, recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 0 | 0 |
Corporate debt securities | Fair value, recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 80,002 | 229,633 |
Corporate debt securities | Fair value, recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
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) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reclassifications to equity | $ (1,277,168) | |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | 11,490 | $ 13,029 |
Additions | 0 | 0 |
Settlements | 0 | 0 |
Included in earnings | 0 | 0 |
Included in other comprehensive loss | (13) | (1,539) |
Balance, end of period | 11,477 | 11,490 |
Changes in unrealized gains or losses included in earnings related to investments held at the reporting date | 0 | 0 |
Changes in unrealized gains or losses included in other comprehensive income related to investments held at the reporting date | (13) | (1,539) |
Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | 985,181 | 0 |
Additions | 0 | 116,641 |
Settlements | 0 | 0 |
Reclassifications to equity | (1,277,168) | 0 |
Included in earnings | 291,987 | 868,540 |
Included in other comprehensive loss | 0 | 0 |
Balance, end of period | 0 | 985,181 |
Changes in unrealized gains or losses included in earnings related to investments held at the reporting date | 0 | 0 |
Changes in unrealized gains or losses included in other comprehensive income related to investments held at the reporting date | $ 0 | $ 0 |
Fair Value Measurement and Fi_5
Fair Value Measurement and Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change in fair value of warrant liability | $ 291,987 | $ 0 | |
Reclassification of derivative warrant liability to equity | 1,277,168 | ||
Potential effects of rights of set-off associated with derivative asset contracts | 5,300 | $ 11,400 | |
Potential effects of rights of set-off associated with derivative liabilities contracts | 5,300 | 11,400 | |
Derivative asset, fair value after offset | 20,000 | 1,100 | |
Derivative liability, fair value after offset | 20,900 | ||
Foreign exchange | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net realized loss on foreign exchange derivative assets and liabilities | (15,400) | (7,800) | |
Net unrealized gain on foreign exchange derivative assets and liabilities | 39,900 | $ 10,200 | |
Foreign exchange | Not Designated as Hedging Instrument | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign exchange derivative assets | 25,300 | 12,500 | |
Derivative warrant liability | 5,300 | 32,300 | |
Aggregate notional amount of foreign exchange derivative assets and liabilities | 1,300,000 | $ 1,400,000 | |
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 |
Fair Value Measurement and Fi_6
Fair Value Measurement and Financial Instruments - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Warrants - Fair value, recurring $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative warrant liability | $ 985,181 |
Level 3 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative warrant liability | $ 985,181 |
Level 3 | Stock volatility | Black-Scholes option pricing model | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input | 0.444 |
Level 3 | Risk-free rate | Black-Scholes option pricing model | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input | 0.009 |
Level 3 | Expected term | Black-Scholes option pricing model | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected term | 9 years 3 months 18 days |
Payables and Accruals (Details)
Payables and Accruals (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Indirect tax reserves | $ 184,101 | $ 188,309 |
Indirect taxes payable | 326,995 | 153,255 |
Travel credit liability | 160,871 | 209,739 |
Compensation and related benefits | 302,369 | 380,164 |
Long-term Debt, Current Maturities | 0 | 26,755 |
Contingent Consideration, Liability, Current | 31,085 | 23,096 |
Sales and marketing | 23,493 | 25,437 |
Taxes Payable, Current | 8,577 | 12,002 |
Other | 397,809 | 377,883 |
Total accrued expenses and other current liabilities | 1,440,557 | 2,414,071 |
Warrants | ||
Derivative [Line Items] | ||
Derivative liability | 0 | 985,181 |
Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative liability | $ 5,257 | $ 32,250 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 2,000,000 | $ 1,995,000 |
