Vacasa (VCSA) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	946-3650
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	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	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		238,744,044
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		196,160,025
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	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 218,052	$ 157,810
Restricted cash	246,203	161,850
Accounts receivable, net	15,470	17,204
Prepaid expenses and other current assets	28,978	44,499
Total current assets	508,703	381,363
Property and equipment, net	64,241	65,543
Intangible assets, net	201,533	214,851
Goodwill	582,643	585,205
Other long-term assets	55,372	58,622
Total assets	1,412,492	1,305,584
Current liabilities:
Accounts payable	40,899	35,383
Funds payable to owners	305,567	228,758
Hospitality and sales taxes payable	72,517	52,217
Deferred revenue	181,115	124,969
Future stay credits	2,026	3,369
Accrued expenses and other current liabilities	82,429	85,833
Total current liabilities	684,553	530,529
Long-term debt, net of current portion	0	125
Other long-term liabilities	48,371	54,987
Total liabilities	732,924	585,641
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	285,393	306,943
Equity:
Additional paid-in capital	1,360,637	1,355,139
Accumulated deficit	(965,977)	(942,185)
Accumulated other comprehensive income (loss)	(529)	2
Total equity	394,175	413,000
Total liabilities, temporary equity, and equity	1,412,492	1,305,584
Class A Common Stock
Equity:
Common Stock	24	24
Class B Common Stock
Equity:
Common Stock	$ 20	$ 20

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	238,444,502	236,390,230
Common stock outstanding (in shares)	238,444,502	236,390,230
Class B Common Stock
Common stock par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock authorized (in shares)	480,743,729	480,743,729
Common stock issued (in shares)	196,444,995	197,445,231
Common stock outstanding (in shares)	196,444,995	197,445,231

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 256,854	$ 247,260
Operating costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below	124,131	121,759
Operations and support	60,813	59,301
Technology and development	14,273	17,565
Sales and marketing	57,504	59,657
General and administrative	25,707	23,201
Depreciation	4,997	4,919
Amortization of intangible assets	15,690	16,263
Total operating costs and expenses	303,115	302,665
Loss from operations	(46,261)	(55,405)
Interest income	1,578	38
Interest expense	(723)	(610)
Other income, net	2,157	842
Loss before income taxes	(43,249)	(55,135)
Income tax expense	(363)	(803)
Net loss	(43,612)	(55,938)
Less: Net loss attributable to redeemable noncontrolling interests	(19,820)	(27,856)
Net loss attributable to Class A Common Stockholders for basic net loss per share	(23,792)	(28,082)
Net loss attributable to Class A Common Stockholders for diluted net loss per share	$ (23,792)	$ (28,082)
Net loss per share of Class A Common Stock - basic (in usd per share)	$ (0.10)	$ (0.13)
Net loss per share of Class A Common Stock - diluted (in usd per share)	$ (0.10)	$ (0.13)
Weighted-average shares of Class A Common Stock used to compute net loss per share - basic (in shares)	236,937	214,940
Weighted-average shares of Class A Common Stock used to compute net loss per share - diluted (in shares)	236,937	214,940

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (43,612)	$ (55,938)
Foreign currency translation adjustments	(970)	424
Total comprehensive loss	(44,582)	(55,514)
Less: Comprehensive loss attributable to redeemable noncontrolling interests	(20,259)	(27,645)
Total comprehensive loss attributable to Class A Common Stockholders	$ (24,323)	$ (27,869)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash from operating activities:
Net loss	$ (43,612)	$ (55,938)
Adjustments to reconcile net loss to net cash provided by operating activities:
Credit loss expense	1,245	859
Depreciation	4,997	4,919
Amortization of intangible assets	15,690	16,263
Impairment of right-of-use assets	4,240	0
Future stay credit breakage	(640)	(15,044)
Reduction in the carrying amount of right-of-use assets	2,592	3,064
Deferred income taxes	8	601
Other gains and losses	(214)	510
Fair value adjustment on derivative liabilities	(1,923)	(802)
Non-cash interest expense	53	54
Equity-based compensation expense	4,141	11,630
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Accounts receivable	451	13,491
Prepaid expenses and other assets	12,792	(10,049)
Accounts payable	5,600	9,876
Funds payable to owners	76,533	103,325
Hospitality and sales taxes payable	20,236	20,841
Deferred revenue and future stay credits	55,530	36,939
Operating lease obligations	(2,614)	(1,393)
Accrued expenses and other liabilities	3,531	3,342
Net cash provided by operating activities	158,636	142,488
Cash from investing activities:
Purchases of property and equipment	(1,144)	(4,013)
Cash paid for internally developed software	(2,573)	(2,207)
Cash paid for business combinations, net of cash and restricted cash acquired	(587)	(13,314)
Net cash used in investing activities	(4,304)	(19,534)
Cash from financing activities:
Payments of Reverse Recapitalization costs	0	(459)
Cash paid for business combinations	(7,911)	(7,251)
Payments of long-term debt	(125)	(125)
Proceeds from exercise of stock options	66	4
Proceeds from Employee Stock Purchase Program	483	0
Proceeds from borrowings on revolving credit facility	1,000	0
Repayment of borrowings on revolving credit facility	(1,000)	0
Repayment of financed insurance premiums	(1,676)	0
Other financing activities	(40)	(162)
Net cash used in financing activities	(9,203)	(7,993)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash	(534)	148
Net increase in cash, cash equivalents and restricted cash	144,595	115,109
Cash, cash equivalents and restricted cash, beginning of period	319,660	519,136
Cash, cash equivalents and restricted cash, end of period	464,255	634,245
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds	2,700	19
Cash paid for interest	498	224
Cash paid for operating lease liabilities	3,057	3,505
Financed insurance premiums	186	0
Lease liabilities exchanged for right-of-use assets	814	883
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	218,052	354,767
Restricted cash	246,203	279,478
Total cash, cash equivalents and restricted cash	$ 464,255	$ 634,245

