Evercore Tech Conference (June 2-3 in SF!): Top Questions & Controversies

Research evidence excerpt

Evercore Tech Conference (June 2-3 in SF!): Top Questions & Controversies

May 19, 2026

Airbnb Inc (ABNB)

1) $$$ What Is The Trajectory of The Expansion Markets? Q1 saw LatAm and APAC nights both up high-teens (India

origin nights ~50% Y/Y, and Brazil >20% for the third consecutive quarter) vs. HSD% in North America and only MSD%

in EMEA (~100bps of M-E drag). What does the cohort math look like on your prioritized expansion markets — at what

point does expansion-market contribution become large enough to durably offset normalization in mature North America,

and what are the leading indicators (organic mix, brand-aided traffic, supply-per-capita) that you watch?

2) $$$ How Much Of A New Growth Driver Can Hotels Become? Boutique/independent hotel top-line metrics are growing

>2X the company average, and ~55% of hotel bookers come back to book a home. Is hotels a permanent second leg or

a temporary workaround for cities with strict regulations? What should we expect from the May 20 Summer Release, and

how do hotel take-rate and contribution margins compare to core AA?

3) What’s The AI Roadmap For Airbnb? ~60% of code is AI-generated, the support assistant resolves 40%+ of contacts

(up from ~33% in Q4’25), and cost per booking is down ~10% Y/Y. Where else in the P&L (engineering, marketing, host

onboarding) are measurable gains emerging? How much of the $4.9B FY26 EBITDA target relies on incremental AI gains

vs. what’s already realized? And when can we see an actual AI offering, with improved personalization and functionality?

4) How Big Is The Reserve Now, Pay Later Opportunity? RNPL is now ~20% of global GBV after Q1 expansion,

lengthening lead times and lifting ADR via a mix-shift to larger/higher priced homes. How much of Q1's nights and ADR