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Victoria Mutual Investments Already Has Effective Control of Kingston Properties.



Rezworth Burchenson Chief Executive Officer of Victoria Mutual Investments Limited (VMIL) needed to move quickly. The net profit recorded during the September 2022 quarter contributed to the 1.77% or JA$54.09 million growth in retained earnings. However, this was not sufficient to offset the $1.64 billion deterioration in investment revaluation reserve, which resulted in a 34.04% or JA$1.55 billion decline in total shareholders’ equity.

Rezworth Burchenson and Kevin G Richards Chief Executive Officer Kingston Properties Limited separately released two significant announcements over the last two weeks. Separately the two announcements may seem unrelated or even connected, but Businessuite has however found interesting links between them.

Kevin G Richards Chief Executive Officer Kingston Properties Limited

Based on these links we were forced to ask the following questions: Is Victoria Mutual Investments Making A Strategic Move To Acquire Kingston Properties and Does Victoria Mutual Investments Already Have Effective Control of Kingston Properties.?

The most recent came on January 3, 2023 from Richards advising the JSE, the RMOD and the wider investing public that a total of 66,673 units of KPREIT shares were purchased under a current share buy-back programme on December 29, 2022, at an average price of $7.04 per share.

The transaction was executed through their broker VM Wealth Management Limited, which is a subsidiary of Victoria Mutual Investments Limited (VMIL), itself a part of the Victoria Mutual Group.

The other release was made on December 30, 2022 by Rezworth Burchenson
announcing that his company Victoria Mutual Investments Limited (VMIL) had acquired 135,483,871 units of Kingston Properties (KPREIT) shares for a combined consideration of JA$1,050,000,000.

This transaction increased VMIL’s stake in KPREIT to a total of twenty-three per cent (23%), up from 7% as reported in September 2022, making KPREIT an associate company of VMIL.

It should also be noted that based on Kingston Properties September 2022 Shareholding Report:

• VMWealth Property Fund exercised control over 257,885,079 shares in Kingston Properties amounting to 29% of the shareholdings.

• Prime Asset Management JPS Employees Superannuation Fund exercised control over 138,584,772 amounting to 16% of the shareholdings.

Prime Asset Management, was formed in 1996, as a division of Prime Life Assurance Company Limited and was subsequently taken over and renamed VM Pensions Management Limited (VMPM).

Based on the above, as at the September 2022 reporting, Victoria Mutual was able to effectively leverage a total of 52.3% of the shareholding of Kingston Properties.

Prime Asset Management JPS Employees Superannuation Fund and VMWealth Property Fund held the two largest blocks of shares in Kingston Properties, and so it could be argued that Victoria Mutual Investments acquired its increased position from either of those two. Our investigation revealed that the acquisition came from the VMWealth Property Fund.

So, we were able to answer one of the two questions: Yes, Victoria Mutual Investments already has a greater that 50% effective control of Kingston Properties.

This first move by Burchenson and VMIL is essentially to directly account for the share of profits on its balance sheet, effectively shoring it up. Burchenson also expects to benefit from dividend income.

“With the acquisition of the additional shares, VMIL’s 23% stake in KPREIT will result in the Company reporting a share of profit.”

Previously as part of the VMWealth Property Fund they could not do this.

Why Kingston Properties?

Market correcting actions by the Bank of Jamaica (BOJ) coupled with investor sentiment in the US declining further in Q3 2022, this as prices and interest rates rose, where all impacting on the performance of VMIL.

In his Consolidated Financial Statements for the Third Quarter ended September 30, 2022 Burchenson noted that the Bank of Jamaica (BOJ) added a total of 100 basis points to the overnight rate during Q3 2022, via two 50-basis point rate hikes that brought the rate to 6.50% as at the end of the quarter. As the interest rate increased, the yields on Treasury notes fluctuated and the money market remained liquid for short-term placements.

For Burchenson “The third quarter of 2022 was turbulent, as we saw interest rates reaching an 11-year peak, as the central bank sought to put a lid on domestic inflation. As rates across the market soared, the performance of bonds and the fixed income markets deteriorated significantly, in conjunction with the negative impact of higher inflation on the equities market.

As a result, our Gains from Investment activities experienced a 23.77% decline over the quarter, while interest expenses grew 48.22% to $285.47 million.

These market conditions were the main impetus to the 75.82% decline in net profit for the third quarter. We ended Q3 2022 with a net profit of $84.08 million, which was primarily due to net fees and commissions of $227.67 million.

