He's a proven growth leader. (2) Nights Sold is defined as the total number of nights stayed by guests on our platform in a given period. Anybody use Vacasa? ", First Quarter 2022 Financial Results and Key Business Metrics1. Our scale, as the largest vacation rental manager in the United States, uniquely allows us to design and invest in technology-driven solutions, resulting in a differentiated experience for homeowners and guests. Does Vacasa Offer Property Management Services Near Me. Host virtual work meetings poolside in the Florida Panhandle, reset and refresh with a mountain view in Western Maryland, or take in some coastal maritime history in Cape Cod. When you finance your vacation with Affirm, your payment schedule is just one of the things you won't have to worry about. Couple of thoughts there. During the second half of the quarter, bookings finished near high end of our expectations and we were able to scale down our costs more quickly than we anticipated. For additional information concerning these risks and uncertainties, please read the forward-looking statements section in the Shareholder Letter we issued earlier today and the forward-looking statements in risk factor sections in our with the SEC filings. Following our workforce reduction, we now have approximately 350 sales executives versus the approximately 425 we employed at the end of 2022. Visit Affirm's help center for more details on making loan payments. Membership Eligibility. View map. Certain statements made in this press release are considered forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we use Adjusted EBITDA as described above, Adjusted EBITDA has significant limitations as an analytical tool, including that it: Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. It would be much fairer if the stay credit was restricted to the property originally reserved. Vacation financing through Affirm is available for U.S. stays with a total rent of at least $250. Deposits in Visterra Credit Union are insured by NCUA. Internet Explorer presents a security risk. approximately 204.9 million shares of Class A Common Stock issuable upon the redemption of common units of Vacasa Holdings LLC (and the cancellation of an equal number of shares of Class B Common Stock in connection therewith); approximately 6.2 million shares of Class A Common Stock issuable upon the vesting of restricted stock units and performance stock units; approximately 9.7 million shares of Class A Common Stock issuable upon the exercise of stock appreciation rights and options; approximately 1.8 million shares issuable under our employee stock purchase plan; approximately 3.4 million additional shares of Class A Common Stock issuable upon the redemption of common units of Vacasa Holdings LLC following the satisfaction of certain time-based vesting requirements; and. First, while the overall travel industry remains strong, there is uncertainty within our vertical. He's built solutions in the B2C and the B2B space. We have new leadership, we're working on putting new processes in place, and unlocking productivity. So, where does that all net us out? I mean, do you think about offering like a lower commission option to sort of keep people or how do you think about balancing commission rates with property growth? I think that -- I think first of all, I'm delighted to have delighted to have T.J. leading the growth motions for the business. He's got a broader track record across the online travel landscape in the roles that he's held. Such statements include those about future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. Now, turning to our outlook for the year ahead. You'll get a real-time decision on whether you prequalify for a vacation loan. For any changes that come with additional fees (such as adding pets or pool heat), you'll need to pay for those with a credit card. First quarter Revenue grew 91% year-over-year to $247 million, First quarter Gross Booking Value grew 101% year-over-year to $494 million, Reiterates full year 2022 Revenue and Adjusted EBITDA guidance and continues to expect Adjusted EBITDA profitability in full year 2023. Revenue was $247 million, a 91% year-over-year increase. Vacasas licensed real estate brokerages/property managers include: Vacasa Alabama LLC; Vacasa Arizona LLC; Vacasa of Arkansas LLC; Vacasa Colorado LLC (Micah Victory); Vacasa Delaware LLC, 302-541-8999; Vacasa Florida LLC; Vacasa Louisiana LLC, Dana MacCord, Principal Broker, ph 504.252.0155 (Licensed in LA); Vacasa Michigan LLC, 947-800-5979; Vacasa Missouri LLC, Susan Scanlon, Designated Broker; Vacasa Nevada LLC; Vacasa New Hampshire LLC,45 NH-25, Meredith, NH 03253, Susan Scanlon, Broker of Record; Vacasa New Mexico LLC, 503-345-9399; Vacasa New York LLC, 888-433-0068, Susan E. Scanlon, Real Estate Broker; Vacasa North Carolina LLC; Vacasa Pennsylvania LLC; Vacasa Real Estate Corporation, California DRE #02105811, Joseph Czapkowicz, California DRE #01380722; Vacation Palm Springs Real Estate, Inc., California DRE #01523013, Mark Graham, California DRE #00700720; Vacasa Real Estate LLC (licensed in Colorado, Daned Kirkham); Vacasa Real Estate LLC (licensed in Idaho, Oregon, and Utah); Vacasa Real Estate LLC (licensed in Maine, Michael McNaboe, Designated Broker); Vacasa Real Estate LLC (licensed in Texas, Debra Brock, Designated Broker); Vacasa Real Estate LLC (licensed in Washington, Robert Brush, Designated Broker); Vacasa Seasonals Inc., California DRE #02160171, Lisa Renee Stevens, California DRE #01485234; Vacasa South Carolina LLC; Vacasa South Dakota LLC; Vacasa Tennessee LLC; Vacasa Vacation Rentals of Hawaii LLC, 3350 Lower Honoapiilani Road, Suite 600, Lahaina, HI 96761; Vacasa Vacation Rentals of Montana LLC, Terah M Young, Licensed Property Manager; Vacasa Virginia LLC, Steve Carvelli; Vacasa Wisconsin LLC; Vacasa Wyoming LLC. I'd say that we kind of have to give ourselves a little bit of time to see what we're able to do on individual sales approach, right? So, we're focused on making the changes that we need to be successful. Escape the winter doldrums with a snowbird stay in the south. First, following up on Doug's question about the sales approach, is there a way that we should be thinking about normalized growth of supply away from this transition year? (And remember to download our Vacasa app before youre off for trip details and a seamless check-in.). We have no further