에어비앤비 이익의 3분의 1은 호스팅이 아니라 금리 수익에서 나옵니다 📉

So interesting, nice catch

Wouldn’t UBER and DASH be closer comps based on this analysis? Also, Airbnb always gives me the option to be billed close to my arrival date when I book months in advance and I always take it, so there is probably more turnover than Paypal.

Any company that takes capital and pays capital does this. Banks are notorious for it which plays a large reason for why settlements are not immediate. Good note but I think this is a function of value maximizing rather than an investment thesis change.

They win either way because higher rates give them more interest income and lower rates raise the multiple paid for future earnings/growth stocks. As long as they keep growing.

That’s a good thought. I remember hearing the Starbucks is a Bank argument years ago, but looking now they have $429 in net interest expense last year. Interest income isn’t included in operating income. Operating income is Revenue - Cost of Revenue - Operating Expenses (Research and Development + Selling General and Administrative + Depreciation and Amortization). After you subtract Depreciation and Amortization you get EBIT (Earnings before interest and taxes) which is operating profit, subtract interest and taxes to get net profit. I haven’t looked at their 10k like you have, but looking at the income statement their flat operating income is due to gross profit increasing by $931M (10%), but their R&D increasing by $298M (14%), G&A increasing by $157M (13%), Sales and Marketing increasing by $440M (20%). Other operating expenses also increased by $45M (3%). I don’t think that just because both companies collect interest income makes ABNB PYPL, but it’s interesting that PayPal is in the banking business and ABNB makes more interest income in raw number form and relative to Revenue/Net Income. I don’t think interest income is material to ABNB’s business, even without it they have a 21% operating profit margin. Interest is a nice bonus that they are able to take advantage of by nature of their business. The amount they collect in interest income is essentially enough to offset their taxes allowing net income to be very similar to operating income. I don’t own ABNB but I don’t have an issue with the operating income not growing because it looks like it’s largely due to sales and advertising growth which is reflected in revenue growing and can be tuned down when the company chooses.

Interesting. I definitely feel the writing is on the wall in the Real Estate market right now, probably short-term rentals being the first source of pain as they're not necessarily an essential in a households budget. Good for them for solidly being able to pivot strategy, though. Probably not the worst time ever to be a bit cash-heavy because AI, the changing economy, and geopolitical instability not being great for travel...might be hard to determine where to deploy their accumulated earnings. I wonder what types of projects/research they're considering.

Very well written! So good that I dont even want to check the source. Now delete this wisdom please and let me gamble on their earnings in peace.

Don’t a lot of platforms do this? It’s partially why payments companies that work with enterprises have dedicated treasury teams that work with the enterprises… even companies like TikTok do this with their payments flows.

Hah! Good sleuthing my dude. Words and facts to back up the hesitancy I've always felt investing in ABNB. I do wonder about their services business. It's easy to envision them holding funds for months on bookings, but does their growing service business afford them the same, or do services tend to be booked more on-demand? Not that you know from digging into 10-k's, but all the same, a good question. Also, this feels similar to many BTC Treasury companies disguised as tech, e.g. Block.