Our net fees and commissions increased 7.15% year-to-date as at September 30 or by $52.20 million, as we sought to increase our capital markets and brokerage activities.”

Burchenson also reported other corrective measures as total assets of $27.57 billion as at September 30, 2022 represented a decline of 9.31% or $2.83 billion over September 30, 2021.

“We continued to de-risk the on-balance sheet assets of our wholly-owned subsidiary VM Wealth Management, to safeguard against the sporadic changes in the bond and equity markets.

More resources were shifted towards strengthening and expanding our Corporate Lending Solutions and Margin Loan business lines. In light of this, cash and cash equivalents, resale agreements and investment securities declined 78.82%, 73.31% and 11.03%, respectively, year-over-year, while our loans receivable grew by 67.07% or $1.75 billion.

Conversely, the recent purchase of a commercial property boosted our property, plant and equipment by $713.38 million or 420.61% year-over-year.”

At the end of the third quarter of 2022, VMIL’s total liabilities declined by 4.95% or $1.28 billion, owing predominantly to the reductions in repurchase agreements, lease liabilities, income tax payable and employee benefit obligations.

In particular, Burchenson noted that “the 16.46% or $3.18 billion decrease in repurchase agreements was part of our de-risking strategy. The net profit recorded during the quarter contributed to the 1.77% or $54.09 million growth in retained earnings. However, this was not sufficient to offset the $1.64 billion deterioration in investment revaluation reserve, which resulted in a 34.04% or $1.55 billion decline in total shareholders’ equity.”

Burchenson we suspect saw Kingston Properties as a low hanging fruit that could be easily picked, and create an immediate positive impact on the balance sheet of VMIL.




Leverage Their Collective Real Estate Competence

Victoria Mutual full acquisition of Kingston Properties or a shareholding move to exercise more control over the company would be consistent and in line with the VM Groups vision.

VM Group wants to leverage the collective Real Estate competence embedded within the Group. The acquisition would also be in line with VMIL’s thrust to expand its real estate investments. The addition of KPREIT to the VMIL portfolio adds significant strength to its balance sheet and enhances its business development capacity.

VMIL will have an opportunity to diversify its real estate investments outside of Jamaica, based on KPREIT’s expansive portfolio in other Caribbean jurisdictions and North America.

Brian Frazer joins the VM Group

Brian Frazer Deputy CEO at VMIL and VMWM

Rezworth Burchenson is already a board member of Kingston Properties, and could push to get Brian Frazer to join him on the Kingston Properties board so as to increase participation in the strategic direction of KPREIT, going forward.

Brian Frazer joined the VM Group in September 2022 as the Deputy CEO at VMIL and VMWM, working closely with Burchenson.

Brian joined the team with over 20 years of experience in the financial services industry and has vast experience in Trading, Treasury, Asset Management,
Risk Management, Compliance, Corporate Governance, Operations, and Product Development.

Brian is expected to further foster VMIL’s growth and contribute to providing oversight to VMIL’s operations as well as all aspects of the fiduciary, financial and operating performance.

Skin In The Game

Burchenson we suspect is hoping that these strategic moves will be sufficient to offset the deterioration in investment revaluation reserve, and restore the billion decline in total shareholders’ equity at Victoria Mutual Investments.

For Rezworth Burchenson this is also personal as he has ‘skin in the game’ with a personal stake of 421,146 Kingston Properties shares and 6,400,330 in Victoria Mutual Investments.

Kevin Richards is listed as a senior manager and not a director at Kingston Properties, and he has more ‘skin in the game’ with 2,000,035 units.

In relation to the other question, Is Victoria Mutual Investments Making A Strategic Move To Acquire Kingston Properties?

We conclude that the answer for now is No. The holdings and arrangement as of January 2023 is exactly where Burchenson and VMIL wants to be. We suspect however that over time VMIL will increase its holdings and make Kingston Properties a full subsidiary.

To be updated

Businessuite 2022 Top 100 Caribbean Companies – US$ Profit After Tax


The 2023 Businessuite Skin Index (BSI)

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Jetcon Corporation Q1 Revenue And Profit Continues Downward Trend As Increases In Interest Rates Stifle Motor Vehicle Sales.



Andrew Jackson Managing Director Of Jetcon Corporation Limited Has Released The Following Report To Shareholders For The First Quarter Ending March 2023

The board decided to release our first quarter results while we await the audit of the 2022 full year results which is not expected to deviate materially from the figures show for 2022 in the interim results.