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Deficit) - USD ($) $ in Thousands	Total	Class B Common Stock	Redeemable Non-controlling Interests	Redeemable Non-controlling Interests Class B Common Stock	Redeemable Convertible Preferred Units	Common Units	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Class B Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2021			$ 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			992
Exercise of equity-based awards			(12)
Equity-based compensation			1,616
Foreign currency translation adjustments			211
Net loss			(27,856)
Adjustment of redeemable noncontrolling interest to redemption amount			21,412
Redeemable Non-controlling Interests, ending balance at Mar. 31, 2022			1,766,459
Balance at the end (in shares) at Mar. 31, 2022					0
Balance at the end at Mar. 31, 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	$ 21	$ 21	$ 0		$ (751,929)	$ (59)
Equity
Vesting of employee equity units (in shares)								846,589
Vesting of employee equity units	(992)								(992)
Exercise of equity-based awards (in shares)							10,085
Exercise of equity-based awards	33								33
Equity-based compensation	10,014								10,014
Foreign currency translation adjustments	213											213
Net loss	(28,082)										(28,082)
Adjustment of redeemable noncontrolling interest to redemption amount	(21,412)								(9,055)		(12,357)
Balance at the end (in shares) at Mar. 31, 2022						0	214,803,880	213,598,566
Balance at the end at Mar. 31, 2022	(792,172)					$ 0	$ 21	$ 21	0		(792,368)	154
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2022	306,943		306,943
Balance at the beginning (in shares) at Dec. 31, 2022					0
Balance at the beginning at Dec. 31, 2022					$ 0
Redeemable Convertible Preferred Units
Vesting of employee equity units			197
Vesting of restricted stock units			(484)
Exercise of equity-based awards			(96)
Redemption of OpCo units and retirement of Class B Common Stock				$ (1,915)
Equity-based compensation			1,007
Foreign currency translation adjustments			(439)
Net loss			(19,820)
Redeemable Non-controlling Interests, ending balance at Mar. 31, 2023	285,393		$ 285,393
Balance at the end (in shares) at Mar. 31, 2023					0
Balance at the end at Mar. 31, 2023					$ 0
Balance at the beginning (in shares) at Dec. 31, 2022						0	236,390,230	197,445,231
Balance at the beginning at Dec. 31, 2022	413,000					$ 0	$ 24	$ 20	1,355,139		(942,185)	2
Equity
Vesting of employee equity units (in shares)								231,875
Vesting of employee equity units	(197)								(197)
Vesting of restricted stock units (in shares)							685,908
Vesting of restricted stock units	484								484
Exercise of equity-based awards (in shares)							136,253
Exercise of equity-based awards	162								162
Redemption of OpCo units and retirement of Class B Common Stock (in shares)							1,232,111	(1,232,111)
Redemption of OpCo units and retirement of Class B Common Stock		$ 1,915								$ 1,915
Equity-based compensation	3,134								3,134
Foreign currency translation adjustments	(531)											(531)
Net loss	(23,792)										(23,792)
Balance at the end (in shares) at Mar. 31, 2023						0	238,444,502	196,444,995
Balance at the end at Mar. 31, 2023	$ 394,175					$ 0	$ 24	$ 20	$ 1,360,637		$ (965,977)	$ (529)

