Vacasa (VCSA) 10-K 1 Mar 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 28, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 98,113,245
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2024 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The registrant’s definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0001874944
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,603,113
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,465,553
Common Class G
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		316,666

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Seattle, Washington

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents		$ 88,049	$ 157,810
Restricted cash		137,788	161,850
Accounts receivable, net		14,242	17,204
Prepaid expenses and other current assets		25,766	44,499
Total current assets		265,845	381,363
Property and equipment, net		56,717	65,543
Intangible assets, net		114,464	214,851
Goodwill		171,879	585,205
Other long-term assets		54,643	58,622
Total assets		663,548	1,305,584
Current liabilities:
Accounts payable		30,353	35,383
Funds payable to owners		178,670	228,758
Hospitality and sales taxes payable		45,179	52,217
Deferred revenue		105,217	124,969
Future stay credits		584	3,369
Accrued expenses and other current liabilities		62,820	85,833
Total current liabilities		422,823	530,529
Long-term debt, net of current portion		0	125
Other long-term liabilities		33,079	54,987
Total liabilities		455,902	585,641
Commitments and contingencies (Note 16)
Redeemable noncontrolling interests		76,593	306,943
Equity:
Additional paid-in capital		1,372,618	1,355,141
Accumulated deficit		(1,240,850)	(942,147)
Accumulated other comprehensive income (loss)		(720)	2
Total equity		131,053	413,000
Total liabilities, temporary equity, and equity		663,548	1,305,584
Class A Common Stock
Equity:
Common Stock	[1]	3	2
Class B Common Stock
Equity:
Common Stock	[1]	$ 2	$ 2
[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 13 - Equity for additional information.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Class A Common Stock
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)	12,730,577	11,819,511
Common stock outstanding (in shares)	12,730,577	11,819,511
Class B Common Stock
Common stock par value (in usd per share) | $ / shares	$ 0.00001	$ 0.00001
Common stock authorized (in shares)	472,436,863	472,436,863
Common stock issued (in shares)	9,340,553	9,872,261
Common stock outstanding (in shares)	9,340,553	9,872,261

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue		$ 1,117,950	$ 1,187,950	$ 889,058
Operating costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below		519,651	564,373	440,753
Operations and support		245,706	264,068	186,984
Technology and development		60,800	68,344	48,709
Sales and marketing		212,269	247,167	187,904
General and administrative		81,612	107,624	88,835
Depreciation		21,357	21,706	17,110
Amortization of intangible assets		56,890	61,629	44,163
Impairment of long-lived assets		46,000	0	0
Impairment of goodwill		411,000	243,991	0
Total operating costs and expenses		1,655,285	1,578,902	1,014,458
Loss from operations		(537,335)	(390,952)	(125,400)
Interest income		7,021	1,991	36
Interest expense		(2,447)	(2,576)	(31,723)
Other income, net		6,115	60,410	3,280
Loss before income taxes		(526,646)	(331,127)	(153,807)
Income tax expense		(1,586)	(1,022)	(784)
Net loss		(528,232)	(332,149)	(154,591)
Less: Loss attributable to remeasurement of redeemable convertible preferred units		0	0	(426,101)
Net loss including remeasurement of redeemable convertible preferred units		(528,232)	(332,149)	(580,692)
Less: Net loss including remeasurement of redeemable convertible preferred units prior to Reverse Recapitalization		0	0	(555,437)
Less: Net loss attributable to redeemable noncontrolling interests		(229,529)	(154,251)	(12,558)
Net loss attributable to Class A Common Stockholders		(298,703)	(177,898)	(12,697)
Net loss attributable to Class A Common Stockholders		$ (298,703)	$ (177,898)	$ (12,697)
Basic net loss per share of Class A Common Stock (in usd per share)	[1],[2]	$ (24.48)	$ (15.92)	$ (1.18)
Diluted net loss per share of Class A Common Stock (in usd per share)	[1],[2]	$ (24.48)	$ (15.92)	$ (1.18)
Weighted-average shares of Class A Common Stock used to compute net loss per share, basic (in shares)	[1],[2]	12,202	11,171	10,739
Weighted-average shares of Class A Common Stock used to compute net loss per share, diluted (in shares)	[1],[2]	12,202	11,171	10,739
[1]Basic and diluted net loss per share of Class A Common Stock is applicable only for periods subsequent to December 6, 2021, which is the date of the Reverse Recapitalization (as defined in Note 3, Reverse Recapitalization ). Basic and diluted loss per share of Class A Common Stock for the year ended December 31, 2021 represents only the period of December 6, 2021 to December 31, 2022. See also Note 15, Net Loss Per Share Note 13 - Equity for additional information.

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical)	Oct. 02, 2023
Income Statement [Abstract]
Stockholders' equity note, stock split, conversion ratio	0.05

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (528,232)	$ (332,149)	$ (154,591)
Foreign currency translation adjustments	(1,368)	5	(358)
Total comprehensive loss	(529,600)	(332,144)	(154,949)
Less: Comprehensive loss prior to Reverse Recapitalization	0	0	(129,720)
Less: Comprehensive loss attributable to redeemable noncontrolling interests	(230,170)	(154,307)	(12,545)
Total comprehensive loss attributable to Class A Common Stockholders	$ (299,430)	$ (177,837)	$ (12,684)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Cash from operating activities:
Net loss	$ (528,232)	$ (332,149)	$ (154,591)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Credit loss expense	4,979	5,409	4,689
Depreciation	21,357	21,706	17,110
Amortization of intangible assets	56,890	61,629	44,163
Impairment of long-lived assets	46,000	0	0
Impairment of goodwill	411,000	243,991	0
Impairment of right-of-use assets	4,240	0	0
Future stay credit breakage	(1,537)	(15,993)	0
Reduction in the carrying amount of right-of-use assets	10,382	12,589	0
Deferred income taxes	1,017	(2,082)	(55)
Other gains and losses	(984)	2,186	77
Fair value adjustment on derivative liabilities	(4,571)	(56,437)	(2,889)
Non-cash interest expense	215	216	27,496
Equity-based compensation expense	15,542	34,170	26,978
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Accounts receivable	(2,082)	83,152	35,400
Prepaid expenses and other assets	13,310	(42,660)	(6,178)
Accounts payable	(4,963)	(6,639)	8,288
Funds payable to owners	(50,474)	(34,636)	40,199
Hospitality and sales taxes payable	(7,130)	(3,430)	11,076
Deferred revenue and future stay credits	(21,000)	(17,162)	3,576
Operating lease obligations	(10,706)	(10,722)	0
Accrued expenses and other liabilities	(4,960)	4,955	7,926
Net cash provided by (used in) operating activities	(51,707)	(51,907)	63,265
Cash from investing activities:
Purchases of property and equipment	(5,269)	(8,810)	(5,853)
Cash paid for internally developed software	(7,434)	(9,821)	(5,387)
Cash paid for business combinations, net of cash and restricted cash acquired	(664)	(89,544)	(103,393)
Net cash used in investing activities	(13,367)	(108,175)	(114,633)
Cash from financing activities:
Proceeds from Reverse Recapitalization, net	0	0	302,638
Payments of Reverse Recapitalization costs	0	(459)	(7,937)
Cash paid for business combinations	(23,409)	(37,993)	(13,647)
Payments of long-term debt	(250)	(250)	(125)
Proceeds from exercise of stock options	388	213	0
Proceeds from Employee Stock Purchase Program	1,168	1,492
Proceeds from borrowings on revolving credit facility	2,000	6,000	0
Repayment of borrowings on revolving credit facility	(2,000)	(6,000)	0
Repayment of financed insurance premiums	(5,490)	(307)	0
Other financing activities	(459)	(1,763)	(1,318)
Net cash provided by (used in) financing activities	(28,052)	(39,067)	279,611
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash	(697)	(327)	(119)
Net increase (decrease) in cash, cash equivalents and restricted cash	(93,823)	(199,476)	228,124
Cash, cash equivalents and restricted cash, beginning of period	319,660	519,136	291,012
Cash, cash equivalents and restricted cash, end of period	225,837	319,660	519,136
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds	4,662	824	310
Cash paid for interest	2,352	2,435	3,767
Operating Lease, Payments	12,415	14,825	0
Supplemental disclosures of non-cash activities:
Financed insurance premiums	4,281	4,804	0
Issuance of common units for consideration in a business combination	0	0	573,800
Issuance of common stock in connection with conversion of D-1 Notes (See Note 10, Debt)	0	0	140,393
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	5,133	5,572	0
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	88,049	157,810	353,842
Restricted cash	137,788	161,850	165,294
Total cash, cash equivalents and restricted cash	$ 225,837	$ 319,660	$ 519,136

Consolidated Statements of Equi

Consolidated Statements of Equity (Deficit) - USD ($) $ in Thousands		Total	Redeemable Non-controlling Interests	Redeemable Non-controlling Interests Class B Common Stock	Redeemable Convertible Preferred Units	Common Units	Common Stock Class A Common Stock		Common Stock Class B Common Stock		Additional Paid-In Capital	Additional Paid-In Capital Class B Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Class B Common Stock
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2020			$ 0
Balance at the beginning (in shares) at Dec. 31, 2020					267,688,054
Balance at the beginning at Dec. 31, 2020					$ 771,979
Redeemable Convertible Preferred Units
Remeasurement of redeemable convertible preferred units					426,101
Effects of Reverse Recapitalization, net			508,756		$ (1,198,080)
Effects of Reverse Recapitalization, net (in shares)					(267,688,054)
Vesting of employee equity units			431
Adjustment of redeemable noncontrolling interest to redemption amount			1,272,920
Redeemable Non-controlling Interests, ending balance at Dec. 31, 2021			1,770,096
Balance at the end (in shares) at Dec. 31, 2021					0
Balance at the end at Dec. 31, 2021					$ 0
Balance at the beginning (in shares) at Dec. 31, 2020						176,824,152	0	[1]	0	[1]
Balance at the beginning at Dec. 31, 2020		$ (576,850)				$ 0	$ 0		$ 0		$ 0		$ (577,091)	$ 241
Equity
Issuance of common units for consideration in a business combination (in shares)						161,518,057
Issuance of common units for consideration in a business combination		573,800									573,800
Exercise of equity-based option (in shares)						70,208
Exercise of equity-based options		73									73
Remeasurement of redeemable convertible preferred units		(426,101)									(908)		(425,193)
Net exercise of common unit warrants (in shares)						2,020,000
Effects of Reverse Recapitalization, net (in shares)						(340,432,417)	10,739,689	[1]	10,619,689	[1]
Effects of Reverse Recapitalization, net		1,066,443					$ 2		$ 2		503,738		562,630	71
Vesting of employee equity units (in shares)	[1]								17,909
Vesting of employee equity units		(431)									(431)
Net loss		(12,697)
Adjustment of redeemable noncontrolling interest to redemption amount		(1,272,920)									(1,102,716)		(170,204)
Balance at the end (in shares) at Dec. 31, 2021						0	10,739,689	[1],[2]	10,637,598	[1],[2]
Balance at the end at Dec. 31, 2021		(751,946)				$ 0	$ 2		$ 2		0		(751,891)	(59)
Redeemable Convertible Preferred Units
Vesting of employee equity units			2,676
Equity-based compensation			5,836
Foreign currency translation adjustments			(16)
Net loss			(154,251)
Adjustment of redeemable noncontrolling interest to redemption amount			(1,272,938)
Vesting of restricted stock units and performance stock units			(1,962)
Exercise of equity-based awards			(1,338)
Purchase of shares under Employee Stock Purchase Plan			(978)
Redemption of OpCo units and retirement of Class B Common Stock				$ (40,182)
Redeemable Non-controlling Interests, ending balance at Dec. 31, 2022		306,943	306,943
Balance at the end (in shares) at Dec. 31, 2022					0
Balance at the end at Dec. 31, 2022					$ 0
Equity
Issuance of common units for consideration in a business combination		0
Equity-based compensation		28,334										$ 28,334
Exercise of equity-based option (in shares)	[2]						62,705
Exercise of equity-based options		(121)									(121)
Foreign currency translation adjustments prior to Reverse Recapitalization		21												21
Vesting of employee equity units (in shares)	[2]								113,980
Vesting of employee equity units		(2,676)									(2,676)
Vesting of restricted stock units and performance stock units (in shares)	[2]						91,741
Vesting of restricted stock units and performance stock units		1,962									1,962
Purchase of shares under Employee Stock Purchase Plan (in shares)	[2]						46,059
Purchase of shares under Employee Stock Purchase Plan		2,204									2,204
Redemption of OpCo units and retirement of Class B Common Stock (in shares)	[2]						879,317		(879,317)
Redemption of OpCo units and retirement of Class B Common Stock		40,182										40,142			$ 40
Net loss		(177,898)											(177,898)
Adjustment of redeemable noncontrolling interest to redemption amount		1,272,938									1,285,296		(12,358)
Balance at the end (in shares) at Dec. 31, 2022						0	11,819,511	[3]	9,872,261	[3]
Balance at the end at Dec. 31, 2022		413,000				$ 0	$ 2		$ 2		1,355,141		(942,147)	2
Redeemable Convertible Preferred Units
Vesting of employee equity units			400
Equity-based compensation			2,114
Foreign currency translation adjustments			(610)
Net loss			(229,529)
Adjustment of redeemable noncontrolling interest to redemption amount			17,188
Vesting of restricted stock units and performance stock units			(1,808)
Exercise of equity-based awards			(531)
Purchase of shares under Employee Stock Purchase Plan			(1,169)
Redemption of OpCo units and retirement of Class B Common Stock				$ (16,405)
Redeemable Non-controlling Interests, ending balance at Dec. 31, 2023		76,593	$ 76,593
Balance at the end (in shares) at Dec. 31, 2023					0
Balance at the end at Dec. 31, 2023					$ 0
Equity
Issuance of common units for consideration in a business combination		0
Equity-based compensation		13,428										13,428
Exercise of equity-based option (in shares)	[3]						48,874
Exercise of equity-based options		920									918			2
Foreign currency translation adjustments prior to Reverse Recapitalization		(758)												(758)
Vesting of employee equity units (in shares)	[3]								26,135
Vesting of employee equity units		(400)									(400)
Vesting of restricted stock units and performance stock units (in shares)	[3]						159,201
Vesting of restricted stock units and performance stock units		1,808									1,805			3
Purchase of shares under Employee Stock Purchase Plan (in shares)	[3]						145,148
Purchase of shares under Employee Stock Purchase Plan		2,540									2,540
Redemption of OpCo units and retirement of Class B Common Stock (in shares)	[3]						557,843		(557,843)
Redemption of OpCo units and retirement of Class B Common Stock		16,406					$ 1					$ 16,374			$ 31
Net loss		(298,703)											(298,703)
Adjustment of redeemable noncontrolling interest to redemption amount		(17,188)									(17,188)
Balance at the end (in shares) at Dec. 31, 2023						0	12,730,577	[3]	9,340,553	[3]
Balance at the end at Dec. 31, 2023		$ 131,053				$ 0	$ 3		$ 2		$ 1,372,618		$ (1,240,850)	$ (720)
[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 13 - Equity for additional information. (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 13 — Equity for additional information. (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 13 — Equity for additional information.

