Vacasa (VCSA) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,453,362
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,485,517
Common Class G
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		316,666

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents		$ 151,291	$ 157,810
Restricted cash		162,327	161,850
Accounts receivable, net		11,543	17,204
Prepaid expenses and other current assets		27,442	44,499
Total current assets		352,603	381,363
Property and equipment, net		59,422	65,543
Intangible assets, net		125,166	214,851
Goodwill		171,853	585,205
Other long-term assets		56,556	58,622
Total assets		765,600	1,305,584
Current liabilities:
Accounts payable		38,888	35,383
Funds payable to owners		178,926	228,758
Hospitality and sales taxes payable		50,128	52,217
Deferred revenue		103,262	124,969
Future stay credits		1,145	3,369
Accrued expenses and other current liabilities		76,050	85,833
Total current liabilities		448,399	530,529
Long-term debt, net of current portion		0	125
Other long-term liabilities		37,385	54,987
Total liabilities		485,784	585,641
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests		93,539	306,943
Equity:
Additional paid-in capital		1,384,387	1,355,141
Accumulated deficit		(1,197,252)	(942,147)
Accumulated other comprehensive income (loss)		(863)	2
Total equity		186,277	413,000
Total liabilities, temporary equity, and equity		765,600	1,305,584
Common Class A
Equity:
Common Stock	[1]	3	2
Common Class B
Equity:
Common Stock	[1]	$ 2	$ 2
[1] (1) Common stock shares issued and outstanding have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 16 - Subsequent Event for additional information.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Sep. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Common Class A
Common stock par value (in usd per share) | $ / shares	$ 0.00001	$ 0.00001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	12,553,800	11,819,511
Common stock outstanding (in shares)	12,553,800	11,819,511
Common Class B
Common stock par value (in usd per share) | $ / shares	$ 0.00001	$ 0.00001
Common stock authorized (in shares)	476,333,850	476,333,850
Common stock issued (in shares)	9,387,427	9,872,261
Common stock outstanding (in shares)	9,387,427	9,872,261

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue		$ 379,077	$ 412,184	$ 940,510	$ 969,792
Operating costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below		150,789	174,123	417,046	447,976
Operations and support		64,998	76,877	187,662	196,349
Technology and development		16,026	18,422	45,900	52,493
Sales and marketing		57,658	75,020	171,559	196,909
General and administrative		19,328	31,043	61,402	83,486
Depreciation		5,204	5,376	15,597	16,676
Amortization of intangible assets		15,266	15,490	46,143	45,771
Impairment of long-lived assets		46,000	0	46,000	0
Impairment of goodwill		411,000	0	411,000	0
Total operating costs and expenses		786,269	396,351	1,402,309	1,039,660
Income (loss) from operations		(407,192)	15,833	(461,799)	(69,868)
Interest income		2,349	779	6,022	1,220
Interest expense		(561)	(606)	(1,873)	(1,957)
Other income (loss), net		1,823	(23)	5,597	41,499
Income (loss) before income taxes		(403,581)	15,983	(452,053)	(29,106)
Income tax benefit (expense)		1,123	(170)	341	(1,073)
Net income (loss)		(402,458)	15,813	(451,712)	(30,179)
Less: Net income (loss) attributable to redeemable noncontrolling interests		(174,266)	7,489	(196,607)	(15,464)
Net income (loss) attributable to Class A Common Stockholders, basic		$ (228,192)	$ 8,324	$ (255,105)	$ (14,715)
Net income (loss) per share of Class A Common Stock, basic (in usd per share)	[1]	$ (18.37)	$ 0.73	$ (21.07)	$ (1.34)
Net income (loss) per share of Class A Common Stock, diluted (in usd per share)	[1]	$ (18.37)	$ 0.72	$ (21.07)	$ (1.34)
Weighted-average shares of Class A Common Stock used to compute net income (loss) per share - basic (in shares)	[1]	12,419	11,341	12,108	10,993
Weighted-average shares of Class A Common Stock used to compute net income (loss) per share - diluted (in shares)	[1]	12,419	11,615	12,108	10,993
[1] (1) Weighted-average shares outstanding used in the computation of basic and diluted earnings (loss) per share have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 16 - Subsequent Event for additional information.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical)	Oct. 02, 2023
Subsequent Event
Stockholders' equity note, stock split, conversion ratio	0.05

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (402,458)	$ 15,813	$ (451,712)	$ (30,179)
Foreign currency translation adjustments	(602)	(718)	(1,601)	(1,437)
Total comprehensive income (loss)	(403,060)	15,095	(453,313)	(31,616)
Less: Comprehensive income (loss) attributable to redeemable noncontrolling interests	(174,541)	7,144	(197,343)	(16,150)
Total comprehensive income (loss) attributable to Class A Common Stockholders	$ (228,519)	$ 7,951	$ (255,970)	$ (15,466)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash from operating activities:
Net loss	$ (402,458)		$ 15,813	$ (451,712)	$ (30,179)
Adjustments to reconcile net loss to net cash provided by operating activities:
Credit loss expense	900		1,600	2,686	4,708
Depreciation	5,204		5,376	15,597	16,676
Amortization of intangible assets	15,266		15,490	46,143	45,771
Impairment of long-lived assets	46,000		0	46,000	0	$ 0
Impairment of goodwill	411,000	$ 244,000	0	411,000	0
Impairment of right-of-use assets				4,240	0
Future stay credit breakage				(1,180)	(15,158)
Reduction in the carrying amount of right-of-use assets				7,833	9,561
Deferred income taxes				(6)	433
Other gains and losses				(1,084)	2,414
Fair value adjustment on derivative liabilities				(4,325)	(43,921)
Non-cash interest expense				161	162
Equity-based compensation expense				12,005	28,360
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Accounts receivable				2,908	65,433
Prepaid expenses and other assets				10,358	(26,433)
Accounts payable				3,563	(3,976)
Funds payable to owners				(50,230)	(28,177)
Hospitality and sales taxes payable				(2,188)	1,811
Deferred revenue and future stay credits				(22,729)	(26,191)
Operating lease obligations				(8,003)	(8,050)
Accrued expenses and other liabilities				7,398	13,750
Net cash provided by operating activities				28,435	6,994
Cash from investing activities:
Purchases of property and equipment				(3,996)	(8,367)
Cash paid for internally developed software				(5,689)	(7,407)
Cash paid for business combinations, net of cash and restricted cash acquired				(664)	(87,699)
Net cash used in investing activities				(10,349)	(103,473)
Cash from financing activities:
Payments of Reverse Recapitalization costs				0	(459)
Cash paid for business combinations				(19,478)	(28,093)
Payments of long-term debt				(250)	(250)
Proceeds from exercise of stock options				362	157
Proceeds from Employee Stock Purchase Program				716	0
Proceeds from borrowings on revolving credit facility				2,000	5,000
Repayment of borrowings on revolving credit facility				(2,000)	(5,000)
Repayment of financed insurance premiums				(4,386)	0
Other financing activities				(330)	(1,709)
Net cash used in financing activities				(23,366)	(30,354)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash				(762)	(480)
Net decrease in cash, cash equivalents and restricted cash				(6,042)	(127,313)
Cash, cash equivalents and restricted cash, beginning of period		391,823		319,660	519,136	519,136
Cash, cash equivalents and restricted cash, end of period	313,618	319,660	391,823	313,618	391,823	319,660
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds				4,474	602
Cash paid for interest				1,733	1,792
Cash paid for operating lease liabilities				3,049	11,355
Supplemental disclosures of non-cash activities:
Financed insurance premiums				186	0
Lease liabilities exchanged for right-of-use assets				662	6,486
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	151,291	157,810	150,791	151,291	150,791	157,810
Restricted cash	162,327		241,032	162,327	241,032
Total cash, cash equivalents and restricted cash	$ 313,618	$ 319,660	$ 391,823	$ 313,618	$ 391,823	$ 319,660

