On November 1st local time in the United States, the shared accommodation platform Airbnb (Chinese name: Abiying, NASDAQ: ABNB) disclosed its 2023 third quarter report as of September 30th. Financial data shows that in the third quarter, Aibiying's operating revenue was approximately 3.397 billion US dollars, a year-on-year increase of 17.79%; The net profit was approximately $4.374 billion, a year-on-year increase of 260.3%. Adjusted EBITDA (before interest, tax, depreciation, and amortization) was approximately $1.8 billion, a year-on-year increase of 26%.
It is worth mentioning that Abiying's net profit in the third quarter includes a one-time, non cash income tax expense deduction of $2.8 billion. If this expense deduction is excluded, Abiying's adjusted net profit in the third quarter is $1.6 billion, an increase of over 30% year-on-year.
In addition, Abiying's free cash flow in the third quarter was approximately $1.3 billion, a year-on-year increase of 37%. Ai Bi Ying stated that the growth of free cash flow is driven by the growth of revenue and bookings, as well as the expansion of adjusted net profit margin. The company's free cash flow in the past 12 months has reached $4.2 billion, which means that the profit margin for free cash flow in the past 12 months has reached 44%, a significant increase from 41% in the same period last year.
Brian Chesky, co-founder and CEO of Aibiying, said, "The third quarter of 2023 was the most outstanding and profitable quarter in Aibiying's history. In the past nine months, we have added nearly 1 million units globally, and we have also seen a continuous increase in people's demand for travel
According to data disclosed by Aibiying, in the third quarter, the number of accommodation and experience bookings on the platform was approximately 113 million, an increase of 14% year-on-year and 32% year-on-year; The Gross Booking Value (GBV) reached $18.3 billion, a year-on-year increase of 17% and an increase of 89% compared to the same period in 2019.
Ai Bi Ying stated that the third quarter of 2023 was the most outstanding summer travel peak season in Ai Bi Ying's history. In the international market, Abiying's cross-border accommodation booking volume in the third quarter of 2023 increased by 17% compared to the same period last year. In the Asia Pacific region, Airbnb's business has fully returned to pre pandemic levels, with a 23% increase in total nights in the third quarter of 2023 compared to the third quarter of 2019. Among them, the outbound travel business in Chinese Mainland in the third quarter of 2023 will grow by more than 100% compared with the same period last year. In the Asia Pacific regional markets with relatively small market size, such as Taiwan, China, the Philippines, Thailand, Hong Kong, China and Indonesia, the total number of reserved room nights increased by more than 30% year on year in terms of tourist source regions.
At the same time, more travelers are returning to urban tourism, and compared to the third quarter of 2022, the booking volume of properties located in densely populated urban destinations increased by 15% in the third quarter of 2023. Overall, in the third quarter, the Aibiying platform added nearly 1 million new active listings, with a year-on-year increase of 19% in active listings. Among them, the Asia Pacific region and Latin America had the highest growth, and the accommodation and experience bookings in these two regions also had the fastest year-on-year growth. According to data disclosed by Abiying, in the third quarter of 2023 alone, Abiying's landlords earned over $19 billion in revenue from renting out their homes.
In overseas markets, Abiying pointed out that it is investing in international markets with low penetration rates and has achieved good results. Ai Bi Ying stated that after Germany and Brazil have achieved good results in recent quarters, South Korea has become one of the fastest growing markets on the platform compared to 2019. Calculated by customer source, the total number of nights in the South Korean market is 54% higher than the same period in 2019.