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Description of Business	Description of BusinessVacasa, 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 the United States, Belize, Canada, Costa Rica, and Mexico. 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.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the Securities and Exchange Commission ("SEC"). These 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, 2022 contained in this Quarterly Report is derived from the audited consolidated financial statements and notes included in the Company's 2022 Annual Report, which should be read in conjunction with these condensed consolidated financial statements. 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 March 31, 2023, the Company held 238,444,502 units of Vacasa Holdings ("OpCo Units"), which represented an ownership interest of approximately 55%. The portion of the consolidated subsidiaries not owned by the Company and any related activity is eliminated through redeemable noncontrolling interests in the condensed consolidated balance sheets and net loss attributable to redeemable noncontrolling interests in the condensed consolidated statements of operations. 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 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 intangible 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, valuation of equity-based compensation, valuation of goodwill, 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. Significant Accounting Policies There were no changes to the accounting policies disclosed in Note 2, Significant Accounting Policies of the Company's 2022 Annual Report that had a material impact on the Company's condensed consolidated financial statements and related notes. Accounting Pronouncements Adopted in Fiscal 2023 In September 2022, the FASB issued Accounting Standards Update ("ASU") No. 2022-04, requiring enhanced disclosures related to supplier financing programs. The ASU requires disclosure of the key terms of the program and a rollforward of the related obligation during the annual period, including the amount of obligations confirmed and obligations subsequently paid. The new disclosure requirements became effective for the Company on January 1, 2023, except for the rollforward requirement, which will be effective for the Company beginning on January 1, 2024. The adoption did not have a material impact on the Company's financial statements and related disclosures. 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	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Disaggregation A disaggregation of the Company’s revenues by nature of the Company’s performance obligations are as follows (in thousands): Three Months Ended March 31, 2023 2022 Vacation rental platform $ 248,228 $ 236,383 Other services 8,626 10,877 Total $ 256,854 $ 247,260 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 the Company's 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. The table below presents the activity of the Company's future stay credit liability balance (in thousands): Three Months Ended March 31, 2023 Balance as of December 31, 2022 $ 3,369 Issuances 773 Redemptions (1,470) Breakage recognized in revenue (640) Foreign currency fluctuations (6) Balance as of March 31, 2023 $ 2,026 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 revenue generated from that contract. Capitalized amounts are amortized on a straight-line basis over the estimated life of the customer through sales and marketing expenses in the condensed consolidated statement of operations. Costs to obtain a contract capitalized as of March 31, 2023 and December 31, 2022 were $29.0 million and $26.4 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 months ended March 31, 2023 and 2022 was $1.8 million and $1.3 million, respectively. Allowance for Credit Losses As of March 31, 2023 and December 31, 2022, the Company’s allowance for credit losses related to accounts receivable was $11.8 million and $11.2 million, respectively. For the three months ended March 31, 2023 and 2022, the Company recognized credit loss expense of $1.2 million and $0.9 million, respectively, which were recorded as a component of general and administrative expense in the condensed consolidated statements of operations.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
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 sales team, the Company has also 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. Three Months Ended March 31, 2023 During the three months ended March 31, 2023, the Company did not complete any portfolio transactions. During the three months ended March 31, 2023, the Company recorded measurement period adjustments related to certain portfolio transactions that occurred in prior periods. For more information about these acquisitions, see the Company's 2022 Annual Report. The impact of the measurement period adjustments was a decrease in goodwill of $2.6 million and an increase in intangible assets of $2.4 million. The remaining changes in acquired assets and assumed liabilities were not material. The purchase price allocations for the portfolio transactions completed from the second quarter of 2022 through the fourth quarter of 2022 are preliminary, and the Company has not obtained and evaluated all of the detailed information necessary to finalize the opening balance sheet amounts in all respects. The Company recorded the purchase price allocations based upon currently available information.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 15,389 $ 15,389 Class G Common Stock (1) — — 3,154 3,154 As of December 31, 2022 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 22,317 $ 22,317 Class G Common Stock (1) — — 5,077 5,077 (1) For more information, see Note 13, Equity of our 2022 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. Contingent Consideration 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 months ended March 31, 2023 and 2022. Class G Common Stock 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 Amended and Restated 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): Three Months Ended March 31, 2023 Balance as of December 31, 2022 $ 5,077 Change in fair value of Class G Common Stock included in earnings (1,923) Balance as of March 31, 2023 $ 3,154 Impairment of Right-of-Use Assets The Company tests long-lived assets for recoverability whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable. During the three months ended March 31, 2023, the Company took substantive action to negotiate certain sublease agreements for portions of the Company's leased corporate office space in Portland, Oregon and Boise, Idaho. Based on the sublease negotiations, the Company determined that the respective right-of-use assets had net carrying values that exceeded their estimated undiscounted future cash flows. The Company then estimated the fair value of the asset groups based on their discounted cash flows. The carrying values of the asset groups exceeded their fair values and, as a result, the Company recorded right-of-use asset impairments of $4.2 million for the three months ended March 31, 2023. These impairments are recorded within general and administrative expenses in the condensed consolidated statements of operations.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2023
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 March 31, As of December 31, 2023 2022 Land $ 13,394 $ 13,394 Buildings and building improvements 12,471 12,471 Leasehold improvements 6,534 6,528 Computer equipment 13,621 13,510 Furniture, fixtures, and other 23,129 22,096 Vehicles 8,011 7,975 Internal-use software 55,652 53,024 Total 132,812 128,998 Less: Accumulated depreciation (68,571) (63,455) Property and equipment, net $ 64,241 $ 65,543

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Homeowner contracts 4 $ 314,033 $ (115,521) $ 198,512 Databases, photos, and property listings 1 27,262 (24,771) 2,491 Trade names 1 9,941 (9,479) 462 Other (1) 2 2,902 (2,834) 68 Total intangible assets $ 354,138 $ (152,605) $ 201,533 (1) Other intangible assets consist primarily of non-compete agreements, websites, and domain names. Weighted Average Useful Life Remaining (in years) As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Homeowner contracts 4 $ 311,456 $ (101,142) $ 210,314 Databases, photos, and property listings 1 27,450 (23,661) 3,789 Trade names 1 9,942 (9,316) 626 Other (1) 2 2,903 (2,781) 122 Total intangible assets $ 351,751 $ (136,900) $ 214,851 (1) Other intangible assets consist primarily of non-compete agreements, websites, and domain names. The Company's estimated future amortization of intangible assets as of March 31, 2023 is expected to be as follows (in thousands): Year Ending December 31: Amount Remainder of 2023 $ 47,984 2024 54,685 2025 56,297 2026 25,311 2027 9,022 Thereafter 8,234 Total $ 201,533 The following table summarizes the changes in the Company's goodwill balance (in thousands): Three Months Ended March 31, 2023 Balance at beginning of period $ 585,205 Measurement period adjustments (2,598) Foreign exchange translation and other 36 Balance at end of period (1) $ 582,643 (1) Goodwill is net of accumulated impairment losses of $244.0 million that were recorded to the Company's single reporting unit during the fourth quarter of fiscal 2022. 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 or intensify in the near term, which may result in an impairment of long-lived assets or further impairment of goodwill.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
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 March 31, As of December 31, 2023 2022 Employee-related accruals $ 29,767 $ 25,110 Homeowner reserves 10,445 9,837 Current portion of acquisition liabilities (1) 19,635 25,056 Current portion of operating lease liabilities 9,282 9,490 Other 13,300 16,340 Total accrued expenses and other current liabilities $ 82,429 $ 85,833 (1) The current portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due within one year.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company's debt obligations consisted of the following (in thousands): As of March 31, As of December 31, 2023 2022 Insurance premium financing $ 3,008 $ 4,498 Other long-term debt 250 375 Total debt 3,258 4,873 Less: current maturities (1) (3,258) (4,748) Long-term portion $ — $ 125 (1) Current maturities of debt are recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheets. Insurance Premium Financing The Company has entered into short-term agreements to finance certain insurance premiums. The outstanding balance of $3.0 million as of March 31, 2023 is repayable in monthly installments of principal and interest through November 2023, at a weighted-average annual percentage rate of 5.44%. 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 ("Revolving Credit Facility"). The Revolving Credit Facility includes 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. 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 New York Federal Reserve Bank Rate plus 0.50%, and (iii) the Adjusted London Interbank Offered ("LIBO") Rate for a one-month interest period plus 1.00%, subject to a 1.00% 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 0.00% 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, the issuance of 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, beginning on June 30, 2022, 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 beginning on June 30, 2022. 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 March 31, 2023 and December 31, 2022, there were no borrowings outstanding under the Revolving Credit Facility. As of March 31, 2023, there were $23.4 million of letters of credit issued under the Revolving Credit Facility, and $81.6 million was available for borrowings. As of March 31, 2023, the Company was in compliance with all covenants under the Credit Agreement.