The delay in releasing the audited 2022 results is regretted and it is expected that they will be released by June. In the meantime, the interim results should help investors to get a better picture of developments within the company.

Motor vehicle sales have slipped compared with the first quarter of 2022, and continues into April 2023 as well, however, we have seen positive development with monthly sales increasing month over month for 2023.

Revenues are however, down 29 percent compared to the first quarter in 2022. Gross profits fell by 35 percent, and net profits decreased from $10.2m to a small loss of $1.8m.

While prices of vehicles and shipping have stabilized somewhat, the increase in interest rates have stifled motor vehicle sales, however with the reduction of inflation and a fall in interest rates on Bank of Jamaica CDs and Government of Jamaica Treasury bill rates augur well for interest rates returning to more normal levels soon.

We expect sales to recover as the year progresses. We have sold the majority of our stock of electric vehicles (EVs) and expanded our range to include another brand of EV and have more developments in the pipeline which will be disclosed when they become more concrete.

For more information CLICK HERE

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Businessuite Markets

Spur Tree Spices Jamaica Banking On Strategic Investments As It Transitions From A Sauces And Seasonings Provider To A Fully Equipped Food Company.



Albert Bailey Chief Executive Officer Of Spur Tree Spices Jamaica Limited Has Released The Following Report To Shareholders For First Quarter Ended March 31, 2023.

The Company’s performance in the first quarter is very positive and sets the tone for a successful year ahead as we continue with our strategic plan of transitioning from a sauces and seasonings provider to a fully equipped food company.

While the environment continues to be challenging in several ways, we had a remarkable performance for the period under consideration and are pleased to report a 62% increase in revenue over the previous year’s quarter which had also grown by an impressive 40% – a clear demonstration of the success of our aggressive and agile revenue growth strategy.

Another key element of our core strategy continues to be increasing our footprint by creating new customer segments and to capitalise on new and emerging opportunities in both the local and international markets which has also contributed to the additional revenue for the period.

In addition to revenue from our acquisition investments, we continue to build out our footprint into new territories and establish partnerships in key markets.

Cost of Sales
Cost of Sales for the period increased from 62.45% of sales for the similar period of 2022 to 67.6% of sales for the current period. The increase in Cost of Sales was driven by the consolidation of newly acquired subsidiaries and cost increases primarily in raw material inputs in the holding company.

While there has been a gradual reduction in freight rates on a global scale, we have continued to prioritize the sourcing of at least 90% of our raw materials from local suppliers. Due to the high inflationary climate, there has been an increase in costs of up to 30% of some local raw materials. As such we continue to strategize with our local partners to find ways to gain efficiencies and reduce costs over the medium-long term while leveraging economies of scale gained from business growth. We also continue to build capacity to store and process raw materials to be able to take advantage of any market excesses.

Gross Profit
Gross Profit increased from $89.9M Q1 of 2022 to $124.9M Q1 of 2023 which represents a 39% increase year on year. While our overall gross profit improved, the margins were lower than those achieved for the similar period 2022 due to the cost challenges highlighted above. We anticipate that our gross margins will gradually recover as cost gains are achieved through the
initiatives discussed above and the expansion of our product lines.

Net Profit Attributed to shareholders
The Company recorded a 62% increase in overall revenue. However, due to increased cost of sales and expenses, highlighted above, Net Profit dipped slightly to J$42m. Further context of these results should also consider that the performance in March 2022 yielded an outstanding net profit increase from J$17.5M to J$50.8M – a 194% improvement year on year.

Based on all the strategic investments made, 2023 is poised to be a very successful year for Spur Tree Spices Jamaica. The first quarter provides a good indication of the foundation laid which we will build on for the solid growth and value creation for our valued shareholders.

For more information CLICK HERE

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Businessuite Markets

PanJam Investment Negatively Impacted By Sagicor Group’s Implemented International Financial Reporting Standards – Insurance Contracts



Stephen B. Facey, Chairman of PanJam Investment Limited (“PanJam”) has released the following Interim Report to Stockholders For the three months ended 31 March 2023.

• In line with International Accounting Standards Board issued standards, effective 1 January 2023, Sagicor Group Jamaica (“Sagicor”) implemented International Financial Reporting Standards (“IFRS”) 17 – Insurance Contracts, which fundamentally changed the way it accounts for insurance contracts. The adoption of this new accounting standard has had a material impact on the presentation and calculation of Sagicor’s results, but not its underlying strategy or long-term value. It also required a restatement of Sagicor’s prior year’s financial statements. As a 30.2% shareholder of Sagicor, PanJam’s share of the effects of IFRS 17 are reflected in our 2023 financial statements and our restated 2022 financial statements.

