In This Article:
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Gross Booking Value: $505 million, down 19% year over year.
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Nights Sold: 1.4 million, down 17% year over year.
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Gross Booking Value per Night Sold: $361, down 2% year over year.
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Average Gross Booking Value per Home: Declined nearly 13% year over year.
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Number of Homes on Platform: Approximately 40,000, down from 41,000 at the end of the first quarter.
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Revenue: $249 million, down 18% year over year.
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Cost of Revenue: 48% of revenue, compared to 47% in the same period last year.
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Operations and Support Expense: 23% of revenue, compared to 20% in the same period last year.
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Sales and Marketing Expense: Declined 26% year over year.
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Technology and Development Expense: Declined 5% year over year.
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General and Administrative Expenses: Increased by 16% year over year.
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Adjusted EBITDA: $2 million, compared to $16 million in the same period last year.
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Convertible Note Financing: $30 million initial investment by Davidson Kempner, with potential for an additional $45 million.
Release Date: August 08, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Vacasa Inc (NASDAQ:VCSA) is empowering local teams by giving them more decision-making authority, which is expected to improve guest and homeowner experiences.
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The company is reorganizing operations into locally focused regions, providing more autonomy and accountability to field teams.
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Vacasa Inc (NASDAQ:VCSA) is focusing on home quality over quantity, which is a key part of their transformation strategy.
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The company has announced a $30 million investment by Davidson Kempner, which will help strengthen its balance sheet.
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Vacasa Inc (NASDAQ:VCSA) is developing and deploying technology tools to improve experiences for owners, guests, and team members.
Negative Points
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Vacasa Inc (NASDAQ:VCSA) is experiencing a decline in gross booking value, which was down 19% year over year.
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The company is facing challenges due to softening demand for domestic nonurban vacation rentals and increased supply of short-term rental units.
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There is ongoing bookings variability, and the company does not see signs of stabilization in the near term.
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Vacasa Inc (NASDAQ:VCSA) continues to experience elevated churn, with owner concerns about rates and resulting income being a leading cause.
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Revenue for the second quarter was down 18% year over year, reflecting the ongoing industry headwinds.
Q & A Highlights
Q: You mentioned the focus on quality versus the number of homes. Is that the driver of the improved take rate year over year? A: Bruce Schuman, CFO: Home quality is a top focus for us and a key part of our transformation. There's no specific disclosure on take rates, but home quality remains a critical priority.