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Item 1A. Risk Factors
*Our business, operations, and financial results are subject to various
risks and uncertainties, including those described below, that could
materially adversely affect our business, results of operations,
financial condition, and the trading price of our Class A common stock.
The following material factors, among others, could cause our actual
results to differ materially from historical results and those expressed
in forward-looking statements made by us or on our behalf in filings
with the SEC, press releases, communications with investors, and oral
statements.*
*Risks Related to Our Business*
*Our revenue growth rate has slowed over time, and we expect it to
continue to slow in the future.*
We have experienced significant revenue growth in the past; however, our
revenue growth rate has slowed over time and there is no assurance that
historic growth rates will return. Our future revenue growth depends on
the growth of supply and demand for listings on our platform, and our
business is affected by general economic and business conditions
worldwide as well as trends in the global travel and hospitality
industries and the short and long-term accommodation regulatory
landscape. In addition, we believe that our revenue growth depends upon
a number of factors, including:
•global macroeconomic conditions, including inflation and rising
interest rates and recessionary concerns;
•our ability to retain and grow the number of guests and Nights and
Experiences Booked;
•our ability to retain and grow the number of Hosts and the number of
available listings on our platform;
•events beyond our control such as pandemics and other health concerns,
restrictions on travel and immigration, political, social or economic
instability, including international disputes, war, or terrorism, trade
disputes, economic downturns, and the impact of climate change on travel
including the availability of preferred destinations and the increase in
the frequency and severity of weather-related events, including fires,
floods, droughts, extreme temperatures and ambient temperature
increases, severe weather, and other natural disasters, and the impact
of other climate change on seasonal destinations;
•competition;
•the legal and regulatory landscape and changes in the application of
existing laws and regulations or adoption of new laws and regulations
that impact our business, Hosts, and/or guests, including changes in
short-term occupancy, tax laws, and real estate broker laws;
•the attractiveness of home sharing to prospective Hosts and guests;
•the level of consumer awareness and perception of our brand;
•our ability to build and strengthen trust and safety on our platform
and among members of our community;
•the level of spending on brand and performance marketing to attract
Hosts and guests to our platform;
•our ability to grow new offerings and tiers and to deepen our presence
in certain geographies;
•timing, effectiveness, and costs of expansion and upgrades to our
platform and infrastructure;
•the COVID-19 pandemic or any future pandemic or epidemic and its impact
on the travel and accommodations industries; and
•other risks described elsewhere in this Annual Report on Form 10-K.
A softening of demand, whether caused by events outside of our control,
such as the ongoing COVID-19 pandemic, challenging macroeconomic
conditions, changes in Host and guest preferences, any of the other
factors described above, or in this Annual Report on Form 10-K or
otherwise, may result in decreased revenue and our business, results of
operations, and financial condition would be materially adversely
affected.
*If we fail to retain existing Hosts or add new Hosts, or if Hosts fail
to provide high-quality stays and experiences, our business, results of
operations, and financial condition would be materially adversely
affected.*
Our business depends on Hosts maintaining their listings on our platform
and engaging in practices that encourage guests to book those listings,
including increasing the number of nights and experiences that are
available to book, providing timely responses to inquiries from guests,
offering a variety of desirable and differentiated listings at
competitive prices that meet the expectations of guests, and offering
exceptional hospitality, services, and experiences to guests. These
practices are outside of our direct control. If Hosts do not establish
or maintain a sufficient number of listings and availability for
listings, the number of Nights and Experiences Booked declines for a