• Net loss attributable to shareholders of $11.1 million for the quarter (restated 2022: net loss of $323.8 million)

• Loss per stock unit for the quarter of $0.01 (restated 2022 loss: $0.31)

• Book value per stock unit of $39.83 at 31 March 2023 (restated at 31 March 2022: $37.73)

• Ordinary dividend per stock unit declared/paid during the quarter of $0.225 (2022: $0.635)

Income Statement

Net loss attributable to owners for the three months ended 31 March 2023 amounted to $11.1 million, compared to the restated loss of $323.8 million recorded for the same period in 2022.

Loss per stock unit for the quarter was $0.01 compared to the restated 2022 loss per stock unit of $0.31.

Income from our core operations increased by 31.5 per cent when compared to the prior year, driven primarily by $448.1 million of income from the ROK Hotel Kingston, Tapestry Collection by Hilton.

Investments generated income of $10.1 million (restated 2022: $236.9 million) from interest income and foreign exchange gains, which were largely offset by unrealized losses on trading equities.

Property income continued its steady performance, increasing by 3.7 per cent to $522.1 million due to annual rental rate adjustments and revaluation gains.

Operating expenses totaled $1.4 billion, more than double the amount in the first quarter of 2022. While inflationary pressure on wages and direct property costs negatively impacted our performance, PanJam incurred one-off professional fees related to its amalgamation with Jamaica Producers Group Limited (“Jamaica Producers”).

Finance costs increased by 14.8 per cent to $277.1 million (restated 2022: $241.4 million) due to higher average interest rates and a marginal increase in debt principal.

Associated Companies
PanJam’s associated companies include our 30.2% investment in Sagicor. We also hold minority positions in a number of diverse private entities across the adventure tourism, business process outsourcing, hospitality, micro-lending and office rental sectors.

For the first three months of 2023, our share of results of associated companies amounted to $673.2 million, increasing by $905.0 million when compared to the same period in 2022 due to improved year-over-year performance from all of our associates, particularly Sagicor. However, it is important to note that PanJam’s share of results of associated companies for the first quarter of 2022 was restated in line with Sagicor’s adoption of IFRS 17, decreasing by $1.4 billion to a loss of $231.8 million.

As a significant shareholder in Sagicor, we welcome the greater transparency and comparability that IFRS 17 will bring to financial reporting throughout the insurance industry. We remain confident in the long-term prospects of Sagicor and its ability to create value for our shareholders, and will continue to monitor the impact of this new accounting standard.

Balance Sheet
Total assets at 31 March 2023 amounted to $58.4 billion compared to the restated $56.0 billion at 31 March 2022.

Stockholders’ equity as at 31 March 2023 totalled $42.3 billion, 5.7 per cent higher than the restated 31 March 2022 balance of $40.0 billion. This equates to a 31 March 2023 book value per stock unit of $39.83 (restated 31 March 2022: $37.73).

Effective 1 April 2023, PanJam and Jamaica Producers successfully completed their amalgamation process, which was approved by the shareholders of both companies on 22 December 2022. Pursuant to the terms of the amalgamation agreement, Jamaica Producers transferred its material businesses to PanJam in exchange for Jamaica Producers receiving a 34.5% ownership stake in the amalgamated enterprise, renamed Pan Jamaica Group Limited (“Pan Jamaica Group”).

We are excited to welcome members of the Jamaica Producers team as we embark on a new journey together as the Pan Jamaica Group family. With the amalgamation complete, we look forward to blending our strengths, experiences, and passion to create unparalleled value and impact. Here’s to a future of collaborative success and continued growth!

Joanna Banks, President of Pan Jamaica Group, will be appointed Executive Vice President, Strategy and Business Development of Sagicor with effect from 17 July 2023, and will simultaneously demit the office of President of Pan Jamaica Group. We thank Joanna for her steadfast commitment and her leadership during this significant time, and wish her every success in this new role. We are confident that she will be an excellent addition to Sagicor’s senior leadership team and look forward to continuing to work with her in that capacity.

For More Information CLICK HERE

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Wisynco Recorded Net Profits Attributable To Stockholders Of $1.2B, Or 31cents Per Stock Unit For The 3rd Quarter.



Andrew Mahfood, Chief Executive Officer For Wisynco Group Limited (Wisynco) Has Released The Following Interim Report To Stockholders For The Third Quarter Ended March 31, 2023.

