Q3 2024 Vacasa Inc Earnings Call Transcript
Key Points
- Vacasa Inc (VCSA) successfully served nearly 400,000 guest reservations during the summer peak season, generating over $300 million of income for homeowners.
- Guest satisfaction and review scores on channel partners' websites increased year over year, indicating improved service quality.
- The company is seeing early positive results from its business transformation efforts, which aim to decentralize operations and empower local teams.
- Vacasa Inc (VCSA) has made progress in leveraging artificial intelligence to enhance service efficiency and improve outcomes for homeowners and guests.
- The company has reduced its corporate footprint and increased operational efficiency, contributing to better results for homeowners and guests.
- Gross booking value for the third quarter was $670 million, down 19% year over year, indicating a decline in overall booking performance.
- Nights sold decreased by 21% year over year, reflecting challenges in maintaining occupancy levels.
- The average gross booking value per home declined by about 12% year over year, impacting revenue and profitability.
- The number of homes on the platform decreased from approximately 40,000 to 38,000, highlighting ongoing churn issues.
- Revenue for the third quarter was $314 million, down 17% year over year, affected by industry-wide headwinds and booking variability.
Thank you for standing by. At this time, I'd like to welcome everyone to the third-quarter 2024 Vacasa earnings conference call. (Operator Instructions)
Thank you. I'd like to turn the call over to Ryan Domyancic, Investor Relations. Please go ahead.
Good afternoon, everyone, and thank you for joining us for today's call. I'm pleased to be joined by Vacasa's CEO, Rob Greyber; and CFO, Bruce Schuman. We have posted an investor letter on the Investor Relations section of our website at investors.vacacasa.com that will be referenced by our speakers.
Comments made during this conference call and in our investor letter contain forward-looking statements. Such statements include those about our restructuring actions, including cost savings, future expectations, beliefs, plans, projections, targets, estimates, objectives, events, conditions and financial performance, including guidance for future period results.
We caution that various risks and uncertainties could cause actual
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