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Deficit) - USD ($) $ in Thousands		Total	Common Class B	Redeemable Non-controlling Interests	Redeemable Non-controlling Interests Common Class B	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-In Capital	Additional Paid-In Capital Common Class B	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Common Class B
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2021				$ 1,770,096
Redeemable Convertible Preferred Units
Vesting of employee equity units				2,282
Vesting of restricted stock units				(1,826)
Exercise of equity-based awards				(1,089)
Redemption of OpCo units and retirement of Class B Common Stock					$ (24,467)
Equity-based compensation				4,491
Foreign currency translation adjustments				(672)
Net (loss) income				(15,464)
Adjustment of redeemable noncontrolling interest to redemption amount				(1,108,127)
Redeemable Non-controlling Interests, ending balance at Sep. 30, 2022				625,224
Balance at the beginning (in shares) at Dec. 31, 2021	[1]					10,739,689	10,637,598
Balance at the beginning at Dec. 31, 2021		$ (751,946)				$ 2	$ 2	$ 0		$ (751,891)	$ (59)
Equity
Vesting of employee equity units (in shares)	[1]						97,899
Vesting of employee equity units		(2,282)						(2,282)
Vesting of restricted stock units (in shares)	[1]					85,328
Vesting of restricted stock units		1,826						1,826
Exercise of equity-based awards (in shares)	[1]					51,040
Exercise of equity-based awards		(412)						(412)
Redemption of OpCo units and retirement of Class B Common Stock (in shares)	[1]					552,699	(552,699)
Redemption of OpCo units and retirement of Class B Common Stock			$ 24,467						$ 24,453			$ 14
Equity-based compensation		23,869						23,869
Foreign currency translation adjustments		(765)									(765)
Net loss		(14,715)								(14,715)
Adjustment of redeemable noncontrolling interest to redemption amount		1,108,127						1,120,485		(12,358)
Balance at the end (in shares) at Sep. 30, 2022	[1]					11,428,756	10,182,798
Balance at the end at Sep. 30, 2022		388,169				$ 2	$ 2	1,167,939		(778,964)	(810)
Redeemable Non-controlling Interests, beginning balance at Jun. 30, 2022				590,163
Redeemable Convertible Preferred Units
Vesting of employee equity units				424
Vesting of restricted stock units				(1,339)
Exercise of equity-based awards				(961)
Redemption of OpCo units and retirement of Class B Common Stock					(3,623)
Equity-based compensation				1,439
Foreign currency translation adjustments				(339)
Net (loss) income				7,489
Adjustment of redeemable noncontrolling interest to redemption amount				31,971
Redeemable Non-controlling Interests, ending balance at Sep. 30, 2022				625,224
Balance at the beginning (in shares) at Jun. 30, 2022	[1]					11,239,119	10,245,887
Balance at the beginning at Jun. 30, 2022		400,314				$ 2	$ 2	1,188,035		(787,288)	(437)
Equity
Vesting of employee equity units (in shares)	[1]						18,073
Vesting of employee equity units		(424)						(424)
Vesting of restricted stock units (in shares)	[1]					63,232
Vesting of restricted stock units		1,339						1,339
Exercise of equity-based awards (in shares)	[1]					45,243
Exercise of equity-based awards		(594)						(594)
Redemption of OpCo units and retirement of Class B Common Stock (in shares)	[1]					81,162	(81,162)
Redemption of OpCo units and retirement of Class B Common Stock			3,623						3,617			6
Equity-based compensation		7,937						7,937
Foreign currency translation adjustments		(379)									(379)
Net loss		8,324								8,324
Adjustment of redeemable noncontrolling interest to redemption amount		(31,971)						(31,971)
Balance at the end (in shares) at Sep. 30, 2022	[1]					11,428,756	10,182,798
Balance at the end at Sep. 30, 2022		388,169				$ 2	$ 2	1,167,939		(778,964)	(810)
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2022		306,943		306,943
Redeemable Convertible Preferred Units
Vesting of employee equity units				382
Vesting of restricted stock units				(1,669)
Exercise of equity-based awards				(480)
Purchase of shares under the ESPP				(820)
Redemption of OpCo units and retirement of Class B Common Stock					(15,559)
Equity-based compensation				2,058
Foreign currency translation adjustments				(709)
Net (loss) income				(196,607)
Redeemable Non-controlling Interests, ending balance at Sep. 30, 2023		93,539		93,539
Balance at the beginning (in shares) at Dec. 31, 2022	[1]					11,819,511	9,872,261
Balance at the beginning at Dec. 31, 2022		413,000				$ 2	$ 2	1,355,141		(942,147)	2
Equity
Vesting of employee equity units (in shares)	[1]						23,009
Vesting of employee equity units		(382)						(382)
Vesting of restricted stock units (in shares)	[1]					126,647
Vesting of restricted stock units		1,669						1,667			2
Exercise of equity-based awards (in shares)	[1]					36,986
Exercise of equity-based awards		841						841
Purchase of shares under the ESPP (in shares)	[1]					62,813
Purchase of shares under the ESPP		1,636						1,636
Redemption of OpCo units and retirement of Class B Common Stock (in shares)	[1]					507,843	(507,843)
Redemption of OpCo units and retirement of Class B Common Stock			15,563			$ 1			15,537			25
Equity-based compensation		9,947						9,947
Foreign currency translation adjustments		(892)									(892)
Net loss		(255,105)								(255,105)
Balance at the end (in shares) at Sep. 30, 2023	[1]					12,553,800	9,387,427
Balance at the end at Sep. 30, 2023		186,277				$ 3	$ 2	1,384,387		(1,197,252)	(863)
Redeemable Non-controlling Interests, beginning balance at Jun. 30, 2023				276,613
Redeemable Convertible Preferred Units
Vesting of employee equity units				93
Vesting of restricted stock units				(631)
Exercise of equity-based awards				(317)
Redemption of OpCo units and retirement of Class B Common Stock					$ (8,220)
Equity-based compensation				525
Foreign currency translation adjustments				(258)
Net (loss) income				(174,266)
Redeemable Non-controlling Interests, ending balance at Sep. 30, 2023		93,539		$ 93,539
Balance at the beginning (in shares) at Jun. 30, 2023	[1]					12,191,309	9,669,069
Balance at the beginning at Jun. 30, 2023		402,026				$ 2	$ 2	1,371,618		(969,060)	(536)
Equity
Vesting of employee equity units (in shares)	[1]						5,707
Vesting of employee equity units		(93)						(93)
Vesting of restricted stock units (in shares)	[1]					50,074
Vesting of restricted stock units		631						630			1
Exercise of equity-based awards (in shares)	[1]					25,068
Exercise of equity-based awards		576						576
Redemption of OpCo units and retirement of Class B Common Stock (in shares)	[1]					287,349	(287,349)
Redemption of OpCo units and retirement of Class B Common Stock			$ 8,224			$ 1			$ 8,207			$ 16
Equity-based compensation		3,449						3,449
Foreign currency translation adjustments		(344)									(344)
Net loss		(228,192)								(228,192)
Balance at the end (in shares) at Sep. 30, 2023	[1]					12,553,800	9,387,427
Balance at the end at Sep. 30, 2023		$ 186,277				$ 3	$ 2	$ 1,384,387		$ (1,197,252)	$ (863)
[1] (1) Common stock shares outstanding have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 16 - Subsequent Event for additional information.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Equity (Deficit) (Parenthetical)	Oct. 02, 2023
Subsequent Event
Stockholders' equity note, stock split, conversion ratio	0.05