Less: Unamortized debt discount and debt issuance costs | (20,602) | (169,438) |
Less: Current portion of long-term debt | 0 | (10,000) |
Total long-term debt, net of current portion | 1,979,398 | 1,815,562 |
Convertible senior notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Total debt | $ 2,000,000 | $ 0 |
Effective Interest Rate | 0.20% | 0.00% |
First lien loan due April 2025 | Secured Debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 995,000 |
Effective Interest Rate | 0.00% | 9.50% |
Second lien loan due July 2025 | Secured Debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 1,000,000 |
Effective Interest Rate | 0.00% | 15.10% |
Debt - Narrative (Details)
Debt - Narrative (Details) $ / shares in Units, $ in Thousands | Mar. 08, 2021USD ($)$ / shares | Mar. 03, 2021USD ($)$ / shares | Nov. 19, 2020USD ($) | Mar. 31, 2021USD ($) | Apr. 30, 2020USD ($)$ / sharesshares | Apr. 30, 2016USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||||||||
Capped calls, transaction costs | $ 100,200 | ||||||||
Principal repayment of long-term debt | $ 1,995,000 | $ 0 | |||||||
Loss from extinguishment of debt | 377,248 | 0 | |||||||
Early redemption premiums | 212,883 | 0 | |||||||
Change in fair value of warrant liability | 291,987 | $ 0 | |||||||
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 | 100.00% | ||||||||
Share price | $ / 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 | ||||||||
2016 Credit Facility | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Collateral amount | $ 19,900 | 19,900 | $ 33,800 | ||||||
Borrowings outstanding | 19,300 | 19,300 | 32,900 | ||||||
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 | 1.00% | ||||||||
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 | 0.00% | ||||||||
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 | 1.00% | ||||||||
Convertible Debt | Senior Notes Due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principle amount | $ 2,000,000 | ||||||||
Interest rate | 0.00% | ||||||||
Proceeds from debt issuance, net | $ 1,979,000 | ||||||||
Redemption price (percent) | 100.00% | ||||||||
Debt issuance costs | $ 20,800 | ||||||||
Debt, fair value | 2,100,000 | 2,100,000 | |||||||
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 | ||||||||
Debt, fair value | 1,100,000 | ||||||||
Periodic payment, percentage of principal amount | 0.25% | ||||||||
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 | First lien loan due April 2025 | Redemption Premiums | |||||||||
Debt Instrument [Line Items] | |||||||||
Early redemption premiums | 212,900 | ||||||||
Secured Debt | First lien loan due April 2025 | Third Party Costs | |||||||||
Debt Instrument [Line Items] | |||||||||
Early redemption premiums | 100 | ||||||||
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 | ||||||||
Debt, fair value | 1,200,000 | ||||||||
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 | ||||||||
Unsecured Debt | 2016 Credit Facility | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, term | 5 years | ||||||||
Initial borrowing capacity | $ 1,000,000 | ||||||||
Line of Credit Facility, Increase In Maximum Borrowing Capacity | $ 250,000 | ||||||||
Commitment fee percentage | 0.125% | ||||||||
Line of Credit | 2016 Credit Facility | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 100,000 | ||||||||
Line of Credit | 2020 Credit Facility | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 200,000 | ||||||||
Borrowings outstanding | $ 18,400 | $ 18,400 | $ 21,400 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) - Schedule of Valuation Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Volatility | 44.90% | |
Expected term (years) | 8 years | |
Risk-free interest rate | 1.50% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 39.10% | |
Expected term (years) | 5 years 1 month 6 days | |
Risk-free interest rate | 0.70% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 42.60% | |
Expected term (years) | 8 years | |
Risk-free interest rate | 1.50% |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) - Summary of Option and RSU Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2021 | |
Shares Available for Grant | ||
Balances at beginning of period (in shares) | 86,420,000 | |
Granted (in shares) | (7,005,000) | |
Shares withheld for taxes (in shares) | 76,000 | |
Exercised/Vested (in shares) | 0 | |