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Deficit) (Parenthetical)	Oct. 02, 2023
Statement of Stockholders' Equity [Abstract]
Stockholders' equity note, stock split, conversion ratio	0.05

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 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. Vacasa, Inc. was incorporated on July 1, 2021, under the laws of the state of Delaware for the purpose of consummating the business combination (the "Business Combination") contemplated by that certain business combination agreement, dated as of July 28, 2021 (as amended, the "Business Combination Agreement"), by and among TPG Pace Solutions Corp., a Cayman Islands exempted company ("TPG Pace"), Vacasa Holdings, Turnkey Vacations, Inc. ("TK Newco"), certain Vacasa Holdings equity holders (together with TK Newco, the “Blockers”), the Company, and certain other parties. On December 6, 2021, the Company consummated the Business Combination, pursuant to which, among other things, TPG Pace merged with and into the Company, the separate corporate existence of TPG Pace ceased, and the Company became the surviving corporation. The Business Combination was accounted for as a reverse recapitalization (the "Reverse Recapitalization") in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Under this method of accounting, Vacasa, Inc. has been treated as the “acquired” company for financial reporting purposes, with Vacasa Holdings considered to be the accounting acquirer. See Note 3, Reverse Recapitalization for more details. 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 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 13, Equity , for additional information.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the Securities and Exchange Commission ("SEC"). The 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. Pursuant to the Reverse Recapitalization, as described in Note 3, Reverse Recapitalization , the Company holds 12,730,577 units of Vacasa Holdings ("OpCo Units"), which represents a 57.7% ownership interest as of December 31, 2023. The portion of the consolidated subsidiaries not owned by the Company and any related activity is eliminated through redeemable noncontrolling interests in the consolidated balance sheets and net income (loss) attributable to redeemable noncontrolling interests in the consolidated statements of operations. The consolidated financial statements of Vacasa Holdings and its subsidiaries have been determined to be the predecessor for accounting and reporting purposes of the period prior to the Reverse Recapitalization. The Company is an emerging growth company ("EGC"), as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), which permits the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. As of January 1, 2022, the Company elected to irrevocably opt out of the extended transition period. Use of Estimates The preparation of 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 consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in the consolidated financial statements include, but are not limited to, the useful lives of property and equipment and intangible assets, allowance for credit losses, valuation of assets acquired and liabilities assumed in business acquisitions and related contingent consideration, valuation of warrants, valuation of Class G Common Stock, valuation of redeemable convertible preferred units, valuation of equity-based compensation, valuation of goodwill, and 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 consolidated financial statements will be affected. COVID-19 Impacts COVID-19 and its variants have impacted the Company in a number of ways. Beginning at the end of the Company’s first quarter of 2020, the Company experienced a significant decline in revenue resulting from a decrease in bookings and an increase in cancellations, which in turn impacted Nights Sold. In certain markets, vacation homes on the Company's platform and attractions within the local market were subject to shifting government mandates or guidance regarding COVID-19 restrictions. Due to the impact that the reduction in bookings initially had on its financial condition, $108.1 million of Senior Secured Convertible Notes ("D-1 Convertible Notes") were issued to provide for liquidity and fund other general corporate initiatives. In connection with the Reverse Recapitalization (see Note 3, Reverse Recapitalization ), the D-1 Convertible Notes subsequently converted into equity interests in the Company and were no longer outstanding as of December 31, 2021. Segments Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company's CODM. The CODM reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates one reportable segment. The majority of the Company's revenue is earned in the United States. The Company's revenue earned outside of the United States did not exceed 10% of total revenues for the years ended December 31, 2023, 2022, or 2021 . Long-lived assets by geographical location is based on the location of the legal entity that owns the asset. As of December 31, 2023 , the majority of the Company's long-lived assets were located in the United States. Cash, Cash Equivalents and Restricted Cash Cash includes demand deposits with banks and financial institutions, as well as cash in transit from payment processors. Cash equivalents includes short-term, highly liquid securities, including money market funds and term deposit investments with maturities of 90 days or less when purchased and their carrying amounts approximate fair value due to their short-term nature. The Company generally places its cash and cash equivalents and investments with major financial institutions deemed to be of high-credit-quality in order to limit its credit exposure. The Company maintains its cash accounts with financial institutions where, at times, deposits exceed federal insurance limits. Restricted cash primarily represents payments made by guests in advance of reservations that are required to be held in escrow accounts until the rescission period expires in accordance with U.S. state regulations. Accounts Receivable, net Accounts receivable, net primarily represents amounts owed by homeowners for reimbursable expenses incurred by the Company in accordance with the homeowner contract, amounts owed by third-party distribution partners acting as a merchant of record for guest stays that have commenced, amounts owed by community and homeowner associations for services provided, and amounts owed by the prior owners of acquired businesses managed under transition services agreements. The allowance for credit losses is estimated based on historical experience, aging of the receivable, the counterparty’s ability to pay, condition of general economy and industry, and other factors. The allowance for credit losses reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. As of December 31, 2023 and 2022, the Company’s allowance for credit losses related to accounts receivable was $11.7 million and $11.2 million, respectively. For the years ended December 31, 2023, 2022, and 2021, the Company recognized credit loss expense of $5.0 million, $5.4 million, and $4.7 million, respectively, which were recorded as a component of general and administrative expense in the consolidated statements of operations. Property and Equipment, net Property and equipment are stated at cost or at fair value for assets acquired as part of a business combination. Costs of maintenance and repairs that do not improve or extend the useful lives of assets are expensed as incurred. Property and equipment includes capitalized costs related to the development of the Company’s technology platform, mobile apps, and marketplace. Software development costs related to software developed or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development, are capitalized during the application development stage of the project. Costs incurred during the preliminary planning and evaluation stage of the project and during the post implementation operational stage are expensed as incurred. Additionally, the Company capitalizes qualifying costs incurred for upgrades and enhancements that result in additional functionality to existing software. Depreciation of such costs begins when the project milestones are substantially complete and software is ready for its intended use. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Upon retirement or sale, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is recorded as a component of general and administrative expense in the consolidated statements of operations. Gains and losses on disposal of assets were not material for the years ended December 31, 2023, 2022, and 2021. Intangible Assets, net The Company’s intangible assets consist primarily of acquired homeowner contracts, databases, photos and property listings, trade names, noncompete agreements, and other. Intangible assets are recorded at fair value as of the date of acquisition and are amortized on a straight-line basis over an estimated economic life ranging from one 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 and 2021. Refer to Note 7, Intangible Assets, Net and Goodwill , for additional information. Business Combinations In accordance with applicable accounting standards, the Company estimates the fair value of assets acquired and liabilities assumed as of the acquisition date of each business combination. Any excess purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Management makes certain estimates and assumptions when determining the fair values of assets acquired and liabilities assumed, including intangible assets. Critical estimates in valuing certain intangible assets include but are not limited to future expected cash flows from homeowner contracts, databases, photos and property listings, and trade names, as well as discount rates. At the acquisition date, the Company will also record acquisition related liabilities, if applicable, for any contingent consideration or deferred payments to the seller. Contingent consideration is recorded at fair value on the acquisition date based on the Company’s expectation of achieving the contractually defined homeowner contract conversion and retention targets. The fair value of the contingent consideration liabilities is remeasured each reporting period after the acquisition date and any changes in the estimated fair value are reflected as gains or losses in general and administrative expense in the consolidated statement of operations. The contingent consideration liabilities were $8.0 million and $22.3 million as of December 31, 2023 and 2022, respectively. The deferred payments to sellers are recognized on the acquisition date at fair value by calculating the risk adjusted present value of the deferred cash payments to be made to the seller. The deferred payments to seller balances were $8.3 million and $19.0 million as of December 31, 2023 and 2022, respectively. Contingent consideration liabilities and deferred payments to sellers are recorded as a component of accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets based on the expected timing of settlement. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Any changes to provisional amounts identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. Transaction costs associated with business combinations are expensed as incurred. 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). The Company recorded goodwill impairment charges of $411.0 million and $244.0 million during 2023 and 2022, respectively. There were no goodwill impairment charges recorded during 2021. Refer to Note 7, Intangible Assets, Net and Goodwill , for additional information. Loss Contingencies The Company is subject to legal proceedings and claims that arise in the ordinary course of business. The Company accrues for losses associated with legal claims when such losses are both probable and reasonably estimable. These accruals are adjusted as additional information becomes available or circumstances change. Leases The Company adopted Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842), and all related amendments on January 1, 2022, on a modified retrospective basis. Under Topic 842, the Company determines if an arrangement is or contains a lease at inception. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that option and when doing so is at the Company's sole discretion. The Company has elected the short-term lease exception for all classes of assets, and therefore has not applied the recognition requirements of Topic 842 to leases of 12 months or less. The Company has also elected the practical expedient to not separate lease and non-lease components for all classes of assets. The Company’s classes of assets that are leased include real estate leases and equipment leases. Real estate leases typically pertain to the Company’s corporate office locations, field operation locations, or vacation properties whereby the Company takes control of a third party’s property during the lease period for the purpose of renting the property on a short-term basis. Most of the Company’s leases are operating leases, and activities related to finance leases were not material for any of the periods presented. The Company recognizes lease expense on a straight-line basis over the lease term. The Company’s lease agreements may contain variable costs such as common area maintenance, operating expenses or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease ROU assets represent the Company’s right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate represents the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Subrental income is recognized on a straight-line basis over the lease term and is included as a contra-expense within operations and support and general and administrative in the consolidated statements of operations. Where the Company has entered into a sublease arrangement, the Company will evaluate the lease arrangement for impairment. To the extent an impairment of the right-of-use lease asset is recognized, the Company will recognize lease impairment and subsequently amortize the remaining lease asset on a straight-line basis over the remaining lease term within operations and support and general and administrative expenses in the consolidated statements of operations. The Company recorded right-of-use asset impairment charges of $4.2 million during 2023. There were no right-of-use asset impairment charges recorded during 2022 or 2021. Refer to Note 5, Fair Value Measurements , for additional information. Fair Value The Company measures certain assets and liabilities at fair value on a recurring basis based on an expected exit price, which represents the amount that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting guidance for fair value measurements defines a three-level valuation hierarchy for disclosures as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 — Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. The carrying amounts of certain of the Company’s financial instruments, which include cash equivalents, restricted cash, accounts receivable, net, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities approximate their fair values due to their short maturities. Related Party Transactions On May 21, 2020, the Company issued Senior Secured Convertible Notes with an aggregate principal amount of $108.1 million. The purchasers were existing holders of the Company’s issued and outstanding redeemable convertible preferred units. In connection with the Reverse Recapitalization (see Note 3, Reverse Recapitalization ), the D-1 Convertible Notes converted into equity interests in the Company and were no longer outstanding subsequent to December 6, 2021. The Company had no other material related party transactions. Revenue from Contracts with Customers The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. The Company operates a vertically integrated vacation rental platform. 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 majority of the Company’s vacation homes under management are located in the United States. The Company considers both the homeowners and guests to be its customers. The Company fulfills its obligations to its customers in various ways, depending on the nature of the contract. For all performance obligations, sales taxes are excluded from the transaction price. Vacation Rental Platform Under the Company’s homeowner contracts, the Company generally acts as the exclusive agent on the homeowners’ behalf to perform an integrated agency service that consists of (a) acting as the vacation home letting agent and direct intermediary between the homeowner and the guest, (b) performing routine care of the vacation property during the stay and upon guest departure, (c) 24/7 contact center support for guests and homeowners as well as local operations support, and (d) performing inspections, routine maintenance, minor repairs, and inventory management of required supplies of the property. The integrated agency service provided to homeowners represents a single distinct performance obligation. The Company markets homes on its platform directly on vacasa.com and its guest app and via its third-party distribution partners. Upon confirmation of a vacation home booking by a guest, the Company, on behalf of a homeowner, agrees to provide use of the vacation home for a specified period of time. At the time of booking, the guest agrees to pay the total booking value which is comprised of the nightly reservation rate, other reservation-related fees, and applicable sales taxes. The transaction price under the homeowner contracts represents variable consideration as the amount to which the Company is entitled depends on the total amount collected for each reservation. The uncertainty associated with the transaction price is generally resolved upon the booking, subject to estimates for cancellations and refunds. In accordance with the Company’s homeowner contracts, the Company earns commission revenue for a portion of the nightly rate and the other reservation-related fees for the integrated agency and guest services rendered. The total booking value is generally due prior to the commencement of the reservation. The total booking value collected in advance of the reservation is recorded on the balance sheets as funds payable to owners, hospitality and sales taxes payable and deferred revenue in the amount obligated to the homeowner, the taxing authority, and the Company, respectively. While the guest primarily interacts with the Company as part of the booking process, the homeowner is primarily responsible for fulfilling the promise to the guest, and as a result, the Company recognizes commission revenue net of the amount due to the homeowner under the contract. The performance obligation to provide the integrated agency services and guest services meets the criteria for recognition over time as the homeowner and guest simultaneously receive and consume the benefits from the services. The Company recognizes revenue for these services over the duration of each guest stay. The Company primarily remits payments to the homeowners for the portion of the total booking value obligated to the homeowner for completed guest stays on a monthly basis, except in certain regulated markets in which a portion of the amount obligated to the homeowner is paid in advance. In certain instances, the Company may offer a refund related to a completed stay. The Company accounts for these refunds as variable consideration, which results in a reduction to revenue. In addition to providing the integrated agency services under the homeowner contract, the Company may also provide home care solutions directly to the homeowner, such as home maintenance and improvement services, linen and towel supply programs, supplemental housekeeping services, and other related services, for a separately agreed upon fee. These services may be provided by Company personnel or by third-party contractors acting on the Company’s behalf. The Company recognizes this revenue on a gross basis as the Company is primarily responsible for providing these goods and services to the customer. These services represent distinct performance obligations provided to the homeowner as the Company's customer. Fees for home care solutions are generally charged on a monthly basis in accordance with the homeowner contract and may be recognized at that point in time or over the duration of the service provided. Other Services In addition to providing vacation rental platform services, the Company provides management services to community associations and previously provided real estate buy/sell brokerage services. The purpose of these services is to attract and retain homeowners as customers of the Company’s vacation rental platform. Under the community association management services, the Company provides common area vacation rental management, community governance, and association accounting services to community and homeowner associations in exchange for a management fee and other incrementally billed services. The services represent an individual performance obligation in which the Company has determined it is primarily responsible. Revenue is recognized over time as services are rendered for the management fee and incrementally billed services are recognized at a point in time. The Company completed the wind down of its separate real estate buy/sell brokerage services during 2023. Real estate commissions earned by the Company’s real estate brokerage business were recorded as revenue at a point in time which is upon the closing of a real estate transaction (i.e., purchase or sale of a home). The commissions the Company paid to real estate agents was recognized concurrently with associated revenues and presented as cost of revenue in the consolidated statements of operations. The Company will continue to retain real estate brokerage licenses, where required, in order to facilitate its vacation rental management services. Revenue Disaggregation A disaggregation of the Company’s revenues by nature of the Company’s performance obligations are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Vacation rental platform $ 1,089,817 $ 1,142,669 $ 841,973 Other services 28,133 45,281 47,085 Total $ 1,117,950 $ 1,187,950 $ 889,058 Contract Liability Balances Contract liability balances on the Company’s 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. As part of the Company’s response to the COVID-19 pandemic, certain future stay credits issued during the first three quarters of 2020 were extended from their original expiration, and the first of these future stay credits began to expire during the first quarter of 2022. Prior to the first quarter of 2022, the Company did not recognize breakage revenue associated with future stay credits. The Company determined that any estimate of breakage was fully constrained, primarily due to a lack of historical information to make the estimate since no future stay credits had yet reached their expiration date. For the year ended December 31, 2023, the Company recognized breakage revenue of $1.5 million. For the year ended December 31, 2022, the Company recognized breakage revenue of $16.0 million, of which $11.1 million related to expirations that occurred during the first quarter of 2022, and $4.9 million related to actual and expected breakage associated with future stay credits expiring in later periods. The table below presents the activity of the Company's future stay credit liability balance (in thousands): Year Ended December 31, 2023 2022 2021 Future stay credit liability at beginning of year $ 3,369 $ 30,995 $ 35,140 Issuances 1,907 9,404 31,376 Acquired in business combinations — 378 11,032 Redemptions (3,149) (21,374) (46,433) Breakage recognized in revenue (1,537) (15,993) — Foreign currency fluctuations (6) (41) (120) Future stay credit liability at end of year $ 584 $ 3,369 30,995 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 consolidated statements of operations. Costs to obtain a contract capitalized as of December 31, 2023 and 2022 were $34.8 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 consolidated balance sheets. The amount of amortization recorded for the year ended December 31, 2023, 2022, and 2021 was $8.7 million, $5.5 million, and $4.0 million, respectively. Cost of Revenue, Exclusive of Depreciation and Amortization Cost of revenue, exclusive of depreciation and amortization, consists primarily of employee compensation costs, which includes wages, benefits, and payroll taxes, and outside service costs for housekeeping, home maintenance, payment processing fees for merchant fees and chargebacks, laundry expenses, housekeeping supplies, as well as fixed rent payments on certain owner contracts. Operations and Support Operations and support costs consist primarily of compensation costs, which includes wages, benefits, payroll taxes, and equity-based compensation, for employees that support the Company's local operations teams in the field. Also included is the cost of call center customer support and the allocation of facilities and certain corporate costs. Technology and Development Technology and development expenses consist primarily of compensation costs, which includes wages, benefits, payroll taxes, and equity-based compensation, for salaried employees and payments to contractors, net of capitalized expenses, engaged in the design, development, maintenance, and testing of the Company's platform, including the Company's websites, mobile applications, and other products. Costs qualifying for capitalization are recorded as a reduc