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Description of Business	Description of Business Organization Vacasa, Inc. and its subsidiaries (the "Company") operate a vertically integrated vacation rental platform. Homeowners utilize the Company’s technology and services to realize income from their rental assets. Guests from around the world utilize the Company’s technology and services to search for and book Company-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. Reverse Stock Split On October 2, 2023, the Company completed a 1-for-20 reverse stock split of the Company's Class A Common Stock, Class B Common Stock, and Class G Common Stock (the "Reverse Stock Split"). All share and share-related information presented in these condensed consolidated financial statements has been retroactively adjusted for all periods presented to reflect the decreased number of shares resulting from the Reverse Stock Split. See Note 16, Subsequent Event

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 September 30, 2023, the Company held 12,553,800 units of Vacasa Holdings ("OpCo Units"), which represented an ownership interest of approximately 57%. 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 income (loss) attributable to redeemable noncontrolling interests in the condensed consolidated statements of operations. The Company is an emerging growth company, as defined in Section 2(a) of the Securities Act of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012, 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 Class G Common Stock, valuation of equity-based compensation, valuation of goodwill, and valuation 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 Except as identified below, 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. Impairment of Long-lived Assets The Company evaluates its long-lived assets or asset groups for indicators of possible impairment by comparison of the carrying amount to future net undiscounted cash flows expected to be generated by such asset or asset group and its eventual disposal when events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined primarily using the estimated cash flows discounted at a rate commensurate with the risk involved and based on assumptions representative of market participants. During the third quarter of 2023, the Company recorded long-lived asset impairment charges of $46.0 million. There were no long-lived asset impairment charges recorded during 2022. Refer to Note 7, Intangible Assets, Net and Goodwill , for additional information. Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company has one reporting unit which the Company tests for impairment on the first day of the fourth quarter, or whenever events or changes in circumstances indicate that goodwill might be impaired. The Company reviews goodwill for impairment by initially considering qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform a quantitative analysis. If it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, a quantitative analysis is performed to identify goodwill impairment. The Company may elect to bypass the qualitative assessment and proceed directly to performing a quantitative analysis. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not impaired. If the fair value of the reporting unit is less than its carrying amount, a goodwill impairment loss is measured as the excess of the carrying amount of the reporting unit over its fair value (not to exceed the reporting unit's total goodwill balance). During the third quarter of 2023, the Company recorded goodwill impairment charges of $411.0 million. During the fourth quarter of 2022, the Company recorded goodwill impairment charges of $244.0 million. Refer to Note 7, Intangible Assets, Net and Goodwill , for additional information. 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Vacation rental platform $ 372,606 $ 401,228 $ 917,881 $ 934,811 Other services 6,471 10,956 22,629 34,981 Total $ 379,077 $ 412,184 $ 940,510 $ 969,792 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): Nine Months Ended September 30, 2023 Balance as of December 31, 2022 $ 3,369 Issuances 1,772 Redemptions (2,807) Breakage recognized in revenue (1,180) Foreign currency fluctuations (9) Balance as of September 30, 2023 $ 1,145 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 statements of operations. Costs to obtain a contract capitalized as of September 30, 2023 and December 31, 2022 were $33.2 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 and nine months ended September 30, 2023 was $2.2 million and $6.0 million, respectively. The amount of amortization recorded for the three and nine months ended September 30, 2022 was $1.3 million and $3.9 million, respectively. Allowance for Credit Losses As of September 30, 2023 and December 31, 2022, the Company’s allowance for credit losses related to accounts receivable was $11.3 million and $11.2 million, respectively. For the three and nine months ended September 30, 2023, the Company recognized credit loss expense of $0.9 million and $2.7 million, respectively, which were recorded as a component of general and administrative expense in the condensed consolidated statements of operations. For the three and nine months ended September 30, 2022, the Company recognized credit loss expense of $1.6 million and $4.7 million, respectively, which was recorded as a component of general and administrative expense in the condensed consolidated statements of operations.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions The Company has acquired vacation rental properties on its platform through individual additions, as well as through portfolio and strategic acquisitions, where the Company acquires and onboards multiple homes in a single transaction. Portfolio and strategic acquisitions are generally accounted for as business combinations. The goodwill resulting from portfolio and strategic acquisitions arises largely from synergies expected from combining the operations of the businesses acquired with the Company's existing operations and from benefits derived from gaining the related assembled workforce. Nine Months Ended September 30, 2023 During the nine months ended September 30, 2023, the Company completed one portfolio acquisition with total consideration of $0.3 million. During the nine months ended September 30, 2023, the Company recorded measurement period adjustments related to certain portfolio acquisitions 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 $2.5 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 acquisitions completed from the fourth quarter of 2022 through the third quarter of 2023 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	9 Months Ended
	Sep. 30, 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 September 30, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 9,692 $ 9,692 Class G Common Stock (1) — — 752 752 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 and nine months ended September 30, 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): Nine Months Ended September 30, 2023 Balance as of December 31, 2022 $ 5,077 Change in fair value of Class G Common Stock included in earnings (4,325) Balance as of September 30, 2023 $ 752 Impairment of Long-lived Assets During the three and nine months ended September 30, 2023, the Company recorded long-lived asset impairment charges of $46.0 million. The fair value estimate of the Company's homeowner contract assets was classified in Level 3 of the fair value hierarchy due to the significance of unobservable inputs developed using company-specific information. For more information on the impairment of long-lived assets, refer to Note 7, Intangible Assets, Net and Goodwill . Impairment of Goodwill During the three and nine months ended September 30, 2023, the Company recorded goodwill impairment charges of $411.0 million. The fair value estimate of the Company's single reporting unit was classified in Level 3 of the fair value hierarchy due to the significance of unobservable inputs developed using company-specific information. For more information on the impairment of goodwill, refer to Note 7, Intangible Assets, Net and Goodwill . 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

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 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 September 30, As of December 31, 2023 2022 Land $ 13,394 $ 13,394 Buildings and building improvements 12,471 12,471 Leasehold improvements 6,525 6,528 Computer equipment 13,524 13,510 Furniture, fixtures, and other 25,724 22,096 Vehicles 8,036 7,975 Internal-use software 58,250 53,024 Total 137,924 128,998 Less: Accumulated depreciation (78,502) (63,455) Property and equipment, net $ 59,422 $ 65,543