Other Long-Term Liabilities

Other Long-Term Liabilities	3 Months Ended
	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Other Long-Term Liabilities Other long-term liabilities consisted of the following (in thousands): As of March 31, As of December 31, 2023 2022 Class G Common Stock (1) $ 3,154 $ 5,077 Long-term portion of acquisition liabilities (2) 12,858 16,226 Long-term portion of operating lease liabilities 20,171 21,706 Other 12,188 11,978 Total other long-term liabilities $ 48,371 $ 54,987 (1) For more information, see Note 13, Equity of our 2022 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	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rate was a 1% expense on pre-tax loss for the three months ended March 31, 2023 and 2022. 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 Vacasa Holdings, LLC members and due to valuation allowance considerations.

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity and Equity-Based Compensation	Equity and Equity-Based Compensation Equity-Based Award Activities Restricted Stock Units A summary of the 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, 2022 5,381 $ 4.96 Granted 6,655 1.47 Vested (691) 6.47 Forfeited (405) 5.56 Outstanding as of March 31, 2023 10,940 2.73 As of March 31, 2023, there was unrecognized compensation expense of $24.8 million related to unvested RSUs, which is expected to be recognized over a weighted-average period of 3.1 years. Performance Stock Units The Company has granted 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, 2022 2,113 $ 2.90 Granted 2,093 0.63 Vested — — Forfeited (108) 3.79 Outstanding as of March 31, 2023 4,098 1.71 As of March 31, 2023, there was unrecognized compensation expense of $5.8 million related to unvested PSUs, which is expected to be recognized over a weighted-average period of 2.5 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, 2022 1,741 $ 3.06 Exercised — — Forfeited (307) 3.07 Outstanding as of March 31, 2023 1,434 3.06 As of March 31, 2023, there was $0.4 million of unrecognized compensation expense for the Company's SARs that will be recognized over a weighted-average remaining recognition period of 1.0 year. As of March 31, 2023, the Company's outstanding SARs had a weighted-average remaining contractual life of 6.2 years and no intrinsic value. 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, 2022 4,697 $ 0.92 Exercised (136) 0.48 Forfeited (20) 3.03 Outstanding as of March 31, 2023 4,541 0.92 As of March 31, 2023, there was $0.3 million of unrecognized compensation expense for the Company's stock options that will be recognized over a weighted-average remaining recognition period of 1.4 years. As of March 31, 2023, the Company's outstanding stock options had a weighted-average remaining contractual life of 5.2 years and an intrinsic value of $1.2 million. 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, 2022 2,020 $ 5.60 Vested (232) 5.64 Forfeited (958) 6.17 Unvested outstanding as of March 31, 2023 830 4.92 As of March 31, 2023, there was $3.9 million of unrecognized compensation expense related to unvested employee equity units, which is expected to be recognized over a weighted-average period of 1.9 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. During the three months ended March 31, 2023, 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 March 31, 2023 2022 Cost of revenue $ 44 $ 298 Operations and support 366 2,454 Technology and development 394 2,761 Sales and marketing 1,011 2,773 General and administrative 2,326 3,344 Total equity-based compensation expense $ 4,141 $ 11,630

