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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