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill	9 Months Ended
	Sep. 30, 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 September 30, 2023 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Homeowner contracts 3 $ 314,100 $ (143,238) $ (46,000) $ 124,862 Databases, photos, and property listings 0 26,525 (26,285) — 240 Trade names 1 9,586 (9,552) — 34 Other (1) 5 2,902 (2,872) — 30 Total intangible assets $ 353,113 $ (181,947) $ (46,000) $ 125,166 (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 Impairment 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 September 30, 2023 is expected to be as follows (in thousands): Year Ending December 31: Amount Remainder of 2023 $ 10,241 2024 39,439 2025 37,431 2026 22,131 2027 6,778 Thereafter 9,146 Total $ 125,166 The following table summarizes the changes in the Company's goodwill balance (in thousands): Nine Months Ended September 30, 2023 Balance at beginning of period (1) $ 585,205 Acquisitions 179 Measurement period adjustments (2,539) Impairment of goodwill (411,000) Foreign exchange translation and other 8 Balance at end of period (2) $ 171,853 (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. (2) Goodwill is net of accumulated impairment losses of $655.0 million that were recorded to the Company's single reporting unit during the fourth quarter of fiscal 2022 and the third quarter of fiscal 2023. Impairment During 2023, the Company experienced a sustained decline in share price that pushed its market capitalization below the carrying value of its stockholders’ equity. Further, the Company saw a significant decline in Gross Booking Value ("GBV") during the third quarter of 2023. Based on these factors, the Company concluded the events and changes in circumstances indicated an impairment may exist (the "triggering event") and conducted quantitative impairment assessments of long-lived assets and goodwill as of September 30, 2023. Impairment of Long-lived Assets The Company evaluates its long-lived assets or asset groups for indicators of possible impairment by comparison of the carrying amount to future net undiscounted cash flows expected to be generated by such asset or asset group and its eventual disposal (the "recoverability test") when there is a triggering event. The Company determined its long-lived assets represent one asset group for purposes of long-lived asset impairment. Based on the results of the recoverability test, the Company concluded the the carrying value of the single asset group is not recoverable. To allocate and recognize the impairment charge, the Company determined the individual fair value of the long-lived assets. The carrying value of the Company's homeowner contracts exceeded the fair value, resulting in a long-lived asset impairment charge of $46.0 million. No impairment was recognized on the remaining long-lived assets as their carrying values did not exceed their fair values. The Company estimated the fair value of the homeowner contracts based on the present value of estimated future cash flows, which the Company considers to be a Level 3 unobservable input in the fair value hierarchy. The Company prepared cash flow projections based on management's estimates of revenue growth rates and operating margins, taking into consideration the historical performance and the current macroeconomic, industry, and market conditions. The Company based the discount rate on the weighted-average cost of capital considering Company-specific characteristics and changes in the reporting unit's projected cash flows. Impairment of Goodwill The Company reviews goodwill for impairment annually, as of the first day of the fourth quarter, and more frequently if events or changes in circumstances indicate an impairment may exist. Based on the triggering event identified above, the Company conducted a quantitative goodwill impairment assessment as of September 30, 2023. The goodwill impairment assessment resulted in goodwill impairment charges of $411.0 million. The fair value estimate of the Company's single reporting unit was derived from a combination of an income approach and a market approach. Under the income approach, the Company estimated the fair value of the reporting unit based on the present value of estimated future cash flows, which the Company considers to be a Level 3 unobservable input in the fair value hierarchy. The Company prepared cash flow projections based on management's estimates of revenue growth rates and operating margins, taking into consideration the historical performance and the current macroeconomic, industry, and market conditions. The Company based the discount rate on the weighted-average cost of capital considering Company-specific characteristics and changes in the reporting unit's projected cash flows. Under the market approach, the Company estimated the fair value of the reporting unit based on revenue market multiples derived from comparable publicly traded companies with similar characteristics as the reporting unit, as well as an estimated control premium. 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 impairment indicators could occur or intensify in the near term, which may result in further impairment of long-lived assets or goodwill.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 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 September 30, As of December 31, 2023 2022 Employee-related accruals $ 32,311 $ 25,110 Homeowner reserves 11,117 9,837 Current portion of acquisition liabilities (1) 12,412 25,056 Current portion of operating lease liabilities 8,792 9,490 Other 11,418 16,340 Total accrued expenses and other current liabilities $ 76,050 $ 85,833 (1) The current portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due within one year.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company's debt obligations consisted of the following (in thousands): As of September 30, As of December 31, 2023 2022 Insurance premium financing $ 298 $ 4,498 Other long-term debt — 375 Total debt 298 4,873 Less: current maturities (1) (298) (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 $0.3 million as of September 30, 2023 is repayable in monthly installments of principal and interest through November 2023, at a weighted-average annual percentage rate of 5.65%. 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 and June 2023 (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. The June 2023 amendment modified the Credit Agreement to replace the LIBOR-based reference rate options with Adjusted Term Secured Overnight Financing Rate ("SOFR") based reference rate options. Subsequent to the amendment, any 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 Term SOFR for a one-month interest period plus 1.00%. • Term SOFR borrowings accrue interest at a rate per annum equal to the Adjusted Term SOFR plus a margin of 2.50%. Adjusted Term SOFR means, for any Interest Period, an interest rate per annum equal to (a) the Term SOFR for such Interest Period. 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 the Guarantors are secured by first-priority liens on substantially all of the assets of the Borrower and the Guarantors. As of September 30, 2023 and December 31, 2022, there were no borrowings outstanding under the Revolving Credit Facility. As of September 30, 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 September 30, 2023, the Company was in compliance with all covenants under the Credit Agreement.

Other Long-Term Liabilities

Other Long-Term Liabilities	9 Months Ended
	Sep. 30, 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 September 30, As of December 31, 2023 2022 Class G Common Stock (1) $ 752 $ 5,077 Long-term portion of acquisition liabilities (2) 7,838 16,226 Long-term portion of operating lease liabilities 17,809 21,706 Other 10,986 11,978 Total other long-term liabilities $ 37,385 $ 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	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company's effective tax rate was an 0% benefit on pre-tax loss for the three months ended September 30, 2023 and 1% expense on pre-tax income for the three months ended September 30, 2022. The Company's effective tax rate was a 0% benefit on pre-tax loss for the nine months ended September 30, 2023 and a 4% expense on pre-tax loss for the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity and Equity-Based Compensation	Equity and Equity-Based Compensation Reverse Stock Split On September 1, 2023, the Board of Directors of the Company approved a 1-for-20 reverse stock split (the "Reverse Stock Split") of the Company's Class A Common Stock, Class B Common Stock, and Class G Common Stock. The Reverse Stock Split was effective as of October 2, 2023. See Note 16, Subsequent Event , for additional information. Equity-Based Award Activities Restricted Stock Units A summary of the Restricted Stock Unit ("RSU") activity was as follows during the period indicated: Activity Type Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2022 269 $ 99.20 Granted 673 21.20 Vested (128) 81.40 Forfeited (89) 64.00 Outstanding as of September 30, 2023 725 34.40 As of September 30, 2023, there was unrecognized compensation expense of $21.4 million related to unvested RSUs, which is expected to be recognized over a weighted-average period of 2.6 years. Performance Stock Units The Company has granted Performance Stock Units ("PSUs") to certain members of its leadership team, which vest based upon the achievement of performance criteria and requisite service. The performance criteria are based on the achievement of certain share price appreciation targets. Attainment of each share price appreciation target is measured based on either the trailing 45-day or 60-day average closing trading price of our Class A Common Stock or, in the event of a change in control, the amount per share of Class A Common Stock to be paid to a stockholder in connection with such change in control. For certain of the awards, depending on the performance achieved, the actual number of shares of Class A Common Stock issued to the holder may range from 0% to 200% of the target number of PSUs granted. The number of PSUs granted included in the table below is based on the maximum potential achievement for all awards. In the event that performance criteria and requisite service are not achieved, the corresponding portion of the PSUs that do not vest will be forfeited. A summary of the PSU activity was as follows during the period indicated: Activity Type Performance Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2022 105 $ 58.00 Granted 143 10.20 Forfeited (5) 75.80 Outstanding as of September 30, 2023 243 29.50 As of September 30, 2023, there was unrecognized compensation expense of $4.7 million related to unvested PSUs, which is expected to be recognized over a weighted-average period of 2.1 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 87 $ 61.20 Forfeited (39) 60.60 Outstanding as of September 30, 2023 48 61.60 As of September 30, 2023, there was $0.1 million of unrecognized compensation expense for the Company's SARs that will be recognized over a weighted-average remaining recognition period of 0.7 years. As of September 30, 2023, the Company's outstanding SARs had a weighted-average remaining contractual life of 5.8 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 234 $ 18.40 Exercised (37) 9.80 Forfeited (21) 23.80 Outstanding as of September 30, 2023 176 19.40 As of September 30, 2023, there was $0.1 million of unrecognized compensation expense for the Company's stock options that will be recognized over a weighted-average remaining recognition period of 1.1 years. As of September 30, 2023, the Company's outstanding stock options had a weighted-average remaining contractual life of 4.7 years and an intrinsic value of $4.6 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 101 $ 112.00 Vested (23) 102.60 Forfeited (48) 123.40 Unvested outstanding as of September 30, 2023 30 100.80 As of September 30, 2023, there was $2.9 million of unrecognized compensation expense related to unvested employee equity units, which is expected to be recognized over a weighted-average period of 1.4 years. Employee Stock Purchase Plan Under the Company's 2021 Nonqualified Employee Stock Purchase Plan ("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 nine months ended September 30, 2023, there were 62,813 shares of Class A Common Stock purchased under the ESPP at a weighted-average price of $13.00 per share. Equity-Based Compensation Expense The Company recorded equity-based compensation expense for the periods presented in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenue $ 29 $ 225 $ 91 $ 842 Operations and support 390 1,069 1,117 4,845 Technology and development 647 1,107 1,550 5,272 Sales and marketing 460 1,075 2,004 4,876 General and administrative 2,448 5,900 7,243 12,525 Total equity-based compensation expense $ 3,974 $ 9,376 $ 12,005 $ 28,360