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per ShareThe 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 (loss) 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 loss per share is equal to basic net loss per share because the antidilutive effect of potential common shares is disregarded. The following is a reconciliation of basic and diluted loss per Class A common share for the periods presented (in thousands, except per share data): Three Months Ended March 31, 2023 2022 Net loss attributable to Class A Common Stockholders for basic and diluted net loss per share $ (23,792) $ (28,082) Weighted-average shares for basic and diluted loss per share (1) 236,937 214,940 Basic and diluted net loss per share of Class A Common Stock $ (0.10) $ (0.13) (1) Basic and diluted weighted-average shares outstanding include restricted stock units that have vested but have not yet settled into shares of Class A Common Stock. 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 loss per share of 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 March 31, 2023 2022 OpCo units (1) 196,445 213,599 Restricted stock units 10,940 3,390 Performance stock units (2) 4,098 1,527 Stock appreciation rights 1,434 4,892 Stock options 4,541 5,416 Employee equity units 830 4,107 Employee stock purchase plan 2,981 — Class G Common Stock 8,227 8,227 Common shares excluded from calculation of diluted net loss per share 229,496 241,158 (1) These securities are neither dilutive or anti-dilutive for the period presented as their assumed redemption for shares of Class A Common Stock would cause a proportionate increase to Net loss attributable to Class A Common Stockholders, diluted. (2) PSUs are contingently issuable upon the satisfaction of certain market conditions. As of March 31, 2023, 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	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company leases real estate and equipment under various non-cancelable operating leases. There have been no material changes to the Company's operating lease commitments during the three months ended March 31, 2023. For additional information, refer to Note 8, Leases , of the Company's 2022 Annual Report. Regulatory Matters and Legal Proceedings The Company’s operations are subject to laws, rules, and regulations that vary 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, which are subject to local, city, or 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 and homeowner association management. The Company's business activities also include real estate brokerage services, which the Company is winding down in the second quarter of 2023. In addition to laws governing these activities, 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 impose transient occupancy, lodging accommodations, and sales taxes ("Hospitality and Sales Taxes") on the use or occupancy of lodging accommodations and other traveler services. The Company collects and remits Hospitality and Sales Taxes collected from guests on behalf of its homeowners. Such Hospitality and Sales Taxes are generally remitted to tax jurisdictions within a 30-day period following the end of each month, quarter, or year end. As of March 31, 2023 and December 31, 2022, the Company had an obligation to remit Hospitality and Sales Taxes collected from guests in these jurisdictions totaling $22.8 million and $17.9 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 Hospitality and Sales 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 hospitality and sales tax matters. The Company has estimated liabilities in certain 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 March 31, 2023 and December 31, 2022, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $12.0 million and $11.8 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 11, 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. In January 2023, the Company was served with a complaint filed against multiple subsidiaries of the Company alleging, among other things, wrongful death relating to a fire in 2020 at rental units managed by a subsidiary of the Company. The complaint was filed in Dare County Superior Court in the State of North Carolina and seeks damages related to the deaths of three individuals. The Company believes it has meritorious defenses to the allegations in the complaint and will vigorously contest the allegations. The Company does not believe, based on currently available facts and circumstances, that the final outcome of any pending legal proceedings or ongoing regulatory investigations, taken individually or as a whole, will have a material adverse effect on our consolidated financial statements. However, lawsuits may involve complex questions of fact and law and may require the expenditure of significant funds and other resources to defend. The results of litigation or regulatory investigations are inherently uncertain, and material adverse outcomes are possible. From time to time, the Company may enter into confidential discussions regarding the potential settlement of such lawsuits. Any settlement of pending litigation could require us to incur substantial costs and other ongoing expenses. During the periods presented, no material amounts have been accrued or disclosed in the accompanying condensed consolidated financial statements with respect to loss contingencies associated with any regulatory matter or legal proceeding. These matters are subject to many uncertainties, and the ultimate outcomes are not predictable. There can be no assurances that the actual amounts required to satisfy any liabilities arising from the regulatory matters and legal proceedings described above will not have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows. Accommodations Protection Program The Company offers an Accommodations Protection Program (the "Program") that covers the Company and the homeowner for 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. If a homeowner opts out of the Program, the homeowner’s insurance policies, or the homeowner personally if the homeowner does not carry insurance, 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.

Workforce Reduction

Workforce Reduction	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Workforce Reduction	Workforce Reduction In January 2023, the Company implemented a workforce reduction plan (the “Plan”) designed to align the Company’s expected cost base with its 2023 strategic and operating priorities. The Plan included the elimination of approximately 1,300 positions across the Company, in both the Company's local operations teams and central teams, representing approximately 17% of the workforce. In connection with the Plan, the Company incurred severance and employee benefits costs of approximately $5.1 million during the three months ended March 31, 2023, which are included in operating costs and expenses in the condensed consolidated statement of operations. The majority of these costs have been paid, and the remaining liability as of March 31, 2023 is not material. The Company expects the reduction in force to be substantially complete by the end of the second quarter of 2023. Costs that will be incurred during the second quarter of 2023 are not expected to be material.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the Securities and Exchange Commission ("SEC"). These 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, 2022 contained in this Quarterly Report is derived from the audited consolidated financial statements and notes included in the Company's 2022 Annual Report, which should be read in conjunction with these condensed consolidated financial statements. 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 March 31, 2023, the Company held 238,444,502 units of Vacasa Holdings ("OpCo Units"), which represented an ownership interest of approximately 55%. The portion of the consolidated subsidiaries not owned by the Company and any related activity is eliminated through redeemable noncontrolling interests in the condensed consolidated balance sheets and net loss attributable to redeemable noncontrolling interests in the condensed consolidated statements of operations. 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 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 intangible 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, valuation of equity-based compensation, valuation of goodwill, 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.
Accounting Pronouncements Adopted in Fiscal 2023 and Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Adopted in Fiscal 2023 In September 2022, the FASB issued Accounting Standards Update ("ASU") No. 2022-04, requiring enhanced disclosures related to supplier financing programs. The ASU requires disclosure of the key terms of the program and a rollforward of the related obligation during the annual period, including the amount of obligations confirmed and obligations subsequently paid. The new disclosure requirements became effective for the Company on January 1, 2023, except for the rollforward requirement, which will be effective for the Company beginning on January 1, 2024. The adoption did not have a material impact on the Company's financial statements and related disclosures. 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)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Vacation rental platform $ 248,228 $ 236,383 Other services 8,626 10,877 Total $ 256,854 $ 247,260
Schedule of Future Stay Credit Liability	The table below presents the activity of the Company's future stay credit liability balance (in thousands): Three Months Ended March 31, 2023 Balance as of December 31, 2022 $ 3,369 Issuances 773 Redemptions (1,470) Breakage recognized in revenue (640) Foreign currency fluctuations (6) Balance as of March 31, 2023 $ 2,026

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 15,389 $ 15,389 Class G Common Stock (1) — — 3,154 3,154 As of December 31, 2022 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 22,317 $ 22,317 Class G Common Stock (1) — — 5,077 5,077 (1) For more information, see Note 13, Equity of our 2022 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): Three Months Ended March 31, 2023 Balance as of December 31, 2022 $ 5,077 Change in fair value of Class G Common Stock included in earnings (1,923) Balance as of March 31, 2023 $ 3,154