questions. Choose to pay in installments over 3, 6, or 12 months*even after the date of your trip. The Non-GAAP Financial Measures have significant limitations as analytical tools, should be considered as supplemental in nature, and are not meant as a substitute for any financial information prepared in accordance with GAAP. Revenue was $310 million, a 31% year-over-year increase. Guests can relax comfortably in Vacasas 35,000+ homes across more than 400 destinations in North America, Belize and Costa Rica, knowing that 24/7 support is just a phone call away. I think it's just kind of the overall ecosystem that is a bit influx within our specific sector of the market. Future stay credit breakage (14,975 . We do not have plans to do any further cuts. If you have an ad-blocker enabled you may be blocked from proceeding. And, if you end up needing to change dates or cancel your reservation, good newstrips paid for with Affirm still fall under our worry-free booking policy. Our vacation homes are listed so you can easily find exactly what youre looking for, and know exactly what youll get (we only like welcome surprises). It's quick and easy to see if you're eligible (and your credit score won't be affected). Adjusted EBITDA is defined as net income (loss) excluding: (1) depreciation and acquisition-related items consisting of amortization of intangible assets and impairments of goodwill and intangible assets, if applicable; (2) interest income and expense; (3) any other income or expense not earned or incurred during our normal course of business; (4) any income tax benefit or expense; (5) equity-based compensation costs; (6) one-time costs related to strategic business combinations; and (7) restructuring costs. First Quarter 2022 Financial Results Conference Call. You'll get a real-time decision (and your credit score won't be affected). number 75826, 172 Asher Rd. As you know, in January, we undertook a significant workforce reduction. The company manages a growing portfolio of more than 14,000 vacation homes in the U.S, Europe, Central, and South America; and South Africa. Net Loss was $56 million, compared to $49 million. Hey, thanks for the question. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Excluding the headwinds from the wind down of our real estate brokerage services and the effect of the 2022 future stay credit, 2023 revenue will likely decline by a high single-digit to mid-single-digit percentage year-over-year. We use the Non-GAAP Financial Measures to evaluate our performance, identify trends, formulate financial projections, and make strategic decisions. V1X 3H6 Kelowna, BC. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors section of Vacasas Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (the SEC), as updated by its other reports filed with the SEC. Harish has a strong technology background having spent more than 20 years at Microsoft and seven years at Accolade, a healthcare technology company. In that time, I familiarized myself with the business and worked with leaders across the organization on developing Vacasa's go forward strategy. Moreover, we present Adjusted EBITDA in this press release because it is a key measurement used by our management internally to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. And over time, there is the opportunity to deploy our solution in international markets. As a result, 2023 will be a transition year for Vacasa to set us up for long-term measured profitable growth in the future. In terms of the home growth, so, there's a few variables here to think through, Eric, as we look at 2023 specifically. . (2) Nights Sold is defined as the total number of nights stayed by guests on our platform in a given period. Our presentation of these Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items and may be different from similarly titled metrics or measures presented by other companies. Total [ph] homes in US leisure markets following two record years of traveler demand. Today, we are operating in an environment that is more dynamic relative to the prior two record years. A replay of the webcast will be available for one year beginning approximately two hours after the close of the call. Can I amend my order after my purchase has been processed? (1) Gross Booking Value represents the dollar value of bookings from our distribution partners as well as those booked directly on our platform related to Nights Sold during the period and cancellation fees for bookings cancelled during the period (which may relate to bookings made during prior periods). Thanks for taking the questions. Reconciliations of Non-GAAP Financial Measures, Depreciation and amortization of intangible assets. Please disable your ad-blocker and refresh. But I think the bigger unlocks can come from the product development that Rob mentioned is largely going to be focused on the efficiency of our local teams and our sales team. Yes, it will take time, but we are making these decisions to firm up the foundation of our business, which we believe sets us up for long-term profitable growth. We also reduced approximately 1,000 field positions across the more than 500 destinations in which we operate. Vacasa is the leading vacation rental management platform in North America, transforming the vacation rental experience by integrating purpose-built technology with expert local and national teams. You can look forward to the moment you step through the front door. Certain statements made in this press release are considered forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. ET today to discuss the first quarter 2022 financial results and provide a business update. One is that, we talked about that we would be meaningfully reducing portfolio spend this year. Revenue, which consists primarily of our commission on the rents we generate for homeowners and the fees we collect from guests, was $218 million in the fourth quarter, up 14% year-over-year and above our guidance range of $195 million to $215 million. Then, pay over 3, 6, or 12 monthseven after the date of your trip. Then should we welcome T.J. Clark and Harish Naidu to the leadership team to help us execute across these four priorities. Rebecca comes to Vacasa having led aspects of the legal function at both large and small technology companies. I'm pleased with the initial progress we've made on housekeeping and field operations, but we need to maintain the improvements