Reverse Recapitalization

Reverse Recapitalization	12 Months Ended
	Dec. 31, 2023
Reverse Recapitalization [Abstract]
Reverse Recapitalization	Reverse Recapitalization Reverse Recapitalization On December 6, 2021 (the "Closing Date"), the Company consummated the Business Combination contemplated by the Business Combination Agreement, by and among TPG Pace, Vacasa Holdings, the Blockers, the Company, and certain other parties pursuant to which, among other things, TPG Pace merged with and into the Company, following which the separate corporate existence of TPG Pace ceased, and the Company became the surviving corporation. At the Closing Date, TPG Pace, the Company and Vacasa Holdings, completed the following transactions ("Reverse Recapitalization"): • a series of secured convertible notes of Vacasa Holdings converted into a series of preferred units of Vacasa Holdings and all outstanding warrants to purchase equity interests in Vacasa Holdings were exercised in accordance with their terms; • a restructuring was completed such that, after giving effect to that restructuring, the Blockers directly held equity interests in Vacasa Holdings; • Vacasa Holdings recapitalized its outstanding equity interests into OpCo Units (subject to substantially the same terms and conditions, including applicable vesting requirements) and certain other rights to acquire equity interests (the "Vacasa Holdings Recapitalization"); • on December 3, 2021, TPG Pace merged with and into the Company, with the Company surviving such merger (the "Domestication Merger"); • at the effective time of the Domestication Merger: (a) each then issued and outstanding Class A ordinary share, par value $0.0001 per share, of TPG Pace converted automatically, on a one-for-one basis, into a share of Class A common stock, par value $0.00001 per share (Class A Common Stock), of the Company; (b) each then issued and outstanding Class F ordinary share, par value $0.0001 per share (Class F Ordinary Shares), of TPG Pace converted automatically, on a one-for-one basis, into a share of Class F common stock, par value $0.00001 per share (Class F Common Stock), of the Company, which shares of Class F Common Stock were thereafter converted into shares of Class A Common Stock in accordance with the Company's amended and restated articles of incorporation; (c) each then issued and outstanding Class G ordinary share, par value $0.0001 per share (Class G Ordinary Shares), of TPG Pace converted automatically, on a one-for-one basis, into a share of Class G Common Stock, par value $0.00001 per share (Class G Common Stock), of the Company; and (d) the shares of common stock of the Company held by Vacasa Holdings were cancelled; • certain investors (the "PIPE Investors") purchased, and the Company issued and sold to such PIPE Investors, an aggregate of 8,157,896 shares of Class A Common Stock pursuant to and as set forth in the subscription agreements against payment by such PIPE Investors of the respective amounts set forth therein; • certain investors (the "FPA Investors") purchased, and the Company issued and sold to such FPA Investors, an aggregate of 12,763,688 shares of Class A Common Stock pursuant to and as set forth in the Forward Purchase Agreements against payment by such FPA Investors of the respective amounts set forth therein; • through a series of separate merger transactions, the Blockers merged with and into the Company, with the Company ultimately surviving such merger transactions and owning the interests in Vacasa Holdings previously owned by the Blockers (the "Blocker Mergers"); • in connection with the closing of the transactions contemplated by the Business Combination Agreement, the Company contributed its net assets (other than the OpCo Units it then held) to Vacasa Holdings in exchange for additional OpCo Units, such that the Company will hold a number of OpCo Units equal to the total number of shares of Class A Common Stock; and • in connection with the Vacasa Holdings Recapitalization and the Blocker Mergers, as applicable: (a) the Company sold a number of shares of its Class B Common Stock, par value $0.00001 per share, to each Existing VH Holder on a 1:1 basis for an amount per share equal to the par value thereof, (b) each Vacasa Holdings unit appreciation right award that was then outstanding, whether vested or unvested, was converted into a stock appreciation right award ("SAR Award") covering a number of shares of Class A Common Stock determined by application of the exchange ratio agreed pursuant to an allocation schedule to the Business Combination Agreement (which exchange ratio was also applied to adjust the per share exercise price of the SAR Award), (c) each option to purchase TK Newco stock that was then outstanding, whether vested or unvested, converted into an option to purchase shares of Class A Common Stock ("Option"), determined by application of the exchange ratio agreed pursuant to an allocation schedule to the Business Combination Agreement (which exchange ratio was also applied to adjust the per share exercise price of the Option), (d) by virtue of each Blocker Merger, the outstanding equity interests in the applicable Blocker converted into the right to receive shares of Class A Common Stock or other equity interests, and certain rights as set forth in the Tax Receivable Agreement, (e) the Company issued an aggregate of 173,898,818 shares of Class A Common Stock to the former holders of equity interests in the Blockers (the "Blocker Holders") as consideration in the Blocker Mergers and (f) the Company issued an aggregate of 1,699,921 shares of Class A Common Stock to certain Existing VH Holders upon the redemption by the Existing VH Holders of an equivalent number of OpCo Units and the cancellation by the Company of a corresponding number of Class B Common Stock. The Reverse Recapitalization was accomplished through an umbrella partnership corporation ("Up-C") structure, which is often used by partnerships and limited liability companies (operating as partnerships) undertaking an initial public offering. The Up-C structure allowed Existing VH Holders to retain their equity interests in Vacasa Holdings, an entity that is classified as a partnership for U.S. federal and state income tax purposes, and provides potential tax benefits for the Company when Existing VH Holders ultimately redeem their pass-through interests for shares of Class A Common Stock or cash in the Company as a result of the Tax Receivable Agreement (the "Tax Receivable Agreement"). Under the terms of the Tax Receivable Agreement, 85% of these potential future tax benefits realized by the Company as a result of such redemptions will be paid to certain Existing VH Holders or TRA Parties. For additional information, see Note 2, Significant Accounting Policies . As a result of the Reverse Recapitalization, as of December 6, 2021: • the Company is a holding company that has no other material assets other than its ownership in Vacasa Holdings and its indirect interests in the subsidiaries of Vacasa Holdings and has no independent means of generating revenue or cash flows; • Vacasa Holdings, as a result of the contribution by the Company, received proceeds of $302.6 million, which included (i) cash of $144.0 million that was held in TPG Pace's trust account from its initial public offering and TPG Pace's operating cash account, after giving effect to redemptions of TPG Pace's Class A ordinary shares held by TPG Pace's public shareholders prior to the Reverse Recapitalization, (ii) proceeds of $77.5 million from the PIPE Financing, (iii) proceeds of $122.5 million from the FPA financing, and (iv) the payment of underwriting commissions, advisory fees, and other transaction costs paid directly from proceeds of $41.4 million. Vacasa Holdings used the cash proceeds to (i) pay additional transaction fees and expenses of $7.9 million, and (ii) the remainder of the funds were contributed to Vacasa Holdings balance sheet; • the Company had the following securities outstanding: (i) 214,793,795 shares of Class A Common Stock, (ii) 212,393,793 shares of Class B Common Stock held by certain Existing VH Holders and (iii) 8,226,848 shares of Class G Common Stock which are convertible into shares of Class A Common Stock upon the occurrence of certain triggering events set for in the A&R certificate (see Note 13, Equity for more information); • the holders of Vacasa Holdings equity prior to the Business Combination (including for this purpose the Blocker Holders with respect to their indirect interest in Vacasa Holdings equity and the holders of vested SAR Awards and vested Options) own 175,598,739 shares of Class A Common Stock and 212,393,793 shares of Class B Common Stock, representing approximately 90.8% of the combined voting power of the Company’s Voting Shares. The Existing VH Holders that own the Class B Common Stock hold an equal number of OpCo Units of Vacasa Holdings which are redeemable on a one-for-one basis for shares of Class A Common Stock of the Company or the cash equivalent thereof at the option of the Company. Upon redemption of the OpCo Units and Class B Common Stock, all redeemed shares of Class B Common Stock will be cancelled. The Class B Common Stock has voting rights and has no economic rights in the Company. The shares of Class B Common Stock are held by the Existing VH Holders and cannot be transferred except to the Company; • Public stockholders of the Company including certain Existing VH Holders (i) own 214,793,795 shares of Class A Common Stock, which represents 50.3% of the combined voting power of the Company and 100% of the economic interest in the Company and (ii) through the Company's ownership of 214,793,795 OpCo Units, indirectly holds 50.3% of the economic interest in Vacasa Holdings. The Company is the sole manager of Vacasa Holdings; and • Financial results of Vacasa Holdings and its wholly owned subsidiaries are consolidated with and into the Company following the Reverse Recapitalization transaction on December 6, 2021, and 49.7% of the consolidated net earnings (loss) of Vacasa Holdings are allocated to redeemable noncontrolling interests to reflect the entitlement or absorption of the Existing VH Holders, who retained their interest in Vacasa Holdings, to a portion of the consolidated net income (loss). The Business Combination was accounted for as a Reverse Recapitalization in accordance with U.S. GAAP. Under this method of accounting, the Company has been treated as the “acquired” company for financial reporting purposes, with Vacasa Holdings considered to be the accounting acquirer. This determination was primarily based on the Existing VH Holders comprising a relative majority of the voting power of the combined company, Vacasa Holdings’ operations prior to the acquisition comprising the only ongoing operations of Vacasa, Inc., and Vacasa Holdings’ senior management comprising a majority of the senior management of Vacasa, Inc. Accordingly, for accounting purposes, the financial statements of the combined entity represent a continuation of the financial statements of Vacasa Holdings, with the Business Combination being treated as the equivalent of Vacasa Holdings issuing stock for the net assets of Vacasa, Inc. accompanied by a recapitalization. The net assets of the Company were stated at historical costs, with no goodwill or other intangible assets recorded. Transaction Costs In connection with the Reverse Recapitalization, in addition to the transaction costs paid directly from proceeds of $41.4 million, Vacasa Holdings incurred transaction costs of $0.7 million that were reported as general and administrative expenses in the consolidated statements of operations during the year ended December 31, 2021, and $8.4 million that were reported as a reduction of Additional paid-in capital on the consolidated balance sheet at December 31, 2021. Reverse Recapitalization costs incurred but unpaid as of December 31, 2021 were not material.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 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. Fiscal 2023 During the year ended December 31, 2023, the Company completed one portfolio acquisition with total consideration of $0.3 million. During the year ended December 31, 2023, the Company recorded measurement period adjustments related to certain portfolio acquisitions that occurred in prior periods. The impact of the measurement period adjustments resulted in 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. Fiscal 2022 During the year ended December 31, 2022, the Company completed 32 separate portfolio transactions, accounted for as business combinations. Total consideration for these portfolio transactions was $104.5 million, comprised of $87.4 million cash paid, net of cash and restricted cash acquired, $12.5 million of contingent consideration, and $4.6 million of deferred payments to sellers. The fair value of the contingent consideration was estimated utilizing an income approach and was based on the Company's expectation of achieving the contractually defined homeowner contract conversion and retention targets. The fair value of the deferred payments to sellers recognized on the transaction date was estimated by calculating the risk adjusted present value of the deferred cash payments. The fair values of the assets acquired and liabilities assumed were based on the Company's estimates and assumptions using various market, income, and cost valuation approaches. Of the total consideration for these portfolio transactions, $69.4 million was attributable to goodwill, $59.0 million was attributable to intangible assets, $55.3 million was attributable to receivables, $74.0 million was attributable to liabilities for advanced deposits received from guests (consisting of funds payable to owners, hospitality and sales taxes payable, deferred revenues, and future stay credits), $6.9 million was attributable to accounts payable, and the remaining amount was attributable to other acquired assets and assumed liabilities which were not material. The intangible assets primarily consist of homeowner contracts intangible assets amortized over five years. Pro forma and historical post-closing results of operations for these transactions were not material to the Company’s consolidated statements of operations. Transaction costs associated with business combinations completed during the year ended December 31, 2022 were not material and were expensed as incurred. During the year ended December 31, 2022, the Company recorded measurement period adjustments related to the TurnKey Vacation Rentals, Inc. ("TurnKey") acquisition and certain portfolio transactions that occurred in prior periods. The impact of the measurement period adjustments was an increase in goodwill of $5.7 million, an increase in intangible assets of $1.3 million, and an increase in liabilities for advanced deposits received from guests (consisting of funds payable to owners, hospitality and sales taxes payable, deferred revenues, and future stay credits) of $8.7 million. The remaining changes in purchase consideration, acquired assets, and assumed liabilities were not material. Fiscal 2021 On April 1, 2021, the Company completed its strategic acquisition of the operations of TurnKey, a provider of vacation rental management and marketing services for residential real estate owners in the U.S. The acquisition of the operations of TurnKey expands the Company's footprint of vacation properties under management in current and adjacent markets. In accordance with the contribution agreement, the Company acquired all of the issued and outstanding equity interests of Turnkey Vacation Rentals LLC, which comprised of all the historical operations of Turnkey. The equity interests were acquired for total purchase consideration of $618.8 million which was comprised of the following (in thousands): Fair Value Cash consideration paid $ 45,000 Issuance of common units 573,800 Total purchase consideration $ 618,800 The acquisition was accounted for under the acquisition method of accounting. The fair values assigned to the assets acquired and liabilities assumed were based on the Company's estimates and assumptions using various market, income, and cost valuation approaches. The following table summarizes the allocation of fair value of assets acquired and liabilities assumed in the transaction (in thousands): Amount Cash and cash equivalents $ 40,461 Restricted cash 14,444 Accounts receivable, net 3,548 Prepaid expenses and other current assets 7,614 Property and equipment 1,494 Intangible assets 107,600 Total assets acquired 175,161 Accounts payable (9,334) Funds payable to owners (24,711) Hospitality and sales taxes payable (5,748) Deferred revenue (8,097) Future stay credits (10,601) Accrued expenses and other liabilities (8,474) Other long-term liabilities (6,385) Total liabilities assumed (73,350) Net assets purchased 101,811 Goodwill 516,989 Total purchase consideration $ 618,800 The Company's identifiable intangible assets acquired consisted of the following as of the acquisition date (in thousands): Estimated Useful Life (Years) Fair Value Homeowner contracts 5 $ 102,300 Database and listings 1 3,400 Trademark, trade name, brand name 1 1,900 Total identifiable intangible assets $ 107,600 Goodwill is primarily attributable to the assembled workforce and anticipated synergies and economies of scale expected from the integration of the acquired business. The goodwill balance is not deductible for U.S. income tax purposes. Third-party acquisition costs were $7.7 million for the year ended December 31, 2021. These costs were expensed as incurred as a component of general and administrative expense in the consolidated statement of operations. The Company’s consolidated financial statements include the accounts of TurnKey starting as of the acquisition date. The purchase price allocation for the TurnKey acquisition was finalized as of March 31, 2022. Unaudited Supplemental Pro Forma Information The pro forma financial information as presented below is for informational purposes only and is not indicative of operations that would have been achieved from the TurnKey acquisition had it occurred at the beginning of fiscal 2020. Supplemental information on an unaudited pro forma basis is as follows (in thousands): Year Ended December 31, 2021 Revenue $ 920,620 Net loss (149,622) The unaudited pro forma supplemental amounts have been calculated to reflect additional depreciation and amortization expense that would have been charged assuming the fair value adjustments to the acquired assets and assumed liabilities had been applied from the beginning of fiscal 2020, with the related tax effects. Other Transactions In addition to the TurnKey acquisition in fiscal 2021, the Company completed 29 separate portfolio transactions, accounted for as business combinations, for total consideration of $175.7 million, comprised of $107.8 million cash paid, net of cash and restricted cash acquired, $42.2 million of contingent consideration, and $25.7 million of deferred payments to sellers. The fair value of the contingent consideration was estimated utilizing an income approach and was based on the Company's expectation of achieving the contractually defined homeowner contract conversion and retention targets. The fair value of the deferred payments to seller recognized on the transaction date was estimated by calculating the risk adjusted present value of the deferred cash payments. The fair values of the assets acquired and liabilities assumed were based on the Company's estimates and assumptions using various market, income, and cost valuation approaches. Of the total consideration for these transactions, $123.5 million was attributable to goodwill, $75.7 million was attributable to intangible assets, net, $75.0 million was attributable to accounts receivable, net, $103.2 million was attributable to liabilities for advanced deposits received from guests (consisting of funds payable to owners, hospitality and sales taxes payable, deferred revenues, and future stay credits) and the remaining amount was attributable to other acquired assets and assumed liabilities which were not material. The intangible assets primarily consist of homeowner contracts intangible assets amortized over four

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables set forth the Company's financial assets and liabilities that were measured at fair value on a recurring basis (in thousands): As of December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 8,043 $ 8,043 Class G Common Stock (Note 13) — — 506 506 As of December 31, 2022 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 22,317 $ 22,317 Class G Common Stock (Note 13) — — 5,077 5,077 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 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 consolidated statements of operations. The charges for changes in fair value of the contingent consideration were not material for the years ended December 31, 2023, 2022, and 2021, respectively. 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 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 within other income, net in the consolidated statements of operations. See Note 13, Equity for further information. 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): Year Ended December 31, 2023 2022 2021 Balance, beginning of period $ 5,077 $ 61,514 $ — Recognition of Class G Common Stock (1) — — 75,860 Change in fair value of Class G Common Stock included in earnings (4,571) (56,437) (14,346) Balance, end of period $ 506 $ 5,077 $ 61,514 (1) The Class G Common Stock was initially recorded on December 6, 2021 in connection with the Reverse Recapitalization described in Note 3, Reverse Recapitalization . Warrant Derivative Liabilities Prior to the Reverse Recapitalization, the Company had certain common unit and Series A preferred unit warrants that were measured at fair value upon issuance and each reporting period thereafter. For the year ended December 31, 2021, other expense recognized in the consolidated statements of operations associated with the change in fair value of these warrants was $11.5 million. Immediately prior to the Reverse Recapitalization, all remaining warrants were exercised and were no longer outstanding subsequent to December 6, 2021. Impairment of Long-lived Assets During the third quarter of 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 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. 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 Portland, Oregon and Boise, Idaho. Based on these sublease negotiations, the Company determined that the respective right-of-use assets had net carrying values that exceeded their estimated undiscounted future cash flows. The Company then estimated the fair value of the asset groups based on their discounted cash flows. The carrying values of the asset groups exceeded their estimated fair values and, as a result, the Company recorded right-of-use asset impairments of $4.2 million. The impairment charges are recorded in general and administrative expenses in the consolidated statements of operations. During the three months ended June 30, 2023, the Company executed the sublease agreements for portions of the Company's leased corporate office space in Portland, Oregon. During the three months ended September 30, 2023, the Company executed the sublease agreement for a portion of the Company's leased corporate office space in Boise, Idaho. There were no material changes to the final sublease agreements and, therefore, no incremental impairment charges were recorded.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): As of December 31, Useful Lives (Years) 2023 2022 Land Indefinite $ 13,394 $ 13,394 Buildings and building improvements 12 - 35 12,474 12,471 Leasehold improvements Shorter of estimated useful life or lease term 6,526 6,528 Computer equipment 3 13,873 13,510 Furniture, fixtures, and other 2 - 10 26,340 22,096 Vehicles 2 - 8 8,276 7,975 Internal-use software 4 60,162 53,024 Total 141,045 128,998 Less: Accumulated depreciation (84,328) (63,455) Property and equipment, net $ 56,717 $ 65,543

