Vacation
rental management platform Vacasa brought in revenue of $247 million in the
first quarter of this year, up 91% compared to Q1 2021.
The
company, which went
public in December, says it generated $494 million in gross booking value
in the first quarter this year – more than double the same quarter a year prior
– with 1.3 million nights sold in Q1, a 64% increase compared to Q1 2021.
Vacasa
also says in January it reached a milestone of generating more than $1 billion
in rental income for its homeowners over the preceding 12 months.
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“Our
business performed exceptionally well in the first quarter driven by the
consumer preference shift toward vacation rental accommodations. Based on our
booking volume, we have strong momentum headed into the busy summer months for
what is shaping up to be a record peak season for Vacasa,” says Matt Roberts, CEO
of Vacasa.
“With
our expansive inventory of vacation homes, we are the largest single source of
bookable nights supply in North America, and we see Vacasa as uniquely
positioned to fuel the growth in the booming vacation rental category.”
Net
loss in Q1 2022 was $56 million, compared to $49 million a year earlier, and
adjusted EBITDA was negative $22 million, comparable to the negative $24
million of Q1 2021.
Vacasa
says it hired hundreds of sales representatives in 2021 to focus on adding
individual homes to its platform, with gross home additions in Q1 2022 more
than 2.5 times greater than Q1 2021.
The
company is reiterating its full year 2022 guidance of revenue of $1.12 to $1.17
billion and adjusted EBITDA of negative $21 million to negative $14 million and that it
expects to profitability for the full year 2023.
"Our
business model continues to prove its strength, generating over $2 billion of
Gross Booking Value over the past 12 months," says Jamie Cohen, CFO at
Vacasa.
“Our
favorable recent booking trends give us the confidence to reiterate our full
year 2022 revenue and adjusted EBITDA outlook ahead of our seasonally strongest
second and third quarters."
Last week Vacasa named John Banczak to the new role of chief strategy
officer. Banczak was a co-founder and CEO at TurnKey Vacation Rentals and
joined Vacasa when it acquired
TurnKey in March 2021.
Vacasa
has about 37,000 homes across more than 400 destinations in North America,
Belize and Costa Rica.