Vacasa (VCSA) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 07, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-41130
Entity Registrant Name	Vacasa, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1995316
Entity Address, Address Line One	850 NW 13th Avenue
Entity Address, City or Town	Portland
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97209
City Area Code	503
Local Phone Number	345-9399
Title of 12(b) Security	Class A Common Stock, par value $0.00001 per share
Trading Symbol	VCSA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001874944
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		234,461,028
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		197,277,069
Common Class G
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,333,333

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 150,791	$ 353,842
Restricted cash	241,032	165,294
Accounts receivable, net	36,134	48,989
Prepaid expenses and other current assets	24,011	19,325
Total current assets	451,968	587,450
Property and equipment, net	67,362	67,186
Intangible assets, net	223,524	216,499
Goodwill	832,887	754,506
Other long-term assets	64,680	11,269
Total assets	1,640,421	1,636,910
Current liabilities:
Accounts payable	38,803	34,786
Funds payable to owners	235,621	214,301
Hospitality and sales taxes payable	57,635	46,958
Deferred revenue	114,550	107,252
Future stay credits	5,584	30,995
Accrued expenses and other current liabilities	100,671	71,833
Total current liabilities	552,864	506,125
Long-term debt, net of current portion	125	512
Other long-term liabilities	74,039	112,123
Total liabilities	627,028	618,760
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests	625,224	1,770,096
Equity (Deficit):
Additional paid-in capital	1,167,939	0
Accumulated deficit	(779,002)	(751,929)
Accumulated other comprehensive loss	(811)	(59)
Total equity (deficit)	388,169	(751,946)
Total liabilities, temporary equity, and equity (deficit)	1,640,421	1,636,910
Class A Common Stock
Equity (Deficit):
Common Stock	23	21
Class B Common Stock
Equity (Deficit):
Common Stock	$ 20	$ 21

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Class A Common Stock
Common stock par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	228,575,135	214,793,795
Common stock outstanding (in shares)	228,575,135	214,793,795
Class B Common Stock
Common stock par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock authorized (in shares)	487,276,085	487,276,085
Common stock issued (in shares)	203,655,967	212,751,977
Common stock outstanding (in shares)	203,655,967	212,751,977

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue		$ 412,184	$ 329,927	$ 969,792	$ 696,954
Operating costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below		174,123	138,461	447,976	332,455
Operations and support		76,877	55,435	196,349	132,836
Technology and development		18,422	12,332	52,493	30,935
Sales and marketing		75,020	49,943	196,909	114,657
General and administrative		31,043	19,326	83,486	59,672
Depreciation		5,376	4,414	16,676	12,721
Amortization of intangible assets		15,490	13,979	45,771	30,778
Total operating costs and expenses		396,351	293,890	1,039,660	714,054
Income (loss) from operations		15,833	36,037	(69,868)	(17,100)
Interest income		779	6	1,220	32
Interest expense		(606)	(3,313)	(1,957)	(9,219)
Other income (expense), net		(23)	150	41,499	(10,199)
Income (loss) before income taxes		15,983	32,880	(29,106)	(36,486)
Income tax benefit (expense)		(170)	(76)	(1,073)	76
Net income (loss)		15,813	32,804	(30,179)	(36,410)
Loss attributable to remeasurement of redeemable convertible preferred units		0	0	0	(426,101)
Net income (loss) including remeasurement of redeemable convertible preferred units		15,813	32,804	(30,179)	(462,511)
Less: Net income (loss) including remeasurement of redeemable convertible preferred units prior to Reverse Recapitalization		0	32,804	0	(462,511)
Less: Net income (loss) attributable to redeemable noncontrolling interests		7,489	0	(15,464)	0
Net income (loss) attributable to Class A Common Stockholders, basic		$ 8,324	$ 0	$ (14,715)	$ 0
Net income (loss) per share of Class A Common Stock - basic (in usd per share)	[1]	$ 0.04		$ (0.07)
Net income (loss) per share of Class A Common Stock - diluted (in usd per share)	[1]	$ 0.04		$ (0.07)
Weighted-average shares of Class A Common Stock used to compute net income (loss) per share - basic (in shares)	[1]	226,835		219,877
Weighted-average shares of Class A Common Stock used to compute net income (loss) per share - diluted (in shares)	[1]	232,342		219,877
[1]Basic and diluted net income (loss) per share of Class A Common Stock is applicable only for periods subsequent to December 6, 2021, which is the date of the Reverse Recapitalization (as defined in Note 1, Description of Business ). See also Note 14, Net Income (Loss) Per Share .

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 15,813	$ 32,804	$ (30,179)	$ (36,410)
Foreign currency translation adjustments	(718)	(940)	(1,437)	(201)
Total comprehensive income (loss)	15,095	31,864	(31,616)	(36,611)
Less: Comprehensive income (loss) prior to Reverse Recapitalization	0	31,864	0	(36,611)
Less: Comprehensive income (loss) attributable to redeemable noncontrolling interests	7,145	0	(16,149)	0
Total comprehensive income (loss) attributable to Class A Common Stockholders	$ 7,950	$ 0	$ (15,467)	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash from operating activities:
Net loss	$ (30,179)	$ (36,410)
Adjustments to reconcile net loss to net cash provided by operating activities:
Credit loss expense	4,708	1,159
Depreciation	16,676	12,721
Amortization of intangible assets	45,771	30,778
Future stay credit breakage	(15,158)	0
Reduction in the carrying amount of right-of-use assets	9,561	0
Deferred income taxes	433	(178)
Other gains and losses	2,414	1,381
Fair value adjustment on derivative liabilities	(43,921)	10,317
Non-cash interest expense	162	6,221
Equity-based compensation expense	28,360	5,273
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Accounts receivable, net	65,433	20,351
Prepaid expenses and other assets	(26,433)	(10,794)
Accounts payable	(3,976)	11,028
Funds payable to owners	(28,177)	17,594
Hospitality and sales taxes payable	1,811	9,605
Deferred revenue and future stay credits	(26,191)	(16,470)
Operating lease obligations	(8,050)	0
Accrued expenses and other liabilities	13,750	13,714
Net cash provided by operating activities	6,994	76,290
Cash from investing activities:
Purchases of property and equipment	(8,367)	(3,646)
Cash paid for internally developed software	(7,407)	(4,874)
Cash paid for business combinations, net of cash and restricted cash acquired	(87,699)	(63,477)
Net cash used in investing activities	(103,473)	(71,997)
Cash from financing activities:
Payments of Reverse Recapitalization costs	(459)	0
Cash paid for business combinations	(28,093)	(9,421)
Payments of long-term debt	(250)	(125)
Proceeds from exercise of stock options	157	0
Proceeds from borrowings on revolving credit facility	5,000	0
Repayment of borrowings on revolving credit facility	(5,000)	0
Other financing activities	(1,709)	(179)
Net cash used in financing activities	(30,354)	(9,725)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash	(480)	(84)
Net decrease in cash, cash equivalents and restricted cash	(127,313)	(5,516)
Cash, cash equivalents and restricted cash, beginning of period	519,136	291,012
Cash, cash equivalents and restricted cash, end of period	391,823	285,496
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds	602	291
Cash paid for interest	1,792	3,539
Issuance of common units for consideration in a business combination	0	573,800
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	150,791	150,417
Restricted cash	241,032	135,079
Total cash, cash equivalents and restricted cash	$ 391,823	$ 285,496

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Deficit) - USD ($) $ in Thousands	Total	Redeemable Non-controlling Interests	Redeemable Convertible Preferred Units	Common Units	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Class A Common Stock Common Stock	Class B Common Stock	Class B Common Stock Redeemable Non-controlling Interests	Class B Common Stock Common Stock	Class B Common Stock Additional Paid-In Capital	Class B Common Stock Accumulated Other Comprehensive Income (Loss)
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2020		$ 0
Balance at the beginning (in shares) at Dec. 31, 2020			267,688,054
Balance at the beginning at Dec. 31, 2020			$ 771,979
Redeemable Convertible Preferred Units
Remeasurement of redeemable convertible preferred units			$ 426,101
Redeemable Non-controlling Interests, ending balance at Sep. 30, 2021		0
Balance at the end (in shares) at Sep. 30, 2021			267,688,054
Balance at the end at Sep. 30, 2021			$ 1,198,080
Balance at the beginning (in shares) at Dec. 31, 2020				176,824,152				0			0
Balance at the beginning at Dec. 31, 2020	$ (576,850)			$ 0	$ 0	$ (577,091)	$ 241	$ 0			$ 0
Equity
Exercise of equity based awards (in shares)				70,208
Exercise of equity based awards	73				73
Equity-based compensation	5,273				5,273
Remeasurement of redeemable convertible preferred units	(426,101)				(908)	(425,193)
Issuance of common units for consideration in a business combination (in shares)				161,518,057
Issuance of common units for consideration in a business combination	573,800				573,800
Foreign currency translation adjustments	(201)						(201)
Net exercise of common unit warrants (in shares)				2,020,000
Net income (loss)	0
Net income (loss)	(36,410)					(36,410)
Balance at the end (in shares) at Sep. 30, 2021				340,432,417				0			0
Balance at the end at Sep. 30, 2021	(460,416)			$ 0	578,238	(1,038,694)	40	$ 0			$ 0
Redeemable Non-controlling Interests, beginning balance at Jun. 30, 2021		0
Balance at the beginning (in shares) at Jun. 30, 2021			267,688,054
Balance at the beginning at Jun. 30, 2021			$ 1,198,080
Redeemable Non-controlling Interests, ending balance at Sep. 30, 2021		0
Balance at the end (in shares) at Sep. 30, 2021			267,688,054
Balance at the end at Sep. 30, 2021			$ 1,198,080
Balance at the beginning (in shares) at Jun. 30, 2021				338,412,417				0			0
Balance at the beginning at Jun. 30, 2021	(494,552)			$ 0	575,966	(1,071,498)	980	$ 0			$ 0
Equity
Equity-based compensation	2,272				2,272
Foreign currency translation adjustments	(940)						(940)
Net exercise of common unit warrants (in shares)				2,020,000
Net income (loss)	0
Net income (loss)	32,804					32,804
Balance at the end (in shares) at Sep. 30, 2021				340,432,417				0			0
Balance at the end at Sep. 30, 2021	(460,416)			$ 0	578,238	(1,038,694)	40	$ 0			$ 0
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2021	1,770,096	1,770,096
Balance at the beginning (in shares) at Dec. 31, 2021			0
Balance at the beginning at Dec. 31, 2021			$ 0
Redeemable Convertible Preferred Units
Vesting of employee equity units		2,282
Vesting of restricted stock units		(1,826)
Exercise of equity based awards		(1,089)
Redemption of OpCo units and retirement of Class B Common Stock										$ (24,467)
Equity-based compensation		4,491
Other comprehensive loss		(672)
Net income (loss)		(15,464)
Adjustment of redeemable noncontrolling interest to redemption amount		(1,108,127)
Redeemable Non-controlling Interests, ending balance at Sep. 30, 2022	625,224	625,224
Balance at the end (in shares) at Sep. 30, 2022			0
Balance at the end at Sep. 30, 2022			$ 0
Balance at the beginning (in shares) at Dec. 31, 2021				0				214,793,795			212,751,977
Balance at the beginning at Dec. 31, 2021	(751,946)			$ 0	0	(751,929)	(59)	$ 21			$ 21
Equity
Vesting of employee equity units (in shares)											1,957,984
Vesting of employee equity units	(2,282)				(2,282)
Vesting of restricted stock units (in shares)								1,706,543
Vesting of restricted stock units	1,826				1,826
Exercise of equity based awards (in shares)								1,020,803
Exercise of equity based awards	(412)				(412)
Redemption of OpCo units and retirement of Class B Common Stock (in shares)								11,053,994			(11,053,994)
Redemption of OpCo units and retirement of Class B Common Stock								$ 2	$ 24,467		$ (1)	$ 24,453	$ 13
Equity-based compensation	23,869				23,869
Other comprehensive loss	(765)						(765)
Issuance of common units for consideration in a business combination	0
Net income (loss)	(14,715)					(14,715)
Net income (loss)	(30,179)
Adjustment of redeemable noncontrolling interest to redemption amount	1,108,127				1,120,485	(12,358)
Balance at the end (in shares) at Sep. 30, 2022				0				228,575,135			203,655,967
Balance at the end at Sep. 30, 2022	388,169			$ 0	1,167,939	(779,002)	(811)	$ 23			$ 20
Redeemable Non-controlling Interests, beginning balance at Jun. 30, 2022		590,163
Balance at the beginning (in shares) at Jun. 30, 2022			0
Balance at the beginning at Jun. 30, 2022			$ 0
Redeemable Convertible Preferred Units
Vesting of employee equity units		424
Vesting of restricted stock units		(1,339)
Exercise of equity based awards		(961)
Redemption of OpCo units and retirement of Class B Common Stock										$ (3,623)
Equity-based compensation		1,439
Other comprehensive loss		(339)
Net income (loss)		7,489
Adjustment of redeemable noncontrolling interest to redemption amount		31,971
Redeemable Non-controlling Interests, ending balance at Sep. 30, 2022	625,224	$ 625,224
Balance at the end (in shares) at Sep. 30, 2022			0
Balance at the end at Sep. 30, 2022			$ 0
Balance at the beginning (in shares) at Jun. 30, 2022				0				224,782,395			204,917,757
Balance at the beginning at Jun. 30, 2022	400,314			$ 0	1,188,035	(787,326)	(437)	$ 22			$ 20
Equity
Vesting of employee equity units (in shares)											361,466
Vesting of employee equity units	(424)				(424)
Vesting of restricted stock units (in shares)								1,264,613
Vesting of restricted stock units	1,339				1,339
Exercise of equity based awards (in shares)								904,871
Exercise of equity based awards	(594)				(594)
Redemption of OpCo units and retirement of Class B Common Stock (in shares)								1,623,256			(1,623,256)
Redemption of OpCo units and retirement of Class B Common Stock								$ 1	$ 3,623			$ 3,617	$ 5
Equity-based compensation	7,937				7,937
Other comprehensive loss	(379)						(379)
Net income (loss)	8,324					8,324
Net income (loss)	15,813
Adjustment of redeemable noncontrolling interest to redemption amount	(31,971)				(31,971)
Balance at the end (in shares) at Sep. 30, 2022				0				228,575,135			203,655,967
Balance at the end at Sep. 30, 2022	$ 388,169			$ 0	$ 1,167,939	$ (779,002)	$ (811)	$ 23			$ 20

