In This Article:
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Gross Booking Value: $670 million, down 19% year over year.
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Nights Sold: 1.6 million, down 21% year over year.
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Gross Booking Value per Night Sold: $413, up 2% year over year.
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Average Gross Booking Value per Home: Declined by about 12% year over year.
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Number of Homes on Platform: Approximately 38,000, down from approximately 40,000 at the end of the second quarter.
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Revenue: $314 million, down 17% year over year.
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Cost of Revenue: 40% of revenue, consistent with the prior year, declined by 16% year over year.
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Operations and Support Expense: 17% of revenue, consistent with the prior year, declined by 16% year over year.
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Sales and Marketing Expense: Declined 30% year over year.
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Technology and Development Expense: Declined 41% year over year.
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General and Administrative Expenses: Declined by 10% year over year.
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Adjusted EBITDA: $69 million, compared to $74 million in the same period last year.
Release Date: November 07, 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) successfully served nearly 400,000 guest reservations during the summer peak season, generating over $300 million of income for homeowners.
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Guest satisfaction and review scores on channel partners' websites increased year over year, indicating improved service quality.
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The company is seeing early positive results from its business transformation efforts, which aim to decentralize operations and empower local teams.
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Vacasa Inc (NASDAQ:VCSA) has made progress in leveraging artificial intelligence to enhance service efficiency and improve outcomes for homeowners and guests.
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The company has reduced its corporate footprint and increased operational efficiency, contributing to better results for homeowners and guests.
Negative Points
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Gross booking value for the third quarter was $670 million, down 19% year over year, indicating a decline in overall booking performance.
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Nights sold decreased by 21% year over year, reflecting challenges in maintaining occupancy levels.
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The average gross booking value per home declined by about 12% year over year, impacting revenue and profitability.
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The number of homes on the platform decreased from approximately 40,000 to 38,000, highlighting ongoing churn issues.
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Revenue for the third quarter was $314 million, down 17% year over year, affected by industry-wide headwinds and booking variability.
Q & A Highlights
Q: Can you provide an overview of Vacasa's performance during the summer peak season? A: Robert Greyber, CEO, highlighted that Vacasa served nearly 400,000 guest reservations, generating over $300 million for homeowners. Guest satisfaction and review scores improved year over year, indicating successful operational changes aimed at decentralizing and empowering local teams.