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net and Goodwill	Intangible Assets, Net and Goodwill Intangible assets, net consisted of the following (in thousands): Weighted Average Useful Life Remaining (Years) As of December 31, 2023 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Homeowner contracts 5 $ 314,221 $ (153,819) $ (46,000) $ 114,402 Databases, photos, and property listings 0 26,526 (26,519) — 7 Trade names 1 9,597 (9,570) — 27 Other (1) 5 2,903 (2,875) — 28 Total intangible assets $ 353,247 $ (192,783) $ (46,000) $ 114,464 Weighted Average Useful Life Remaining (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 December 31, 2023 is expected to be as follows (in thousands): Year Ending December 31: Amount 2024 $ 37,983 2025 36,204 2026 21,393 2027 6,660 2028 3,350 Thereafter 8,874 Total $ 114,464 The following table summarizes the changes in the Company's goodwill balance (in thousands): Year Ended December 31, 2023 2022 Balance at beginning of period $ 585,205 $ 754,506 Acquisitions 179 69,362 Measurement period adjustments (2,539) 5,738 Impairment of goodwill (411,000) (243,991) Foreign exchange translation and other 34 (410) Balance at end of period (1) $ 171,879 $ 585,205 (1) The goodwill balance as of December 31, 2022 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. The goodwill balance as of December 31, 2023 is net of accumulated impairment losses of $655.1 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 carrying value of the single asset group was 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases The Company's material operating leases consist of certain corporate and field office facilities with remaining lease terms ranging from one Since the rates implicit in the Company's operating leases are not readily determinable, the Company uses its incremental borrowing rates based on the remaining lease term to determine the present value of future lease payments. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The components of lease cost for the years ended December 31, 2023 and 2022 were as follows (in thousands): Year Ended December 31, 2023 2022 Operating lease cost $ 13,420 $ 15,394 Variable lease cost 2,602 1,264 Short-term lease cost 6,618 7,744 Total lease cost $ 22,640 $ 24,402 Of the total lease cost recorded for the year ended December 31, 2023, $3.4 million was recorded in cost of revenue, $14.3 million was recorded in operations and support, and $4.9 million was recorded in general and administrative expense in the consolidated statements of operations. Of the total lease cost recorded for the year ended December 31, 2022, $4.6 million was recorded in cost of revenue, $13.7 million was recorded in operations and support, and $6.1 million was recorded in general and administrative expense in the consolidated statements of operations. Amounts recognized in the consolidated balance sheets related to operating leases as of December 31, 2023 and 2022 were as follows (in thousands): As of December 31, 2023 2022 Assets Other long-term assets $ 20,086 $ 29,332 Liabilities Accrued expenses and other current liabilities $ 8,670 $ 9,490 Other long-term liabilities 17,196 21,706 Total lease liabilities $ 25,866 $ 31,196 Maturities of operating lease liabilities as of December 31, 2023 were as follows (in thousands): As of December 31, 2023 2024 $ 10,061 2025 7,159 2026 4,710 2027 2,991 2028 2,840 Thereafter 1,436 Total lease payments 29,197 Less: Interest (3,331) Total lease liabilities $ 25,866 Other information related to operating leases as of December 31, 2023 and 2022 were as follows: As of December 31, 2023 2022 Weighted-average remaining lease term (in years) 3.9 4.4 Weighted-average discount rate 6.7 % 5.7 %

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of December 31, 2023 2022 Employee-related accruals $ 23,834 $ 25,110 Homeowner reserves 9,198 9,837 Current portion of acquisition liabilities (1) 11,641 25,056 Current portion of operating lease liabilities 8,670 9,490 Other 9,477 16,340 Total accrued expenses and other current liabilities $ 62,820 $ 85,833 (1) The current portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due within one year.

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company's debt obligations consisted of the following (in thousands): As of December 31, 2023 2022 Insurance premium financing $ 3,300 $ 4,498 Other long-term debt — 375 Total debt 3,300 4,873 Less: current maturities (1) $ (3,300) (4,748) Long-term portion $ — $ 125 (1) Current maturities of debt are recorded within accrued expenses and other current liabilities on the consolidated balance sheets. Insurance Premium Financing The Company has entered into short-term agreements to finance certain insurance premiums. The outstanding balance of $3.3 million as of December 31, 2023 is repayable in monthly installments of principal and interest through September 2024, at a weighted-average annual percentage rate of 8.99% . 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 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 certain guarantor subsidiaries ("Guarantors") are secured by first-priority liens on substantially all of the assets of the Borrower and the Guarantors. As of December 31, 2023 and December 31, 2022, there were no borrowings outstanding under the Revolving Credit Facility. As of December 31, 2023, there were letters of credit of $23.4 million issued under the Revolving Credit Facility, and $81.6 million was available for borrowings. As of December 31, 2023, the Company was in compliance with all covenants under the Credit Agreement. Senior Secured Convertible Notes On May 21, 2020, the Company issued $108.1 million in aggregate principal amount of senior secured convertible notes ("D-1 Convertible Notes") pursuant to the Note Purchase Agreement ("Purchase Agreement"), dated May 21, 2020. The total net proceeds from the D-1 Convertible Notes offering, after deducting debt issuance costs paid by the Company, was $105.9 million. The proceeds of the D-1 Convertible Notes were used to enhance the Company's liquidity position and for general corporate purposes. The notes were to mature on June 20, 2023, but were converted into approximately 140,392,925 Series D-1 preferred units of Vacasa Holdings immediately prior to the consummation of the Reverse Recapitalization on December 6, 2021 (see Note 3, Reverse Recapitalization ). In connection with the conversion, the Company recorded incremental interest expense of $19.6 million in the consolidated statement of operations during the year ended December 31, 2021. Prior to the Reverse Recapitalization, the D-1 Convertible Notes accrued cash interest daily at 3% per annum, payable annually in arrears on the anniversary date of the initial closing date. Additionally, the D-1 Convertible Notes accrued payment in kind interest fees ("PIK interest") equal to 7% per annum, which was capitalized by adding the full amount of PIK interest to the principal balance on each anniversary date of the initial closing.