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Description of Business	Description of Business Vacasa, Inc. and its subsidiaries (the Company) operate a vertically-integrated vacation rental platform. Homeowners utilize the Company’s technology and services to realize income from their rental assets. Guests from around the world utilize the Company’s technology and services to search and book Vacasa-listed properties in destinations throughout North America, Belize, and Costa Rica. The Company collects nightly rent on behalf of homeowners and earns the majority of its revenue from commissions on rent and from additional reservation-related fees paid by guests when a vacation rental is booked directly through the Company’s website or app, or through its distribution partners. The Company conducts its business through Vacasa Holdings LLC (Vacasa Holdings or OpCo) and its subsidiaries. The Company is headquartered in Portland, Oregon. Vacasa, Inc. was incorporated on July 1, 2021, under the laws of the state of Delaware for the purpose of consummating the business combination (the Business Combination) contemplated by that certain business combination agreement, dated as of July 28, 2021 (as amended, the Business Combination Agreement), by and among TPG Pace Solutions Corp., a Cayman Islands exempted company (TPG Pace), Vacasa Holdings, Turnkey Vacations, Inc. (TK Newco), certain Vacasa Holdings equity holders (together with TK Newco, the Blockers), the Company, and certain other parties. On December 6, 2021, the Company consummated the Business Combination, pursuant to which, among other things, TPG Pace merged with and into the Company, the separate corporate existence of TPG Pace ceased, and the Company became the surviving corporation. The Business Combination was accounted for as a reverse recapitalization (the Reverse Recapitalization) in accordance with accounting principles generally accepted in the United States of America (GAAP). Under this method of accounting, Vacasa, Inc. has been treated as the “acquired” company for financial reporting purposes, with Vacasa Holdings considered to be the accounting acquirer. For more details, see the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (2021 Annual Report).