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (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 (loss) attributable to Vacasa, Inc. by the weighted-average shares of Class A Common Stock outstanding without the consideration for potentially 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, shares expected to be purchased 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 shares of common stock is disregarded. The following is a reconciliation of basic and diluted income (loss) per Class A common share for the periods presented (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator for net income (loss) per class A common share calculation: Net income (loss) attributable to Class A Common Stockholders, basic $ (228,192) $ 8,324 $ (255,105) $ (14,715) Net income allocated to dilutive securities — 95 — — Net income (loss) attributable to Class A Common Stockholders, diluted $ (228,192) $ 8,419 $ (255,105) $ (14,715) Denominator for net income (loss) per Class A common share calculation: Weighted-average shares outstanding, basic (1)(2) 12,419 11,341 12,108 10,993 Effect of dilutive securities: Restricted stock units (2) — 12 — — Stock appreciation rights (2) — 25 — — Stock options (2) — 186 — — Employee equity units (2) — 51 — — Total effect of dilutive securities (2) — 274 — — Weighted-average shares outstanding, diluted (1)(2) 12,419 11,615 12,108 10,993 Basic net income (loss) per Class A common share: Net income (loss) attributable to Class A Common Stockholders, basic $ (228,192) $ 8,324 $ (255,105) $ (14,715) Weighted-average shares outstanding, basic (1)(2) 12,419 11,341 12,108 10,993 Net income (loss) per share of Class A Common Stock, basic (2) $ (18.37) $ 0.73 $ (21.07) $ (1.34) Diluted net income (loss) per Class A common share: Net income (loss) attributable to Class A Common Stockholders, diluted (2) $ (228,192) $ 8,419 $ (255,105) $ (14,715) Weighted-average shares outstanding, diluted (1)(2) 12,419 11,615 12,108 10,993 Net income (loss) per share of Class A Common Stock, diluted (2) $ (18.37) $ 0.72 $ (21.07) $ (1.34) (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. (2) Weighted-average shares outstanding and equity awards used in the computation of basic and diluted earnings (loss) per share have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 16 - Subsequent Event for additional information. Shares of the Company's Class B Common Stock and Class G Common Stock do not participate in earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings (loss) per share of Class B Common Stock and Class G Common Stock under the two-class method has not been presented. The following outstanding potentially dilutive securities were excluded from the calculation of diluted net income (loss) per 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) (1) : Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 OpCo units (2) 9,387 10,183 9,387 10,183 Restricted stock units 725 215 725 283 Performance stock units (3) 243 117 243 117 Stock appreciation rights 48 57 48 97 Stock options 176 13 176 247 Employee equity units 30 93 30 149 Employee stock purchase plan 228 86 228 86 Class G Common Stock 411 411 411 411 Common shares excluded from calculation of diluted net income (loss) per share 11,248 11,175 11,248 11,573 (1) The share amounts herein have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 16 - Subsequent Event for additional information. (2) These securities are neither dilutive nor anti-dilutive for the period presented as their assumed redemption for shares of Class A Common Stock would cause a proportionate increase to net income (loss) attributable to Class A Common Stockholders, diluted. (3) PSUs are contingently issuable upon the satisfaction of certain market conditions. As of September 30, 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 net income (loss) per share of Class A Common Stock.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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. 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 September 30, 2023 and December 31, 2022, the Company had an obligation to remit Hospitality and Sales Taxes collected from guests in these jurisdictions totaling $20.8 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. These contingent liabilities primarily arise from the Company's transactions with its homeowners, guests, and service contracts and relate to the applicability of transactional taxes (such as sales, value-added, and similar taxes) to services provided. As of September 30, 2023 and December 31, 2022, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $9.0 million and $10.6 million, respectively. Due to the inherent complexity and uncertainty of these matters and judicial processes in certain jurisdictions, the final outcomes of such matters may result in obligations that exceed the estimated liabilities recorded. The Company has estimated other contingent non-income tax related liabilities related to domestic and foreign taxing authorities. The subject matter of these contingent liabilities arises from transactions with homeowners and the related information reporting requirements and potential back-up withholding on certain homeowner payments. As of September 30, 2023 and December 31, 2022, accrued obligations related to the information reporting requirements, including estimated penalties and interest, totaled $1.9 million and $1.2 million, respectively. With respect to potential back-up withholdings on certain homeowner payments, any estimated liability is inherently subjective due to the complexity and uncertainty of this matter; therefore, any reasonably possible loss or range of loss cannot be estimated. 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. Indemnification As a matter of ordinary course, the Company agrees to indemnification clauses in commercial agreements where desirable or appropriate. 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. As of September 30, 2023, the Company did not have any material indemnification claims that were probable or reasonably possible.

