The following is a summary of the Vacasa, Inc. (VCSA) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Vacasa reported a quarter-over-quarter decline in total homes on the platform from approximately 41,000 to 40,000.

• Gross booking value for Q2 was $505 million, down 19% year-over-year with nights sold down 17%.

• Revenue for Q2 was $249 million, a decrease of 18% from the previous year.

• Adjusted EBITDA for Q2 was $2 million, compared to $16 million in Q2 2023.

Business Progress:

• Vacasa is undergoing a business transformation focusing on decentralization into locally focused regions.

• The company is adjusting workflows to empower local teams, enhancing homeowner and guest interactions and efficiencies.

• Focus has shifted towards quality of homes rather than quantity, with a strategy to match sales teams to revenue potential and unit quality.

Opportunities:

• Vacasa is developing and employing technology tools to improve owner, guest, and team member experiences.

• The company is aiming to generate more gross bookings per home than the industry average in a majority of its markets.

Risks:

• Ongoing industry dynamics such as increased supply and lower average gross booking value per home.

• Bookings variability and softening demand continue without signs of near-term stabilization.

• Elevated churn due to owner concerns about rates and income.

More details: VACASA INC IR

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