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries, and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. The financial information as of December 31, 2021 contained in this Quarterly Report is derived from the audited consolidated financial statements and notes included in the Company's 2021 Annual Report, which should be read in conjunction with these condensed consolidated financial statements. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information in footnote disclosures normally included in annual financial statements was condensed or omitted for the interim periods presented in accordance with GAAP. In the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The interim results of operations and cash flows are not necessarily indicative of those results and cash flows expected for the year. As of September 30, 2022, the Company holds 228,575,135 units of Vacasa Holdings (OpCo Units), which represents a 52.9% ownership interest. The portion of the consolidated subsidiaries not owned by the Company and any related activity is eliminated through redeemable noncontrolling interests in the consolidated balance sheets and net income (loss) attributable to redeemable noncontrolling interests in the condensed consolidated statements of operations. The consolidated financial statements of Vacasa Holdings and its subsidiaries have been determined to be the predecessor for accounting and reporting purposes of the period prior to the Reverse Recapitalization. Following the consummation of the Business Combination, the Company is an “emerging growth company” (EGC), as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the JOBS Act), which permits the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. As of January 1, 2022, the Company has elected to irrevocably opt out of the extended transition period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, the useful lives of property and equipment and intangibles assets, allowance for credit losses, valuation of assets acquired and liabilities assumed in business acquisitions and related contingent consideration, valuation of warrants, valuation of Class G Common Stock, valuation of redeemable convertible preferred units, equity-based compensation, and evaluation of recoverability of long-lived assets. Actual results may differ materially from such estimates. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. To the extent that there are material differences between these estimates and actual results, the Company’s condensed consolidated financial statements will be affected. COVID-19 Impacts Since early 2020, the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) and its variants. While COVID-19 and measures to prevent its spread have impacted the Company in a number of ways, we believe that these impacts on the Company have diminished and will continue to diminish over time . However, the full impact and duration of COVID-19 remains uncertain and will depend on future developments, including the duration and spread of the pandemic, new strains and variants, and related actions taken by federal, state, and local government officials to prevent and manage disease spread and mitigate its economic impact, all of which remain uncertain and unpredictable. The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law on March 27, 2020. As it relates to the Company, the CARES Act allowed for deferred payment of the employer-paid portion of social security taxes through the end of 2020, with 50% due on December 31, 2021 and the remainder due on December 31, 2022. As of September 30, 2022 and December 31, 2021, the remaining deferral of $3.8 million is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The Canada Emergency Wage Subsidy (CEWS) was announced on March 27, 2020. Under this program, qualifying businesses can receive a subsidy for up to 75% of their employees’ wages, subject to certain limitations. The Company received wage subsidies of $0.2 million from the Canadian government as part of the CEWS for both the three and nine months ended September 30, 2022, and the Company received subsidies of $0.4 million and $1.6 million for the three and nine months ended September 30, 2021, respectively. These subsidies are included in operating costs and expenses in the condensed consolidated statement of operations. Significant Accounting Policies Other than the changes discussed below related to equity-based compensation and the adoption of new accounting pronouncements, there were no significant changes to the policies disclosed in Note 2, Significant Accounting Policies of the Company's 2021 Annual Report. Equity-Based Compensation The Company measures all equity-based compensation awards based on their estimated fair values on the date of grant. For awards with graded vesting features that contain only service conditions, the Company recognizes compensation expense on a straight-line basis over the requisite service period for the entire award. For awards with graded vesting features that contain either market or performance conditions, the Company recognizes compensation expense over the requisite service period for each separately vesting tranche as though each tranche of the award is, in substance, a separate award. The Company accounts for forfeitures as they occur. Equity-based compensation awards granted subsequent to the Reverse Recapitalization consist of restricted stock units (RSUs) and performance stock units (PSUs). The fair value of RSUs is measured based on the closing market price of the underlying stock on the date of grant. The fair value of PSUs is based on certain market performance criteria and is measured using a Monte Carlo simulation pricing model. Equity-based compensation awards granted prior to the Reverse Recapitalization consisted of stock appreciation rights (SARs), stock options, and employee equity units. The determination of the grant-date fair value of these awards utilized an option-pricing model that used the value of the Company's equity units on the date of grant, the expected term of the awards, volatility, risk-free interest rate, and discount for lack of marketability. The Company's computation of expected volatility was based on the historical volatility of selected comparable publicly traded companies over a period equal to the expected term of the award. The risk-free interest rate reflected the U.S. Treasury yield curve for a similar instrument with the same expected term in effect at the time of the grant. The value of the Company's equity units was determined by first determining the business enterprise value (BEV) of Vacasa Holdings and then allocating that equity fair value to Vacasa Holdings' redeemable convertible preferred units, common units, and common unit equivalents. The BEV was estimated primarily using a market approach, which measures the value of a business through an analysis of recent sales or offerings of comparable investments or assets and comparing a business to a group of its peer companies. Accounting Pronouncements Adopted in Fiscal 2022 In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), which has subsequently been amended by ASUs 2018-01, 2018-10, 2018-11, 2018-20, 2019-01, and 2019-10. The guidance requires an entity to recognize a right-of-use asset and lease liability for all leases with terms greater than 12 months. Recognition, measurement, and presentation of expenses will depend on the classification of the lease as either a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The updated guidance became effective for the Company beginning on January 1, 2022. The Company adopted the standard using the method of adoption that allowed the Company to record the cumulative effect of initially applying the guidance at the beginning of the period of adoption. The Company elected certain practical expedients, including not reassessing whether any expired or existing contracts are or contain leases, not reassessing the lease classification for any expired or existing leases, and not reassessing initial direct costs for any existing leases. The Company also elected the practical expedient to not separate lease and non-lease components for all classes of assets. Lastly, the Company elected the short-term lease exception for all classes of assets, and therefore has not applied the recognition requirements for leases of 12 months or less. Upon adoption as of January 1, 2022, the Company recognized operating lease right-of-use assets of $35.1 million and operating lease liabilities of $36.7 million. See Note 8, Leases , for additional information. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments, Credit Losses (Topic 326), which was subsequently amended by ASUs 2018-19, 2019-04, 2019-05, 2019-11, and 2020-03. Topic 326 replaces the existing incurred loss impairment model with a methodology that incorporates all expected credit loss estimates, resulting in more timely recognition of losses. Under Topic 326, the Company is required to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported financial assets. It also requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses. The Company adopted Topic 326 on January 1, 2022 on a modified retrospective basis. The adoption did not have a material effect on the Company's consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires acquirers to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired revenue contracts using the recognition and measurement guidance in Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (Topic 606). As a result, for deferred revenue acquired in a business combination, the Company will no longer record deferred revenue at fair value and instead will record deferred revenue in accordance with Topic 606. This will generally result in an increase to goodwill and more post-acquisition revenue being recorded. The Company adopted ASU 2021-08 on January 1, 2022, and the new guidance has been applied prospectively to business combinations occurring after this date. The ongoing impact of the new guidance will be fact-dependent on the transactions within its scope. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. Key changes outlined within the new standard include hybrid tax regimes, intra-period tax allocation exception, and interim-period accounting for enacted changes in tax law. The Company adopted ASU 2019-12 on January 1, 2022. The adoption did not have a material effect on the Company's consolidated financial statements. Accounting Pronouncements Not Yet Adopted The Company has not identified any recent accounting pronouncements that are expected to have a material impact on the Company's financial position, results of operations, or cash flows.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Disaggregation Revenue is primarily generated from our vacation rental platform in which the Company acts as the exclusive agent on the homeowners’ behalf to facilitate the reservation transaction between guests and homeowners. Vacation rental platform revenues primarily consist of the integrated agency services that the Company provides under the homeowner contract. Vacation rental platform revenues also include home care solutions provided directly to the homeowner, such as home maintenance and improvement services, linen and towel supply programs, supplemental housekeeping services, and other related services. Other services consist of real estate brokerage and management services to community associations. The purpose of these services is to attract and retain homeowners as customers of the Company’s vacation rental platform. A disaggregation of the Company’s revenues by nature of the Company’s performance obligations are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Vacation rental platform $ 401,228 $ 317,691 $ 934,811 $ 661,933 Other services 10,956 12,236 34,981 35,021 Total $ 412,184 $ 329,927 $ 969,792 $ 696,954 Contract Liability Balances Contract liability balances on the Company’s condensed consolidated balance sheets consist of deferred revenue for amounts collected in advance of a guest stay, limited to the amount of the booking to which the Company expects to be entitled as revenue. The Company’s deferred revenue balances exclude funds payable to owners and hospitality and sales taxes payable, as those amounts will not result in revenue recognition. Deferred revenue is recognized into revenue over the period in which a guest completes a stay. Substantially all of the deferred revenue balances at the end of each period are expected to be recognized as revenue within the subsequent 12 months. Future Stay Credits In the event a booked reservation made through our website or app is cancelled, the Company may offer a refund or a future stay credit up to the value of the booked reservation. Future stay credits are recognized upon issuance as a liability on our consolidated balance sheets. Revenue from future stay credits is recognized when redeemed by guests, net of the portion of the booking attributable to funds payable to owners and hospitality and sales taxes payable. The Company uses historical breakage rates to estimate the portion of future stay credits that will not be redeemed by guests and recognizes these amounts as breakage revenue in proportion to the expected pattern of redemption or upon expiration. Future stay credits typically expire fifteen months from the date of issue. As part of the Company’s response to the COVID-19 pandemic, certain future stay credits issued during the first three quarters of 2020 were extended from their original expiration, and the first of these future stay credits began to expire during the first quarter of 2022. Prior to the first quarter of 2022, the Company did not recognize breakage revenue associated with future stay credits. The Company determined that any estimate of breakage was fully constrained, primarily due to a lack of historical information to make the estimate since no future stay credits had yet reached their expiration date. For the three months ended September 30, 2022, breakage revenue was immaterial. For the nine months ended September 30, 2022, the Company recognized breakage revenue of $15.2 million, of which $11.1 million related to expirations that occurred during the first quarter of 2022, and $4.1 million related to actual and expected breakage associated with future stay credits expiring in later periods. The table below presents the activity of our future stay credit liability balance (in thousands): Nine Months Ended September 30, 2022 Balance as of December 31, 2021 $ 30,995 Issuances 8,922 Acquired in business combinations 378 Redemptions (19,511) Breakage recognized in revenue (15,158) Foreign currency fluctuations (42) Balance as of September 30, 2022 $ 5,584 Costs to Obtain a Contract The Company capitalizes certain costs it incurs to obtain new homeowner contracts when those costs are expected to be recovered through revenues generated from that contract. Capitalized amounts are amortized on a straight-line basis over the estimated life of the customer through sales and marketing expense in the condensed consolidated statement of operations. Costs to obtain a contract capitalized as of September 30, 2022 and December 31, 2021 were $22.1 million and $12.0 million, respectively, and were recorded as a component of prepaid expenses and other current assets and other long-term assets in the condensed consolidated balance sheets. The amount of amortization recorded for the three and nine months ended September 30, 2022 was $1.3 million and $3.9 million, respectively. The amount of amortization recorded for the three and nine months ended September 30, 2021 was $1.0 million and $2.8 million, respectively. Allowance for Credit Losses As of September 30, 2022 and December 31, 2021, the Company’s allowance for credit losses related to accounts receivable was $11.8 million and $11.6 million, respectively. For the three and nine months ended September 30, 2022, the Company recognized credit loss expense of $1.6 million and $4.7 million, respectively, which were recorded as a component of general and administrative expense in the condensed consolidated statements of operations. For the three and nine months ended September 30, 2021, the Company recognized credit loss expense of $(0.2) million and $1.2 million, respectively, which were recorded as a component of general and administrative expense in the condensed consolidated statements of operations.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions The Company has expanded the number of vacation rental properties on its platform through individual additions, portfolio transactions, and strategic acquisitions. While the Company onboards individual vacation rental properties through its direct sales team, the Company has engaged in portfolio transactions and strategic acquisitions to onboard multiple homes in a single transaction. Portfolio and strategic acquisitions are generally accounted for as business combinations. The goodwill resulting from portfolio transactions and strategic acquisitions arises largely from synergies expected from combining the operations of the businesses acquired with the Company's existing operations, and from benefits derived from gaining the related assembled workforce. Nine Months Ended September 30, 2022 During the nine months ended September 30, 2022, the Company completed 30 separate portfolio transactions, accounted for as business combinations. Total consideration for these portfolio transactions was $101.2 million, comprised of $85.9 million cash paid, net of cash and restricted cash acquired, $10.7 million of contingent consideration, and $4.6 million of deferred payments to sellers. The fair value of the contingent consideration was estimated utilizing an income approach and was based on the Company's expectation of achieving the contractually defined homeowner contract conversion and retention targets. The fair value of the deferred payments to seller recognized on the transaction date was estimated by calculating the risk adjusted present value of the deferred cash payments. The fair values of the assets acquired and liabilities assumed were based on the Company's estimates and assumptions using various market, income, and cost valuation approaches. Of the total consideration for these portfolio transactions, $73.5 million was attributable to goodwill, $55.7 million was attributable to receivables, $51.5 million was attributable to intangible assets, $73.8 million was attributable to liabilities for advanced deposits received from guests (consisting of funds payable to owners, hospitality and sales taxes payable, deferred revenues, and future stay credits), $7.6 million was attributable to accounts payable, and the remaining amount was attributable to other acquired assets and assumed liabilities which were not material. The intangible assets primarily consist of homeowner contract intangible assets amortized over five years. Pro forma and historical post-closing results of operations for these transactions were not material to the Company’s condensed consolidated statements of operations. Transaction costs associated with business combinations completed during the three and nine months ended September 30, 2022 were not material and were expensed as incurred. During the nine months ended September 30, 2022, the Company recorded measurement period adjustments related to the TurnKey Vacation Rentals, Inc. (TurnKey) acquisition and certain portfolio transactions that occurred in prior periods. For more information about these acquisitions, see the Company's 2021 Annual Report. The impact of the measurement period adjustments was an increase to goodwill of $5.5 million, an increase to accounts receivable of $1.9 million, an increase to intangible assets of $1.5 million, and an increase to liabilities for advanced deposits received from guests (consisting of funds payable to owners, hospitality and sales taxes payable, deferred revenues, and future stay credits) of $8.7 million. The remaining changes in purchase consideration, acquired assets, and assumed liabilities were not material.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables set forth the Company's financial assets and liabilities that were measured at fair value on a recurring basis (in thousands): As of September 30, 2022 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 28,140 $ 28,140 Class G Common Stock (1) — — 17,593 17,593 As of December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 37,966 $ 37,966 Class G Common Stock (1) — — 61,514 61,514 (1) For more information, see Note 13, Equity of our 2021 Annual Report. The carrying amounts of certain financial instruments, including cash equivalents, restricted cash, accounts receivable, and accounts payable, approximate fair value due to their short-term maturities and are excluded from the fair value tables above. Level 3 instruments consist of contingent consideration obligations related to acquired businesses and the liabilities for contingent earnout share consideration represented by the Company's Class G Common Stock. The contingent consideration obligations are recorded in accrued expenses and other current liabilities and other long-term liabilities on the condensed consolidated balance sheets. The fair value of the contingent consideration is estimated utilizing an income approach and based on the Company's expectation of achieving the contractually defined homeowner contract conversion and retention targets at the acquisition date. The Company assesses the fair value of these obligations at each reporting date thereafter with any changes reflected as gains and losses in general and administrative expenses in the condensed consolidated statements of operations. The charges for changes in fair value of the contingent consideration were not material for the three and nine months ended September 30, 2022 and 2021, respectively. The contingent earnout share consideration represented by the Company's Class G Common Stock is recorded in other long-term liabilities on the condensed consolidated balance sheets. The fair value of the Class G Common Stock is estimated on a recurring basis using the Monte Carlo simulation method. The fair value is based on the simulated stock price of the Company over the remaining term of the shares. Pursuant to the Certificate of Incorporation, the Class G Common Stock is automatically converted to Class A shares at certain conversion ratios upon the occurrence of their respective triggering events. Inputs used to determine the estimated fair value of the Class G Common Stock include the remaining contractual term of the shares, the risk-free rate, the volatility of comparable companies over the remaining term, and the price of the Company's Class A Common Stock. The Company assesses the fair value of the Class G Common Stock at each reporting date with any changes reflected as other income (expense), net in the condensed consolidated statements of operations. The following table summarizes the changes in the Company's Class G Common Stock measured and recorded at fair value on a recurring basis using significant unobservable inputs (in thousands): Nine Months Ended September 30, 2022 Balance as of December 31, 2021 $ 61,514 Change in fair value of Class G Common Stock included in earnings (43,921) Balance as of September 30, 2022 $ 17,593

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of September 30, As of December 31, 2022 2021 Land $ 13,394 $ 13,394 Buildings and building improvements 12,470 12,665 Leasehold improvements 6,520 6,426 Computer equipment 13,244 11,471 Furniture, fixtures, and other 21,933 15,900 Vehicles 7,858 6,457 Internal-use software 50,202 43,234 Total 125,621 109,547 Less: Accumulated depreciation (58,259) (42,361) Property and equipment, net $ 67,362 $ 67,186