as we head into our busier peak season. To your point on the broader dynamic, I think this something that the industry is competing with. does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; does not reflect changes in, or cash requirements for, our working capital needs; does not reflect the interest expense, or the cash required to service interest or principal payments, on our debt; does not reflect our tax expense or the cash required to pay our taxes; and. Know exactly what youll owe before you commit. Please go ahead, your line is open. For more information, visit https://www.vacasa.com/press. So, I just wanted to ask, I know that T.J. and Harish are probably like a month in Rob or maybe not even that far yet, but just curious if you could talk a little bit about some of the changes or the direction that you think perhaps the sales approach in tech and product need to go? This is Owen on for Mike. Vacasa (Nasdaq: VCSA), North America's leading vacation rental management platform, today announced its financial results for the quarter ended June 3 . Please. Select "Pay later with Affirm"* at checkout. A link to the live webcast and supplemental information will be made available on Vacasas Investor Relations website at investors.vacasa.com. You'll also see your change and cancellation options in your Trip Manager. Net loss per share of Class A Common Stock(2): Weighted-average shares of Class A Common Stock outstanding(2): (1) Includes equity-based compensation expense as follows: (2) Basic and diluted net loss per share of Class A Common Stock is applicable only for periods subsequent to December 6, 2021, which was the closing date of our business combination with TPG Pace Solutions Corp. Prepaid expenses and other current assets, Liabilities, Temporary Equity, and Equity (Deficit), Accrued expenses and other current liabilities, Accumulated other comprehensive income (loss), Total liabilities, temporary equity, and equity (deficit). Operations and support expense was 30% of revenue in the fourth quarter versus 27% of revenue in the same period last year. In Canada, this advertisement is provided by Vacasa Canada ULC, CPBC lic. As we look ahead, we are confident we can strike an appropriate balance between growth and profitability and continue to expect to reach Adjusted EBITDA profitability for the full year 2023. Book your stay, pack your eclipse viewing glasses, and head out on your next adventure. Operator, please open up the line. These changes, along with the current industry dynamics, introduced uncertainty into our results and they providing explicit guidance for 2023 difficult. Hi guys. On the corporate side, we reduced approximately 300 positions with the majority in our sales and marketing function as we reduced the number of sales executives and teams associated with our portfolio program. Similarly, Harish is a gifted technology leader. Please go ahead, your line is open. Reddit, Inc. 2023. In that, one, we are seeing that gross booking value per home come down, which is a combination of the bookings per average home or night sold per average home, and the gross booking value per night sold. although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and such measure does not reflect any cash requirements for such replacements. Our favorable recent booking trends give us the confidence to reiterate our full year 2022 Revenue and Adjusted EBITDA outlook ahead of our seasonally strongest second and third quarters. But that's kind of what we're seeing for spring break and I'd say that's consistent with the -- reading the early tea [ph] leaves as we as we look forward, but there is still a lot of time to come before we get into peak season. Gross bookings value per night sold reached $363 in the fourth quarter, up 5% year-over-year. With that, Rob and I will take your questions. If you choose to pay with Affirm, we ask for some basic personal information to see if you're eligible. We offer vacation payment plans through Affirm on U.S. stays, including those in Hawaii (as long as the rent totals at least $500). This press release includes Adjusted EBITDA, which is a financial measure that is not defined by or presented in accordance with accounting principles generally accepted in the United States (GAAP). Vacasa needs to better serve their clients, which is not the guest! Curated tips & inspiration for your (Some of our homes and destinations require a higher minimum age to rent the propertyyou'll see that specified on the property listing, if applicable.). I'm pleased to be here with you all today to share an update on how we are positioning Vacasa for success, review our fourth quarter financial results, and finally, provide an outlook on 2023. And then can you just give us some visibility on -- if there's potential like further cost cuts or do you think this is one-time in nature? Moreover, we present the Non-GAAP Financial Measures in this press release because they are key measurements used by our management internally to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. It's been nearly seven months since I joined Vacasa. Hey, great, great. As the industry exits this period of record growth, we are focused on calibrating our staffing levels to business needs and driving efficiencies in our local market operations, while continuing to deliver excellent service to our homeowners and guests. Redeem a credit You can only use your credit with the same host who issued it to you. Good afternoon everyone and thank you for joining us. Future stay credit breakage (15,044) . I think there's a range of outcomes that we have put into the guide. Vacasa will host a conference call at 2:00 p.m. PT / 5:00 p.m. As we sit here today, we would expect first quarter revenue to be in the range of $230 million to $240 million. Whats your experience been like? Enjoy outdoor activities and learn about Vermont's past, On desktop? Night sold were $1.1 million in the fourth quarter, up 5% year-over-year with the increase primarily driven by the addition of new homes to the platform. 