Other Long-Term Liabilities

Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Other Long-Term Liabilities Other long-term liabilities consisted of the following (in thousands): As of December 31, 2023 2022 Class G Common Stock (Note 13) $ 506 $ 5,077 Long-term portion of acquisition liabilities (1) 4,682 16,226 Long-term portion of operating lease liabilities 17,196 21,706 Other 10,695 11,978 Total other long-term liabilities $ 33,079 $ 54,987 (1) The long-term portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due after one year.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For financial reporting purposes, the domestic and foreign components of losses before income taxes were as follows (in thousands): Year Ended December 31, 2023 2022 2021 United States $ (509,088) $ (326,328) $ (145,346) Foreign (17,558) (4,799) (8,461) Total $ (526,646) $ (331,127) $ (153,807) Income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal U.S. $ — $ 1,509 $ (14) State and local 476 1,122 889 Foreign 93 473 (36) Total current provision for income taxes 569 3,104 839 Deferred and other: Federal U.S. 763 (763) — State and local 254 (254) — Foreign — (1,065) (55) Total deferred expense (benefit) for income taxes 1,017 (2,082) (55) Total income tax expense (benefit) $ 1,586 $ 1,022 $ 784 Effective Income Tax Rate The effective income tax rate for the years ended December 31 varies from the U.S. statutory federal income tax rate as follows: Year Ended December 31, 2023 2022 2021 Income tax expense (benefit) at federal statutory rate 21 % 21 % 21 % Increase (decrease) in tax rate resulting from: Effect of flow-through entity — % — % (17) % Noncontrolling Interest (9) % (9) % (2) % Fair Value Adjustment for Class G Common Stock — % — % 2 % Valuation Allowance (12) % (12) % (2) % Other — % — % (2) % Income tax expense (benefit) — % — % — % Our effective tax rates for the years ended December 31, 2023, and 2022 differ from the U.S. federal statutory rate of 21%, primarily due to the effect of the taxable income or loss that is allocated to the non-controlling interest and the Company's valuation allowance. Our effective tax rate for the year ended December 31, 2021 differs from the U.S. federal statutory rate of 21%, primarily due to the effect of a flow-through entity for which the taxable income or loss is allocated to the members. Deferred Tax Assets and Liabilities Deferred income tax assets and liabilities were as follows (in thousands): Year Ended December 31, 2023 2022 Deferred Tax Assets ("DTA"): Net operating loss and tax credit carryforwards $ 55,923 $ 55,179 Reserves and accruals not currently deductible for tax purposes 46 42 Goodwill and other intangibles - DTA — — ASC 718 Adjustment 7,121 6,817 Property, plant, and equipment 90 121 Investment in Vacasa Holdings, LLC 83,453 20,672 Investment in Subsidiaries 95 140 Intangibles 6,729 3,004 Other - DTA 4,414 1,703 Gross deferred tax assets 157,871 87,678 Less: valuation allowance (157,610) (86,451) Total deferred tax assets $ 261 $ 1,227 Deferred Tax Liabilities ("DTL"): Accrued Expenses (67) — Property, plant and equipment — (14) Goodwill and other intangibles - DTL — — Other - DTL (194) (197) Total deferred tax liabilities $ (261) $ (211) Net deferred tax asset (liability) (1) $ — $ 1,016 (1) Net deferred tax assets are recorded within other long-term assets on the consolidated balance sheets. Net deferred tax liabilities are recorded primarily within other long-term liabilities on the consolidated balance sheets. For the year ended December 31, 2023, the change in valuation allowance was $71.2 million. For the year ended December 31, 2022, the change in valuation allowance was $48.1 million. In determining the need for a valuation allowance, the Company weighs both positive and negative evidence in the various jurisdictions in which it operates to determine whether it is more likely than not that its deferred tax assets are recoverable. In assessing the ultimate realizability of its deferred tax assets, the Company considers all available evidence, including cumulative historical and forecasted losses. The Company has had significant cumulative book and tax losses and is currently generating losses, and as such, does not believe it is more likely than not that its U.S. and foreign deferred tax assets will be realized. Accordingly, a full valuation allowance has been established in the U.S. and foreign jurisdictions, and no deferred tax assets and related tax benefit have been recognized in the financial statements. As of December 31, 2023 and 2022, the Company did not have any unrecognized tax benefits. The Company did not recognize interest or penalties associated with unrecognized tax benefits during any of the periods presented. Operating Loss and Tax Credit Carryforwards The Company has federal tax net operating loss ("NOL") carryforwards related to its domestic operations of approximately $218.6 million as of December 31, 2023, of which $9.8 million will begin to expire in 2035, and the remaining of which have an indefinite carryforward. The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. With few exceptions, as of December 31, 2023, the Company is no longer subject to U.S. federal, state, local, or foreign examinations by tax authorities for years before 2020.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Equity	Equity Subsequent to the Reverse Recapitalization, as described in Note 3, Reverse Recapitalization , the Company had one class of preferred stock authorized and three classes of common stock: Class A Common Stock, Class B Common Stock and Class G Common Stock. Holders of the Class A Common Stock and Class B Common Stock will vote together as a single class on all matters submitted to stockholders for their vote or approval, except as required by applicable law. Each share of Class A and Class B Common Stock will be entitled to one vote on such matters. Holders of the Class G Common Stock will not be entitled to vote (except as required by applicable law). Reverse Stock Split On 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 consolidated financial statements has been retroactively adjusted for all periods presented to reflect the decreased number of shares resulting from the Reverse Stock Split. Preferred Stock The Company has been authorized to issue 30,000,000 shares of preferred stock with a par value of $0.00001 per share. Voting and other rights and preferences may be determined from time to time by the Company's Board of Directors. As of December 31, 2023, there were no shares of preferred stock issued and outstanding. Class A Common Stock The Company is authorized to issue 1,000,000,000 shares of Class A Common Stock, par value $0.00001 per share. As of December 31, 2023, there were 12,730,577 shares of Class A Common Stock outstanding. The holders of the Company's Class A Common Stock are entitled to receive dividends when, as and if declared by the Company's Board out of legally available funds. Class B Common Stock The Company is authorized to issue 472,436,863 shares of Class B Common Stock, par value $0.00001 per share, which shares were issued to Existing VH Holders that continued to hold their investment in OpCo Units of Vacasa Holdings in connection with the Reverse Recapitalization, as described in Note 3, Reverse Recapitalization . The holders of the Class B Common Stock hold an equal number of OpCo Units in Vacasa Holdings. From time to time, the Class B Common Stock and OpCo Units held by the Existing VH Holders may be exchanged for one share of Class A Common Stock of the Company or cash (based on the market price for a share of Class A Common Stock) at the election of the Company's Board. As of December 31, 2023, there were 9,340,553 shares of Class B Common Stock outstanding. Class G Common Stock The Company is authorized to issue 30,000,000 shares of Class G Common Stock, par value $0.00001 per share. The holders of the Company's Class G Common Stock will not be entitled to vote (except as required by applicable law). As of December 31, 2023, there were 316,666 shares of Class G Common Stock outstanding. Pursuant to the Certificate of Incorporation, the shares of the Company's Class G Common Stock issued will be automatically converted into shares of the Company's Class A Common Stock to the extent certain triggering events occur prior to the 10th anniversary of the Reverse Recapitalization, including specified strategic transactions and other triggering events based on the shares of the Class A Common Stock closing trading price equaling or exceeding certain price thresholds for any 20 days within a 30 trading-day period. The first price threshold is $250.00 per share, the second price threshold is $300.00 per share, and the third price threshold is $350.00 per share (in each case, as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like). Upon the occurrence of the first price threshold, second price threshold, and third price threshold, the number of shares of the Company's Class A Common Stock that will be issued upon the conversion of the applicable shares of the Company's Class G Common Stock will equal 120,983, 136,105, and 154,253, respectively. Any shares of Class G Common Stock that remain outstanding on the tenth anniversary of the closing date of the Reverse Recapitalization will be automatically transferred to the Company for no consideration and will be retired and cancelled in accordance with the Certificate of Incorporation. The Company's Class G Common Stock is not indexed to the common stock of the Company and, therefore, is accounted for as liability classified instruments in accordance with ASC 815-40, as the events that determine the number of shares of Class G Common Stock required to be released or issued, as the case may be, include events that are not solely indexed to the fair value of the Company's Class A Common Stock. The Class G Common Stock was measured at the Reverse Recapitalization date, and subsequently will be measured at each reporting date until settled, or it meets the criteria for equity classification. Changes in the fair value are recorded as a component of other income, net in the consolidated statements of operations. See Note 5, Fair Value Measurements for further information. Dividends and Conversion The holders of the Company's Class B Common Stock and Class G Common Stock will not have any right to receive dividends other than stock dividends consisting of shares of the Company's Class B Common Stock and Class G Common Stock, respectively, paid proportionally with respect to each outstanding share of the applicable class of the Company's common stock, in connection with a stock dividend declared and paid on the Company's Class A Common Stock. Stock dividends with respect to each class of the Company's common stock may only be paid with shares of the Company's common stock of the same class. Shares of Class A Common Stock and Class B Common Stock are not subject to any conversion right. Redeemable Noncontrolling Interest The redeemable noncontrolling interest relates to the economic interest of Vacasa Holdings OpCo Units not owned by the Company. As of December 31, 2023, the Company directly owned approximately 57.7% of the interest in Vacasa Holdings and the redeemable noncontrolling interest was 42.3%. The Existing VH Holders that hold the OpCo Units of Vacasa Holdings own an equal number of shares of Class B Common Stock. Due to the cash redemption and the Existing VH Holders controlling the Board of Directors of the Company, the Company has accounted for the redeemable noncontrolling interest as temporary equity. Vacasa Holdings LLC Equity For periods prior to the Reverse Recapitalization, Vacasa Holdings LLC had preferred units, Class A common units, Class B common units, Class C common units, preferred unit warrants, and common unit warrants. As discussed in Note 3, Reverse Recapitalization , all of the existing holders of Vacasa Holdings preferred units, common units, and warrants exchanged their interests in Vacasa Holdings for Class A Common Stock or Class B Common Stock and OpCo Units in Vacasa Holdings, pursuant to the terms of the Business Combination Agreement, as amended. For additional information on the Reverse Recapitalization, see Note 3, Reverse Recapitalization . The conversion of the historical preferred units and warrants were consistent with the terms of the instruments at such date. For the year ended December 31, 2020 and through the year-to-date period ended April 1, 2021, Vacasa Holdings redeemable convertible preferred units were probable of becoming redeemable in the future and were recorded at their maximum redemption amount, which was the greater of the original preferred unit issue price plus an amount equal to the preferred unpaid return or the then current fair value, at each balance sheet date. The Company recorded losses of $426.1 million to remeasure its Redeemable Convertible Preferred Units to their maximum redemption values during the year ended December 31, 2021.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation In connection with the Reverse Recapitalization, the Company adopted the Vacasa Inc. 2021 Incentive Award Plan (the "2021 Plan") and the Vacasa, Inc. 2021 Non-Qualified Employee Stock Purchase Plan (the "ESPP"). 2021 Plan Under the 2021 Plan, the Board of Directors may grant incentive stock options ("ISOs") to employees of the Company and certain subsidiaries and nonqualified stock options ("NSOs"), restricted stock ("RSAs"), restricted stock units ("RSUs"), stock appreciation rights ("SARs"), performance units and performance bonus awards, and performance stock units ("PSUs") to employees, members of the Board of Directors and consultants of the Company and its subsidiaries. Under the 2021 Plan, ISOs, NSOs and SARs may be granted at a price not less than 100% of the fair market value of the underlying Class A Common Stock on the date of grant (110% of fair value for ISOs issued to holders of 10% or more of voting stock). Options and SARs are exercisable over a period not to exceed 10 years (five years for incentive stock options granted to holders of 10% or more of the voting stock) from the date of grant. The term of each stock award under the plan will not exceed 10 years and each award generally vests between one As of December 31, 2023, there were 418,256 shares of the Company's Class A Common Stock reserved for future grants under the 2021 Plan. The number of shares reserved for issuance is subject to an annual increase on the first day of each fiscal year beginning in 2022 and ending in 2031, equal to the lesser of (a) 3% of the shares of our Class A Common Stock outstanding on the last day of the immediately preceding fiscal year, (b) an amount of additional shares such that the total number of shares available for issuance under the 2021 Plan on such first day of the year, after giving effect to the additional shares, equals 5% of the shares of our Class A Common Stock outstanding on the last day of the immediately preceding fiscal year and (c) such smaller number of shares of our Class A Common Stock as determined by our Board; provided, however, that no more than 25,000,000 shares of our Class A Common Stock may be issued upon the exercise of ISOs. Pursuant to the annual increase provision, an additional 662,134 shares of our Class A Common Stock became reserved for issuance effective January 1, 2024. ESPP In connection with the Reverse Recapitalization, the Company adopted the ESPP. The ESPP authorizes the issuance of shares of Class A Common Stock pursuant to purchase rights granted to employees. As of December 31, 2023, there were 258,858 shares of our Class A Common Stock reserved for future sale to employees under the ESPP. The number of shares reserved for issuance is subject to an annual increase on the first day of each fiscal year beginning in 2022 and ending in 2031, equal to the lesser of (a) 1% of the shares of our Class A Common Stock outstanding on the last day of the immediately preceding fiscal year, (b) an amount of additional shares such that the total number of shares available for issuance under the ESPP on such first day of the year, after giving effect to the additional shares, equals 2% of the shares of our Class A Common Stock