Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

🟡 Modified

We may experience significant fluctuations in our results of operations, which make it difficult to forecast our future results.

high match confidence

Sentence-level differences:

Reworded sentence: "Our business is seasonal, reflecting typical global travel patterns, with the peak travel season occurring in the third quarter across North America and EMEA."

Current (2026):

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Our results of operations can vary significantly and are not necessarily indicative of future performance due to seasonal fluctuations and other factors. Our business is seasonal, reflecting typical global travel patterns, with the peak travel season occurring in the third quarter across North America and EMEA. We experience seasonality in our Nights and Seats Booked, GBV, Adjusted EBITDA and FCF. Holiday timing and other events can also shift quarterly performance. As our business evolves, seasonal trends may change. In addition, our results of operations may fluctuate as a result of a variety of other factors, some of which are beyond our control, including: •reduced travel and cancellations due to events such as health concerns, including epidemics and pandemics, natural disasters, wars, political instability, regional hostilities or law enforcement demands, and other regulatory actions; •global macroeconomic conditions; •periods with increased investments in our platform for existing offerings, new offerings and initiatives, marketing, and the accompanying growth in headcount; •our ability to maintain growth and effectively manage that growth; •increased competition; •our ability to expand our operations in new and existing regions; •changes in governmental or other regulations affecting our business; •changes to our internal policies or strategies; •harm to our brand or reputation; and •other risks described in these Risk Factors and elsewhere in this Annual Report on Form 10-K. In addition, we may not accurately forecast our results of operations due to timing differences between when bookings are made and revenue recognition, which occurs at check-in. For example, the effect of significant downturns in bookings in a particular quarter may not be fully reflected in our financial results until future periods due to this timing difference. Our expense levels are based on revenue estimates that may be inaccurate, and fixed expenses may lead to greater-than-expected losses if revenue falls short. Incorrect assumptions or failure to address risks could materially affect our business, results of operations, and financial condition.

View prior text (2025)

Our results of operations can vary significantly and are not necessarily indicative of future performance due to seasonal fluctuations and other factors. We experience seasonality in our Nights and Experiences Booked and GBV, and seasonality in Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) that is consistent with seasonality of our revenue, which has historically been, and is expected to continue to be, highest in the third quarter when we have the most check-ins as it is the peak travel season for North America and EMEA. Revenue is recognized upon check-in, and as our business evolves, seasonal trends may change. In addition, our results of operations may fluctuate as a result of a variety of other factors, some of which are beyond our control, including: •reduced travel and cancellations due to events such as health concerns, including epidemics and pandemics, natural disasters, wars, political instability, regional hostilities or law enforcement demands, and other regulatory actions; •global macroeconomic conditions; •periods with increased investments in our platform for existing offerings, new offerings and initiatives, marketing, and the accompanying growth in headcount; •our ability to maintain growth and effectively manage that growth; •increased competition; •our ability to expand our operations in new and existing regions; •changes in governmental or other regulations affecting our business; •changes to our internal policies or strategies; •harm to our brand or reputation; and •other risks described in these Risk Factors and elsewhere in this Annual Report on Form 10-K. In addition, we may not accurately forecast our results of operations due to timing differences between when bookings are made and revenue recognition, which occurs at check-in. For example, the effect of significant downturns in bookings in a particular quarter may not be fully reflected in our financial results until future periods due to this timing difference. Our expense levels are based on revenue estimates that may be inaccurate, and fixed expenses may lead to greater-than-expected losses if revenue falls short. Incorrect assumptions or failure to address risks could materially affect our business, results of operations, and financial condition.

🟡 Modified Our use of artificial intelligence and machine learning gives rise to legal, business, and operational risks, which may result in diminished performance, regulatory scrutiny, social impacts, reputational harm, and liability arising from the use of this technology. 🔒

🟡 Modified If we fail to retain or add hosts and guests, if hosts do not provide high-quality stays, experiences, and services, if new offerings and initiatives on our platform are unsuccessful, or if our community support functions are inadequate, our business, results of operations, and financial condition would be materially adversely affected. 🔒

🟡 Modified We could face liability for information or content on or accessible through our platform. 🔒

🟡 Modified Compliance with federal, state, and foreign laws relating to data privacy, data security, marketing, and consumer protection involves significant expenditure and resources, and any actual or perceived failure by us or our vendors to comply may result in significant liability, litigation or other legal action against us, negative publicity, an erosion of trust, and/or result in regulatory scrutiny, fines, and penalties and could materially adversely affect our business, results of operations, and financial condition. 🔒

🟡 Modified Changes in tax laws or tax rulings could materially adversely affect our business, results of operations and financial condition. 🔒

🟡 Modified Evolving focus on environmental, social, and governance issues by shareholders, customers, regulators, politicians, employees, and other stakeholders may impose additional risks and costs on our business. 🔒

6 more changes in this filing

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