Workforce Reduction

Workforce Reduction	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Workforce Reduction	Workforc e 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 immaterial severance and employee benefits costs during the three months ended September 30, 2023 and approximately $5.1 million of severance and employee benefits costs during the nine months ended September 30, 2023, which are included in operating costs and expenses in the condensed consolidated statements of operations. The majority of these costs have been paid, and the remaining liability as of September 30, 2023 is not material.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventReverse Stock SplitOn October 2, 2023, we completed a 1-for-20 reverse stock split of the Company's outstanding Class A Common Stock, Class B Common Stock, and Class G Common Stock. The Reverse Stock Split had no effect on the number of authorized shares of any class of common stock. Par value remained $0.00001 per share. Stockholders who would otherwise have been entitled to receive fractional shares as a result of the Reverse Stock Split received a cash payment in lieu of receiving fractional shares. All share and share-related information presented in these condensed consolidated financial statements has been retroactively adjusted for all periods presented to reflect the decreased number of shares resulting from the Reverse Stock Split.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (402,458)	$ 15,813	$ (451,712)	$ (30,179)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 2023, the Company held 12,553,800 units of Vacasa Holdings ("OpCo Units"), which represented an ownership interest of approximately 57%. 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 income (loss) attributable to redeemable noncontrolling interests in the condensed consolidated statements of operations. The Company is an emerging growth company, as defined in Section 2(a) of the Securities Act of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012, 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 Class G Common Stock, valuation of equity-based compensation, valuation of goodwill, and valuation 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.
Impairment of Long-lived Assets	Impairment of Long-lived AssetsThe Company evaluates its long-lived assets or asset groups for indicators of possible impairment by comparison of the carrying amount to future net undiscounted cash flows expected to be generated by such asset or asset group and its eventual disposal when events or changes in circumstances indicate the carrying amount of an asset or asset group may not be recoverable. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined primarily using the estimated cash flows discounted at a rate commensurate with the risk involved and based on assumptions representative of market participants.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. The Company has one reporting unit which the Company tests for impairment on the first day of the fourth quarter, or whenever events or changes in circumstances indicate that goodwill might be impaired. The Company reviews goodwill for impairment by initially considering qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform a quantitative analysis. If it is determined that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, a quantitative analysis is performed to identify goodwill impairment. The Company may elect to bypass the qualitative assessment and proceed directly to performing a quantitative analysis. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not impaired. If the fair value of the reporting unit is less than its carrying amount, a goodwill impairment loss is measured as the excess of the carrying amount of the reporting unit over its fair value (not to exceed the reporting unit's total goodwill balance).
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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Vacation rental platform $ 372,606 $ 401,228 $ 917,881 $ 934,811 Other services 6,471 10,956 22,629 34,981 Total $ 379,077 $ 412,184 $ 940,510 $ 969,792
Schedule of Future Stay Credit Liability	The table below presents the activity of the Company's future stay credit liability balance (in thousands): Nine Months Ended September 30, 2023 Balance as of December 31, 2022 $ 3,369 Issuances 1,772 Redemptions (2,807) Breakage recognized in revenue (1,180) Foreign currency fluctuations (9) Balance as of September 30, 2023 $ 1,145

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 9,692 $ 9,692 Class G Common Stock (1) — — 752 752 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): Nine Months Ended September 30, 2023 Balance as of December 31, 2022 $ 5,077 Change in fair value of Class G Common Stock included in earnings (4,325) Balance as of September 30, 2023 $ 752

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): As of September 30, As of December 31, 2023 2022 Land $ 13,394 $ 13,394 Buildings and building improvements 12,471 12,471 Leasehold improvements 6,525 6,528 Computer equipment 13,524 13,510 Furniture, fixtures, and other 25,724 22,096 Vehicles 8,036 7,975 Internal-use software 58,250 53,024 Total 137,924 128,998 Less: Accumulated depreciation (78,502) (63,455) Property and equipment, net $ 59,422 $ 65,543

Intangible Assets, Net and Go_2

Intangible Assets, Net and Goodwill (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Homeowner contracts 3 $ 314,100 $ (143,238) $ (46,000) $ 124,862 Databases, photos, and property listings 0 26,525 (26,285) — 240 Trade names 1 9,586 (9,552) — 34 Other (1) 5 2,902 (2,872) — 30 Total intangible assets $ 353,113 $ (181,947) $ (46,000) $ 125,166 (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 Impairment 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 September 30, 2023 is expected to be as follows (in thousands): Year Ending December 31: Amount Remainder of 2023 $ 10,241 2024 39,439 2025 37,431 2026 22,131 2027 6,778 Thereafter 9,146 Total $ 125,166
Schedule of Changes in Goodwill	The following table summarizes the changes in the Company's goodwill balance (in thousands): Nine Months Ended September 30, 2023 Balance at beginning of period (1) $ 585,205 Acquisitions 179 Measurement period adjustments (2,539) Impairment of goodwill (411,000) Foreign exchange translation and other 8 Balance at end of period (2) $ 171,853 (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. (2) Goodwill is net of accumulated impairment losses of $655.0 million that were recorded to the Company's single reporting unit during the fourth quarter of fiscal 2022 and the third quarter of fiscal 2023.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, As of December 31, 2023 2022 Employee-related accruals $ 32,311 $ 25,110 Homeowner reserves 11,117 9,837 Current portion of acquisition liabilities (1) 12,412 25,056 Current portion of operating lease liabilities 8,792 9,490 Other 11,418 16,340 Total accrued expenses and other current liabilities $ 76,050 $ 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)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Obligations	The Company's debt obligations consisted of the following (in thousands): As of September 30, As of December 31, 2023 2022 Insurance premium financing $ 298 $ 4,498 Other long-term debt — 375 Total debt 298 4,873 Less: current maturities (1) (298) (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)	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Assets and Other Liabilities	Other long-term liabilities consisted of the following (in thousands): As of September 30, As of December 31, 2023 2022 Class G Common Stock (1) $ 752 $ 5,077 Long-term portion of acquisition liabilities (2) 7,838 16,226 Long-term portion of operating lease liabilities 17,809 21,706 Other 10,986 11,978 Total other long-term liabilities $ 37,385 $ 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.

Equity and Equity-Based Compe_2

Equity and Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-based Award Activities	A summary of the Restricted Stock Unit ("RSU") activity was as follows during the period indicated: Activity Type Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2022 269 $ 99.20 Granted 673 21.20 Vested (128) 81.40 Forfeited (89) 64.00 Outstanding as of September 30, 2023 725 34.40 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 105 $ 58.00 Granted 143 10.20 Forfeited (5) 75.80 Outstanding as of September 30, 2023 243 29.50 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 87 $ 61.20 Forfeited (39) 60.60 Outstanding as of September 30, 2023 48 61.60 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 234 $ 18.40 Exercised (37) 9.80 Forfeited (21) 23.80 Outstanding as of September 30, 2023 176 19.40
Schedule 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 101 $ 112.00 Vested (23) 102.60 Forfeited (48) 123.40 Unvested outstanding as of September 30, 2023 30 100.80
Schedule of Equity Based Compensation Expense	The Company recorded equity-based compensation expense for the periods presented in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenue $ 29 $ 225 $ 91 $ 842 Operations and support 390 1,069 1,117 4,845 Technology and development 647 1,107 1,550 5,272 Sales and marketing 460 1,075 2,004 4,876 General and administrative 2,448 5,900 7,243 12,525 Total equity-based compensation expense $ 3,974 $ 9,376 $ 12,005 $ 28,360

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Income (Loss) Per Share	The following is a reconciliation of basic and diluted income (loss) per Class A common share for the periods presented (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator for net income (loss) per class A common share calculation: Net income (loss) attributable to Class A Common Stockholders, basic $ (228,192) $ 8,324 $ (255,105) $ (14,715) Net income allocated to dilutive securities — 95 — — Net income (loss) attributable to Class A Common Stockholders, diluted $ (228,192) $ 8,419 $ (255,105) $ (14,715) Denominator for net income (loss) per Class A common share calculation: Weighted-average shares outstanding, basic (1)(2) 12,419 11,341 12,108 10,993 Effect of dilutive securities: Restricted stock units (2) — 12 — — Stock appreciation rights (2) — 25 — — Stock options (2) — 186 — — Employee equity units (2) — 51 — — Total effect of dilutive securities (2) — 274 — — Weighted-average shares outstanding, diluted (1)(2) 12,419 11,615 12,108 10,993 Basic net income (loss) per Class A common share: Net income (loss) attributable to Class A Common Stockholders, basic $ (228,192) $ 8,324 $ (255,105) $ (14,715) Weighted-average shares outstanding, basic (1)(2) 12,419 11,341 12,108 10,993 Net income (loss) per share of Class A Common Stock, basic (2) $ (18.37) $ 0.73 $ (21.07) $ (1.34) Diluted net income (loss) per Class A common share: Net income (loss) attributable to Class A Common Stockholders, diluted (2) $ (228,192) $ 8,419 $ (255,105) $ (14,715) Weighted-average shares outstanding, diluted (1)(2) 12,419 11,615 12,108 10,993 Net income (loss) per share of Class A Common Stock, diluted (2) $ (18.37) $ 0.72 $ (21.07) $ (1.34) (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. (2) Weighted-average shares outstanding and equity awards used in the computation of basic and diluted earnings (loss) per share have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 16 - Subsequent Event for additional information.
Schedule of Outstanding Common Stock Equivalents Excluded from Diluted Net Income (Loss) Per Share due to Anti-Dilutive Effect	The following outstanding potentially dilutive securities were excluded from the calculation of diluted net income (loss) per 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) (1) : Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 OpCo units (2) 9,387 10,183 9,387 10,183 Restricted stock units 725 215 725 283 Performance stock units (3) 243 117 243 117 Stock appreciation rights 48 57 48 97 Stock options 176 13 176 247 Employee equity units 30 93 30 149 Employee stock purchase plan 228 86 228 86 Class G Common Stock 411 411 411 411 Common shares excluded from calculation of diluted net income (loss) per share 11,248 11,175 11,248 11,573 (1) The share amounts herein have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 16 - Subsequent Event for additional information. (2) These securities are neither dilutive nor anti-dilutive for the period presented as their assumed redemption for shares of Class A Common Stock would cause a proportionate increase to net income (loss) attributable to Class A Common Stockholders, diluted. (3) PSUs are contingently issuable upon the satisfaction of certain market conditions. As of September 30, 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 net income (loss) per share of Class A Common Stock.