outstanding on the last day of the immediately preceding fiscal year, and (c) such number of shares of our Class A Common Stock as determined by our Board. The shares reserved for issuance under the ESPP may be authorized but unissued shares or reacquired shares. Pursuant to the annual increase provision, an additional 220,711 shares of our Class A Common Stock became reserved for issuance effective January 1, 2024. SARs and Options Prior to the Reverse Recapitalization, Vacasa Holdings granted unit appreciation rights ("UARs") to employees, consultants, and board members under the UAR plan. Following the effectiveness of the 2021 Plan at the date of the Reverse Recapitalization, the Company ceased granting UAR awards. In connection with the Reverse Recapitalization, UARs were converted into Company SAR Awards, which entitle the holder to receive a number of shares of the Company's Class A Common Stock, cash or other assets equal to the appreciation in value between the grant date and the exercise date. The historical UARs were generally subject to both service-based and liquidity-based vesting conditions. The service-based vesting condition is satisfied based on continued service over a period of time that is set forth in the applicable award agreement. The liquidity-based vesting condition is satisfied upon (i) a change in control (as defined in the UAR Plan) or (ii) the occurrence of the date that is six months and one day following an initial public offering of the Company's securities. The Business Combination Agreement, as described in Note 3, Reverse Recapitalization , provides that the liquidity-based vesting condition will be deemed satisfied if the holder of a Vacasa SAR Award (into which UARs were converted) remains a service provider of the company through the 180th day following the closing of the Reverse Recapitalization. In connection with the Reverse Recapitalization, each UAR that was outstanding immediately prior to the Reverse Recapitalization was converted into a SAR of the Company on terms substantially identical to those in effect prior to the Reverse Recapitalization, except for adjustments to the underlying number of shares and the exercise price based on the determined exchange ratio. The exchange was treated as a modification of the awards which did not result in any incremental compensation expense at the closing of the Reverse Recapitalization. Through December 6, 2021, no equity-based compensation expense had been recognized for the historical UAR awards with the liquidity-event performance-based vesting condition based on the occurrence of a qualifying event, as such qualifying event was not probable. Upon the Reverse Recapitalization, the liquidity-event performance-based condition was met and $18.4 million of equity-based compensation expense was recognized related to these awards. Prior to the Reverse Recapitalization, Vacasa Holdings recognized equity-based compensation for option awards granted and outstanding under the TurnKey Vacations, Inc., 2014 Equity Incentive Plan, as a result of the TurnKey Acquisition. As a result of the Reverse Recapitalization, stock options outstanding under such plan were converted into 277,663 of Class A stock options of the Company based on the Exchange Ratio determined in accordance with the terms of the Reverse Recapitalization. The exchange of such stock options for stock options of the Company's Class A Common Stock was treated as a modification of the awards. The modification of the stock options did not result in any incremental compensation expense to be recognized at the closing of the Reverse Recapitalization. Equity-based Award Activities Restricted Stock Units A summary of the RSU activity during the periods indicated was as follows : Activity Type Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 — $ — Granted 399 109.80 Vested (71) 133.60 Forfeited (59) 128.20 Outstanding as of December 31, 2022 269 99.20 Granted 825 19.14 Vested (161) 75.30 Forfeited (100) 60.33 Outstanding as of December 31, 2023 833 27.58 As of December 31, 2023, there was unrecognized compensation expense of $20.1 million related to unvested RSUs, which is expected to be recognized over a weighted-average period of 2.4 years. Performance Stock Units The Company has granted PSUs to certain members of its leadership team, which vest based upon the achievement of performance criteria and requisite service. The performance criteria are based on the achievement of certain share price appreciation targets. Attainment of each share price appreciation target is measured based on either the trailing 45-day or 60-day average closing trading price of our Class A Common Stock or, in the event of a change in control, the amount per share of Class A Common Stock to be paid to a stockholder in connection with such change in control. For certain of the awards, depending on the performance achieved, the actual number of shares of Class A Common Stock issued to the holder may range from 0% to 200% of the target number of PSUs granted. The number of PSUs granted included in the table below is based on the maximum potential achievement for all awards. In the event that performance criteria and requisite service are not achieved, the corresponding portion of the PSUs that do not vest will be forfeited. A summary of the PSU activity during the periods indicated was as follows : Performance Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 — $ — Granted 179 54.40 Vested (20) 46.60 Forfeited (54) 50.60 Outstanding as of December 31, 2022 105 58.00 Granted 150 9.68 Forfeited (5) 75.82 Outstanding as of December 31, 2023 250 29.40 As of December 31, 2023, there was unrecognized compensation expense of $4.1 million related to unvested PSUs, which is expected to be recognized over a weighted-average period of 1.9 years. Stock Appreciation Rights A summary of the SARs activity during the periods indicated was as follows: Stock Appreciation Rights Weighted Average Exercise Price Outstanding as of December 31, 2021 250 $ 59.00 Exercised (137) 53.60 Forfeited (26) 81.20 Outstanding as of December 31, 2022 87 61.20 Forfeited (42) 60.91 Outstanding as of December 31, 2023 45 61.54 As of December 31, 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 0.6 years. As of December 31, 2023, the Company's outstanding SARs had a weighted-average remaining contractual life of 5.5 years and no intrinsic value. Stock Options A summary of the stock options activity during the periods indicated was as follows: Activity Type Stock Options Weighted Average Exercise Price Outstanding as of December 31, 2021 273 $ 18.20 Exercised (23) 9.00 Forfeited (16) 32.00 Outstanding as of December 31, 2022 234 18.40 Exercised (49) 9.18 Forfeited (29) 33.49 Outstanding as of December 31, 2023 156 20.76 The aggregate intrinsic value of stock options exercised during the year ended December 31, 2023 was $0.4 million. As of December 31, 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 0.9 years. As of December 31, 2023, the Company's outstanding stock options had a weighted-average remaining contractual life of 4.7 years and an intrinsic value of $0.1 million. Employee Equity Units A summary of the Vacasa Employee Holdings LLC employee equity units activity during the periods indicated was as follows: Employee Equity Units Weighted-Average Grant Date Fair Value Unvested outstanding as of December 31, 2021 247 $ 86.80 Vested (114) 81.00 Forfeited (32) 29.60 Unvested outstanding as of December 31, 2022 101 112.00 Vested (26) 98.31 Forfeited (70) 122.95 Unvested outstanding as of December 31, 2023 5 29.63 As of December 31, 2023, there was $0.1 million of unrecognized compensation expense related to unvested employee equity units, which is expected to be recognized over a weighted-average period of 0.7 years. Prior to the Reverse Recapitalization, Vacasa Holdings had granted its executives “employee equity units” of Vacasa Employee Holdings LLC, which are intended to constitute “profits interests” within the meaning of IRS Revenue Procedure 93-27, as clarified by IRS Revenue Procedure 2001-43. The employee equity units have no intrinsic value on the date of grant, and have actual value to the executive only to the extent the equity value of Vacasa Holdings appreciates following the grant date. Employee equity units are subject to a time-based vesting condition. The time-based vesting condition is generally satisfied over four years with 25% of the units vesting on the one year anniversary of the vesting commencement date of the award, followed by 1/48th of the units vesting each month over the subsequent three years. Prior to the consummation of the Reverse Recapitalization (as described in Note 3, Reverse Recapitalization ), Vacasa Holdings effectuated the Vacasa Holdings Recapitalization, pursuant to which all outstanding employee equity units were recapitalized in accordance with the OpCo LLC Agreement, which continue to be subject to the same vesting conditions as applied to such employee equity units before the recapitalization. Upon vesting of each employee equity unit, a corresponding OpCo unit vests and a Class B common share of the Company is issued. The modification did not result in any incremental compensation expense to be recognized. No grants of employee equity units are to be made following the Reverse Recapitalization. Prior to the consummation of the Reverse Recapitalization, the determination of the fair value of awards on the date of grant utilized an option-pricing model which used the value of the Company's equity units on the date of grant, the expected term of the awards, volatility, risk-free interest rate, and discount for lack of marketability. The Company's computation of expected volatility was based on the historical volatility of selected comparable publicly traded companies over a period equal to the expected term of the award. The risk-free interest rate reflected the U.S. Treasury yield curve for a similar instrument with the same expected term in effect at the time of the grant. The value of the Company's equity units was determined by first determining the BEV of Vacasa Holdings and then allocating that equity fair value to Vacasa Holdings' redeemable convertible preferred units, common units and common unit equivalents. The BEV was estimated primarily using a market approach, which measures the value of a business through an analysis of recent sales or offerings of comparable investments or assets and comparing a business to a group of its peer companies. Employee Stock Purchase Plan In connection with the Business Combination, the Company adopted the 2021 Nonqualified ESPP. Under the ESPP, eligible participants may purchase shares of the Company’s Class A Common Stock using payroll deductions, which may not exceed 15% of their total cash compensation. Offering and purchase periods begin on June 1 and December 1 of each year. Participants will be granted the right to purchase shares at a price per share that is 85% of the lesser of the fair market value of the shares at (i) the participant’s entry date into the applicable one-year offering period or (ii) the end of each six-month purchase period within the offering period. The ESPP does not meet the criteria of Section 423 of the Internal Revenue Code and is considered a non-qualified plan for federal tax purposes. The Company has treated the ESPP as a compensatory plan under GAAP. For the year ended December 31, 2023, there were 145,148 shares of Class A Common Stock purchased under the ESPP at a weighted-average price of $9.47 per share. Equity-Based Compensation Expense The Company recorded equity-based compensation expense for the periods presented in the consolidated statements of operations as follows (in thousands): Year Ended December 31, 2023 2022 2021 Cost of revenue $ 105 $ 1,025 $ 113 Operations and support 1,458 5,931 2,574 Technology and development 2,203 5,733 3,032 Sales and marketing 2,435 5,554 8,270 General and administrative 9,341 15,927 12,989 Total equity-based compensation expense $ 15,542 $ 34,170 $ 26,978 Vacasa Holdings LLC Equity For the year-to-date period ended April 1, 2021, Vacasa Holdings redeemable convertible preferred units were probable of becoming redeemable in the future and were recorded at their maximum redemption amount, which was the greater of the original preferred unit issue price plus an amount equal to the preferred unpaid return or the then current fair value, at each balance sheet date. The Company recorded a loss of $426.1 million remeasurement of its redeemable convertible preferred units during the year ended December 31, 2021. Subsequent to April 1, 2021, the Company did not adjust the carrying amount of the Vacasa Holdings redeemable convertible preferred units to the deemed liquidation value of such units, as a qualifying liquidation event was not probable. In connection with the Reverse Recapitalization on December 6, 2021, all of the existing holders of Vacasa Holdings preferred units exchanged their interests in Vacasa Holdings for Class A Common Stock or Class B Common Stock and OpCo Units in Vacasa Holdings, and the Vacasa Holdings redeemable convertible preferred units are no longer outstanding. For the year ended December 31, 2021, Vacasa Holdings common unit warrants were measured and recorded at fair value on a recurring basis. The Company recorded a loss of $11.5 million to remeasure the common unit warrants to their fair values during the year ended December 31, 2021. In connection with the Reverse Recapitalization on December 6, 2021, these warrants were net exercised in accordance with their terms and were no longer outstanding as of December 31, 2021.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The Company calculates net income (loss) per share of Class A Common Stock in accordance with ASC 260, Earnings Per Share, which requires the presentation of basic and diluted net income (loss) per share. Basic net income (loss) per share is calculated by dividing net income (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 Company analyzed the calculation of net income (loss) per share for periods prior to the Reverse Recapitalization as described in Note 3, Reverse Recapitalization , and determined that it resulted in values that would not be meaningful to the users of the consolidated financial statements. Therefore, loss per share information has not been presented for periods prior to the Reverse Recapitalization on December 6, 2021. The basic and diluted loss per share of Class A Common Stock for the year ended December 31, 2021 represents only the period of December 6, 2021 to December 31, 2021. The following is a reconciliation of basic and diluted loss per share of Class A Common Stock for the years ended December 31, 2023 and December 31, 2022, and for the period December 6, 2021 through December 31, 2021 (in thousands, except per share data): Year Ended December 31, December 6 - December 31, 2023 2022 2021 Net loss attributable to Class A Common Stockholders for basic and diluted net loss per share $ (298,703) $ (177,898) $ (12,697) Weighted-average shares for basic and diluted loss per share (1)(2) 12,202 11,171 10,739 Basic and Diluted loss per share of Class A Common Stock (1)(2) $ (24.48) $ (15.92) $ (1.18) (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 loss per share for prior years have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 13 - Equity 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 loss per share of Class B Common Stock and Class G Common Stock under the two-class method has not been presented. The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share of Class A Common Stock either because their impact would have been antidilutive for the periods presented or because they were contingently issuable upon the satisfaction of certain market conditions (in thousands) (1) : Year Ended December 31, December 6- December 31 2023 2022 2021 OpCo units (2) 9,341 9,872 10,638 Restricted stock units 833 269 — Performance stock units (3) 250 105 — Stock appreciation rights 45 87 250 Stock options 156 234 273 Employee equity units 5 101 247 Employee stock purchase plan 200 174 — Class G Common Stock 411 411 411 Common shares excluded from calculation of diluted net loss per share 11,241 11,253 11,819