Canceled (in shares) | 1,087,000 | |
Balances at end of period (in shares) | 80,578,000 | |
Number of Shares | ||
Balances at beginning of period (in shares) | 41,421,000 | |
Granted (in shares) | 680,000 | |
Shares withheld for taxes (shares) | 0 | |
Exercised/Vested (in shares) | (5,289,000) | |
Canceled (in shares) | (94,000) | |
Balances at end of period (in shares) | 36,718,000 | |
Weighted- Average Exercise Price | ||
Balances at beginning of period (in USD per share) | $ 12.48 | |
Granted (in USD per share) | 194.39 | |
Shares withheld for taxes (in USD per share) | 0 | |
Exercised/Vested (in USD per share) | 9.04 | |
Canceled (in USD per share) | 50.32 | |
Balances at end of period (in USD per share) | $ 16.25 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options outstanding (in shares) | 36,718,000 | 36,718,000 |
Options exercisable (in shares) | 31,916,000 | |
Options outstanding (in USD per share) | $ 16.25 | $ 16.25 |
Options excisable (in USD per share) | $ 9.23 | |
Options outstanding, weighted-average remaining contractual life (in years) | 3 years 10 months 28 days | |
Options exercisable, weighted-average remaining contractual life (in years) | 3 years 1 month 9 days | |
Options outstanding, aggregate intrinsic value | $ 6,331,030 | |
Options exercisable, aggregate intrinsic value | $ 5,703,179 | |
Restricted stock units | ||
Number of Shares | ||
Balances at beginning of period (in shares) | 47,754,000 | |
Granted (in shares) | 6,325,000 | |
Shares withheld for taxes (in shares) | 0 | |
Vested (in shares) | (3,647,000) | |
Canceled (in shares) | (992,000) | |
Balances at end of period (in shares) | 49,440,000 | |
Weighted- Average Grant Date Fair Value | ||
Balances at beginning of period (in USD per share) | $ 40.01 | |
Granted (in USD per share) | 188.79 | |
Shares withheld for taxes (in USD per share) | 0 | |
Vested (in USD per share) | 48.85 | |
Canceled (in USD per share) | 53.90 | |
Balances at end of period (in USD per share) | $ 58.11 |
Stockholders' Equity (Deficit_4
Stockholders' Equity (Deficit) - Narrative (Details) - USD ($) | Dec. 14, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Class of Stock [Line Items] | ||||
Stock-based compensation expense | $ 229,474,000 | $ 41,626,000 | ||
Stock options | ||||
Class of Stock [Line Items] | ||||
Unrecognized compensation cost | $ 90,000,000 | |||
Share-based payment arrangement, period for recognition of expenses | 3 years 5 months 26 days | |||
Restricted stock awards | ||||
Class of Stock [Line Items] | ||||
Contractual term of the RSUs | 4 years | |||
Performance Shares | ||||
Class of Stock [Line Items] | ||||
Stock-based compensation expense | $ 2,800,000,000 | |||
Employee Stock Purchase Plan | 2020 Employee Stock Purchase Plan | ||||
Class of Stock [Line Items] | ||||
Stock-based compensation expense | $ 32,300,000 | |||
Maximum shares issuable (in shares) | 89,785,394,000 | |||
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 | 1.00% |
Stockholders' Equity (Deficit_5
Stockholders' Equity (Deficit) - Summary of Restricted Stock Activity (Details) - Restricted stock awards shares in Thousands | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares | |
Balances at beginning of period (in shares) | shares | 718 |
Issued (in shares) | shares | 0 |
Vested (in shares) | shares | (21) |
Balances at end of period (in shares) | shares | 697 |
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 |
Vested (in USD per share) | $ / shares | 62.14 |
Balances at end of period (in USD per share) | $ / shares | $ 62.33 |
Stockholders' Equity (Deficit_6
Stockholders' Equity (Deficit) - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 229,474 | $ 41,626 |
Operations and support | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 11,412 | 949 |
Product development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 143,715 | 22,436 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 25,901 | 6,048 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 48,457 | 12,193 |
Restructuring charges | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ (11) | $ 0 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)jurisdiction | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Other Commitments [Line Items] | |||
Commitments, extenuating circumstances policy | $ 250 | ||