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net and Goodwill	Intangible Assets, Net and Goodwill Intangible assets, net consisted of the following (in thousands): Weighted Average Useful Life Remaining (in years) As of September 30, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Homeowner contracts 4 $ 303,857 $ (86,914) $ 216,943 Databases, photos, and property listings 1 27,677 (22,226) 5,451 Trade names 1 9,879 (9,152) 727 Other (1) 3 3,120 (2,717) 403 Total intangible assets $ 344,533 $ (121,009) $ 223,524 Weighted Average Useful Life Remaining (in years) As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Homeowner contracts 5 $ 253,359 $ (48,669) $ 204,690 Databases, photos, and property listings 1 25,659 (15,953) 9,706 Trade names 1 9,908 (8,370) 1,538 Other (1) 4 3,022 (2,457) 565 Total intangible assets $ 291,948 $ (75,449) $ 216,499 (1) Other intangible assets primarily consisted of non-compete agreements, websites, and domain names. The Company's estimated future amortization of intangible assets as of September 30, 2022 is expected to be as follows (in thousands): Year Ending December 31: Amount Remainder of 2022 $ 21,510 2023 57,145 2024 51,568 2025 48,721 2026 27,619 Thereafter 16,961 Total $ 223,524 The following table summarizes the changes in the Company's goodwill balance (in thousands): Nine Months Ended September 30, 2022 Balance as of December 31, 2021 $ 754,506 Acquisitions 73,461 Measurement period adjustments 5,458 Foreign exchange translation and other (538) Balance as of September 30, 2022 $ 832,887 There were no impairment charges in any of the periods presented in the condensed consolidated financial statements. There have been no accumulated impairments to goodwill. Potential indicators of impairment include significant changes in performance relative to expected operating results, significant negative industry or economic trends, or a significant decline in the Company's stock price and/or market capitalization for a sustained period of time. It is reasonably possible that one or more of these impairment indicators could occur in the near term, which may result in an impairment of long-lived assets or goodwill.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Leases The Company's material operating leases consist of certain corporate and field office facilities with remaining lease terms ranging from one Since the rates implicit in the Company's operating leases are not readily determinable, the Company uses its incremental borrowing rates based on the remaining lease term to determine the present value of future lease payments. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The components of lease cost for the three and nine months ended September 30, 2022 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Operating lease cost $ 3,645 $ 11,251 Variable lease cost 311 555 Short-term lease cost 2,179 6,231 Total lease cost $ 6,135 $ 18,037 Of the total lease cost recorded for the three months ended September 30, 2022, $1.3 million was recorded in cost of revenue, $3.3 million was recorded in operations and support, and $1.5 million was recorded in general and administrative expense in the condensed consolidated statements of operations. Of the total lease cost recorded for the nine months ended September 30, 2022, $3.5 million was recorded in cost of revenue, $9.9 million was recorded in operations and support, and $4.6 million was recorded in general and administrative expense in the condensed consolidated statements of operations. Rent expense for the three months ended September 30, 2021 totaled $8.2 million, of which $1.7 million was recorded in cost of revenue, $4.9 million was recorded in operations and support, and $1.6 million was recorded in general and administrative expense in the condensed consolidated statement of operations. Rent expense for the nine months ended September 30, 2021 totaled $21.0 million, of which $4.6 million was recorded in cost of revenue, $11.8 million was recorded in operations and support, and $4.6 million was recorded in general and administrative expense in the condensed consolidated statement of operations. Amounts recognized in the condensed consolidated balance sheet related to operating leases as of September 30, 2022 were as follows (in thousands): As of September 30, 2022 Assets Other long-term assets $ 31,017 Liabilities Accrued expenses and other current liabilities $ 9,645 Other long-term liabilities 22,880 Total lease liabilities $ 32,525 Maturities of operating lease liabilities as of September 30, 2022 were as follows (in thousands): As of September 30, 2022 Remainder of 2022 $ 2,951 2023 10,457 2024 7,393 2025 5,372 2026 3,859 Thereafter 7,118 Total lease payments 37,150 Less: Interest (4,625) Total lease liabilities $ 32,525 As of December 31, 2021, future minimum lease payments for non-cancelable operating leases with an initial or remaining term greater than one year were as follows (in thousands): As of December 31, 2021 2022 $ 13,820 2023 8,221 2024 5,916 2025 4,936 2026 3,770 Thereafter 7,285 Total future minimum obligations $ 43,948 Other information related to operating leases as of September 30, 2022 was as follows: As of September 30, 2022 Weighted-average remaining lease term (in years) 4.6 Weighted-average discount rate 5.6 % Supplemental cash flow information related to operating leases for the nine months ended September 30, 2022 was as follows (in thousands): Nine Months Ended September 30, 2022 Cash paid for operating lease liabilities $ 11,355 Lease liabilities exchanged for right-of-use assets $ 6,486

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of September 30, As of December 31, 2022 2021 Employee-related accruals $ 36,111 $ 25,599 Homeowner reserves 9,478 6,365 Current portion of acquisition liabilities (1) 30,010 31,444 Current portion of operating lease liabilities 9,645 — Other 15,427 8,425 Total accrued expenses and other current liabilities $ 100,671 $ 71,833 (1) The current portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due within one year.

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt The Company's long-term debt obligations consisted of the following (in thousands): As of September 30, As of December 31, 2022 2021 Other long-term debt $ 375 $ 637 Less: current maturities (1) (250) (125) Total debt 125 512 (1) Current maturities of debt are recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheets. Senior Secured Convertible Notes On May 21, 2020, the Company issued $108.1 million in aggregate principal amount of senior secured convertible notes (D-1 Convertible Notes) pursuant to the Note Purchase Agreement (Purchase Agreement), dated May 21, 2020. The total net proceeds from the D-1 Convertible Notes offering, after deducting debt issuance costs paid by the Company, was $105.9 million. The notes were to mature on June 20, 2023, but were converted into approximately $140.4 million Series D-1 preferred units of Vacasa Holdings immediately prior to the consummation of the Reverse Recapitalization on December 6, 2021 . In connection with the Reverse Recapitalization, the Series D-1 preferred units were recapitalized into units of Vacasa Holdings. For more details, see our 2021 Annual Report. Prior to the Reverse Recapitalization, the D-1 Convertible Notes accrued cash interest daily at 3% per annum, payable annually in arrears on the anniversary date of the initial closing date. Additionally, the D-1 Convertible Notes accrued payment in kind interest fees (PIK interest) equal to 7% per annum, which was capitalized by adding the full amount of PIK interest to the principal balance on each anniversary date of the initial closing. Paycheck Protection Program Prior to the Company's acquisition of TurnKey, TurnKey entered into a $6.4 million note payable pursuant to the Paycheck Protection Program (PPP) under the CARES Act. Pursuant to the terms of the business combination, the then-current shareholders of TurnKey were required to set aside an amount equal to the PPP loan obligation in an escrow account for the possible repayment of the obligation assumed by the Company. The total loan obligation was repaid by the TurnKey shareholders in full in June 2021. Revolving Credit Facility In October 2021, the Company and its wholly owned subsidiary (the Borrower) and certain of its subsidiaries (collectively, the "Guarantors") entered into a credit agreement with JPMorgan Chase Bank, N.A. and the other lenders party thereto from time to time. The credit agreement, as subsequently amended in December 2021 (as amended, the “Credit Agreement"; capitalized terms used herein and not otherwise defined are used as defined in the Credit Agreement), provides for a senior secured revolving credit facility in an aggregate principal amount of $105.0 million and a sub-facility for letters of credit in aggregate face amount of $40.0 million, which reduces borrowing availability under the revolving credit facility. Proceeds may be used for working capital and general corporate purposes. The Credit Agreement matures on October 7, 2026. Borrowings under the Revolving Credit Facility are subject to interest, determined as follows: • Alternate Base Rate (ABR) borrowings accrue interest at a rate per annum equal to the ABR plus a margin of 1.50%. The ABR is equal to the greatest of (i) the Prime Rate, (ii) the NYFRB Rate plus 0.50%, and (iii) the Adjusted LIBO Rate for a one-month interest period plus 1.0%, subject to a 1.0% floor. • Eurocurrency borrowings accrue interest at a rate per annum equal to the Adjusted LIBO Rate plus a margin of 2.50%. The Adjusted LIBO Rate is calculated based on the applicable LIBOR for U.S. dollar deposits, subject to a 0.0% floor, multiplied by a fraction, the numerator of which is one and the denominator of which is one minus the maximum effective reserve percentage for Eurocurrency funding. Borrowings under the Revolving Credit Facility do not amortize and are due and payable on October 7, 2026. Amounts outstanding under the Revolving Credit Facility may be voluntarily prepaid at any time and from time to time, in whole or in part, without premium or penalty. In addition to paying interest on the principal amounts outstanding under the Revolving Credit Facility, the Company is required to pay a commitment fee on unused amounts at a rate of 0.25% per annum. The Company is also required to pay customary letter of credit and agency fees. The Credit Agreement contains a number of covenants that, among other things and subject to certain exceptions, restrict the ability of the Borrower and its restricted subsidiaries to: • create, incur, assume or permit to exist any debt or liens; • merge into or consolidate or amalgamate with any other person, or permit any other person to merge into or consolidate with it, or liquidate or dissolve; • make or hold certain investments; • sell, transfer, lease, license or otherwise dispose of its assets, including equity interests (and, in the case of restricted subsidiaries, issue additional equity interests); • pay dividends or make certain other restricted payments; • substantively alter the character of the business of the Borrower and its restricted subsidiaries, taken as a whole; and • sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its affiliates. In addition, the Borrower and its restricted subsidiaries are required to maintain a minimum amount of consolidated revenue, measured on a trailing four-quarter basis, as of the last date of each fiscal quarter, provided that such covenant will only apply if, on such date, the aggregate principal amount of outstanding borrowings under the Revolving Credit Facility and letters of credit (excluding undrawn amounts under any letters of credit in an aggregate face amount of up to $20.0 million and letters of credit that have been cash collateralized) exceeds 35% of the then-outstanding revolving commitments. The Borrower is also required to maintain liquidity of at least $15.0 million as of the last date of each fiscal quarter. The obligations of the Borrower and certain guarantor subsidiaries (the Guarantors) are secured by first-priority liens on substantially all of the assets of the Borrower and the Guarantors. As of September 30, 2022 and December 31, 2021, there were no borrowings outstanding under the Credit Agreement. As of September 30, 2022, there were $3.1 million of letters of credit issued under the Credit Agreement, and $101.9 million was available for borrowings. As of September 30, 2022, the Company was in compliance with all covenants under the Credit Agreement.

Other Long-Term Liabilities

Other Long-Term Liabilities	9 Months Ended
	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Other Long-Term Liabilities Other long-term liabilities consisted of the following (in thousands): As of September 30, As of December 31, 2022 2021 Class G Common Stock (1) $ 17,593 $ 61,514 Long-term portion of acquisition liabilities (2) 19,949 33,301 Long-term portion of operating lease liabilities 22,880 — Other 13,617 17,308 Total other long-term liabilities $ 74,039 $ 112,123 (1) For more information, see Note 13, Equity of our 2021 Annual Report. (2) The long-term portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due after one year.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesFor the three months ended September 30, 2022, the effective tax rate was a 1% expense on pre-tax income, compared to a 0% expense on pre-tax income for the three months ended September 30, 2021. For the nine months ended September 30, 2022, the effective tax rate was a 4% expense on pre-tax loss, compared to a 0% benefit on pre-tax loss for the nine months ended September 30, 2021. The effective tax rate differs from our statutory rate in both periods due to the effect of flow-through entity income and losses for which the taxable income or loss is allocated to the members and due to valuation allowance considerations in 2022.

