MemGPT/example-sec-filings · Datasets at Hugging Face

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our ability to compete effectively, and could materially adversely
affect our business, results of operations, and financial condition.

•If we are unable to manage the risks presented by our business model
internationally, our business, results of operations, and financial
condition would be materially adversely affected.

•The multi-series structure of our common stock has the effect of
concentrating voting control with certain holders of our common stock,
including our directors, executive officers, and 5% stockholders and
their respective affiliates, who held in the aggregate 92.1% of the
voting power of our capital stock as of December 31, 2022.

•We may have exposure to greater than anticipated income tax
liabilities. In December 2020, we received a Notice of Proposed
Adjustment ("OPA" from the IRS for the 2013 tax year proposing an
increase to our U.S. taxable income that could result in additional
income tax expense and cash tax liability of \$1.3 billion, plus
penalties and interest, which exceeds our current reserve recorded in
our consolidated financial statements by more than \$1.0 billion.

2

PART I

Item 1. Business

Overview

We are a community based on connection and belonging--- community that
was born in 2007 when two Hosts welcomed three guests to their San
Francisco home, and has since grown to over 4 million Hosts who have
welcomed over 1.4 billion guest arrivals to over 100,000 cities and
towns in almost every country and region across the globe. Hosts on
Airbnb are everyday people who share their worlds to provide guests with
the feeling of connection and being at home. We strive to connect people
and places.

Airbnb has five stakeholders and is designed with all of them in mind.
Along with employees and shareholders, we serve Hosts, guests, and the
communities in which they live. We intend to make long-term decisions
considering all of our stakeholders because their collective success is
key for our business to thrive.

A Resilient Model

As we look forward, we recognize the potential impact of the challenging
macroeconomic conditions, including inflation and rising interest rates,
potential decreased consumer spending, and the continued disruption of
the COVID-19 pandemic on travel across the world.

We believe we are well positioned for the road ahead due to our
adaptability and relentless innovation. First, our business model is
adaptable. We have nearly every type of space in nearly every location,
so however travel changes, we are able to adapt. Regardless of the
economic environment, our guests come to Airbnb because they can find
great value, and our Hosts can earn extra income. Second, we'e
relentlessly innovated while also staying focused and disciplined.
During the height of the pandemic, we made many difficult choices to
reduce our spending, making us a leaner and more focused company, and we
have kept this discipline ever since.

Our Long-Term Growth Strategy

Our strategy is to continue to invest in our key strengths:

•Unlock more hosting. We will continue to invest in growing the size
and quality of our Host community. We plan to attract more Hosts
globally by expanding use cases and supporting all different types of
Hosts, including those who host occasionally. We will also continue to
increase the support that we provide to our Hosts to deliver
high-quality stays and experiences for guests.

•Grow and engage our guest community. We intend to continue to attract
new guests to Airbnb and will continue to focus on engaging our existing
guests to return to book and to use Airbnb with more frequency. With new
behaviors developed during the COVID-19 pandemic, we believe the ways
that people approach work, living, and travel have fundamentally
changed. We believe there will be further opportunities to enhance our
offerings based on these new behaviors and attract more guests to our
platform.

•Invest in our brand. We intend to continue to invest in our brand to
educate new Hosts and guests on the benefits of Airbnb and the
uniqueness of our offerings. We will continue to leverage our brand
through a cohesive and integrated marketing strategy punctuated by our
two product launches per year.

•Expand our global network. We plan to expand our global network and
continue to partner with communities to update laws and regulations for
short-term rentals to allow more Hosts to join our platform.

•Design new products and offerings. Our innovations are focused on
improving our Host and guest experiences, making Airbnb more accessible
and appealing for new Hosts and guests and driving increased engagement
and loyalty with our existing community. We have made over 340 upgrades
to our platform over the past two years, making it even easier to host
and guests to book on Airbnb.

Our Platform

our ability to compete effectively, and could materially adversely

affect our business, results of operations, and financial condition.

•If we are unable to manage the risks presented by our business model

internationally, our business, results of operations, and financial

condition would be materially adversely affected.

•The multi-series structure of our common stock has the effect of

concentrating voting control with certain holders of our common stock,

including our directors, executive officers, and 5% stockholders and

their respective affiliates, who held in the aggregate 92.1% of the

voting power of our capital stock as of December 31, 2022.

•We may have exposure to greater than anticipated income tax

liabilities. In December 2020, we received a Notice of Proposed

Adjustment ("OPA" from the IRS for the 2013 tax year proposing an

increase to our U.S. taxable income that could result in additional

income tax expense and cash tax liability of \$1.3 billion, plus

penalties and interest, which exceeds our current reserve recorded in

our consolidated financial statements by more than \$1.0 billion.

2

PART I

Item 1. Business

Overview

We are a community based on connection and belonging--- community that

was born in 2007 when two Hosts welcomed three guests to their San

Francisco home, and has since grown to over 4 million Hosts who have

welcomed over 1.4 billion guest arrivals to over 100,000 cities and

towns in almost every country and region across the globe. Hosts on

Airbnb are everyday people who share their worlds to provide guests with

the feeling of connection and being at home. We strive to connect people

and places.

Airbnb has five stakeholders and is designed with all of them in mind.

Along with employees and shareholders, we serve Hosts, guests, and the

communities in which they live. We intend to make long-term decisions

considering all of our stakeholders because their collective success is

key for our business to thrive.

A Resilient Model

As we look forward, we recognize the potential impact of the challenging

macroeconomic conditions, including inflation and rising interest rates,

potential decreased consumer spending, and the continued disruption of

the COVID-19 pandemic on travel across the world.

We believe we are well positioned for the road ahead due to our

adaptability and relentless innovation. First, our business model is

adaptable. We have nearly every type of space in nearly every location,

so however travel changes, we are able to adapt. Regardless of the

economic environment, our guests come to Airbnb because they can find

great value, and our Hosts can earn extra income. Second, we'e

relentlessly innovated while also staying focused and disciplined.

During the height of the pandemic, we made many difficult choices to

reduce our spending, making us a leaner and more focused company, and we

have kept this discipline ever since.

Our Long-Term Growth Strategy

Our strategy is to continue to invest in our key strengths:

•*Unlock more hosting.* We will continue to invest in growing the size

and quality of our Host community. We plan to attract more Hosts

globally by expanding use cases and supporting all different types of

Hosts, including those who host occasionally. We will also continue to

increase the support that we provide to our Hosts to deliver

high-quality stays and experiences for guests.

•*Grow and engage our guest community.* We intend to continue to attract

new guests to Airbnb and will continue to focus on engaging our existing

guests to return to book and to use Airbnb with more frequency. With new

behaviors developed during the COVID-19 pandemic, we believe the ways

that people approach work, living, and travel have fundamentally

changed. We believe there will be further opportunities to enhance our

offerings based on these new behaviors and attract more guests to our

platform.

•*Invest in our brand.* We intend to continue to invest in our brand to

educate new Hosts and guests on the benefits of Airbnb and the

uniqueness of our offerings. We will continue to leverage our brand

through a cohesive and integrated marketing strategy punctuated by our

two product launches per year.

•*Expand our global network.* We plan to expand our global network and

continue to partner with communities to update laws and regulations for

short-term rentals to allow more Hosts to join our platform.

•*Design new products and offerings.* Our innovations are focused on

improving our Host and guest experiences, making Airbnb more accessible

and appealing for new Hosts and guests and driving increased engagement

and loyalty with our existing community. We have made over 340 upgrades

to our platform over the past two years, making it even easier to host

and guests to book on Airbnb.

Our Platform