Revenues for the quarter of $12.0 billion represent an increase of 23.4% above the $9.7 billion achieved in the corresponding quarter of the previous year and, notably, is the second continuous quarter that the company has recorded sales of $12.0 billion.

“We have resolved some of the production challenges faced in the 2nd quarter and are seeing increased production to meet the increasing demand.”

The capital program mentioned below will contribute to bringing stability and expansion to our production capacity as demand in all channels continues to be favorable.

While the Gross Profit of $4.1 billion of the current quarter is the same as the preceding quarter, this represents a 32.2% increase to the $3.1 billion of the prior year’s quarter.

Similarly, Gross Profit Margin at 34.6% this quarter is higher than the 32.3% for the
same quarter last year, but below our expectation due to production output being lower than projected which impacted our product mix.

Selling, Distribution & Administrative expenses (SD&A) for the quarter totaled $2.7 billion or 30.0% more than the $2.1 billion for the corresponding quarter of the prior year in line with increased growth and revenue. Our SD&A expense to sales ratio was 22.5% for the quarter, compared to 21.3% in the prior year. The increase can be attributed to additional Marketing and Promotional costs and inflationary increases in other variable expenses.

Profit before Taxation for the quarter was $1.57 billion, an increase of 43% over the $1.10 billion of the comparative quarter for the prior year.

After provision for taxes, Wisynco recorded Net Profits Attributable to Stockholders of $1.2 billion, or 31c per stock unit for the quarter, which was 38.6% greater than the $831 million or 22c per stock unit earned for the prior year.

Our Balance Sheet remains strong with a current ratio of 3.7 compared to 2.8 for last year’s quarter. This improvement is due to an injection of funds from our borrowing facilities, partly offset by increases in our inventories, reduction in our payables, and purchases of capital assets per our expansion plan. Inventories remain on the high side as production output was lower than projected in January and February. Management expects these inventories to normalize within the next few months.

Capital expansion activities are well underway, the benefits of which should be realized midway through Fiscal Year 2024. We are excited and optimistic to be embarking on the largest capital expansion ever undertaken by Wisynco. The flexibility and increased output resulting from this expansion program will ensure we meet the current demands of local and export markets and pave the way for additional capacity for growth and future innovations in our varied product lines.

From a sustainability point of view, we continue to be a primary contributor financially, and in the areas of strategy and governance, to Recycle Partners of Jamaica (RPJ), an organization responsible for polyethylene terephthalate (PETE) recycling nationally. We are seeing improvements to the RPJ average collection rate and will continue efforts to support this organization in its mission to reduce plastic in the environment. Additionally, we continue to focus on areas of water and energy conservation in our own production and operational processes, as a means to reducing our impact on our environs.

Socially, we launched our WATA Wednesdays School Tour during the quarter, which is a program aimed at educating our youth on the benefits of staying healthy and hydrated. We also participated, through our energy drink brand BOOM in conjunction with Food for the Poor in the latter’s “Build Back the Love for Jamaica” campaign as we continue to contribute to building homes for the homeless. The company has further committed to building an additional 10 homes for 2023 which brings our total from 2020 to 30 homes through Food for the Poor.

Internally, the company continued its staff engagement exercises by hosting a leadership forum for all Wisynco Leaders, as well as a Women’s Day Luncheon to celebrate the dedication and commitment of the women of Wisynco.

For More Information CLICK HERE

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We had a strong start to 2023. In Q1, Nights and Experiences Booked hit a record high with over 120 million….Chesky



Airbnb, Inc. (NASDAQ: ABNB) Chief Executive Officer, Brian Chesky, has released the following Q1 2023 Shareholder Letter (edited)

Revenue of $1.8 billion grew 20% year-over-year (24% ex-FX). Net income was $117 million—our first profitable Q1 on a GAAP basis. Adjusted EBITDA was $262 million while Free Cash Flow was $1.6 billion, growing 32% year-over-year. We are now twice the size as we were before the pandemic on both a GBV and revenue basis—and with considerably higher profitability and cash flow.

Looking ahead, we remain focused on our three strategic priorities:

• Make hosting mainstream. Traveling on Airbnb is mainstream. We want hosting to be just as popular. To achieve this, we are raising awareness around hosting, making it easier to get started, and providing even better tools for Hosts. We have seen great results from our efforts. In every quarter over the last two years since we went public, we’ve seen acceleration in the year-over-year growth of our total active listings (excluding China). In Q1, total active listings grew 18% compared to the same prior year period, up from 16% in Q4 2022.

