Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Airbnb Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss)	2,648)	4,792)	1,893)	(352)	(4,585)
Depreciation and amortization	65)	44)	81)	138)	126)
Stock-based compensation expense	1,407)	1,120)	930)	899)	3,002)
Deferred income taxes	433)	(2,875)	(1)	11)	(20)
Loss on warrants, net	—)	—)	—)	292)	869)
Impairment of long-lived assets	—)	—)	91)	113)	36)
Loss from extinguishment of debt	—)	—)	—)	377)	—)
Other, net	32)	83)	117)	74)	227)
Prepaids and other assets	(163)	(102)	(185)	(29)	(49)
Accrued expenses and other liabilities	(104)	580)	224)	171)	32)
Unearned fees	200)	242)	280)	496)	(267)
Changes in operating assets and liabilities, net of acquisitions	(67)	720)	319)	638)	(285)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities	1,870)	(908)	1,537)	2,542)	3,955)
Net cash provided by (used in) operating activities	4,518)	3,884)	3,430)	2,190)	(630)
Purchases of property and equipment	(34)	(47)	(25)	(25)	(37)
Purchases of short-term investments	(3,146)	(3,308)	(4,072)	(4,938)	(3,033)
Sales and maturities of short-term investments	2,605)	2,380)	4,071)	3,611)	3,158)
Other investing activities, net	(41)	(67)	(2)	1)	(9)
Net cash (used in) provided by investing activities	(616)	(1,042)	(28)	(1,352)	80)
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and offering costs	—)	—)	—)	—)	3,651)
Taxes paid related to net share settlement of equity awards	(630)	(1,224)	(607)	(54)	(1,650)
Principal repayment of long-term debt	—)	—)	—)	(1,995)	(5)
Prepayment penalty on long-term debt	—)	—)	—)	(213)	—)
Proceeds from issuance of long-term debt and warrants, net of issuance costs	—)	—)	—)	—)	1,929)
Proceeds from issuance of convertible senior notes, net of issuance costs	—)	—)	—)	1,979)	—)
Purchases of capped calls related to convertible senior notes	—)	—)	—)	(100)	—)
Proceeds from exercise of equity awards and employee stock purchase plan	168)	110)	88)	188)	15)
Share repurchases	(3,430)	(2,252)	(1,500)	—)	—)
Change in funds payable and amounts payable to customers	320)	936)	1,330)	1,626)	(1,012)
Other financing activities, net	—)	—)	—)	—)	14)
Net cash provided by (used in) financing activities	(3,572)	(2,430)	(689)	1,431)	2,941)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(237)	152)	(337)	(210)	134)
Net increase (decrease) in cash, cash equivalents, and restricted cash	93)	564)	2,376)	2,059)	2,525)
Cash, cash equivalents, and restricted cash, beginning of year	12,667)	12,103)	9,727)	7,668)	5,143)
Cash, cash equivalents, and restricted cash, end of year	12,760)	12,667)	12,103)	9,727)	7,668)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The financial data over the five-year period reveals several notable trends in profitability, cash flow, investment, and financing activities.

Profitability and Expenses: Net income showed substantial improvement, moving from significant losses in 2020 (-$4,585 million) and 2021 (-$352 million) to positive results in 2022 ($1,893 million) and 2023 ($4,792 million), before decreasing to $2,648 million in 2024. Depreciation and amortization expenses declined over time, from $126 million in 2020 to $65 million in 2024, indicating lower non-cash asset-related charges. Stock-based compensation expenses decreased markedly from $3,002 million in 2020 to $899 million in 2021, then slightly increased back to $1,407 million by 2024. Deferred income taxes showed considerable volatility, with a large negative amount in 2023 (-$2,875 million) followed by a positive figure in 2024 ($433 million).
Cash Flow from Operating Activities: Operating cash flow improved steadily, from a negative $630 million in 2020 to positive and growing amounts through the following years, peaking at $4,518 million in 2024. Adjustments reconciling net income to operating cash flow decreased substantially in the final two years, turning negative in 2023 (-$908 million) but recovering in 2024 ($1,870 million). Changes in operating assets and liabilities were positive in most years, peaking at $720 million in 2023 before turning negative in 2024 (-$67 million), signaling some working capital adjustments.
Investing Activities: Purchases of property and equipment fluctuated but remained relatively low, with a slight increase in 2023 (-$47 million). The company consistently invested in short-term investments annually, though purchases declined over time from $3,033 million in 2020 to $3,146 million in 2024. Sales and maturities of short-term investments exhibited a general positive cash inflow but showed a notable drop after 2022, from $4,071 million down to around $2,500 million in 2024. Net cash used in investing activities was negative in most years except for a small positive amount in 2020 ($80 million), reflecting ongoing investments and reduced liquidations.
Financing Activities: Financing cash flows showed significant variability. Proceeds from the initial public offering in 2020 contributed $3,651 million. Subsequent years lacked similar equity issuance activities except for proceeds from equity-related exercises and employee stock purchase plans, which increased steadily to $168 million by 2024. Share repurchases started in 2022 and escalated significantly through 2024, reaching $3,430 million, indicating active capital return to shareholders. Long-term debt activity in early years included principal repayments and issuances, but the more recent years showed no such activity. Overall, net cash from financing activities was positive in 2020 and 2021 but turned negative thereafter, reflecting increased repurchases and reduced financing inflows.
Liquidity and Cash Position: Cash, cash equivalents, and restricted cash increased consistently each year, rising from $7,668 million at the end of 2020 to $12,760 million by the end of 2024. The net increase slowed notably in 2023 and 2024, coinciding with the lower net income in 2024 and significant share repurchases. The effect of exchange rate changes introduced some volatility in cash balances, particularly in 2021 and 2022 where negative impacts reduced cash levels.
Other Observations: There were several one-time or irregular items impacting the statements, including a loss on warrants and impairment charges concentrated in earlier years, and a large negative deferred tax adjustment in 2023. Taxes paid related to equity awards varied considerably, peaking at -$1,650 million in 2020, likely reflecting IPO-related transactions and employee stock compensation settlements. The changes in funds payable and amounts payable to customers were positive in the first four years but decreased substantially by 2024, possibly signaling shifts in operational processes or customer-related liabilities.

Overall, the data indicates a transition from losses to sustainable profitability, improving operational cash generation, active investment in short-term instruments, and increased shareholder distributions through repurchases. The company maintains a strong liquidity position despite increasing capital returns, while facing some fluctuations in financing and tax-related cash flows.

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Airbnb Inc. (NASDAQ:ABNB)

Cash Flow Statement