Equity and Equity-based Compens

Equity and Equity-based Compensation	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity and Equity-based Compensation	Equity and Equity-based Compensation Equity-based Award Activities Restricted Stock Units A summary of the restricted stock unit (RSU) activity was as follows during the period indicated: Activity Type Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 — $ — Granted 7,574 5.62 Vested (1) (1,302) 6.71 Forfeited (1) (599) 6.27 Outstanding as of September 30, 2022 5,673 5.30 (1) In connection with his departure as Chief Executive Officer, Matt Roberts received accelerated vesting of 280,200 of his RSUs. The remaining 217,933 of his unvested RSUs were forfeited. As of September 30, 2022, there was unrecognized compensation expense of $24.9 million related to unvested RSUs, which is expected to be recognized over a weighted-average period of 3.2 years. Performance Stock Units The Company has granted performance stock units (PSUs) to certain members of its leadership team, which vest based upon the achievement of performance criteria and requisite service. The performance criteria are based on the achievement of certain share price appreciation targets. Attainment of each share price appreciation target is measured based on either the trailing 45-day or 60-day average closing trading price of our Class A Common Stock or, in the event of a change in control, the amount per share of Class A Common Stock to be paid to a stockholder in connection with such change in control. For certain of the awards, depending on the performance achieved, the actual number of shares of Class A Common Stock issued to the holder may range from 0% to 200% of the target number of PSUs granted. The number of PSUs granted included in the table below is based on the maximum potential achievement for all awards. In the event that performance criteria and requisite service are not achieved, the corresponding portion of the PSUs that do not vest will be forfeited. A summary of the PSU activity was as follows during the period indicated: Activity Type Performance Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 — $ — Granted 3,596 2.72 Vested (1) (405) 2.33 Forfeited (1) (840) 2.33 Outstanding as of September 30, 2022 2,351 2.93 (1) In connection with his departure as Chief Executive Officer, Matt Roberts received accelerated vesting of 404,732 of his PSUs. The remaining 840,598 of his unvested PSUs were forfeited. As of September 30, 2022, there was unrecognized compensation expense of $6.4 million related to unvested PSUs, which is expected to be recognized over a weighted-average period of 2.9 years. Stock Appreciation Rights A summary of the stock appreciation rights (SARs) activity was as follows during the period indicated: Activity Type Stock Appreciation Rights Weighted Average Exercise Price Outstanding as of December 31, 2021 5,014 $ 2.95 Exercised (2,695) 2.68 Forfeited (378) 4.23 Outstanding as of September 30, 2022 1,941 3.09 As of September 30, 2022, there was $1.3 million of unrecognized compensation expense for the Company's SARs that will be recognized over a weighted-average remaining recognition period of 2.5 years. As of September 30, 2022, the Company's outstanding SARs had a weighted-average remaining contractual life of 6.4 years and an intrinsic value of $0.6 million. Stock Options A summary of the stock options activity was as follows during the period indicated: Activity Type Stock Options Weighted Average Exercise Price Outstanding as of December 31, 2021 5,461 $ 0.91 Exercised (249) 0.63 Forfeited (263) 1.49 Outstanding as of September 30, 2022 4,949 0.90 As of September 30, 2022, there was $0.5 million of unrecognized compensation expense for the Company's stock options that will be recognized over a weighted-average remaining recognition period of 1.8 years. As of September 30, 2022, the Company's outstanding stock options had a weighted-average remaining contractual life of 5.5 years and an intrinsic value of $11.0 million. Profit Interest Units (Employee Equity Units) A summary of the Vacasa Employee Holdings LLC employee equity units is as follows: Employee Equity Units Weighted-Average Grant Date Fair Value Unvested outstanding as of December 31, 2021 4,954 $ 4.34 Vested (1,958) 4.01 Forfeited — — Unvested outstanding as of September 30, 2022 2,996 4.56 As of September 30, 2022, there was $13.3 million of unrecognized compensation expense related to unvested employee equity units, which is expected to be recognized over a weighted-average period of 2.4 years. Employee Stock Purchase Plan In connection with the Business Combination, the Company adopted the 2021 Nonqualified Employee Stock Purchase Plan (ESPP). Under the ESPP, eligible participants may purchase shares of the Company’s Class A common stock using payroll deductions, which may not exceed 15% of their total cash compensation. Offering and purchase periods begin on June 1 and December 1 of each year. Participants will be granted the right to purchase shares at a price per share that is 85% of the lesser of the fair market value of the shares at (i) the participant’s entry date into the applicable one-year offering period or (ii) the end of each six-month purchase period within the offering period. The ESPP does not meet the criteria of Section 423 of the Internal Revenue Code and is considered a non-qualified plan for federal tax purposes. The Company has treated the ESPP as a compensatory plan under GAAP. As of September 30, 2022, there were no shares of Class A Common Stock purchased under the ESPP. Equity-Based Compensation Expense The Company recorded equity-based compensation expense for the periods presented in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ 225 $ — $ 842 $ — Operations and support 1,069 24 4,845 86 Technology and development 1,107 167 5,272 489 Sales and marketing 1,075 393 4,876 1,047 General and administrative 5,900 1,688 12,525 3,651 Total equity-based compensation expense $ 9,376 $ 2,272 $ 28,360 $ 5,273 Vacasa Holdings LLC Equity For the year-to-date period ended April 1, 2021, Vacasa Holdings redeemable convertible preferred units were probable of becoming redeemable in the future and were recorded at their maximum redemption amount, which was the greater of the original preferred unit issue price plus an amount equal to the preferred unpaid return or the then current fair value, at each balance sheet date. The Company recorded no remeasurement of its redeemable convertible preferred units during the three months ended September 30, 2021, and a loss of $426.1 million to remeasure its redeemable convertible preferred units to their maximum redemption values during the nine months ended September 30, 2021. Subsequent to April 1, 2021, the Company did not adjust the carrying value of the Vacasa Holdings redeemable convertible preferred units to the deemed liquidation value of such units, as a qualifying liquidation event was not probable. In connection with the Reverse Recapitalization on December 6, 2021, all of the existing holders of Vacasa Holdings preferred units exchanged their interests in Vacasa Holdings for Class A Common Stock or Class B Common Stock and OpCo Units in Vacasa Holdings, and the Vacasa Holdings redeemable convertible preferred units are no longer outstanding. For the nine months ended September 30, 2021, Vacasa Holdings common unit warrants were measured and recorded at fair value on a recurring basis. The Company recorded a loss of $10.3 million to remeasure the common unit warrants to their fair values during the nine months ended September 30, 2021. In connection with the Reverse Recapitalization on December 6, 2021, these warrants were net exercised in accordance with their terms and were no longer outstanding as of September 30, 2022 or December 31, 2021.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share The Company calculates net income (loss) per share of Class A Common Stock in accordance with ASC 260, Earnings Per Share, which requires the presentation of basic and diluted net income (loss) per share. Basic net income (loss) per share is calculated by dividing net income attributable to Vacasa, Inc. by the weighted-average shares of Class A Common Stock outstanding without the consideration for potential dilutive shares of common stock. Diluted net income (loss) per share represents basic net income (loss) per share adjusted to include the potentially dilutive effect of RSUs, PSUs, SARs, stock options, employee equity units, purchases under the ESPP, and Class G Common Stock. Diluted net income (loss) per share is computed by dividing the net income by the weighted-average number of Class A Common Stock equivalents outstanding for the period determined using the treasury stock method and if-converted method, as applicable. During periods of net loss, diluted net loss per share is equal to basic net loss per share because the antidilutive effect of potential common shares is disregarded. The Company analyzed the calculation of earnings (loss) per share for periods prior to the Reverse Recapitalization as described in Note 1, Description of Business , and determined that it resulted in values that would not be meaningful to the users of the consolidated financial statements. Therefore, loss per share information has not been presented for periods prior to the Reverse Recapitalization on December 6, 2021. The following is a reconciliation of basic and diluted net income (loss) per Class A common share for the three and nine months ended September 30, 2022 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Numerator for net income (loss) per class A common share calculation: Net income (loss) attributable to Class A Common Stockholders, basic $ 8,324 $ (14,715) Net income allocated to dilutive securities 95 — Net income (loss) attributable to Class A Common Stockholders, diluted $ 8,419 $ (14,715) Denominator for net income (loss) per Class A common share calculation: Weighted-average shares outstanding, basic (1) 226,835 219,877 Effect of dilutive securities: Restricted stock units 253 — Stock appreciation rights 500 — Stock options 3,721 — Employee equity units 1,033 — Total effect of dilutive securities 5,507 — Weighted-average shares outstanding, diluted (1) 232,342 219,877 Basic net income (loss) per Class A common share: Net income (loss) attributable to Class A Common Stockholders, basic $ 8,324 $ (14,715) Weighted-average shares outstanding, basic 226,835 219,877 Net income (loss) per share of Class A Common Stock, basic $ 0.04 $ (0.07) Diluted net income (loss) per Class A common share: Net income (loss) attributable to Class A Common Stockholders, diluted $ 8,419 $ (14,715) Weighted-average shares outstanding, diluted 232,342 219,877 Net income (loss) per share of Class A Common Stock, diluted $ 0.04 $ (0.07) (1) Basic and diluted weighted-average shares outstanding include restricted stock units that have vested but whose settlement into Class A common stock has not yet occurred. Shares of the Company's Class B Common Stock and Class G Common Stock do not participate in earnings or (losses) of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings (loss) per share of Class B Common Stock and Class G Common Stock under the two-class method has not been presented. The following outstanding potentially dilutive securities were excluded from the calculation of diluted net income (loss) per Class A common share either because their impact would have been antidilutive for the period presented or because they were contingently issuable upon the satisfaction of certain market conditions (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 OpCo units (1) 203,656 203,656 Restricted stock units 4,316 5,673 Performance stock units (2) 2,351 2,351 Stock appreciation rights 1,156 1,941 Stock options 271 4,949 Employee equity units 1,868 2,996 Employee stock purchase plan 1,721 1,721 Class G Common Stock 8,227 8,227 Common shares excluded from calculation of diluted net income (loss) per share 223,566 231,514 (1) These securities are neither dilutive or anti-dilutive for the period presented as their assumed redemption for Class A common stock would cause a proportionate increase to Net income (loss) attributable to Class A Common Stockholders, diluted. (2) PSUs are contingently issuable upon the satisfaction of certain market conditions. As of September 30, 2022, none of the requisite market conditions have been met, and therefore all such contingently issuable shares have been excluded from the calculation of diluted loss per share of Class A Common Stock.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases See Note 8, Leases . Regulatory Matters and Legal Proceedings The Company’s operations are subject to dynamic laws, rules, and regulations varying by jurisdiction. In addition, the Company has been and is currently a party to various legal proceedings, including employment and general litigation matters, which arise in the ordinary course of business. Such proceedings and claims can require the Company to expend significant financial and operational resources. Regulatory Matters The Company’s core business operations consist of the management of short-term vacation rental stays, with such operations subject to local city and county ordinances, together with various state, U.S. and foreign laws, rules and regulations. Such laws, rules, and regulations are complex and subject to change, and in several instances, jurisdictions have yet to codify or implement applicable laws, rules or regulations. Other ancillary components of the Company’s business activities include the management of long-term rental stays, homeowner association management, and real estate activity. In addition to laws governing the aforementioned business lines, the Company must comply with laws in relation to travel, tax, privacy and data protection, intellectual property, competition, health and safety, consumer protection, employment and many others. These business operations expose the Company to inquiries and potential claims related to its compliance with applicable laws, rules, and regulations. Given the shifting landscape with respect to the short-term rental laws, changes in existing laws or the implementation of new laws could have a material impact on the Company’s business. Tax Matters Some states and localities in the United States and elsewhere in the world impose transient occupancy or lodging accommodations taxes (Lodging Taxes) on the use or occupancy of lodging accommodations or other traveler services. The Company collects and remits Lodging Taxes on behalf of its homeowners. Such Lodging Taxes are generally remitted to tax jurisdictions within a 30 day period following the end of each month, quarter, or year end. As of September 30, 2022 and December 31, 2021, the Company had an obligation to remit Lodging Taxes collected from guests who had stayed in these jurisdictions totaling $23.7 million and $11.1 million, respectively. These payables are recorded in hospitality and sales taxes payable on the condensed consolidated balance sheets. The Company’s potential obligations with respect to Lodging Taxes could be affected by various factors, which include, but are not limited to, whether the Company determines, or any tax authority asserts, that the Company has a responsibility to collect lodging and related taxes on either historical or future transactions or by the introduction of new ordinances and taxes that subject the Company’s operations to such taxes. The Company is under audit and inquiry by various domestic tax authorities with regard to non-income tax matters. The Company has estimated liabilities in a certain number of jurisdictions with respect to state, city, and local taxes related to lodging where management believes it is probable that the Company has additional liabilities and the related amounts can be reasonably estimated. The subject matter of these contingent liabilities primarily arises from the Company’s transactions with its homeowners, guests, and service contracts. The disputes involve the applicability of transactional taxes (such as sales, value-added, information reporting, and similar taxes) to services provided. As of September 30, 2022 and December 31, 2021, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $12.0 million and $13.1 million, respectively. Due to the inherent complexity and uncertainty of these matters and judicial processes in certain jurisdictions, the final outcomes may exceed the estimated liabilities recorded. Refer to Note 12, Income Taxes , for further discussion on other income tax matters. Litigation The Company has been and is currently involved in litigation and legal proceedings and subject to legal claims in the ordinary course of business. These include legal claims asserting, among other things, commercial, competition, tax, employment, discrimination, consumer, personal injury, negligence, and property rights. The outcomes of legal proceedings are inherently unpredictable and subject to significant judgment to determine the likelihood and amount of loss related to such matters. The Company believes that the final disposition of these proceedings, except as otherwise disclosed below or elsewhere our notes to the financial statements in this report or in our 2021 Annual Report, will not have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows. The Company has previously disclosed that it has received notice of certain threatened claims alleged against it, including wrongful death claims, relating to a fire in 2020 at rental units managed by the Company. Although the matter remains ongoing, the Company does not expect the ultimate resolution to have a material effect upon the Company's operations or financial condition. In the future, the Company may become party to additional legal proceedings that may subject the Company to settlements, monetary damage awards, fines, penalties, and/or injunctive orders. Furthermore, the outcome of these matters could materially adversely affect the Company’s business, results of operations, and financial condition. The Company establishes an accrued liability for loss contingencies related to legal matters when a loss is both probable and reasonably estimable. These accruals represent management’s best estimate of probable losses. Such currently accrued amounts are not material to the Company’s condensed consolidated financial statements. However, management’s views and estimates related to these matters may change in the future, as new events and circumstances arise and the matters continue to develop. Until the final resolution of legal matters, there may be an exposure to losses in excess of the amounts accrued. With respect to outstanding legal matters, based on current knowledge, the amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows. Legal fees are expensed as incurred. Homeowner Protection Coverage The Company offers an Accommodations Protection Program (the Program) that covers the Company and the homeowner for up to $1.0 million per occurrence for liability arising from bodily injury or property damage suffered by a guest or a guest’s invitees at a vacation rental property managed by the Company. The Program also covers up to $1.0 million per occurrence for guest-caused damage to a covered property, up to $25,000 per occurrence for damage to contents, and bedbug protection up to $15,000 for up to two occurrences per covered property. Program coverage applies only to covered incidents that occur during the period of a confirmed rental reservation for the property that is booked through the Company. The Program is administered by a third-party insurer under a commercial liability insurance policy and is subject to the policy terms and Program rules that are in effect at the time of an occurrence. The Program includes various market-standard conditions, limitations, and exclusions. Homeowners who sign a new vacation rental services agreement with the Company are automatically enrolled in the Program and charged a fixed amount per night of each confirmed vacation rental stay. A homeowner may opt out of the Program at any time by obtaining insurance coverage that covers use of the home as a vacation rental and completing an opt-out form. If a homeowner opts out of the Program, the homeowner’s insurance policies become primary for all occurrences and incidents that happen in or about the home. Indemnification As a matter of ordinary course, the Company provides indemnification clauses in commercial agreements where appropriate, in accordance with industry standards. As a result, the Company may be obligated to indemnify third parties for losses or damages incurred in connection with the Company’s operations or its non-compliance with contractual obligations. Additionally, the Company has entered into indemnification agreements with its officers and directors and its bylaws contain certain indemnification obligations for officers and directors. It is not possible to determine the aggregate maximum potential loss pursuant to the aforementioned indemnification provisions and obligations due to the unique facts and circumstances involved in each particular situation.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries, and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. The financial information as of December 31, 2021 contained in this Quarterly Report is derived from the audited consolidated financial statements and notes included in the Company's 2021 Annual Report, which should be read in conjunction with these condensed consolidated financial statements. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information in footnote disclosures normally included in annual financial statements was condensed or omitted for the interim periods presented in accordance with GAAP. In the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The interim results of operations and cash flows are not necessarily indicative of those results and cash flows expected for the year. As of September 30, 2022, the Company holds 228,575,135 units of Vacasa Holdings (OpCo Units), which represents a 52.9% ownership interest. The portion of the consolidated subsidiaries not owned by the Company and any related activity is eliminated through redeemable noncontrolling interests in the consolidated balance sheets and net income (loss) attributable to redeemable noncontrolling interests in the condensed consolidated statements of operations. The consolidated financial statements of Vacasa Holdings and its subsidiaries have been determined to be the predecessor for accounting and reporting purposes of the period prior to the Reverse Recapitalization. Following the consummation of the Business Combination, the Company is an “emerging growth company” (EGC), as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the JOBS Act), which permits the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. As of January 1, 2022, the Company has elected to irrevocably opt out of the extended transition period.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, the useful lives of property and equipment and intangibles assets, allowance for credit losses, valuation of assets acquired and liabilities assumed in business acquisitions and related contingent consideration,
COVID19 Impacts	COVID-19 Impacts Since early 2020, the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) and its variants. While COVID-19 and measures to prevent its spread have impacted the Company in a number of ways, we believe that these impacts on the Company have diminished and will continue to diminish over time . However, the full impact and duration of COVID-19 remains uncertain and will depend on future developments, including the duration and spread of the pandemic, new strains and variants, and related actions taken by federal, state, and local government officials to prevent and manage disease spread and mitigate its economic impact, all of which remain uncertain and unpredictable. The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law on March 27, 2020. As it relates to the Company, the CARES Act allowed for deferred payment of the employer-paid portion of social security taxes through the end of 2020, with 50% due on December 31, 2021 and the remainder due on December 31, 2022. As of September 30, 2022 and December 31, 2021, the remaining deferral of $3.8 million is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The Canada Emergency Wage Subsidy (CEWS) was announced on March 27, 2020. Under this program, qualifying businesses can receive a subsidy for up to 75% of their employees’ wages, subject to certain limitations. The Company received wage subsidies of $0.2 million from the Canadian government as part of the CEWS for both the three and nine months ended September 30, 2022, and the Company received subsidies of $0.4 million and $1.6 million for the three and nine months ended September 30, 2021, respectively. These subsidies are included in operating costs and expenses in the condensed consolidated statement of operations.
Accounting Pronouncements Adopted in Fiscal 2022 and Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Adopted in Fiscal 2022 In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), which has subsequently been amended by ASUs 2018-01, 2018-10, 2018-11, 2018-20, 2019-01, and 2019-10. The guidance requires an entity to recognize a right-of-use asset and lease liability for all leases with terms greater than 12 months. Recognition, measurement, and presentation of expenses will depend on the classification of the lease as either a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The updated guidance became effective for the Company beginning on January 1, 2022. The Company adopted the standard using the method of adoption that allowed the Company to record the cumulative effect of initially applying the guidance at the beginning of the period of adoption. The Company elected certain practical expedients, including not reassessing whether any expired or existing contracts are or contain leases, not reassessing the lease classification for any expired or existing leases, and not reassessing initial direct costs for any existing leases. The Company also elected the practical expedient to not separate lease and non-lease components for all classes of assets. Lastly, the Company elected the short-term lease exception for all classes of assets, and therefore has not applied the recognition requirements for leases of 12 months or less. Upon adoption as of January 1, 2022, the Company recognized operating lease right-of-use assets of $35.1 million and operating lease liabilities of $36.7 million. See Note 8, Leases , for additional information. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments, Credit Losses (Topic 326), which was subsequently amended by ASUs 2018-19, 2019-04, 2019-05, 2019-11, and 2020-03. Topic 326 replaces the existing incurred loss impairment model with a methodology that incorporates all expected credit loss estimates, resulting in more timely recognition of losses. Under Topic 326, the Company is required to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported financial assets. It also requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses. The Company adopted Topic 326 on January 1, 2022 on a modified retrospective basis. The adoption did not have a material effect on the Company's consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires acquirers to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired revenue contracts using the recognition and measurement guidance in Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (Topic 606). As a result, for deferred revenue acquired in a business combination, the Company will no longer record deferred revenue at fair value and instead will record deferred revenue in accordance with Topic 606. This will generally result in an increase to goodwill and more post-acquisition revenue being recorded. The Company adopted ASU 2021-08 on January 1, 2022, and the new guidance has been applied prospectively to business combinations occurring after this date. The ongoing impact of the new guidance will be fact-dependent on the transactions within its scope. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. Key changes outlined within the new standard include hybrid tax regimes, intra-period tax allocation exception, and interim-period accounting for enacted changes in tax law. The Company adopted ASU 2019-12 on January 1, 2022. The adoption did not have a material effect on the Company's consolidated financial statements. Accounting Pronouncements Not Yet Adopted The Company has not identified any recent accounting pronouncements that are expected to have a material impact on the Company's financial position, results of operations, or cash flows.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Nature	A disaggregation of the Company’s revenues by nature of the Company’s performance obligations are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Vacation rental platform $ 401,228 $ 317,691 $ 934,811 $ 661,933 Other services 10,956 12,236 34,981 35,021 Total $ 412,184 $ 329,927 $ 969,792 $ 696,954
Schedule of Future Stay Credit Liability	The table below presents the activity of our future stay credit liability balance (in thousands): Nine Months Ended September 30, 2022 Balance as of December 31, 2021 $ 30,995 Issuances 8,922 Acquired in business combinations 378 Redemptions (19,511) Breakage recognized in revenue (15,158) Foreign currency fluctuations (42) Balance as of September 30, 2022 $ 5,584