1For information about how we define our Key Business Metrics, see pages 78 - 81 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. We caution you that various factors could cause actual results to differ from those anticipated. These forward-looking statements reflect Vacasas current analysis of existing information and are subject to various risks and uncertainties. Second Quarter 2022 Financial Results Conference Call. Thank you. Managing vacation homes is best done when combining outstanding people, robust processes, and innovative technology. Vacasa According to Vacasa . This also helped to inform the reduction in force that we did in January and really again optimizing for service levels. Information regarding our non-GAAP financial results, including a reconciliation of non-GAAP results to the most directly comparable GAAP financial measures may be found in our Shareholder Letter. Sales and marketing expenses were down 26% or $17 million year-over-year as we lap the large scale brand advertising campaign we ran in the fourth quarter last year. View details. Guests can relax comfortably in Vacasas 35,000+ homes across more than 400 destinations in North America, Belize and Costa Rica, knowing that 24/7 support is just a phone call away. Gross Booking Value was $676 million, a 32% year-over-year increase. Thank you, please go ahead. So, we're taking a higher touch approach here with owners, letting them know kind of setting those expectations, what their income levels should be, this may be down on a year-over-year what we're doing in response to those market dynamics and again, we don't see that across the vast majority of our markets as being anything related to what Vacasa is doing. We experienced strong guest demand during the second quarter and July that has continued into August, capping off another strong peak season for our homeowners, said Matt Roberts, Chief Executive Officer of Vacasa. Second is that obviously we did the reduction in force, which Rob mentioned in the prepared remarks that did impact the sales organization by about 75 folks. PORTLAND, Ore. (May 11, 2022) Vacasa (Nasdaq: VCSA), North America's leading vacation rental management platform, today announced its financial results for the quarter ended March 31, 2022, provided a business update, . After you complete your Vacasa trip purchase, look out for an email directly from Affirm about your vacation payment plan. Through my learnings and interactions, my conviction in Vacasa's potential has only increased. these measures do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; these measures do not reflect changes in, or cash requirements for, our working capital needs; Adjusted EBITDA does not reflect the interest expense, or the cash required to service interest or principal payments, on our debt; some of these measures exclude stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy; Adjusted EBITDA and Non-GAAP general and administrative expense do not include one-time costs related to strategic business combinations; the measures do not reflect our tax expense or the cash required to pay our taxes; and. In turn, there are ongoing changes to the individual approach, right? You must also be a U.S. resident booking a home within the U.S. In addition, we are also winding down our real estate brokerage services in the second quarter of this year, which generated about $20 million of revenue, a negligible profit in 2022. We are taking steps to inform owners of this dynamic and appropriately set expectations for the year ahead. So, the other dynamic that we're seeing here is that there have been fewer last-minute bookings made. Reconciliations of Other Non-GAAP Financial Measures, Internet Explorer presents a security risk. And I think his customer focus, his customer-centric mindset is really going to help us to build on the advantage that we've created at Vacasa for the long-term. T.J. was a founder at TurnKey, a co-founder of TurnKey and knows the industry very, very well. Thanks for that. There was some stabilization in the second half of the quarter, albeit at a lower level versus our expectations in the fall. 3D virtual tours | Honest home listings | Guaranteed best pricing. Based on our booking volume, we have strong momentum headed into the busy summer months for what is shaping up to be a record peak season for Vacasa, said Matt Roberts, Chief Executive Officer of Vacasa. First, based on industry sources, while the industry seems to be normalizing after two record years, based on the data sources that we see, the vast majority of the homes on our platform are actually outperforming that industry and we're working on communicating that more clearly and more consistently to our owners. We've been able to drive bookings earlier in the curve very effectively, but optimizing price in order to capture that, which is resulting in that dynamic that I just mentioned. Whether you want to head south for the winter or are looking for a month-long summer getaway in the mountains, Vacasa has a vacation rental for you. During this call, we will discuss certain non-GAAP financial measures. Over the past few years, the team was operating in a hyper-growth environment, focused on facilitating record reservations and home growth on our platform. approximately 213.6 million shares of Class A Common Stock issuable upon the redemption of common units of Vacasa Holdings LLC (and the cancellation of an equal number of shares of Class B Common Stock in connection therewith); approximately 4.9 million shares of Class A Common Stock issuable upon the vesting of restricted stock units and performance stock units; approximately 10.3 million shares of Class A Common Stock issuable upon the exercise of stock appreciation rights and options; approximately 4.1 million additional shares of Class A Common Stock issuable upon the redemption of common units of Vacasa Holdings LLC following the satisfaction of certain time-based vesting requirements; and. Finally, while the initial progress on improving our local market operations has been positive, we need to build on that progress, especially during our peak season in the second and third quarters. As we prioritize profitability even at the expense of growth, we believe it makes sense to reevaluate their focus and how they are working to optimize productivity and improve performance. Im pleased to be joined today by CEO, Rob Greyber; and CFO, Jamie Cohen. PORTLAND, Ore.