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): As of March 31, As of December 31, 2023 2022 Land $ 13,394 $ 13,394 Buildings and building improvements 12,471 12,471 Leasehold improvements 6,534 6,528 Computer equipment 13,621 13,510 Furniture, fixtures, and other 23,129 22,096 Vehicles 8,011 7,975 Internal-use software 55,652 53,024 Total 132,812 128,998 Less: Accumulated depreciation (68,571) (63,455) Property and equipment, net $ 64,241 $ 65,543

Intangible Assets, Net and Go_2

Intangible Assets, Net and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Homeowner contracts 4 $ 314,033 $ (115,521) $ 198,512 Databases, photos, and property listings 1 27,262 (24,771) 2,491 Trade names 1 9,941 (9,479) 462 Other (1) 2 2,902 (2,834) 68 Total intangible assets $ 354,138 $ (152,605) $ 201,533 (1) Other intangible assets consist primarily of non-compete agreements, websites, and domain names. Weighted Average Useful Life Remaining (in years) As of December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Homeowner contracts 4 $ 311,456 $ (101,142) $ 210,314 Databases, photos, and property listings 1 27,450 (23,661) 3,789 Trade names 1 9,942 (9,316) 626 Other (1) 2 2,903 (2,781) 122 Total intangible assets $ 351,751 $ (136,900) $ 214,851 (1) Other intangible assets consist primarily of non-compete agreements, websites, and domain names.
Schedule of Company Estimated Future Amortization of Intangible Assets	The Company's estimated future amortization of intangible assets as of March 31, 2023 is expected to be as follows (in thousands): Year Ending December 31: Amount Remainder of 2023 $ 47,984 2024 54,685 2025 56,297 2026 25,311 2027 9,022 Thereafter 8,234 Total $ 201,533
Schedule of Changes in Goodwill	The following table summarizes the changes in the Company's goodwill balance (in thousands): Three Months Ended March 31, 2023 Balance at beginning of period $ 585,205 Measurement period adjustments (2,598) Foreign exchange translation and other 36 Balance at end of period (1) $ 582,643 (1) Goodwill is net of accumulated impairment losses of $244.0 million that were recorded to the Company's single reporting unit during the fourth quarter of fiscal 2022.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, As of December 31, 2023 2022 Employee-related accruals $ 29,767 $ 25,110 Homeowner reserves 10,445 9,837 Current portion of acquisition liabilities (1) 19,635 25,056 Current portion of operating lease liabilities 9,282 9,490 Other 13,300 16,340 Total accrued expenses and other current liabilities $ 82,429 $ 85,833 (1) The current portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due within one year.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Long-Term Debt Obligations	The Company's debt obligations consisted of the following (in thousands): As of March 31, As of December 31, 2023 2022 Insurance premium financing $ 3,008 $ 4,498 Other long-term debt 250 375 Total debt 3,258 4,873 Less: current maturities (1) (3,258) (4,748) Long-term portion $ — $ 125 (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)	3 Months Ended
	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Assets and Other Liabilities	Other long-term liabilities consisted of the following (in thousands): As of March 31, As of December 31, 2023 2022 Class G Common Stock (1) $ 3,154 $ 5,077 Long-term portion of acquisition liabilities (2) 12,858 16,226 Long-term portion of operating lease liabilities 20,171 21,706 Other 12,188 11,978 Total other long-term liabilities $ 48,371 $ 54,987 (1) For more information, see Note 13, Equity of our 2022 Annual Report.

Equity and Equity-Based Compe_2

Equity and Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Summary of Equity-based Award Activities	A summary of the 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, 2022 5,381 $ 4.96 Granted 6,655 1.47 Vested (691) 6.47 Forfeited (405) 5.56 Outstanding as of March 31, 2023 10,940 2.73 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, 2022 2,113 $ 2.90 Granted 2,093 0.63 Vested — — Forfeited (108) 3.79 Outstanding as of March 31, 2023 4,098 1.71 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, 2022 1,741 $ 3.06 Exercised — — Forfeited (307) 3.07 Outstanding as of March 31, 2023 1,434 3.06 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, 2022 4,697 $ 0.92 Exercised (136) 0.48 Forfeited (20) 3.03 Outstanding as of March 31, 2023 4,541 0.92
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, 2022 2,020 $ 5.60 Vested (232) 5.64 Forfeited (958) 6.17 Unvested outstanding as of March 31, 2023 830 4.92
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 March 31, 2023 2022 Cost of revenue $ 44 $ 298 Operations and support 366 2,454 Technology and development 394 2,761 Sales and marketing 1,011 2,773 General and administrative 2,326 3,344 Total equity-based compensation expense $ 4,141 $ 11,630

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following is a reconciliation of basic and diluted loss per Class A common share for the periods presented (in thousands, except per share data): Three Months Ended March 31, 2023 2022 Net loss attributable to Class A Common Stockholders for basic and diluted net loss per share $ (23,792) $ (28,082) Weighted-average shares for basic and diluted loss per share (1) 236,937 214,940 Basic and diluted net loss per share of Class A Common Stock $ (0.10) $ (0.13) (1) Basic and diluted weighted-average shares outstanding include restricted stock units that have vested but have not yet settled into shares of Class A Common Stock.
Schedule of Outstanding Common Stock Equivalents Excluded from Diluted Net Loss Per Share due to Anti-Dilutive Effect	The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share of 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 March 31, 2023 2022 OpCo units (1) 196,445 213,599 Restricted stock units 10,940 3,390 Performance stock units (2) 4,098 1,527 Stock appreciation rights 1,434 4,892 Stock options 4,541 5,416 Employee equity units 830 4,107 Employee stock purchase plan 2,981 — Class G Common Stock 8,227 8,227 Common shares excluded from calculation of diluted net loss per share 229,496 241,158 (1) These securities are neither dilutive or anti-dilutive for the period presented as their assumed redemption for shares of Class A Common Stock would cause a proportionate increase to Net loss attributable to Class A Common Stockholders, diluted. (2) PSUs are contingently issuable upon the satisfaction of certain market conditions. As of March 31, 2023, 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) - Vacasa Holdings LLC	Mar. 31, 2023 shares
Class of Stock [Line Items]
Common stock outstanding (in shares)	238,444,502
Ownership interest	55%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 256,854	$ 247,260
Vacation rental platform
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	248,228	236,383
Other services
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 8,626	$ 10,877

