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short-term rental and home sharing business, we are subject to a wide
variety of laws, regulations and rules governing our business practices,
the Internet, e-commerce, and electronic devices, including those
relating to taxation, privacy, data privacy, data security, pricing,
content, advertising, discrimination, consumer protection, protection of
minors, copyrights, distribution, messaging, mobile communications,
electronic device certification, electronic waste, electronic contracts,
communications, Internet access, competition, and unfair commercial
practices. We are also subject to laws, regulations, and rules governing
the provision of online payment services, the design and operation of
our platform, and the operations, characteristics, and quality of our
platform and services. Additionally, we are subject to a variety of
taxes and tax collection obligations in the United States (federal,
state, and local) and numerous foreign jurisdictions.
Our payments platform is subject to various laws, rules, regulations,
policies, legal interpretations, and regulatory guidance, including
those governing: cross-border and domestic money transmission and funds
transfers; stored value and prepaid access; foreign exchange; data
privacy, data security, and cybersecurity; banking secrecy; payment
services (including payment processing and settlement services);
consumer protection; economic and trade sanctions; anti-corruption and
anti-bribery; and anti-money laundering and counter-terrorist financing.
Our business collects, processes and uses the personal data of
individuals across the globe. As a result, compliance with laws on data
privacy and data security regulating the storage, sharing, use,
processing, transfer, disclosure, and protection of personal data is
core to our strategy and integral to the creation of trust in our
platform. We take a variety of technical and organizational security
measures and other procedures and protocols to protect data, including
data pertaining to Hosts, guests, employees, and others. Despite
measures we put in place, we may be unable to anticipate or prevent
unauthorized access to such data.
Legal requirements relating to the collection, storage, handling, use,
disclosure, transfer, and security of personal data continue to evolve,
and regulatory scrutiny in this area is increasing around the world.
This increases the complexity of compliance requirements, may limit
offerings, and result in additional expenses while also diverting
attention and resources from other projects. Regulators around the world
continue to propose more stringent data privacy and data security laws,
and these laws are rapidly increasing in number, complexity,
enforcement, fines, and penalties. Data privacy and data security laws
and their interpretations continue to develop and may be inconsistent
from jurisdiction to jurisdiction.
5
As we continue to expand the reach of our brand into additional markets,
we will be increasingly subject to additional laws, regulations, and
rules.
For additional information regarding these and other laws, regulations,
and rules that affect us and our business, see Note 12, *Commitments and
Contingencies --Legal and Regulatory Matters --Regulatory Matters* to
our consolidated financial statements included elsewhere in this Annual
Report on Form 10-K and Part I, Item 1A. Risk Factors of this Annual
Report on Form 10-K.
Seasonality
Our business is seasonal, reflecting typical travel behavior patterns
over the course of the calendar year. In a typical year, the first,
second, and third quarters have higher Nights and Experiences Booked
than the fourth quarter, as guests plan for travel during the peak
travel season, which is in the third quarter for North America and
Europe, the Middle East, and Africa ("MEA". Our key business metrics,
including Gross Booking Value ("BV" and Adjusted EBITDA, can also be
impacted by the timing of holidays and other events. We experience
seasonality in our GBV that is generally consistent with the seasonality
of Nights and Experiences Booked. Revenue and Adjusted EBITDA have
historically been, and are expected to continue to be, highest in the
third quarter when we have the most check-ins, which is the point at
which we recognize revenue. Seasonal trends in our GBV impact Free Cash
Flow for any given quarter. Our costs are relatively fixed across
quarters or vary in line with the volume of transactions, and we
historically achieve our highest GBV in the first and second quarters of
the year with comparatively lower check-ins. As a result, increases in
unearned fees generally make our Free Cash Flow and Free Cash Flow as a
percentage of revenue the highest in the first two quarters of the year.
We typically see a slight decline in GBV and a peak in check-ins in the
third quarter, which results in a decrease in unearned fees and lower
sequential level of Free Cash Flow, and a greater decline in GBV in the
fourth quarter, where Free Cash Flow is typically lower. As our business
matures, other seasonal trends may develop, or these existing seasonal
trends may become more extreme. See the section titled "anagement'
Discussion and Analysis of Financial Condition and Results of Operations
---Key Business Metrics and Non-GAAP Financial Measures"included in Item
7 of Part 2 of this Annual Report on Form 10-K for definitions of our
key business metrics.
While we saw COVID-19 distort the historical patterns of seasonality for
our GBV, revenue, Adjusted EBITDA, and Free Cash Flow in 2020 and 2021
as a result of travel restrictions and changing travel preferences
relating to the COVID-19 pandemic, we saw pre-pandemic patterns of
seasonality return in 2022.
Competition