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases See Note 8, Leases . Regulatory Matters and Legal Proceedings The Company’s operations are subject to 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 December 31, 2023 and December 31, 2022, the Company had an obligation to remit Hospitality and Sales Taxes collected from guests in these jurisdictions totaling $14.7 million and $17.9 million, respectively. These payables are recorded in hospitality and sales taxes payable on the 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 December 31, 2023 and December 31, 2022, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $10.7 million and $11.8 million, respectively. Due to the inherent complexity and uncertainty of these matters and judicial processes in certain jurisdictions, the final outcomes 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 December 31, 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 withholding 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 12, Income Taxes , for further discussion on other income tax matters. Litigation The Company has been and is currently involved in litigation and legal proceedings and subject to legal claims in the ordinary course of business. These include legal claims asserting, among other things, commercial, competition, tax, employment, discrimination, wage-and-hour, 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 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 December 31, 2023, the Company did not have any material indemnification claims that were probable or reasonably possible.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company maintains the Vacasa 401(k) Plan ("401(k) Plan"), a defined contribution benefit plan, for its employees who satisfy certain eligibility requirements. The 401(k) Plan allows eligible employees to make voluntary contributions at the discretion of the employee, up to the maximum annual contribution subject to Internal Revenue Code limitations. The Company matches contributions made by 401(k) Plan participants equal to 100% of the elective deferrals up to 6% of a participant's annual eligible compensation. Both employee contributions and the Company’s matching contributions are fully vested upon contribution. For the years ended December 31, 2023, 2022, and 2021, the Company recognized matching contribution expense of $9.2 million, $10.5 million, and $7.9 million, respectively.