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables set forth the Company's financial assets and liabilities that were measured at fair value on a recurring basis (in thousands): As of September 30, 2022 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 28,140 $ 28,140 Class G Common Stock (1) — — 17,593 17,593 As of December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 37,966 $ 37,966 Class G Common Stock (1) — — 61,514 61,514 (1) For more information, see Note 13, Equity of our 2021 Annual Report.
Schedule of Fair Value Liabilities Measured on a Recurring Basis Unobservable Input Reconciliation	The following table summarizes the changes in the Company's Class G Common Stock measured and recorded at fair value on a recurring basis using significant unobservable inputs (in thousands): Nine Months Ended September 30, 2022 Balance as of December 31, 2021 $ 61,514 Change in fair value of Class G Common Stock included in earnings (43,921) Balance as of September 30, 2022 $ 17,593

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): As of September 30, As of December 31, 2022 2021 Land $ 13,394 $ 13,394 Buildings and building improvements 12,470 12,665 Leasehold improvements 6,520 6,426 Computer equipment 13,244 11,471 Furniture, fixtures, and other 21,933 15,900 Vehicles 7,858 6,457 Internal-use software 50,202 43,234 Total 125,621 109,547 Less: Accumulated depreciation (58,259) (42,361) Property and equipment, net $ 67,362 $ 67,186

Intangible Assets, Net and Go_2

Intangible Assets, Net and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets, net consisted of the following (in thousands): Weighted Average Useful Life Remaining (in years) As of September 30, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Homeowner contracts 4 $ 303,857 $ (86,914) $ 216,943 Databases, photos, and property listings 1 27,677 (22,226) 5,451 Trade names 1 9,879 (9,152) 727 Other (1) 3 3,120 (2,717) 403 Total intangible assets $ 344,533 $ (121,009) $ 223,524 Weighted Average Useful Life Remaining (in years) As of December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Homeowner contracts 5 $ 253,359 $ (48,669) $ 204,690 Databases, photos, and property listings 1 25,659 (15,953) 9,706 Trade names 1 9,908 (8,370) 1,538 Other (1) 4 3,022 (2,457) 565 Total intangible assets $ 291,948 $ (75,449) $ 216,499
Schedule of Company Estimated Future Amortization of Intangible Assets	The Company's estimated future amortization of intangible assets as of September 30, 2022 is expected to be as follows (in thousands): Year Ending December 31: Amount Remainder of 2022 $ 21,510 2023 57,145 2024 51,568 2025 48,721 2026 27,619 Thereafter 16,961 Total $ 223,524
Schedule of Changes in Goodwill	The following table summarizes the changes in the Company's goodwill balance (in thousands): Nine Months Ended September 30, 2022 Balance as of December 31, 2021 $ 754,506 Acquisitions 73,461 Measurement period adjustments 5,458 Foreign exchange translation and other (538) Balance as of September 30, 2022 $ 832,887

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Lease Cost	The components of lease cost for the three and nine months ended September 30, 2022 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Operating lease cost $ 3,645 $ 11,251 Variable lease cost 311 555 Short-term lease cost 2,179 6,231 Total lease cost $ 6,135 $ 18,037 Supplemental cash flow information related to operating leases for the nine months ended September 30, 2022 was as follows (in thousands): Nine Months Ended September 30, 2022 Cash paid for operating lease liabilities $ 11,355 Lease liabilities exchanged for right-of-use assets $ 6,486
Assets and Liabilities, Lessee	Amounts recognized in the condensed consolidated balance sheet related to operating leases as of September 30, 2022 were as follows (in thousands): As of September 30, 2022 Assets Other long-term assets $ 31,017 Liabilities Accrued expenses and other current liabilities $ 9,645 Other long-term liabilities 22,880 Total lease liabilities $ 32,525 Other information related to operating leases as of September 30, 2022 was as follows: As of September 30, 2022 Weighted-average remaining lease term (in years) 4.6 Weighted-average discount rate 5.6 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of September 30, 2022 were as follows (in thousands): As of September 30, 2022 Remainder of 2022 $ 2,951 2023 10,457 2024 7,393 2025 5,372 2026 3,859 Thereafter 7,118 Total lease payments 37,150 Less: Interest (4,625) Total lease liabilities $ 32,525
Schedule of Future Minimum Lease Payments	As of December 31, 2021, future minimum lease payments for non-cancelable operating leases with an initial or remaining term greater than one year were as follows (in thousands): As of December 31, 2021 2022 $ 13,820 2023 8,221 2024 5,916 2025 4,936 2026 3,770 Thereafter 7,285 Total future minimum obligations $ 43,948

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): As of September 30, As of December 31, 2022 2021 Employee-related accruals $ 36,111 $ 25,599 Homeowner reserves 9,478 6,365 Current portion of acquisition liabilities (1) 30,010 31,444 Current portion of operating lease liabilities 9,645 — Other 15,427 8,425 Total accrued expenses and other current liabilities $ 100,671 $ 71,833 (1) The current portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due within one year.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Summary of Long-Term Debt Obligations	The Company's long-term debt obligations consisted of the following (in thousands): As of September 30, As of December 31, 2022 2021 Other long-term debt $ 375 $ 637 Less: current maturities (1) (250) (125) Total debt 125 512 (1) Current maturities of debt are recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheets.

