The mixed 1Q21 headline numbers for Airbnb (ABNB), which included a larger-than-anticipated GAAP net loss of $(1.95)/share, may seem a bit unremarkable on the surface. The totality of the report, though, tells a more bullish story, reflecting the company’s competitive advantages in a recovering travel industry.Not only did ABNB burst analysts’ revenue expectations ($887 mln vs. $718 mln), but the company also crushed its competitors during Q1. Revenue was up 5% compared to a 50% drop for Booking Holdings (BKNG), and a 44% dive for VRBO-owner Expedia (EXPE).Equally spectacular is that Gross Booking Value (GBV) which actually rose by 3% compared to 2Q19 levels, despite a travel industry that still hasn’t found its footing in the after-effects of the pandemic.The company’s exceed can be linked to a few key factors. At the top of the list is ABNB’s compatibility with the work-from-anywhere (WFA) shift that has elevated the desirability of remaining in alternative accommodations-especially for destinations that are nearby.