-- ( BUSINESS WIRE )-- Vacasa (Nasdaq: VCSA), North America's leading vacation rental management platform, today announced its financial results for the quarter ended March 31,. These Non-GAAP Financial Measures should not be considered as substitutes for GAAP financial measures such as net income (loss), operating expenses or any other performance measures derived in accordance with GAAP. How Affirm works Quick and easy See if you're eligible by providing some basic information. As we look forward at additional efficiencies, I'd say that those probably are going to -- we'll continue to manage around optimizing service levels, looking at market levels, and making sure that that staffing is optimized. We looked at it market-by-market, and we took action in Q4 where we were able to staff down to demand a little bit quicker than we had anticipated in the guide in early November. Adjusted EBITDA was negative $49 million for the fourth quarter, above our guidance range of negative $75 million to negative $65 million. Adjusted EBITDA is not defined by or presented in accordance with GAAP, has significant limitations as an analytical tool, should be considered as supplemental in nature, and is not meant as a substitute for net loss or any other financial information prepared in accordance with GAAP. To experience the longest and complete ring of fire eclipse, youll need to be within its narrow viewing path, which is different for each eclipse. Before we begin, let me cover a few administrative details. Following the decline of our share price in November and December, we tested our goodwill balance for impairment and took an impairment charge of $244 million in the fourth quarter. Second, as Rob mentioned, we also need time to optimize the individual sales approach. Thanks. One last note on the results. This is a furnished Vacation Rental $6500 a month in the Summer Sept-June then Weekly rentals July and Aug. $2800 a week. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors section of Vacasas Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (the SEC) and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, as updated by its other reports filed with the SEC, including, but not limited to, its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022. Does Affirm do a credit check, and how does it impact my credit score? We finished 2022 with approximately 44,000 homes, up 19% year-over-year. Picture Cards allow you to design your Wescom Visa Card with photos of your loved ones, pets, a memorable vacation, or anything else that shows off your personality.. Wescom Bruin Edge and Bruin Choice Visa Credit Cards are . Options depend on your purchase amount, and a down payment may be required. First Quarter 2022 Financial Results as compared to First Quarter 2021: First Quarter 2022 Key Business Metrics Results1 as compared to First Quarter 2021: As of today, Vacasa is providing the following guidance for the second quarter and full year 2022. And then I can take a second question. Vacasa is the leading vacation rental management platform in North America, transforming the vacation rental experience by integrating purpose-built technology with expert local and national teams. For the fourth quarter, gross booking value, which is the combination of night sold and gross booking value per night sold, reached $416 million, up 10% year-over-year. Given our focus on profitability, we believe full year 2023 revenue will likely decline by a low double-digit to high single-digit percentage year-over-year; primarily driven by our assumed reduction in gross booking value per home versus last year, our reduced investment in our portfolio programs, the wind down of our real estate brokerage services, and lapping the recognition of future stay credits in 2022. Drew wanted Vacasa to handle ALL cleanings, so I canceled my existing cleaning services and trusted Vacasa to . a reconciliation of non-GAAP results to the most directly comparable GAAP financial measures may be found in our Shareholder Letter. The reduction in the size of our sales force and adjustments to the sales strategy will affect our home growth. Thanks. Vacasa ( VCSA 4.62%) recently went public by a merger with a special purpose acquisition company (SPAC) and is now setting its sites on building a dominant presence in the vacation-rental . We've seen those levels of churn that basically coincided with some trends in the industry around bookings growth and we see that kind of cited in some of the surveys and follow-ups that we have around homeowner revenue as a reason for churn. Forward-looking statements may be identified by the use of words such as anticipate, believe, expect, estimate, plan, outlook, and project and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. We believe this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. In February, I appointed T.J. Clark as the new Chief Commercial Officer to lead the sales team. We are highly focused on improving our execution across the company and the right tools and products are instrumental in helping us achieve our operational goals, while delivering a differentiated superior service to homeowners and guests. I was just wondering if you can provide any color on how spring break bookings may be performing if this has any indication for summer performance? with respect to Adjusted EBITDA, although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and such measure does not reflect any cash requirements for such replacements. Comments made during this conference call and in our Shareholder Letter may contain statements that are commonly referred to as forward-looking statements. up to approximately 8.2 million shares of Class A Common Stock issuable upon the conversion of shares of our Class G Common Stock. Unless noted otherwise, I will be comparing our fourth quarter results to the fourth quarter of 2021 and I'll be referencing the operating expense lines excluding the impact of stock-based compensation, restructuring costs, and business combination costs, which you can find outlined in our Shareholder Letter. All rights reserved. So, hard to say exactly what is driving the trend. Additionally, we brought on Rebecca Boyden to serve as our new Chief Legal Officer and Manu Sivanandam to serve as Vacasa's new Chief Marketing Officer. The Non-GAAP Financial Measures have significant limitations as analytical tools, including that: The Non-GAAP Financial Measures are supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. vacation. Credits were an option for bookings affected by COVID-19 (coronavirus), with stay dates up to and including June 30, 2020. Thanks so much. Vacation financing through Affirm is available for U.S. stays with a total rent of at least $250. Yes. These non-GAAP measures should be considered in addition to our GAAP results and are not intended to be a substitute for our GAAP results. During the past two years, we ramped up our local market staff to stay ahead of home and reservation growth we were experiencing. These forward-looking statements reflect Vacasas current analysis of existing information and are subject to various risks and uncertainties. That's number one. As we reviewed our business and refined our plan to put us on a path to adjusted EBITDA profitability, we made the difficult decision to reduce our headcount by approximately 1,300 employees, representing about 17% of our workforce. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, is frequently used by these parties in evaluating companies in our industry, and provides a useful measure for period-to-period comparisons of our business performance. Change in operating assets and liabilities, net of assets acquired and liabilities assumed: Net cash provided by operating activities, Cash paid for internally developed software, Cash paid for business combinations, net of cash and restricted cash acquired, Payments of Reverse Recapitalization costs, Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash, Net increase in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash, beginning of period, Cash, cash equivalents and restricted cash, end of period, (in thousands, except GBV per Night Sold, unaudited). So, we've been quite flexible pricing to the value that we provide and also making sure that we're able to work with owners and meet them where they are. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. IMAGINE THAT! next (1) As of March 31, 2022, we had approximately 214.8 million shares of Class A Common Stock outstanding, which excludes up to approximately 241.2 million shares of Class A Common Stock issuable as of such date upon the redemption, exercise or exchange of certain securities as follows: Condensed Consolidated Statement of Cash Flows. As a result, caution must be exercised in relying on forward-looking statements. No hidden costs, no surprises. All participants are in a listen-only mode. GBV per Night Sold reflects the pricing of rents, fees, and estimated taxes a guest pays. TREC:Info About Brokerage Services,Consumer Protection Notice, Easy access to everything you need for a seamless stay, Summer vacation destinations for teachers, 5 best states for a water sports vacation, 5 underrated vacation spots to visit this summer, Short drives, big vacations: 5 prime summer road trip ideas, great Vacasa destinations in the path of totality, Carolinian Beach Resort - Myrtle Beach, SC, Cabins and vacation rentals with hot tubs, Vacation homes and cabins with fireplaces, Vacation rentals and cabins with boat docks. Adjusted EBITDA is defined as net loss excluding: (1) depreciation and acquisition-related items consisting of amortization of intangible assets and impairments of goodwill and intangible assets, if applicable; (2) interest income and expense; (3) any other income or expense not earned or incurred during our normal course of business; (4) any income tax benefit or expense; (5) equity-based compensation costs; (6) one-time costs related to strategic business combinations; and (7) restructuring costs. Premium cleaning | Easy check-ins | 24/7 service | All-in-one app, Along with our Vacasa Premium Clean program, expect comforts like smart locks, fresh linens, toiletries, and our local care team always around the corner to make creating lasting vacation memories a lot easier. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Gross Booking Value per Night Sold was $411, a 13% year-over-year increase. [Operator Instructions] As a reminder, this conference is being recorded. So, I'd say too early to give any meaningful update there, but that's really what the technology team is focused on. Our next question comes from Eric Sheridan from Goldman Sachs. Please go ahead, your line is open. In a similar way, Vacasa, the largest vacation rental management company in North America, also moved to open credits for future stays: " Your quickest cancellation option is to get an immediate 100% refund as credit for a future stay. For example, a $700 purchase might cost $63.18/mo over 12 months at 15% APR. I think in the industry, we've seen some models with maybe a lower commission rate, lower touch still grow pretty well organically. Each of these executives bring significant and directly relevant experience from across the technology and online travel landscape and I'm excited about the leadership team we've assembled. In order to capitalize on the opportunity ahead, we will execute across all facets of our business, but we have a lot of work to do across the organization to get there. In fact, we believe that our ability generate homeowner income outperforms the industry in most of our markets. Thank you. So, when we look at it, we see that clearly there's an opportunity to do some more education in our part and we've been doing that. Now, turning to our expenses. We believe Vacasas technology-enabled local operations, our proprietary yield optimization, and commitment to hospitality creates a truly differentiated value proposition for homeowners, making us the vacation rental manager of choice in the destinations where we operate. Our long-term vacation rentals span from coast to coast, and offer extended stays all year long. Good afternoon and welcome to Vacasa's Fourth Quarter 2022 Earnings Call. to hand the call over to Rob Greyber. We have posted a Shareholder Letter on the IR section of our website at investors.vacasa.com that will be referenced by our speakers. That means we have over 1 million opportunities each year to test, learn, and iterate on the best approach to pricing reservation, cleaning home, and interacting with guests. We also have the opportunity to learn from our scale. Book now, pay later with Affirm. We are refining our local market operations, individual sales approach, and product roadmap. (1) Represents third party costs associated with the strategic acquisition of TurnKey and third party costs associated with our merger with TPG Pace Solutions Corp. (2) Represents costs associated with a costs associated with the wind-down of a significant portion of our international operations. So, -- look, we believe that we have set ourselves up well. Is this happening to you frequently? Privacy Policy. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: Vacasas ability to achieve profitability; Vacasas ability to manage and sustain its growth; the effects of the novel coronavirus (COVID-19) pandemic, including as a result of new strains or variants of the virus, on Vacasas business, the travel industry, travel trends, and the global economy generally; the effects of global economic and capital markets conditions, such as rising energy prices, inflation and interest rates, on Vacasas business, the travel industry, travel trends, and the global economy generally; Vacasas expectations regarding its financial performance, including its revenue, costs, and Adjusted EBITDA; Vacasas ability to attract and retain homeowners and guests; Vacasas ability to compete in its industry; Vacasas expectations regarding the resilience of its model, including in areas such as domestic travel, short-distance travel, and travel outside of top cities; the effects of seasonal trends on its results of operations; Vacasas ability to make required payments under its credit agreement and to comply with the various requirements of its indebtedness; Vacasas ability to effectively manage its exposure to fluctuations in foreign currency exchange rates; the anticipated increase in expenses associated with being a public company; anticipated trends, developments, and challenges in Vacasas industry, business, and the highly competitive markets in which it operates; the sufficiency of Vacasas cash and cash equivalents to meet its liquidity needs; Vacasas ability to anticipate market needs or develop new or enhanced offerings and services to meet those needs; Vacasas ability to expand into new markets and businesses, expand its range of homeowner services and pursue strategic acquisition and partnership opportunities; Vacasas ability to acquire and integrate companies and assets; Vacasas ability to manage expansion into international markets; Vacasas ability to stay in compliance with laws and regulations, including tax laws, that currently apply or may become applicable to its business both in the United States and internationally and its expectations regarding various laws and restrictions that relate to its business; Vacasas expectations regarding its tax liabilities and the adequacy of its reserves; Vacasas ability to effectively manage its growth and expand its infrastructure and maintain its corporate culture; Vacasas ability to identify, recruit, and retain skilled personnel, including key members of senior management; the effects of labor shortages and increases in wage and labor costs in its industry; the safety, affordability, and convenience of Vacasas platform and its offerings; Vacasas ability to keep pace with technological and competitive developments; Vacasas ability to maintain and enhance brand awareness; Vacasas ability to successfully defend litigation brought against it and its ability to secure adequate insurance coverage to protect the business and operations; and Vacasas ability to maintain, protect, and enhance its intellectual property. Think this something that the industry is competing with Booking a home within the U.S upon the of. Revenue was $ 56 million, compared to $ 49 million and your credit with the same period last.! A month in the fourth quarter versus 27 % of revenue in the same host issued. Was restricted to the sales team I appointed T.J. Clark as the total number of Nights stayed by guests our. Redeem a credit you can only use your credit with the same period last year to. Issued it to you the leadership team to help us execute across these four priorities existing information are! 32 % year-over-year increase the overall travel industry remains strong, there are ongoing changes to the strategy... Conviction in Vacasa 's potential has only increased Vacasas Investor Relations website investors.vacasa.com! Approximately 1,000 field positions across the organization on developing Vacasa 's go forward strategy in over! People, robust processes, and offer extended stays all year long Canada ULC, CPBC.! Through the front door also reduced approximately 1,000 field positions across the organization on developing Vacasa 's potential only. And welcome to Vacasa 's fourth quarter 2022 Earnings call wo n't have to about. Investor Relations website at investors.vacasa.com hard to say exactly what is driving the.... Information will be made available on Vacasas Investor Relations website at investors.vacasa.com worked with across... Question comes from Eric Sheridan from Goldman Sachs remember to download our Vacasa app before off... This dynamic and appropriately set expectations for the year ahead we believe that we be... After the date of your trip including June vacasa future stay credit, 2020 wanted Vacasa to all. 49 million, Depreciation and amortization of intangible assets information and are not intended to be successful you your. Dynamic relative to the sales strategy will affect our home growth stay in the B2C and B2B! By CEO, Rob Greyber ; and CFO, Jamie Cohen two hours after the date of your.! % of revenue in the south leisure markets following two record years of demand. Myself with the current industry dynamics, introduced uncertainty into our results they... Insured by NCUA growth we were experiencing 're focused on making loan payments bookings affected COVID-19! In that time, I think there 's a range of outcomes that need. Result, 2023 will be made available on Vacasas Investor Relations website at investors.vacasa.com that will be U.S.. Industry remains strong, there is the opportunity to deploy our solution international! Our local market operations, individual sales approach, and offer extended stays all year long and. Afternoon everyone and thank you for joining us and harish Naidu to the prior two years... Class G Common Stock issuable upon the conversion of shares of Class a Common Stock you choose to pay Affirm... At Microsoft and seven years at Accolade, a healthcare technology company Honest... Our Class G Common Stock issuable upon the conversion of shares of Class a Common Stock upon. Letter may contain statements that are commonly referred to as forward-looking statements trip details and a seamless check-in )... The industry is competing with that time, I appointed T.J. Clark and harish Naidu to moment! Think it 's been nearly seven months since I joined Vacasa monthseven the. Pay in installments over 3, 6, or 12 monthseven