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Other Assets and Other Liabilities	Other long-term liabilities consisted of the following (in thousands): As of September 30, As of December 31, 2022 2021 Class G Common Stock (1) $ 17,593 $ 61,514 Long-term portion of acquisition liabilities (2) 19,949 33,301 Long-term portion of operating lease liabilities 22,880 — Other 13,617 17,308 Total other long-term liabilities $ 74,039 $ 112,123 (1) For more information, see Note 13, Equity of our 2021 Annual Report.

Equity and Equity-based Compe_2

Equity and Equity-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Summary of Equity-based Award Activities	A summary of the restricted stock unit (RSU) activity was as follows during the period indicated: Activity Type Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 — $ — Granted 7,574 5.62 Vested (1) (1,302) 6.71 Forfeited (1) (599) 6.27 Outstanding as of September 30, 2022 5,673 5.30 (1) In connection with his departure as Chief Executive Officer, Matt Roberts received accelerated vesting of 280,200 of his RSUs. The remaining 217,933 of his unvested RSUs were forfeited. A summary of the PSU activity was as follows during the period indicated: Activity Type Performance Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 — $ — Granted 3,596 2.72 Vested (1) (405) 2.33 Forfeited (1) (840) 2.33 Outstanding as of September 30, 2022 2,351 2.93 (1) In connection with his departure as Chief Executive Officer, Matt Roberts received accelerated vesting of 404,732 of his PSUs. The remaining 840,598 of his unvested PSUs were forfeited. A summary of the stock appreciation rights (SARs) activity was as follows during the period indicated: Activity Type Stock Appreciation Rights Weighted Average Exercise Price Outstanding as of December 31, 2021 5,014 $ 2.95 Exercised (2,695) 2.68 Forfeited (378) 4.23 Outstanding as of September 30, 2022 1,941 3.09 A summary of the stock options activity was as follows during the period indicated: Activity Type Stock Options Weighted Average Exercise Price Outstanding as of December 31, 2021 5,461 $ 0.91 Exercised (249) 0.63 Forfeited (263) 1.49 Outstanding as of September 30, 2022 4,949 0.90
Summary of Employee Equity Units	A summary of the Vacasa Employee Holdings LLC employee equity units is as follows: Employee Equity Units Weighted-Average Grant Date Fair Value Unvested outstanding as of December 31, 2021 4,954 $ 4.34 Vested (1,958) 4.01 Forfeited — — Unvested outstanding as of September 30, 2022 2,996 4.56
Schedule of Equity Based Compensation Expense	The Company recorded equity-based compensation expense for the periods presented in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ 225 $ — $ 842 $ — Operations and support 1,069 24 4,845 86 Technology and development 1,107 167 5,272 489 Sales and marketing 1,075 393 4,876 1,047 General and administrative 5,900 1,688 12,525 3,651 Total equity-based compensation expense $ 9,376 $ 2,272 $ 28,360 $ 5,273

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (Loss) Per Share	The following is a reconciliation of basic and diluted net income (loss) per Class A common share for the three and nine months ended September 30, 2022 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Numerator for net income (loss) per class A common share calculation: Net income (loss) attributable to Class A Common Stockholders, basic $ 8,324 $ (14,715) Net income allocated to dilutive securities 95 — Net income (loss) attributable to Class A Common Stockholders, diluted $ 8,419 $ (14,715) Denominator for net income (loss) per Class A common share calculation: Weighted-average shares outstanding, basic (1) 226,835 219,877 Effect of dilutive securities: Restricted stock units 253 — Stock appreciation rights 500 — Stock options 3,721 — Employee equity units 1,033 — Total effect of dilutive securities 5,507 — Weighted-average shares outstanding, diluted (1) 232,342 219,877 Basic net income (loss) per Class A common share: Net income (loss) attributable to Class A Common Stockholders, basic $ 8,324 $ (14,715) Weighted-average shares outstanding, basic 226,835 219,877 Net income (loss) per share of Class A Common Stock, basic $ 0.04 $ (0.07) Diluted net income (loss) per Class A common share: Net income (loss) attributable to Class A Common Stockholders, diluted $ 8,419 $ (14,715) Weighted-average shares outstanding, diluted 232,342 219,877 Net income (loss) per share of Class A Common Stock, diluted $ 0.04 $ (0.07) (1) Basic and diluted weighted-average shares outstanding include restricted stock units that have vested but whose settlement into Class A common stock has not yet occurred.
Schedule of Outstanding Common Stock Equivalents Excluded from Diluted Net Income (Loss) Per Share due to Anti-Dilutive Effect	The following outstanding potentially dilutive securities were excluded from the calculation of diluted net income (loss) per Class A common share either because their impact would have been antidilutive for the period presented or because they were contingently issuable upon the satisfaction of certain market conditions (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 OpCo units (1) 203,656 203,656 Restricted stock units 4,316 5,673 Performance stock units (2) 2,351 2,351 Stock appreciation rights 1,156 1,941 Stock options 271 4,949 Employee equity units 1,868 2,996 Employee stock purchase plan 1,721 1,721 Class G Common Stock 8,227 8,227 Common shares excluded from calculation of diluted net income (loss) per share 223,566 231,514 (1) These securities are neither dilutive or anti-dilutive for the period presented as their assumed redemption for Class A common stock would cause a proportionate increase to Net income (loss) attributable to Class A Common Stockholders, diluted. (2) PSUs are contingently issuable upon the satisfaction of certain market conditions. As of September 30, 2022, none of the requisite market conditions have been met, and therefore all such contingently issuable shares have been excluded from the calculation of diluted loss per share of Class A Common Stock.

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 01, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Other long-term assets	$ 31,017		$ 31,017
Total lease liabilities	32,525		32,525
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-02
Class of Stock [Line Items]
Other long-term assets					$ 35,100
Total lease liabilities					$ 36,700
COVID-19
Class of Stock [Line Items]
Social security taxes, current	3,800		3,800			$ 3,800
Proceeds from wage subsidy	$ 200	$ 400	$ 200	$ 1,600
Vacasa Holdings LLC
Class of Stock [Line Items]
Common stock outstanding (in shares)	228,575,135		228,575,135
Ownership interest	52.90%		52.90%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue	$ 412,184	$ 329,927	$ 969,792	$ 696,954
Vacation rental platform
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue	401,228	317,691	934,811	661,933
Other services
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue	$ 10,956	$ 12,236	$ 34,981	$ 35,021

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Breakage recognized in revenue		$ 0			$ 15,158
Expirations			$ 11,100
Capitalized contract costs		22,100			22,100		$ 12,000
Amortization on contract costs		1,300		$ 1,000	3,900	$ 2,800
Allowance for doubtful accounts		11,800			11,800		$ 11,600
Recognized breakage revenue		$ 1,600		$ (200)	$ 4,708	$ 1,159
Forecast
Disaggregation of Revenue [Line Items]
Expirations	$ 4,100

Revenue - Future Stay Credit (D

Revenue - Future Stay Credit (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Future Stay Credit [Roll Forward]
Beginning balance		$ 30,995
Issuances		8,922
Acquired in business combinations		378
Redemptions		(19,511)
Breakage recognized in revenue	$ 0	(15,158)
Foreign currency fluctuations		(42)
Ending balance	$ 5,584	$ 5,584

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Cash paid	$ 87,699	$ 63,477
Goodwill	832,887		$ 754,506
Goodwill period adjustment	$ 5,458
Other Transactions
Business Acquisition [Line Items]
Number of separate portfolio transactions accounted as business combinations | segment	30
Total purchase consideration	$ 101,200
Cash paid	85,900
Contingent consideration	10,700
Deferred payments to sellers	4,600
Goodwill	73,500
Accounts receivable, net	55,700
Intangible assets	51,500
Deferred liabilities	73,800
Accounts payable	$ 7,600
Other Transactions | Maximum | Homeowner contracts
Business Acquisition [Line Items]
Weighted average useful life	5 years
TurnKey Acquisition
Business Acquisition [Line Items]
Goodwill period adjustment	$ 5,500
Increase to accounts receivable	1,900
Increase to intangible assets	1,500
Measurement period adjustments, increase to liabilities for advanced deposits received	$ 8,700

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Liabilities
Contingent consideration	$ 28,140	$ 37,966
Class G Common Stock	17,593	61,514
Level 1
Liabilities
Contingent consideration	0	0
Class G Common Stock	0	0
Level 2
Liabilities
Contingent consideration	0	0
Class G Common Stock	0	0
Level 3
Liabilities
Contingent consideration	28,140	37,966
Class G Common Stock	$ 17,593	$ 61,514

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable inputs (Details) - Series G Preferred Stock $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2021	$ 61,514
Change in fair value of Class G Common Stock included in earnings	(43,921)
Balance as of September 30, 2022	$ 17,593

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 125,621	$ 109,547
Less: Accumulated depreciation	(58,259)	(42,361)
Property and equipment, net	67,362	67,186
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,394	13,394
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	12,470	12,665
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,520	6,426
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,244	11,471
Furniture, fixtures, and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	21,933	15,900
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	7,858	6,457
Internal-use software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 50,202	$ 43,234

Intangible Assets, Net and Go_3

Intangible Assets, Net and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 344,533	$ 291,948
Accumulated Amortization	(121,009)	(75,449)
Net Carrying Amount	$ 223,524	$ 216,499
Homeowner contracts
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	4 years	5 years
Gross Carrying Amount	$ 303,857	$ 253,359
Accumulated Amortization	(86,914)	(48,669)
Net Carrying Amount	$ 216,943	$ 204,690
Databases, photos, and property listings
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	1 year	1 year
Gross Carrying Amount	$ 27,677	$ 25,659
Accumulated Amortization	(22,226)	(15,953)
Net Carrying Amount	$ 5,451	$ 9,706
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	1 year	1 year
Gross Carrying Amount	$ 9,879	$ 9,908
Accumulated Amortization	(9,152)	(8,370)
Net Carrying Amount	$ 727	$ 1,538
Other
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	3 years	4 years
Gross Carrying Amount	$ 3,120	$ 3,022
Accumulated Amortization	(2,717)	(2,457)
Net Carrying Amount	$ 403	$ 565

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill - Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 21,510
2023	57,145
2024	51,568
2025	48,721
2026	27,619
Thereafter	16,961
Net Carrying Amount	$ 223,524	$ 216,499

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill - Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2021	$ 754,506
Acquisitions	73,461
Measurement period adjustments	5,458
Foreign exchange translation and other	(538)
Balance as of September 30, 2022	$ 832,887