Revenue - Future Stay Credit (D

Revenue - Future Stay Credit (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Future Stay Credit [Roll Forward]
Beginning balance	$ 3,369
Issuances	773
Redemptions	(1,470)
Breakage recognized in revenue	(640)
Foreign currency fluctuations	(6)
Ending balance	$ 2,026

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Capitalized contract costs	$ 29,000		$ 26,400
Amortization on contract costs	1,800	$ 1,300
Allowance for doubtful accounts	11,800		$ 11,200
Recognized breakage revenue	$ 1,245	$ 859

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill period adjustment	$ (2,598)
Other Transactions
Business Acquisition [Line Items]
Goodwill period adjustment	(2,600)
Increase to intangible assets	$ 2,400

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liabilities
Contingent consideration	$ 15,389	$ 22,317
Class G Common Stock	3,154	5,077
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	15,389	22,317
Class G Common Stock	$ 3,154	$ 5,077

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable inputs (Details) - Series G Preferred Stock $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2022	$ 5,077
Change in fair value of Class G Common Stock included in earnings	(1,923)
Balance as of March 31, 2023	$ 3,154

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Impairment of right-of-use assets	$ 4,240	$ 0

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 132,812	$ 128,998
Less: Accumulated depreciation	(68,571)	(63,455)
Property and equipment, net	64,241	65,543
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	12,471	12,471
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,534	6,528
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,621	13,510
Furniture, fixtures, and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	23,129	22,096
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,011	7,975
Internal-use software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 55,652	$ 53,024

Intangible Assets, Net and Go_3

Intangible Assets, Net and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 354,138	$ 351,751
Accumulated Amortization	(152,605)	(136,900)
Net Carrying Amount	$ 201,533	$ 214,851
Homeowner contracts
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	4 years	4 years
Gross Carrying Amount	$ 314,033	$ 311,456
Accumulated Amortization	(115,521)	(101,142)
Net Carrying Amount	$ 198,512	$ 210,314
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	$ 27,262	$ 27,450
Accumulated Amortization	(24,771)	(23,661)
Net Carrying Amount	$ 2,491	$ 3,789
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	1 year	1 year
Gross Carrying Amount	$ 9,941	$ 9,942
Accumulated Amortization	(9,479)	(9,316)
Net Carrying Amount	$ 462	$ 626
Other
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	2 years	2 years
Gross Carrying Amount	$ 2,902	$ 2,903
Accumulated Amortization	(2,834)	(2,781)
Net Carrying Amount	$ 68	$ 122

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill - Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 47,984
2024	54,685
2025	56,297
2026	25,311
2027	9,022
Thereafter	8,234
Net Carrying Amount	$ 201,533	$ 214,851

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Balance at beginning of period	$ 585,205
Measurement period adjustments	(2,598)
Foreign exchange translation and other	36
Balance at end of period	$ 582,643
Accumulated impairment to goodwill		$ 244,000

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Employee-related accruals	$ 29,767	$ 25,110
Homeowner reserves	10,445	9,837
Current portion of acquisition liabilities	19,635	25,056
Current portion of operating lease liabilities	9,282	9,490
Other	13,300	16,340
Accrued expenses and other current liabilities	$ 82,429	$ 85,833

Debt - Long-Term Debt Obligatio

Debt - Long-Term Debt Obligation (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 3,258	$ 4,873
Less: current maturities	(3,258)	(4,748)
Long-term portion	0	125
Insurance premium financing
Debt Instrument [Line Items]
Total debt	3,008	4,498
Other long-term debt
Debt Instrument [Line Items]
Total debt	$ 250	$ 375

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended
	Jun. 30, 2022	Oct. 31, 2021	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 20,000,000
Percent of outstanding revolving commitments	35%
Liquidity required	$ 15,000,000
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 105,000,000
Commitment fee rate			0.25%
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Outstanding borrowings			$ 0	$ 0
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 | Eurocurrency Credit Agreement
Debt Instrument [Line Items]
Spread on variable interest rate		2.50%
Revolving credit facility | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Spread on variable interest rate		1%
Revolving credit facility | LIBOR Rate | Minimum | Eurocurrency Credit Agreement
Debt Instrument [Line Items]
Spread on variable interest rate		0%
Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 40,000,000
Current borrowing capacity			23,400,000
Available borrowing capacity			81,600,000
Insurance premium financing
Debt Instrument [Line Items]
Insurance premium financing			$ 3,000,000
Weighted-average annual percentage rate			5.44%

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Class G Common Stock	$ 3,154	$ 5,077
Long-term portion of acquisition liabilities	12,858	16,226
Long-term portion of operating lease liabilities	20,171	21,706
Other	12,188	11,978
Other long-term liabilities	$ 48,371	$ 54,987

