Airbnb — Feb 13, 2025 release

In Q4 2023, net loss included non-recurring tax withholding expenses and lodging tax reserves 12 of approximately $1 billion. Specifically, general and administrative expense included approximately $935 million of non-recurring tax withholding expenses and lodging tax reserves. For the full-year 2025, we anticipate our effective tax rate to slightly below our long-term effective tax rate of approximately 20%, subject to variables including profitability, stock-based compensation deductions, and changes in tax laws. Adjusted EBITDA in Q4 2024 of $765 million increased compared to $738 million in Q4 2023.5 The growth in our Q4 2024 Adjusted EBITDA reflects the continued strength of our business and cost discipline. Adjusted EBITDA Margin during Q4 2024 was 31%, down compared to 33% in Q4 2023, due to investments in sales and marketing and product development. We generated $458 million of FCF during Q4 and $4.5 billion of FCF in 2024, highlighting the strength of our cash-generating business model. Monetization and Take Rate During Q4 2024, the implied take rate (defined as revenue divided by GBV) of 14.1% was down slightly year-over-year. As previously mentioned, Q4 2023 revenue included one-time benefits recognized from unused gift cards, creating an unfavorable comparison on a year-over-year basis. During Q2 2024, we began charging an additional service fee amount for cross-currency bookings. The change does not affect the majority of our guests as cross-currency transactions comprise approximately 20% of our GBV. In addition, since the introduction of our paid guest travel insurance