Description of Business (Detail

Description of Business (Details)	Oct. 02, 2023
Subsequent Event
Stockholders' equity note, stock split, conversion ratio	0.05

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) reportableUnit shares	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Impairment of long-lived assets	$ 46,000		$ 0	$ 46,000	$ 0	$ 0
Number of reporting units | reportableUnit	1
Impairment of goodwill	$ 411,000	$ 244,000	$ 0	$ 411,000	$ 0
Vacasa Holdings LLC
Class of Stock [Line Items]
Common stock outstanding (in shares) | shares	12,553,800			12,553,800
Ownership interest (as a percent)	57%			57%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 379,077	$ 412,184	$ 940,510	$ 969,792
Vacation rental platform
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	372,606	401,228	917,881	934,811
Other services
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 6,471	$ 10,956	$ 22,629	$ 34,981

Revenue - Future Stay Credit (D

Revenue - Future Stay Credit (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Future Stay Credit [Roll Forward]
Beginning balance	$ 3,369
Issuances	1,772
Redemptions	(2,807)
Breakage recognized in revenue	(1,180)
Foreign currency fluctuations	(9)
Ending balance	$ 1,145

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Capitalized contract costs	$ 33,200		$ 33,200		$ 26,400
Amortization on contract costs	2,200	$ 1,300	6,000	$ 3,900
Allowance for doubtful accounts	11,300		11,300		$ 11,200
Recognized breakage revenue	$ 900	$ 1,600	$ 2,686	$ 4,708

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) segment
Business Acquisition [Line Items]
Goodwill period adjustment	$ (2,539)
Other Transactions
Business Acquisition [Line Items]
Number of portfolio transactions completed | segment	1
Total purchase consideration	$ 300
Goodwill period adjustment	(2,500)
Increase to intangible assets	$ 2,400

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Liabilities
Contingent consideration	$ 9,692	$ 22,317
Class G Common Stock	752	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	9,692	22,317
Class G Common Stock	$ 752	$ 5,077

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable inputs (Details) - Series G Preferred Stock $ in Thousands	9 Months Ended
	Sep. 30, 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	(4,325)
Balance as of September 30, 2023	$ 752

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Impairment of long-lived assets	$ 46,000		$ 0	$ 46,000	$ 0	$ 0
Impairment of goodwill	$ 411,000	$ 244,000	$ 0	411,000	0
Impairment of right-of-use assets				$ 4,240	$ 0

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 137,924	$ 128,998
Less: Accumulated depreciation	(78,502)	(63,455)
Property and equipment, net	59,422	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	6,525	6,528
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,524	13,510
Furniture, fixtures, and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	25,724	22,096
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,036	7,975
Internal-use software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 58,250	$ 53,024

Intangible Assets, Net and Go_3

Intangible Assets, Net and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 353,113	$ 351,751
Accumulated Amortization	(181,947)	(136,900)
Impairment	(46,000)	0
Net Carrying Amount	$ 125,166	$ 214,851
Homeowner contracts
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	3 years	4 years
Gross Carrying Amount	$ 314,100	$ 311,456
Accumulated Amortization	(143,238)	(101,142)
Impairment	(46,000)	0
Net Carrying Amount	$ 124,862	$ 210,314
Databases, photos, and property listings
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	0 years	1 year
Gross Carrying Amount	$ 26,525	$ 27,450
Accumulated Amortization	(26,285)	(23,661)
Impairment	0	0
Net Carrying Amount	$ 240	$ 3,789
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	1 year	1 year
Gross Carrying Amount	$ 9,586	$ 9,942
Accumulated Amortization	(9,552)	(9,316)
Impairment	0	0
Net Carrying Amount	$ 34	$ 626
Other
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	5 years	2 years
Gross Carrying Amount	$ 2,902	$ 2,903
Accumulated Amortization	(2,872)	(2,781)
Impairment	0	0
Net Carrying Amount	$ 30	$ 122

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill - Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 10,241
2024	39,439
2025	37,431
2026	22,131
2027	6,778
Thereafter	9,146
Net Carrying Amount	$ 125,166	$ 214,851

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill [Roll Forward]
Balance at beginning of period				$ 585,205
Acquisitions				179
Measurement period adjustments				(2,539)
Impairment of goodwill	$ (411,000)	$ (244,000)	$ 0	(411,000)	$ 0
Foreign exchange translation and other				8
Balance at end of period	171,853	585,205		171,853
Accumulated impairment to goodwill loss	$ 655,000	$ 244,000		$ 655,000

Intangible Assets, Net and Go_6

Intangible Assets, Net and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of long-lived assets	$ 46,000		$ 0	$ 46,000	$ 0	$ 0
Impairment of goodwill	$ 411,000	$ 244,000	$ 0	$ 411,000	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Employee-related accruals	$ 32,311	$ 25,110
Homeowner reserves	11,117	9,837
Current portion of acquisition liabilities	12,412	25,056
Current portion of operating lease liabilities	8,792	9,490
Other	11,418	16,340
Accrued expenses and other current liabilities	$ 76,050	$ 85,833

Debt - Long-Term Debt Obligatio

Debt - Long-Term Debt Obligation (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 298	$ 4,873
Less: current maturities	(298)	(4,748)
Long-term portion	0	125
Insurance premium financing
Debt Instrument [Line Items]
Total debt	298	4,498
Other long-term debt
Debt Instrument [Line Items]
Total debt	$ 0	$ 375

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)		1 Months Ended	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Sep. 30, 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 SOFR
Debt Instrument [Line Items]
Spread on variable interest rate		1%
Revolving credit facility | SOFR | Term Loan
Debt Instrument [Line Items]
Spread on variable interest rate		2.50%
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			$ 300,000
Weighted-average annual percentage rate			5.65%

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Class G Common Stock	$ 752	$ 5,077
Long-term portion of acquisition liabilities	7,838	16,226
Long-term portion of operating lease liabilities	17,809	21,706
Other	10,986	11,978
Other long-term liabilities	$ 37,385	$ 54,987

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense on pre-tax loss	0%	(1.00%)	0%	4%

