Vacasa Reports $154.9 Million Net Loss in 2024, Revenue Decreases by 19%

Vacasa, Inc. reported a net loss of $154.9 million for the year ended December 31, 2024, compared to a net loss of $528.2 million in 2023. Revenue decreased by 19% to $910.5 million in 2024, primarily due to a 19% decrease in Nights Sold, reflecting lower guest demand and a decrease in the number of homes available on the platform. Operating costs and expenses totaled $1,058.1 million in 2024, a decrease of $597.1 million compared to 2023, primarily driven by a reduction in personnel-related expenses resulting from restructuring activities.

Significant changes compared to the previous fiscal year include a 19% decrease in Nights Sold (to 5.08 million) and a 20% decrease in Gross Booking Value (GBV) to $1.86 billion. The company attributed the revenue decline to lower guest demand, a decrease in the number of homes on its platform, and increased competition. The decrease in operating costs and expenses reflects the impact of the Reorganization, which involved the elimination of approximately 800 positions (13% of the workforce). The Reorganization also aimed to reduce fixed costs and empower local operations teams.

Strategic developments during the year included the Reorganization, announced in May 2024, and the December 30, 2024, agreement to be acquired by Casago Holdings, LLC for $5.02 per share (subject to potential downward adjustments). The company also entered into a Note Purchase Agreement in August 2024, issuing $30 million in senior secured convertible notes. The company's growth strategy focuses on empowering local operations, optimizing existing supply, growing supply in existing markets, expanding homeowner services, and elevating the homeowner and guest experience.

As of December 31, 2024, Vacasa employed approximately 4,300 team members globally and managed approximately 36,500 home listings across North America and several Central American and Caribbean countries. The company's direct booking channel accounted for approximately 30% of its GBV in 2024. The company also highlighted its technology platform, including offerings for homeowners (property setup, demand generation, dynamic pricing, and support) and guests (direct booking site, payment capabilities, and 24/7 support).

The company's outlook is uncertain, contingent upon the completion of the merger with Casago. The filing notes several risks, including the possibility that the merger may not be completed, the impact of the Reorganization on the business, substantial indebtedness, competition, and the challenges of managing international operations. The company also acknowledges risks related to seasonality, revenue volatility, and the potential for future impairment of assets or goodwill.