Amount receivable, eligible hosts, extenuating circumstances policy (in percentage) | 0.25 | ||
Extenuating circumstances policy, consideration paid to customers | $ 0.2 | $ 106.5 | |
Amount of jurisdictions where Company has lodging tax obligations | jurisdiction | 29,800 | ||
Obligation to remit lodging taxes | $ 221.9 | $ 84 | |
Accrued obligations on lodging taxes | 53.7 | 52.9 | |
Liabilities accrued reduction on lodging taxes in Florida and County | $ 87 | ||
Loss contingency, estimate of possible loss | 50 | 40 | |
Hosts' withholding tax obligations | |||
Other Commitments [Line Items] | |||
Tax liabilities | 129.5 | 134.4 | |
Employee benefits and employment taxes | |||
Other Commitments [Line Items] | |||
Tax liabilities | $ 52.1 | $ 65.9 | |
Minimum | |||
Other Commitments [Line Items] | |||
Remitting period for lodging taxes | 30 days | ||
Maximum | |||
Other Commitments [Line Items] | |||
Remitting period for lodging taxes | 90 days |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Provision for (benefit from) income taxes | $ 6,309 | $ (16,485) |
Net Loss per Share - Computatio
Net 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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net loss attributable to Class A and Class B common stockholders | $ (1,172,211) | $ (340,605) |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) | 600,960 | 262,509 |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares) | 600,960 | 262,509 |
Net loss per share attributable Class A and Class B common stockholders, basic (in USD per share) | $ (1.95) | $ (1.30) |
Net loss per share attributable Class A and Class B common stockholders, diluted (in USD per share) | $ (1.95) | $ (1.30) |
Net Loss per Share - Narrative
Net Loss per Share - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)vote | Mar. 31, 2020USD ($)shares | Dec. 14, 2020vote | |
Class of Stock [Line Items] | |||
Preferred stock dividends declared | $ 0 | $ 0 | |
Preferred stock dividends accumulated | 0 | $ 0 | |
Restricted stock awards | |||
Class of Stock [Line Items] | |||
Shares subject to performance conditions (in shares) | shares | 300,000 | ||
Shares subject to performance conditions (in dollars) | $ 500,000 | ||
Common class A | |||
Class of Stock [Line Items] | |||
Votes per common share | vote | 1 | ||
Common class A | Restricted stock units | |||
Class of Stock [Line Items] | |||
Shares subject to performance conditions (in shares) | shares | 43,200,000 | ||
Shares subject to performance conditions (in dollars) | $ 12,000,000 | ||
Common class B | |||
Class of Stock [Line Items] | |||
Votes per common share | vote | 20 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of securities with antidilutive effect (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 106,361 | 296,039 |
2026 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 11,086 | 0 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 7,935 | 0 |
Escrow shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 431 | 643 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 36,718 | 46,699 |
Restricted stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 192 | 346 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 49,440 | 7,440 |
Employee stock purchase plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 559 | 0 |
Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 0 | 240,911 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Executive Officer | Payment processing fees | |
Related Party Transaction [Line Items] | |
Expense transactions with related party | $ 52 |
Geographic Information - Schedu
Geographic Information - Schedule of revenue by geography (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 886,936 | $ 841,830 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 510,786 | 370,681 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 376,150 | $ 471,149 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | |
May 31, 2020employee | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, reduction in full-time employees (in number of employees) | employee | 1,800 | |||
Restructuring charges | $ 111,982 | $ 0 | $ 263,300 | |
Impairment of long-lived assets | 75,300 | |||
Impairment of Leasehold | $ 37,200 | |||
Contract termination | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reduction in full-time employees (in percentage) | 25.00% |