Equity and Equity-Based Compe_3

Equity and Equity-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions		9 Months Ended
	Oct. 02, 2023	Sep. 30, 2023 USD ($) $ / shares shares
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity note, stock split, conversion ratio	0.05
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		$ 21.4
Weighted average period of recognition		2 years 7 months 6 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		$ 4.7
Weighted average period of recognition		2 years 1 month 6 days
Performance stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock issued to holder		0%
Performance stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock issued to holder		200%
Stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		$ 0.1
Weighted average period of recognition		8 months 12 days
Weighted average remaining contractual term (in years)		5 years 9 months 18 days
Intrinsic value		$ 0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		$ 0.1
Weighted average period of recognition		1 year 1 month 6 days
Weighted average remaining contractual term (in years)		4 years 8 months 12 days
Intrinsic value		$ 4.6
Employee equity units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		$ 2.9
Weighted average period of recognition		1 year 4 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 | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased (in shares) | shares		62,813
Shares purchased (in usd per share) | $ / shares		$ 13

Equity and Equity-Based Compe_4

Equity and Equity-Based Compensation - Schedule of Employee Equity Units (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Restricted stock units
Number of units:
Outstanding balance at the beginning (in shares) | shares	269
Granted (in shares) | shares	673
Vested (in shares) | shares	(128)
Forfeited (in shares) | shares	(89)
Outstanding balance at the ending (in shares) | shares	725
Weighted Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 99.20
Granted (in usd per share) | $ / shares	21.20
Vested (in usd per share) | $ / shares	81.40
Forfeited (in usd per share) | $ / shares	64
Outstanding balance as the ending (in usd per share) | $ / shares	$ 34.40
Performance stock units
Number of units:
Outstanding balance at the beginning (in shares) | shares	105
Granted (in shares) | shares	143
Forfeited (in shares) | shares	(5)
Outstanding balance at the ending (in shares) | shares	243
Weighted Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 58
Granted (in usd per share) | $ / shares	10.20
Forfeited (in usd per share) | $ / shares	75.80
Outstanding balance as the ending (in usd per share) | $ / shares	$ 29.50
Employee equity units
Number of units:
Outstanding balance at the beginning (in shares) | shares	101
Vested (in shares) | shares	(23)
Forfeited (in shares) | shares	(48)
Outstanding balance at the ending (in shares) | shares	30
Weighted Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 112
Vested (in usd per share) | $ / shares	102.60
Forfeited (in usd per share) | $ / shares	123.40
Outstanding balance as the ending (in usd per share) | $ / shares	$ 100.80

Equity and Equity-Based Compe_5

Equity and Equity-Based Compensation - Schedule of SARs and Options (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Weighted Average Exercise Price
Exercised (in usd per share) | $ / shares	$ 9.80
Stock appreciation rights
Number of units
Beginning balance (in shares) | shares	87
Forfeited (in shares) | shares	(39)
Ending balance (in shares) | shares	48
Weighted Average Exercise Price
Beginning balance (in usd per share) | $ / shares	$ 61.20
Forfeited (in usd per share) | $ / shares	60.60
Ending balance (in usd per share) | $ / shares	$ 61.60
Stock options
Number of units
Beginning balance (in shares) | shares	234
Forfeited (in shares) | shares	(21)
Exercised (in shares) | shares	(37)
Ending balance (in shares) | shares	176
Weighted Average Exercise Price
Beginning balance (in usd per share) | $ / shares	$ 18.40
Forfeited (in usd per share) | $ / shares	23.80
Ending balance (in usd per share) | $ / shares	$ 19.40

Equity and Equity-Based Compe_6

Equity and Equity-Based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity-Based Compensation Expense
Total equity-based compensation expense	$ 3,974	$ 9,376	$ 12,005	$ 28,360
Cost of revenue
Equity-Based Compensation Expense
Total equity-based compensation expense	29	225	91	842
Operations and support
Equity-Based Compensation Expense
Total equity-based compensation expense	390	1,069	1,117	4,845
Technology and development
Equity-Based Compensation Expense
Total equity-based compensation expense	647	1,107	1,550	5,272
Sales and marketing
Equity-Based Compensation Expense
Total equity-based compensation expense	460	1,075	2,004	4,876
General and administrative
Equity-Based Compensation Expense
Total equity-based compensation expense	$ 2,448	$ 5,900	$ 7,243	$ 12,525

Net Income (Loss) Per Share - B

Net Income (Loss) Per Share - Basic and Diluted Net Income (Loss) Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands			3 Months Ended		9 Months Ended
		Oct. 02, 2023	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares
Numerator for net income (loss) per class A common share calculation:
Net income (loss) attributable to Class A Common Stockholders, basic | $			$ (228,192)	$ 8,324	$ (255,105)	$ (14,715)
Net income allocated to dilutive securities | $			0	95	0	0
Net income (loss) attributable to Class A Common Stockholders, diluted | $			$ (228,192)	$ 8,419	$ (255,105)	$ (14,715)
Denominator for net income (loss) per Class A common share calculation:
Weighted-average shares outstanding, basic (in shares)	[1]		12,419	11,341	12,108	10,993
Effect of dilutive securities (in shares)			0	274	0	0
Weighted-average shares outstanding, diluted (in shares)	[1]		12,419	11,615	12,108	10,993
Net income (loss) per share of Class A Common Stock, basic (in usd per share) | $ / shares	[1]		$ (18.37)	$ 0.73	$ (21.07)	$ (1.34)
Net income (loss) per share of Class A Common Stock, diluted (in usd per share) | $ / shares	[1]		$ (18.37)	$ 0.72	$ (21.07)	$ (1.34)
Subsequent Event
Denominator for net income (loss) per Class A common share calculation:
Stockholders' equity note, stock split, conversion ratio		0.05
Restricted stock units
Denominator for net income (loss) per Class A common share calculation:
Effect of dilutive securities (in shares)			0	12	0	0
Stock appreciation rights
Denominator for net income (loss) per Class A common share calculation:
Effect of dilutive securities (in shares)			0	25	0	0
Stock options
Denominator for net income (loss) per Class A common share calculation:
Effect of dilutive securities (in shares)			0	186	0	0
Employee equity units
Denominator for net income (loss) per Class A common share calculation:
Effect of dilutive securities (in shares)			0	51	0	0
[1] (1) Weighted-average shares outstanding used in the computation of basic and diluted earnings (loss) per share have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 16 - Subsequent Event for additional information.

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Stock Excluded Due to Anti-Dilutive Effects (Details) shares in Thousands		3 Months Ended		9 Months Ended
	Oct. 02, 2023	Sep. 30, 2023 shares	Sep. 30, 2022 shares	Sep. 30, 2023 shares	Sep. 30, 2022 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)		11,248	11,175	11,248	11,573
Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stockholders' equity note, stock split, conversion ratio	0.05
OpCo units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)		9,387	10,183	9,387	10,183
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)		725	215	725	283
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)		243	117	243	117
Stock appreciation rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)		48	57	48	97
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)		176	13	176	247
Employee equity units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)		30	93	30	149
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)		228	86	228	86
Class G Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)		411	411	411	411

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Accrued obligation	$ 1.9	$ 1.2
Tax Matters
Loss Contingencies [Line Items]
Lodging taxes payable	20.8	17.9
Estimated taxes, including estimated penalties and interest	$ 9	$ 10.6

Workforce Reduction (Details)

Workforce Reduction (Details) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2023 position	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Expected number of positions eliminated | position	1,300
Number of positions eliminated, period (as a percent)	17%
Severance and employee benefits costs | $		$ 0	$ 5.1

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Oct. 02, 2023 $ / shares
Subsequent Event [Line Items]
Stockholders' equity note, stock split, conversion ratio	0.05
Common stock par value (in usd per share)	$ 0.00001