Vacasa Inc.(NASDAQ:VCSA) 
Vacasa is an international vacation rental management company based in Portland, Oregon. It provides property management services for over 35,000 vacation rentals in North America, Belize, and Costa Rica. Vacasa manages properties in 34 U.S. states.
Website: https://www.vacasa.com/
Founded: 2009
Full Time Employees: 6,300 (Jan 2023)
CEO: Matthew Roberts
Sector: Technology
Industry: Internet Content & Information
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At a glance:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2024-03-31 |
|---|---|
revenue | 209,472,000 |
yoy | |
qoq | |
operating costs and expenses: | |
cost of revenue, exclusive of depreciation and amortization shown separately below | 105,738,000 |
operations and support | 59,984,000 |
technology and development | 15,306,000 |
sales and marketing | 49,443,000 |
general and administrative | 21,732,000 |
depreciation | 3,806,000 |
amortization of intangible assets | 9,317,000 |
impairment of long-lived assets | 84,000,000 |
total operating costs and expenses | 349,326,000 |
income from operations | -139,854,000 |
yoy | |
qoq | |
operating margin % | -66.77% |
interest income | 805,000 |
interest expense | -525,000 |
other income | 76,000 |
income before income taxes | -139,498,000 |
income tax expense | -1,418,000 |
net income | -140,916,000 |
yoy | |
qoq | |
net income margin % | -67.27% |
less: net income attributable to redeemable noncontrolling interests | -55,233,000 |
net income attributable to class a common stockholders | -85,683,000 |
net income per share | |
basic and diluted | -6.36 |
weighted-average shares of class a common stock used to compute net income per share: | |
basic and diluted | 13,466 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-03-31 |
|---|---|
assets | |
current assets: | |
cash and cash equivalents | 109,121,000 |
restricted cash | 202,282,000 |
accounts receivable | 11,819,000 |
prepaid expenses and other current assets | 30,871,000 |
total current assets | 354,093,000 |
property and equipment | 54,582,000 |
intangible assets | 21,105,000 |
goodwill | 171,855,000 |
other long-term assets | 51,631,000 |
total assets | 653,266,000 |
liabilities, temporary equity, and equity | |
current liabilities: | |
accounts payable | 40,123,000 |
funds payable to owners | 240,440,000 |
hospitality and sales taxes payable | 60,918,000 |
deferred revenue | 143,003,000 |
future stay credits | 365,000 |
accrued expenses and other current liabilities | 67,612,000 |
total current liabilities | 552,461,000 |
other long-term liabilities | 31,136,000 |
total liabilities | 583,597,000 |
commitments and contingencies | |
redeemable noncontrolling interests | 52,259,000 |
equity: | |
class a common stock | 3,000 |
class b common stock | 2,000 |
additional paid-in capital | 1,345,002,000 |
accumulated deficit | -1,326,533,000 |
accumulated other comprehensive loss | -1,064,000 |
total equity | 17,410,000 |
total liabilities, temporary equity, and equity | 653,266,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-03-31 |
|---|---|
cash from operating activities: | |
net income | -140,916,000 |
adjustments to reconcile net income to net cash from operating activities: | |
credit loss expense | 1,189,000 |
depreciation | 3,806,000 |
amortization of intangible assets | 9,317,000 |
impairment of long-lived assets | 84,000,000 |
impairment of right-of-use assets | |
future stay credit breakage | -70,000 |
reduction in the carrying amount of right-of-use assets | 2,325,000 |
deferred income taxes | |
other gains and losses | 145,000 |
fair value adjustment on derivative liabilities | |
non-cash interest expense | 54,000 |
equity-based compensation expense | 3,070,000 |
change in operating assets and liabilities, net of assets acquired and liabilities assumed: | |
accounts receivable | 1,224,000 |
prepaid expenses and other assets | -1,121,000 |
accounts payable | 9,779,000 |
funds payable to owners | 61,928,000 |
hospitality and sales taxes payable | 15,780,000 |
deferred revenue and future stay credits | 37,718,000 |
operating lease obligations | -2,382,000 |
accrued expenses and other liabilities | 6,981,000 |
net cash from operating activities | 92,827,000 |
capital expenditures | -530,000 |
free cash flows | 92,297,000 |
cash from investing activities: | |
purchases of property and equipment | -530,000 |
cash paid for internally developed software | -1,429,000 |
cash paid for business combinations, net of cash and restricted cash acquired | |
net cash from investing activities | -1,959,000 |
cash from financing activities: | |
cash paid for business combinations | -3,385,000 |
payments of long-term debt | |
proceeds from exercise of stock options | 55,000 |
proceeds from employee stock purchase program, net of refunds | -42,000 |
proceeds from borrowings on revolving credit facility | |
repayment of borrowings on revolving credit facility | |
repayment of financed insurance premiums | -1,658,000 |
other financing activities | -16,000 |
net cash from financing activities | -5,046,000 |
effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash | -256,000 |
net increase in cash, cash equivalents and restricted cash | 85,566,000 |
cash, cash equivalents and restricted cash, beginning of period | 225,837,000 |
cash, cash equivalents and restricted cash, end of period | 311,403,000 |