First quarter results are in for proptech’s public companies. We’re back at it, with high-level summaries of the ten companies we deem as the most important players in the broader category…

  • Airbnb
  • Blend Labs
  • Compass
  • CoStar
  • eXp World Holdings
  • NewsCorp /
  • Opendoor
  • ProCore
  • Redfin
  • Zillow

Plus, a table view covering the top thirty companies, including:

  • Angie’s List
  • AppFolio
  • Invitation Homes
  • Nextdoor
  • Matterport
  • Offerpad
  • Porch
  • Real Brokerage
  • SmartRent
  • Vacasa

The quarter included several notable updates, led by CoStar’s agreement to purchase Matterport, Blend receiving a $150M private equity injection, and Airbnb’s Icons launch.

Without further ado, let’s get into the numbers…

Here’s what you can expect in the report, with our coverage of Airbnb…

Airbnb had their most profitable Q1 to date with a 12% margin, with a net income of $264M off of $2.14B in revenue, increases of 126% and 18% YoY, respectively. Revenue increased primarily due to an increase in nights booked, along with a “modest increase” in average daily rate. Active listings increased 15% YoY.

Market Cap$93.13B

Notable Takeaways:

  • Gross booking volume (GBV) was $22.9B off of 132.6M nights and experiences booked, a 12% and 9.5% YoY increase, respectively. The company attributes the increase in nights and experiences booked due to an earlier than normal Easter. Average daily rate for the quarter was $173, an increase of 3% YoY.
  • Long stay bookings of over 28 days decreased from 18% to 17% of total bookings this quarter, despite stays of three months or longer increasing 25% YoY.
  • Nights booked for groups of over five people increased 15% YoY and is the fastest growing segment in the North American region for the fourth consecutive quarter.
  • Latin American nights and experiences booked grew 19% in Q1 2024 YoY and cross-border nights booked for trips within Latin America increased 30%. Asian Pacific booked nights increased 21% YoY, with cross border travel increasing 28% YoY. Nights booked with origin from China increased 80% YoY.
  • Generated $1.9B in FCF for the quarter, a 21%YoY Increase.
  • 500,000 guests stayed at Airbnb’s for the solar eclipse, validates that the company was built for special events as the shareholder letter cites.
  • Repurchased $750M of Class A stock. In the trailing twelve months, the company has repurchased $2.5B worth of stock.
  • Launched Icons, a way for people to stay at bespoke experiences and stays that are near replicas of significant places in pop culture, and is continuing to expand their group trip offerings, as 80% of bookings are group trips.

Learn More: Shareholder Letter // Inman // Investor’s Business Daily // PhocusWire

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