The following is a summary of the Vacasa, Inc. (VCSA) Q1 2024 Earnings Call Transcript:
Financial Performance:
Vacasa reported a gross booking value of $427 million and revenue of $209 million in Q1 2024, reflecting an 18% YoY decrease.
The company experienced a 50% cost of revenue compared to 48% in Q1 of 2023.
They recorded a negative Adjusted EBITDA of $36 million, a significant increase in losses compared to the $12 million negative Adjusted EBITDA in Q1 2023.
Business Progress:
Vacasa is undergoing a business transformation that focuses on empowering local teams, predicted to save over $50 million in 2024 and $12 million annually.
Their restructuring plan includes a 13% workforce reduction predominantly affecting the corporate teams.
The company plans to enhance efficiency through technology investments and improve the experience for owners, guests, and team members.
They have drawn about $80 million from their revolving credit facility to respond to persistent industry dynamics.
Vacasa is accelerating its transformation process due to ongoing gross bookings weakness, intending to optimize pricing strategies to stimulate nights sold while controlling occupancy and Average Daily Rate dynamics.
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