Intangible Assets, Net and Go_6

Intangible Assets, Net and Goodwill - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charges	$ 0
Accumulated impairment to goodwill	$ 0

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Leased Assets [Line Items]
Operating lease cost	$ 3,645		$ 11,251
Rent expense		$ 8,200		$ 21,000
Cost of revenue
Operating Leased Assets [Line Items]
Operating lease cost	1,300		3,500
Rent expense		1,700		4,600
Operations and support
Operating Leased Assets [Line Items]
Operating lease cost	3,300		9,900
Rent expense		4,900		11,800
General and administrative
Operating Leased Assets [Line Items]
Operating lease cost	$ 1,500		$ 4,600
Rent expense		$ 1,600		$ 4,600
Minimum
Operating Leased Assets [Line Items]
Remaining lease terms			1 year
Maximum
Operating Leased Assets [Line Items]
Remaining lease terms			7 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 3,645	$ 11,251
Variable lease cost	311	555
Short-term lease cost	2,179	6,231
Total lease cost	$ 6,135	$ 18,037

Leases - Operating Leases Recog

Leases - Operating Leases Recognized in the Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets
Other long-term assets	$ 31,017
Liabilities
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities
Current portion of operating lease liabilities	$ 9,645	$ 0
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Other long-term liabilities	$ 22,880
Total lease liabilities	$ 32,525

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
Remainder of 2022	$ 2,951
2023	10,457
2024	7,393
2025	5,372
2026	3,859
Thereafter	7,118
Total lease payments	37,150
Less: Interest	(4,625)
Total lease liabilities	$ 32,525

Leases - Operating Leases (Deta

Leases - Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 13,820
2023	8,221
2024	5,916
2025	4,936
2026	3,770
Thereafter	7,285
Total future minimum obligations	$ 43,948

Leases - Other Operating Leases

Leases - Other Operating Leases Information (Details)	Sep. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years)	4 years 7 months 6 days
Weighted-average discount rate	5.60%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Leases [Abstract]
Cash paid for operating lease liabilities	$ 11,355
Lease liabilities exchanged for right-of-use assets	$ 6,486

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Employee-related accruals	$ 36,111	$ 25,599
Homeowner reserves	9,478	6,365
Current portion of acquisition liabilities	30,010	31,444
Current portion of operating lease liabilities	9,645	0
Other	15,427	8,425
Accrued expenses and other current liabilities	$ 100,671	$ 71,833

Debt - Long-Term Debt Obligatio

Debt - Long-Term Debt Obligation (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: current maturities	$ (250)	$ (125)
Total debt	125	512
Other
Debt Instrument [Line Items]
Other long-term debt	$ 375	$ 637

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) shares in Millions, $ in Millions		1 Months Ended	9 Months Ended
	May 21, 2020	Oct. 31, 2021	Sep. 30, 2022
Debt Instrument [Line Items]
Letters of credit outstanding, amount			$ 20
Percent of outstanding revolving commitments			35%
Liquidity required			$ 15
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 105
Commitment fee rate			0.25%
Revolving credit facility | Alternate Base Rate
Debt Instrument [Line Items]
Spread on variable interest rate		1.50%
Revolving credit facility | NYFRB Rate
Debt Instrument [Line Items]
Spread on variable interest rate		0.50%
Revolving credit facility | One Month London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread on variable interest rate		1%
Revolving credit facility | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Spread on variable interest rate		1%
Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 40
Current borrowing capacity			$ 3.1
Available borrowing capacity			$ 101.9
D-1 Convertible Notes
Debt Instrument [Line Items]
Net proceeds from offering, after deducting debt issuance costs	$ 105.9
Interest rate			3%
PIK interest			7%
D-1 Convertible Notes | Series D-1 Preferred Stock
Debt Instrument [Line Items]
Converted preferred stock (in shares)	140.4
Paycheck Protection Program
Debt Instrument [Line Items]
Debt instrument, face amount			$ 6.4
Eurocurrency Credit Agreement | Revolving credit facility | LIBOR Rate
Debt Instrument [Line Items]
Spread on variable interest rate		2.50%
Eurocurrency Credit Agreement | Revolving credit facility | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Spread on variable interest rate		0%
COVID-19
Debt Instrument [Line Items]
Proceeds from senior secured convertible notes	$ 108.1

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Class G Common Stock	$ 17,593	$ 61,514
Long-term portion of acquisition liabilities	19,949	33,301
Long-term portion of operating lease liabilities	22,880	0
Other	13,617	17,308
Other long-term liabilities	$ 74,039	$ 112,123

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense on pre-tax income (loss)	1%	0%	4%	0%

Equity and Equity-based Compe_3

Equity and Equity-based Compensation - Summary of Employee Equity Units (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Restricted stock units
Number of units:
Outstanding balance at the beginning (in shares)	0
Units granted (in shares)	7,574,000
Units vested (in shares)	(1,302,000)
Units forfeited (in shares)	(599,000)
Outstanidng balance as the ending (in shares)	5,673,000
Weighted-Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 0
Units granted (in usd per share) | $ / shares	5.62
Units vested (in usd per share) | $ / shares	6.71
Units forfeited (in usd per share) | $ / shares	6.27
Outstanding balance as the ending (in usd per share) | $ / shares	$ 5.30
Restricted stock units | Chief Executive Officer
Number of units:
Units vested (in shares)	(280,200)
Units forfeited (in shares)	(217,933)
Performance stock units
Number of units:
Outstanding balance at the beginning (in shares)	0
Units granted (in shares)	3,596,000
Units vested (in shares)	(405,000)
Units forfeited (in shares)	(840,000)
Outstanidng balance as the ending (in shares)	2,351,000
Weighted-Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 0
Units granted (in usd per share) | $ / shares	2.72
Units vested (in usd per share) | $ / shares	2.33
Units forfeited (in usd per share) | $ / shares	2.33
Outstanding balance as the ending (in usd per share) | $ / shares	$ 2.93
Performance stock units | Chief Executive Officer
Number of units:
Units vested (in shares)	(404,732)
Units forfeited (in shares)	(840,598)
Employee equity units
Number of units:
Outstanding balance at the beginning (in shares)	4,954,000
Units vested (in shares)	(1,958,000)
Units forfeited (in shares)	0
Outstanidng balance as the ending (in shares)	2,996,000
Weighted-Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 4.34
Units vested (in usd per share) | $ / shares	4.01
Units forfeited (in usd per share) | $ / shares	0
Outstanding balance as the ending (in usd per share) | $ / shares	$ 4.56

Equity and Equity-based Compe_4

Equity and Equity-based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Adjustment to re-measurement of redeemable convertible preferred units	$ 0	$ 0	$ 0	$ 426,101
Remeasure of common unit warrants				$ 10,300
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense	24,900		$ 24,900
Weighted average period of recognition			3 years 2 months 12 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense	6,400		$ 6,400
Weighted average period of recognition			2 years 10 months 24 days
Performance stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock issued to holder			0%
Performance stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock issued to holder			200%
Stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense	1,300		$ 1,300
Weighted average period of recognition			2 years 6 months
Weighted average remaining contractual term (in years)			6 years 4 months 24 days
Intrinsic value	600		$ 600
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense	500		$ 500
Weighted average period of recognition			1 year 9 months 18 days
Weighted average remaining contractual term (in years)			5 years 6 months
Intrinsic value	11,000		$ 11,000
Employee equity units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense	$ 13,300		$ 13,300
Weighted average period of recognition			2 years 4 months 24 days
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan, maximum employee subscription rate	15%		15%
Employee stock purchase plan, purchase price of common stock			85%
Offering period			1 year
Purchase period			6 months
Employee Stock | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased (in shares)			0

Equity and Equity-based Compe_5

Equity and Equity-based Compensation - Summary of SARs and Options (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Exercised (in usd per share) | $ / shares	$ 0.63
Stock appreciation rights
Number of units
Beginning balance (in shares) | shares	5,014
Exercised (in shares) | shares	(2,695)
Forfeited (in shares) | shares	(378)
Ending balance (in shares) | shares	1,941
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (in usd per share) | $ / shares	$ 2.95
Exercised (in usd per share) | $ / shares	2.68
Forfeited (in usd per share) | $ / shares	4.23
Ending balance (in usd per share) | $ / shares	$ 3.09
Stock options
Number of units
Beginning balance (in shares) | shares	5,461
Exercised (in shares) | shares	(249)
Forfeited (in shares) | shares	(263)
Ending balance (in shares) | shares	4,949
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (in usd per share) | $ / shares	$ 0.91
Forfeited (in usd per share) | $ / shares	1.49
Ending balance (in usd per share) | $ / shares	$ 0.90

Equity and Equity-based Compe_6

Equity and Equity-based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity-Based Compensation Expense
Total equity-based compensation expense	$ 9,376	$ 2,272	$ 28,360	$ 5,273
Cost of revenue
Equity-Based Compensation Expense
Total equity-based compensation expense	225	0	842	0
Operations and support
Equity-Based Compensation Expense
Total equity-based compensation expense	1,069	24	4,845	86
Technology and development
Equity-Based Compensation Expense
Total equity-based compensation expense	1,107	167	5,272	489
Sales and marketing
Equity-Based Compensation Expense
Total equity-based compensation expense	1,075	393	4,876	1,047
General and administrative
Equity-Based Compensation Expense
Total equity-based compensation expense	$ 5,900	$ 1,688	$ 12,525	$ 3,651

Net Income (Loss) Per Share - B

Net Income (Loss) Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator for net income (loss) per class A common share calculation:
Net income (loss) attributable to Class A Common Stockholders, basic		$ 8,324	$ 0	$ (14,715)	$ 0
Net income allocated to dilutive securities		95		0
Net income (loss) attributable to Class A Common Stockholders, diluted		$ 8,419		$ (14,715)
Denominator for net income (loss) per Class A common share calculation:
Weighted-average shares outstanding, basic (in shares)	[1]	226,835		219,877
Effect of dilutive securities (in shares)		5,507		0
Weighted-average shares outstanding, diluted (in shares)	[1]	232,342		219,877
Net income (loss) per share of Class A Common Stock, basic (in usd per share)	[1]	$ 0.04		$ (0.07)
Net income (loss) per share of Class A Common Stock, diluted (in usd per share)	[1]	$ 0.04		$ (0.07)
Restricted stock units
Denominator for net income (loss) per Class A common share calculation:
Effect of dilutive securities (in shares)		253		0
Stock appreciation rights
Denominator for net income (loss) per Class A common share calculation:
Effect of dilutive securities (in shares)		500		0
Stock options
Denominator for net income (loss) per Class A common share calculation:
Effect of dilutive securities (in shares)		3,721		0
Employee equity units
Denominator for net income (loss) per Class A common share calculation:
Effect of dilutive securities (in shares)		1,033		0
[1]Basic and diluted net income (loss) per share of Class A Common Stock is applicable only for periods subsequent to December 6, 2021, which is the date of the Reverse Recapitalization (as defined in Note 1, Description of Business ). See also Note 14, Net Income (Loss) Per Share .

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Stock Excluded Due to Anti-Dilutive Effects (Details) - shares shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)	223,566	231,514
OpCo units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)	203,656	203,656
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)	4,316	5,673
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)	2,351	2,351
Stock appreciation rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)	1,156	1,941
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)	271	4,949
Employee equity units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)	1,868	2,996
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)	1,721	1,721
Class G Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)	8,227	8,227

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Tax Matters
Loss Contingencies [Line Items]
Lodging taxes payable	$ 23,700	$ 11,100
Estimated taxes, including estimated penalties and interest	12,000	$ 13,100
Homeowner Protection Coverage
Loss Contingencies [Line Items]
Maximum coverage per occurrence for liability arising from bodily injury or property damage suffered by a guest or a guest's invitees at a vacation rental property	1,000
Maximum coverage per occurrence for damage to contents	25
Bedbug Protection
Loss Contingencies [Line Items]
Maximum coverage per occurrence for damage to contents	$ 15