• Perfect the core service. We want people to love our service, and that means obsessing over every detail. Millions of people have given us feedback on how to improve Airbnb. Recently, we’ve received a lot of input about rising prices. In today’s economic environment, it’s more important than ever to provide affordable stays for guests. We’ve listened. Last week, we introduced over 50 new features and upgrades as part of our 2023 Summer Release—including Airbnb Rooms, an all-new take on the original Airbnb, improved pricing tools, transparent checkout instructions, and more.

• Expand beyond the core. We have some big ideas for where to take Airbnb next. This year, we’re building the foundation for new products and services that we plan to launch in 2024 and beyond. At the same time, while Airbnb is in over 220 countries and regions, we’re still under-penetrated in many markets. As a result, we’ve increased our focus and investments in less mature international markets and are seeing great results. Due to these efforts, Brazil and Germany have become two of our fastest growing markets and we’re excited to expand the playbook around the world.

Q1 2023 Financial Results
Here is a snapshot of our Q1 2023 results:

• Q1 revenue of $1.8 billion was our highest first quarter ever. Revenue grew 20% year-overyear (24% ex-FX) driven by solid growth in Nights and Experiences Booked and stable Average Daily Rates (“ADR”).

• Q1 net income of $117 million was our first profitable Q1. Net income was $117 million in Q1 2023 compared to a net loss of $19 million in Q1 2022. This increase was primarily due to our revenue growth, expense discipline and interest income. In Q1 2023, we delivered a net income margin of positive 6%, up from negative 1% in Q1 2022.

• Q1 Adjusted EBITDA of $262 million was a record first quarter. Adjusted EBITDA in Q1 2023 increased 14% compared to $229 million in Q1 2022. This improvement in Adjusted EBITDA demonstrates the continued strength of our business and discipline in managing our cost structure. Adjusted EBITDA margin was 14% for Q1 2023, relatively stable from 15% in Q1 2022.

• Q1 Free Cash Flow of $1.6 billion was our highest ever. Q1 2023 net cash provided by operating activities was $1.6 billion, up from $1.2 billion in Q1 2022. The increase in cash flow was driven by revenue and bookings growth as well as net margin expansion. Our TTM FCF was $3.8 billion, representing a FCF margin of 44%.2

Our TTM Free Cash Flow generation enabled us to repurchase $2 billion of our common stock over the same time period. In total, our share repurchases since the start of our buyback program in August 2022 have helped to reduce our fully diluted share count from 706 million in Q1 2022 to 697 million at the end of Q1 2023. We’re announcing today that our Board of Directors approved a new share repurchase authorization of up to $2.5 billion of our Class A common stock.

Business Highlights
Our strong quarter was driven by a number of positive business trends:

• More guests are traveling on Airbnb than ever before. Nights and Experiences Booked grew 19% in Q1 2023 compared to a year ago. Even with continued macroeconomic uncertainties, we have seen our highest number of active bookers, demonstrating both loyalty from our returning guests and a growing base of first-time bookers. Our current backlog of nights is approximately 25% stronger than a year ago.

• Guests are traveling overseas and returning to cities. Cross-border nights booked grew by 36% in Q1 2023 compared to a year ago. We were particularly encouraged by the continued recovery of Asia Pacific as nights booked in Q1 2023 increased over 40% year-over-year. We saw international travel from other regions to Asia Pacific increase 160% during the quarter compared to Q1 2022. In addition, cross-border nights booked to North America increased on a sequential basis, with 34% year-over-year growth in Q1 2023 relative to 31% a quarter ago. Cross-border nights booked to North America also increased on a sequential basis, with 34% year-over-year growth in Q1 2023 relative to 31% a quarter ago.

In addition to the strong cross-border growth, we saw more guests return to cities. High-density urban nights booked increased by 20% in Q1 2023 compared to the same prior year period.

• Guests are continuing to use Airbnb for longer stays. Nights from long-term stays (28 nights or longer) were 18% of total gross nights booked in Q1 2023. Over the past three years, we’ve seen new use cases emerge as guests across all regions and age groups use Airbnb for long-term stays.

• Supply growth continued to accelerate. We grew supply 18% compared to Q1 2022.3 We observed double-digit supply growth across all regions and market types, with the fastest growth in North America and Latin America. Urban and non-urban supply also grew 18% year-over-year.

For More Information CLICK HERE

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