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense on pre-tax loss	1%	1%

Equity and Equity-Based Compe_3

Equity and Equity-Based Compensation - Summary of Employee Equity Units (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted stock units
Number of units:
Outstanding balance at the beginning (in shares) | shares	5,381
Granted (in shares) | shares	6,655
Vested (in shares) | shares	(691)
Forfeited (in shares) | shares	(405)
Outstanidng balance as the ending (in shares) | shares	10,940
Weighted Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 4.96
Granted (in usd per share) | $ / shares	1.47
Vested (in usd per share) | $ / shares	6.47
Forfeited (in usd per share) | $ / shares	5.56
Outstanding balance as the ending (in usd per share) | $ / shares	$ 2.73
Performance stock units
Number of units:
Outstanding balance at the beginning (in shares) | shares	2,113
Granted (in shares) | shares	2,093
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(108)
Outstanidng balance as the ending (in shares) | shares	4,098
Weighted Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 2.90
Granted (in usd per share) | $ / shares	0.63
Vested (in usd per share) | $ / shares	0
Forfeited (in usd per share) | $ / shares	3.79
Outstanding balance as the ending (in usd per share) | $ / shares	$ 1.71
Employee equity units
Number of units:
Outstanding balance at the beginning (in shares) | shares	2,020
Vested (in shares) | shares	(232)
Forfeited (in shares) | shares	(958)
Outstanidng balance as the ending (in shares) | shares	830
Weighted Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 5.60
Vested (in usd per share) | $ / shares	5.64
Forfeited (in usd per share) | $ / shares	6.17
Outstanding balance as the ending (in usd per share) | $ / shares	$ 4.92

Equity and Equity-Based Compe_4

Equity and Equity-Based Compensation - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense	$ 24.8
Weighted average period of recognition	3 years 1 month 6 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense	$ 5.8
Weighted average period of recognition	2 years 6 months
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	$ 0.4
Weighted average period of recognition	1 year
Weighted average remaining contractual term (in years)	6 years 2 months 12 days
Intrinsic value	$ 0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense	$ 0.3
Weighted average period of recognition	1 year 4 months 24 days
Weighted average remaining contractual term (in years)	5 years 2 months 12 days
Intrinsic value	$ 1.2
Employee equity units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense	$ 3.9
Weighted average period of recognition	1 year 10 months 24 days
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan, maximum employee subscription rate	15%
Employee stock purchase plan, purchase price of common stock	85%
Offering period	1 year
Purchase period	6 months
Employee stock purchase plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased (in shares) | shares	0

Equity and Equity-Based Compe_5

Equity and Equity-Based Compensation - Summary of SARs and Options (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Weighted Average Exercise Price
Exercised (in usd per share) | $ / shares	$ 0.48
Stock appreciation rights
Number of units
Beginning balance (in shares) | shares	1,741
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	(307)
Ending balance (in shares) | shares	1,434
Weighted Average Exercise Price
Beginning balance (in usd per share) | $ / shares	$ 3.06
Exercised (in usd per share) | $ / shares	0
Forfeited (in usd per share) | $ / shares	3.07
Ending balance (in usd per share) | $ / shares	$ 3.06
Stock options
Number of units
Beginning balance (in shares) | shares	4,697
Exercised (in shares) | shares	(136)
Forfeited (in shares) | shares	(20)
Ending balance (in shares) | shares	4,541
Weighted Average Exercise Price
Beginning balance (in usd per share) | $ / shares	$ 0.92
Forfeited (in usd per share) | $ / shares	3.03
Ending balance (in usd per share) | $ / shares	$ 0.92

Equity and Equity-Based Compe_6

Equity and Equity-Based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity-Based Compensation Expense
Total equity-based compensation expense	$ 4,141	$ 11,630
Cost of revenue
Equity-Based Compensation Expense
Total equity-based compensation expense	44	298
Operations and support
Equity-Based Compensation Expense
Total equity-based compensation expense	366	2,454
Technology and development
Equity-Based Compensation Expense
Total equity-based compensation expense	394	2,761
Sales and marketing
Equity-Based Compensation Expense
Total equity-based compensation expense	1,011	2,773
General and administrative
Equity-Based Compensation Expense
Total equity-based compensation expense	$ 2,326	$ 3,344

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss attributable to Class A Common Stockholders for basic net loss per share	$ (23,792)	$ (28,082)
Net loss attributable to Class A Common Stockholders for diluted net loss per share	$ (23,792)	$ (28,082)
Weighted-average shares for basic loss per share (in shares)	236,937	214,940
Weighted-average shares for diluted loss per share (in shares)	236,937	214,940
Basic net loss per share of Class A Common Stock (in usd per share)	$ (0.10)	$ (0.13)
Diluted net loss per share of Class A Common Stock (in usd per share)	$ (0.10)	$ (0.13)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Stock Excluded Due to Anti-Dilutive Effects (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net loss per share (in shares)	229,496	241,158
OpCo units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net loss per share (in shares)	196,445	213,599
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net loss per share (in shares)	10,940	3,390
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net loss per share (in shares)	4,098	1,527
Stock appreciation rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net loss per share (in shares)	1,434	4,892
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net loss per share (in shares)	4,541	5,416
Employee equity units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net loss per share (in shares)	830	4,107
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net loss per share (in shares)	2,981	0
Class G Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net loss per share (in shares)	8,227	8,227

Commitments and Contingencies (

Commitments and Contingencies (Details) - Tax Matters - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Lodging taxes payable	$ 22.8	$ 17.9
Estimated taxes, including estimated penalties and interest	$ 12	$ 11.8

Workforce Reduction (Details)

Workforce Reduction (Details) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2023 position	Mar. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Expected number of positions eliminated | position	1,300
Number of positions eliminated, period percent	17%
Severance and employee benefits costs | $		$ 5.1