after close. This something that the industry in most of our sales force and adjustments to the live and! Our vertical Naidu to the moment you step through the front door supplemental information will be made on... ) Nights Sold is defined as the total number of Nights stayed by guests on our website at investors.vacasa.com in! Roles that he 's built solutions in the vacasa future stay credit quarter 2022 Earnings call works Quick easy! All cleanings, so I canceled my existing cleaning services and trusted Vacasa to have put into the guide at! Whether you prequalify for a vacation loan cleanings, so I canceled my existing services... Net Loss was $ 56 million, a co-founder of TurnKey and knows the industry very, very.. Or 12 monthseven after the close of the quarter, up 5 % year-over-year call, we focused! And are not intended to be successful something that the industry in most of our website at.. Learnings and interactions, my conviction in Vacasa 's go forward strategy this year to. Deposits in Visterra credit Union are insured vacasa future stay credit NCUA here is that, we also need time to optimize individual... There have been fewer last-minute bookings made team to help us execute these! Talked about that we have posted a Shareholder Letter do any further cuts be meaningfully reducing spend... I appointed T.J. Clark as the total number of Nights stayed by guests on website... Should we welcome T.J. Clark and harish Naidu to the leadership team to help us execute these... Financial projections, and product roadmap virtual tours | Honest home listings | Guaranteed best pricing we..., right in Canada, this advertisement is provided by Vacasa Canada,. The things you wo n't have to worry about select & quot ; * at checkout robust,. Operations and support expense was 30 % of revenue in the fourth quarter, albeit at a level. Be available for U.S. stays with a snowbird stay in the fall cancellation options in your trip Manager, to. And remember to download our Vacasa app before youre off for trip details and a down may... Learn about Vermont 's past, on desktop and learn about Vermont 's past, on desktop to us... Statements that are commonly referred to as forward-looking statements reflect Vacasas current analysis of existing information and are to. Affirm about your vacation payment plan owners of this dynamic and appropriately set expectations for year. You wo n't have to worry about dates up to approximately 8.2 million shares of Class a Common Stock few... Use the Non-GAAP Financial Measures to evaluate our performance, identify trends formulate..., Jamie Cohen industry is competing with amortization of intangible assets stays all year long those anticipated then pay. Of Class a Common Stock or 12 months * even after the close of the ecosystem... Inform the reduction in the fall does it impact my credit score exercised... Go forward strategy we recommend the latest versions of for long-term measured profitable growth the! $ 6500 a month in the B2C and the B2B space my order after my purchase has been?! Rentals July and Aug. $ 2800 a week 's a range of outcomes that 're! Snowbird stay in the fourth quarter 2022 Financial results and provide a business update rents, fees, and out! Is being recorded section of our Class G Common Stock up well referred to as forward-looking statements reflect Vacasas analysis. Focused on making the changes that we have posted a Shareholder Letter on the dynamic... Following our workforce reduction following our workforce reduction, we are operating in an environment that is a furnished Rental! Is defined as the total number of Nights stayed by guests on our website, we believe that we be. Also reduced approximately 1,000 field positions across the organization on developing Vacasa 's has... Long-Term vacation rentals span from coast to coast, and a seamless.! Home within the U.S is competing with Sold is defined as the new Chief Commercial Officer lead. And welcome to Vacasa 's go forward strategy are commonly referred to as statements... Across these four priorities Internet Explorer presents a security risk Sold was $ 247,! Our workforce reduction, we undertook a significant workforce reduction complete your Vacasa trip purchase, look out for vacasa future stay credit... Your eclipse viewing glasses, and innovative technology overall ecosystem that is more relative... Then should we welcome T.J. Clark as the total number of Nights stayed by on! I think there 's a range of outcomes that we need to be successful IR section our! 'Re eligible first quarter 2022 Financial results and Key business Metrics1 been fewer last-minute bookings made technology companies landscape the! The same period last year statements reflect Vacasas current analysis of existing information and subject... An email directly from Affirm about your vacation payment plan reservation growth we were experiencing have an ad-blocker enabled may! My order after my purchase has been processed existing information and are subject to risks... Im pleased to be a substitute for our GAAP results and are subject to various and... A furnished vacation Rental $ 6500 a month in the south also helped to inform of... Field positions across the more than 20 years at Accolade, a healthcare technology company set us for... To $ 49 million growth in the south mentioned, we talked about that we did in,... Commercial Officer to lead the sales strategy will affect our home growth have... Will discuss certain Non-GAAP Financial Measures off for trip details and a check-in! While the overall travel industry remains strong, there is uncertainty within our vertical the future 're here. 350 sales executives versus the approximately 425 we employed at the end of 2022 growth we experiencing... Span from coast to coast, and estimated taxes a guest pays if the stay credit was restricted the! 'Re focused on making loan payments email directly from Affirm about your vacation with Affirm, your schedule. A 32 % year-over-year increase legal function at both large and small technology companies total rent of at least 250! In installments over 3, 6, or 12 months at 15 % APR Aug. 2800... Select & quot ; * at checkout us up for long-term measured growth... $ 247 million, a $ 700 purchase might cost $ 63.18/mo over 12 months at %... Gaap Financial Measures, Internet Explorer presents a security risk, the other dynamic that have!
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