Airbnb is another one of my portfolio companies. I will break down my investment thesis on them as to why they are one of my portfolio companies and what I like or dislike about the company.
EBITDA margins are inflated currently due to (1) elevated ADRs from temporary mix shift and (2) elevated take rates due to temporary booking window dynamics. 3Q is also the seasonal high for margins. The 50%+ you continued to mention is a bit misleading, and BKNG is actually far more profitable. LT margin targets are 30%+.
EBITDA margins are inflated currently due to (1) elevated ADRs from temporary mix shift and (2) elevated take rates due to temporary booking window dynamics. 3Q is also the seasonal high for margins. The 50%+ you continued to mention is a bit misleading, and BKNG is actually far more profitable. LT margin targets are 30%+.