Workforce Reduction

Workforce Reduction	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Workforce Reduction	Workforce Reduction In January 2023, the Company implemented a workforce reduction plan designed to align the Company’s expected cost base with its 2023 strategic and operating priorities. The2023 workforce reduction 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 2023 workforce reduction, the Company incurred severance and employee benefits costs of approximately $5.1 million, during the year ended December 31, 2023, which are included in operating costs and expenses in the consolidated statements of operations.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On February 27, 2024, the Board of Directors of the Company approved a workforce reduction plan (the “Plan”) designed to align the Company’s expected cost base with its 2024 strategic and operating priorities and continued achievement of adjusted EBITDA profitability in 2024. The Plan includes the elimination of approximately 320 positions across the Company, in both its local operations teams and central teams, representing approximately 5% of the workforce, or approximately 2% of the local operations teams and approximately 6% of the central team. The Company expects to incur between $4.0 million and $5.0 million of costs, consisting primarily of employee severance and benefit costs and professional services fees in connection with the Plan, most of which are expected to be incurred in the first and second quarters of 2024. All of these costs will result in future cash expenditures. The foregoing estimated amounts do not include any non-cash charges associated with equity-based compensation. These estimates are subject to a number of assumptions and actual results may differ materially. The Company may also incur charges and expenditures not currently contemplated due to unanticipated events that may occur in connection with the Plan.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net loss	$ (528,232)	$ (332,149)	$ (154,591)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the Securities and Exchange Commission ("SEC"). The 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. Pursuant to the Reverse Recapitalization, as described in Note 3, Reverse Recapitalization , the Company holds 12,730,577 units of Vacasa Holdings ("OpCo Units"), which represents a 57.7% ownership interest as of December 31, 2023. The portion of the consolidated subsidiaries not owned by the Company and any related activity is eliminated through redeemable noncontrolling interests in the consolidated balance sheets and net income (loss) attributable to redeemable noncontrolling interests in the consolidated statements of operations. The consolidated financial statements of Vacasa Holdings and its subsidiaries have been determined to be the predecessor for accounting and reporting purposes of the period prior to the Reverse Recapitalization. The Company is an emerging growth company ("EGC"), as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), which permits the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. As of January 1, 2022, the Company elected to irrevocably opt out of the extended transition period.
Use of Estimates	Use of Estimates The preparation of 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 consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in the consolidated financial statements include, but are not limited to, the useful lives of property and equipment and intangible assets, allowance for credit losses, valuation of assets acquired and liabilities assumed in business acquisitions and related contingent consideration, valuation of warrants, valuation of Class G Common Stock, valuation of redeemable convertible preferred units, valuation of equity-based compensation, valuation of goodwill, and 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 consolidated financial statements will be affected.
Segments	Segments Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company's CODM. The CODM reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates one reportable segment. The majority of the Company's revenue is earned in the United States. The Company's revenue earned outside of the United States did not exceed 10% of total revenues for the years ended December 31, 2023, 2022, or 2021 . Long-lived assets by geographical location is based on the location of the legal entity that owns the asset. As of December 31, 2023 , the majority of the Company's long-lived assets were located in the United States.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash includes demand deposits with banks and financial institutions, as well as cash in transit from payment processors. Cash equivalents includes short-term, highly liquid securities, including money market funds and term deposit investments with maturities of 90 days or less when purchased and their carrying amounts approximate fair value due to their short-term nature. The Company generally places its cash and cash equivalents and investments with major financial institutions deemed to be of high-credit-quality in order to limit its credit exposure. The Company maintains its cash accounts with financial institutions where, at times, deposits exceed federal insurance limits. Restricted cash primarily represents payments made by guests in advance of reservations that are required to be held in escrow accounts until the rescission period expires in accordance with U.S. state regulations.
Accounts Receivable, net	Accounts Receivable, net Accounts receivable, net primarily represents amounts owed by homeowners for reimbursable expenses incurred by the Company in accordance with the homeowner contract, amounts owed by third-party distribution partners acting as a merchant of record for guest stays that have commenced, amounts owed by community and homeowner associations for services provided, and amounts owed by the prior owners of acquired businesses managed under transition services agreements. The allowance for credit losses is estimated based on historical experience, aging of the receivable, the counterparty’s ability to pay, condition of general economy and industry, and other factors. The allowance for credit losses reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified.
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost or at fair value for assets acquired as part of a business combination. Costs of maintenance and repairs that do not improve or extend the useful lives of assets are expensed as incurred. Property and equipment includes capitalized costs related to the development of the Company’s technology platform, mobile apps, and marketplace. Software development costs related to software developed or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development, are capitalized during the application development stage of the project. Costs incurred during the preliminary planning and evaluation stage of the project and during the post implementation operational stage are expensed as incurred. Additionally, the Company capitalizes qualifying costs incurred for upgrades and enhancements that result in additional functionality to existing software. Depreciation of such costs begins when the project milestones are substantially complete and software is ready for its intended use. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Upon retirement or sale, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is recorded as a component of general and administrative expense in the consolidated statements of operations. Gains and losses on disposal of assets were not material for the years ended December 31, 2023, 2022, and 2021.
Intangible Assets, net	Intangible Assets, net The Company’s intangible assets consist primarily of acquired homeowner contracts, databases, photos and property listings, trade names, noncompete agreements, and other. Intangible assets are recorded at fair value as of the date of acquisition and are amortized on a straight-line basis over an estimated economic life ranging from one
Impairment of Long-lived Assets	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 and 2021. Refer to Note 7, Intangible Assets, Net and Goodwill , for additional information.
Business Combinations	Business Combinations In accordance with applicable accounting standards, the Company estimates the fair value of assets acquired and liabilities assumed as of the acquisition date of each business combination. Any excess purchase price over the fair value of the net tangible and intangible assets acquired is allocated to goodwill. Management makes certain estimates and assumptions when determining the fair values of assets acquired and liabilities assumed, including intangible assets. Critical estimates in valuing certain intangible assets include but are not limited to future expected cash flows from homeowner contracts, databases, photos and property listings, and trade names, as well as discount rates. At the acquisition date, the Company will also record acquisition related liabilities, if applicable, for any contingent consideration or deferred payments to the seller. Contingent consideration is recorded at fair value on the acquisition date based on the Company’s expectation of achieving the contractually defined homeowner contract conversion and retention targets. The fair value of the contingent consideration liabilities is remeasured each reporting period after the acquisition date and any changes in the estimated fair value are reflected as gains or losses in general and administrative expense in the consolidated statement of operations. The contingent consideration liabilities were $8.0 million and $22.3 million as of December 31, 2023 and 2022, respectively. The deferred payments to sellers are recognized on the acquisition date at fair value by calculating the risk adjusted present value of the deferred cash payments to be made to the seller. The deferred payments to seller balances were $8.3 million and $19.0 million as of December 31, 2023 and 2022, respectively. Contingent consideration liabilities and deferred payments to sellers are recorded as a component of accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheets based on the expected timing of settlement. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Any changes to provisional amounts identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. Transaction costs associated with business combinations are expensed as incurred.
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). The Company recorded goodwill impairment charges of $411.0 million and $244.0 million during 2023 and 2022, respectively. There were no goodwill impairment charges recorded during 2021. Refer to Note 7, Intangible Assets, Net and Goodwill , for additional information.
Loss Contingencies	Loss Contingencies The Company is subject to legal proceedings and claims that arise in the ordinary course of business. The Company accrues for losses associated with legal claims when such losses are both probable and reasonably estimable. These accruals are adjusted as additional information becomes available or circumstances change.
Leases	Leases The Company adopted Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842), and all related amendments on January 1, 2022, on a modified retrospective basis. Under Topic 842, the Company determines if an arrangement is or contains a lease at inception. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that option and when doing so is at the Company's sole discretion. The Company has elected the short-term lease exception for all classes of assets, and therefore has not applied the recognition requirements of Topic 842 to leases of 12 months or less. The Company has also elected the practical expedient to not separate lease and non-lease components for all classes of assets. The Company’s classes of assets that are leased include real estate leases and equipment leases. Real estate leases typically pertain to the Company’s corporate office locations, field operation locations, or vacation properties whereby the Company takes control of a third party’s property during the lease period for the purpose of renting the property on a short-term basis. Most of the Company’s leases are operating leases, and activities related to finance leases were not material for any of the periods presented. The Company recognizes lease expense on a straight-line basis over the lease term. The Company’s lease agreements may contain variable costs such as common area maintenance, operating expenses or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease ROU assets represent the Company’s right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate represents the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Subrental income is recognized on a straight-line basis over the lease term and is included as a contra-expense within operations and support and general and administrative in the consolidated statements of operations. Where the Company has entered into a sublease arrangement, the Company will evaluate the lease arrangement for impairment. To the extent an impairment of the right-of-use lease asset is recognized, the Company will recognize lease impairment and subsequently amortize the remaining lease asset on a straight-line basis over the remaining lease term within operations and support and general and administrative expenses in the consolidated statements of operations. The Company recorded right-of-use asset impairment charges of $4.2 million during 2023. There were no right-of-use asset impairment charges recorded during 2022 or 2021. Refer to Note 5, Fair Value Measurements , for additional information.
Fair Value	Fair Value The Company measures certain assets and liabilities at fair value on a recurring basis based on an expected exit price, which represents the amount that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting guidance for fair value measurements defines a three-level valuation hierarchy for disclosures as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 — Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. The carrying amounts of certain of the Company’s financial instruments, which include cash equivalents, restricted cash, accounts receivable, net, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities approximate their fair values due to their short maturities.
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. The Company operates a vertically integrated vacation rental platform. 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 majority of the Company’s vacation homes under management are located in the United States. The Company considers both the homeowners and guests to be its customers. The Company fulfills its obligations to its customers in various ways, depending on the nature of the contract. For all performance obligations, sales taxes are excluded from the transaction price. Vacation Rental Platform Under the Company’s homeowner contracts, the Company generally acts as the exclusive agent on the homeowners’ behalf to perform an integrated agency service that consists of (a) acting as the vacation home letting agent and direct intermediary between the homeowner and the guest, (b) performing routine care of the vacation property during the stay and upon guest departure, (c) 24/7 contact center support for guests and homeowners as well as local operations support, and (d) performing inspections, routine maintenance, minor repairs, and inventory management of required supplies of the property. The integrated agency service provided to homeowners represents a single distinct performance obligation. The Company markets homes on its platform directly on vacasa.com and its guest app and via its third-party distribution partners. Upon confirmation of a vacation home booking by a guest, the Company, on behalf of a homeowner, agrees to provide use of the vacation home for a specified period of time. At the time of booking, the guest agrees to pay the total booking value which is comprised of the nightly reservation rate, other reservation-related fees, and applicable sales taxes. The transaction price under the homeowner contracts represents variable consideration as the amount to which the Company is entitled depends on the total amount collected for each reservation. The uncertainty associated with the transaction price is generally resolved upon the booking, subject to estimates for cancellations and refunds. In accordance with the Company’s homeowner contracts, the Company earns commission revenue for a portion of the nightly rate and the other reservation-related fees for the integrated agency and guest services rendered. The total booking value is generally due prior to the commencement of the reservation. The total booking value collected in advance of the reservation is recorded on the balance sheets as funds payable to owners, hospitality and sales taxes payable and deferred revenue in the amount obligated to the homeowner, the taxing authority, and the Company, respectively. While the guest primarily interacts with the Company as part of the booking process, the homeowner is primarily responsible for fulfilling the promise to the guest, and as a result, the Company recognizes commission revenue net of the amount due to the homeowner under the contract. The performance obligation to provide the integrated agency services and guest services meets the criteria for recognition over time as the homeowner and guest simultaneously receive and consume the benefits from the services. The Company recognizes revenue for these services over the duration of each guest stay. The Company primarily remits payments to the homeowners for the portion of the total booking value obligated to the homeowner for completed guest stays on a monthly basis, except in certain regulated markets in which a portion of the amount obligated to the homeowner is paid in advance. In certain instances, the Company may offer a refund related to a completed stay. The Company accounts for these refunds as variable consideration, which results in a reduction to revenue. In addition to providing the integrated agency services under the homeowner contract, the Company may also provide home care solutions directly to the homeowner, such as home maintenance and improvement services, linen and towel supply programs, supplemental housekeeping services, and other related services, for a separately agreed upon fee. These services may be provided by Company personnel or by third-party contractors acting on the Company’s behalf. The Company recognizes this revenue on a gross basis as the Company is primarily responsible for providing these goods and services to the customer. These services represent distinct performance obligations provided to the homeowner as the Company's customer. Fees for home care solutions are generally charged on a monthly basis in accordance with the homeowner contract and may be recognized at that point in time or over the duration of the service provided. Other Services In addition to providing vacation rental platform services, the Company provides management services to community associations and previously provided real estate buy/sell brokerage services. The purpose of these services is to attract and retain homeowners as customers of the Company’s vacation rental platform. Under the community association management services, the Company provides common area vacation rental management, community governance, and association accounting services to community and homeowner associations in exchange for a management fee and other incrementally billed services. The services represent an individual performance obligation in which the Company has determined it is primarily responsible. Revenue is recognized over time as services are rendered for the management fee and incrementally billed services are recognized at a point in time. The Company completed the wind down of its separate real estate buy/sell brokerage services during 2023. Real estate commissions earned by the Company’s real estate brokerage business were recorded as revenue at a point in time which is upon the closing of a real estate transaction (i.e., purchase or sale of a home). The commissions the Company paid to real estate agents was recognized concurrently with associated revenues and presented as cost of revenue in the consolidated statements of operations. The Company will continue to retain real estate brokerage licenses, where required, in order to facilitate its vacation rental management services. Revenue Disaggregation A disaggregation of the Company’s revenues by nature of the Company’s performance obligations are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Vacation rental platform $ 1,089,817 $ 1,142,669 $ 841,973 Other services 28,133 45,281 47,085 Total $ 1,117,950 $ 1,187,950 $ 889,058 Contract Liability Balances Contract liability balances on the Company’s 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. As part of the Company’s response to the COVID-19 pandemic, certain future stay credits issued during the first three quarters of 2020 were extended from their original expiration, and the first of these future stay credits began to expire during the first quarter of 2022. Prior to the first quarter of 2022, the Company did not recognize breakage revenue associated with future stay credits. The Company determined that any estimate of breakage was fully constrained, primarily due to a lack of historical information to make the estimate since no future stay credits had yet reached their expiration date. For the year ended December 31, 2023, the Company recognized breakage revenue of $1.5 million. For the year ended December 31, 2022, the Company recognized breakage revenue of $16.0 million, of which $11.1 million related to expirations that occurred during the first quarter of 2022, and $4.9 million related to actual and expected breakage associated with future stay credits expiring in later periods. The table below presents the activity of the Company's future stay credit liability balance (in thousands): Year Ended December 31, 2023 2022 2021 Future stay credit liability at beginning of year $ 3,369 $ 30,995 $ 35,140 Issuances 1,907 9,404 31,376 Acquired in business combinations — 378 11,032 Redemptions (3,149) (21,374) (46,433) Breakage recognized in revenue (1,537) (15,993) — Foreign currency fluctuations (6) (41) (120) Future stay credit liability at end of year $ 584 $ 3,369 30,995 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 consolidated statements of operations. Costs to obtain a contract capitalized as of December 31, 2023 and 2022 were $34.8 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 consolidated balance sheets. The amount of amortization recorded for the year ended December 31, 2023, 2022, and 2021 was $8.7 million, $5.5 million, and $4.0 million, respectively.
Cost of Revenue, Exclusive of Depreciation and Amortization	Cost of Revenue, Exclusive of Depreciation and Amortization Cost of revenue, exclusive of depreciation and amortization, consists primarily of employee compensation costs, which includes wages, benefits, and payroll taxes, and outside service costs for housekeeping, home maintenance, payment processing fees for merchant fees and chargebacks, laundry expenses, housekeeping supplies, as well as fixed rent payments on certain owner contracts.
Operations and Support	Operations and Support Operations and support costs consist primarily of compensation costs, which includes wages, benefits, payroll taxes, and equity-based compensation, for employees that support the Company's local operations teams in the field. Also included is the cost of call center customer support and the allocation of facilities and certain corporate costs.
Technology and Development	Technology and Development Technology and development expenses consist primarily of compensation costs, which includes wages, benefits, payroll taxes, and equity-based compensation, for salaried employees and payments to contractors, net of capitalized expenses, engaged in the design, development, maintenance, and testing of the Company's platform, including the Company's websites, mobile applications, and other products. Costs qualifying for capitalization are recorded as a reduction of the Company's technology and development expenses and are capitalized as internal-use software within property and equipment on the consolidated balance sheets. These assets are depreciated over their estimated useful lives and are reported in depreciation on the Company's consolidated statements of operations. Also included within technology and development are information technology costs to support infrastructure, applications, and overall monitoring and security of networks, and other costs including for cloud, licensing, and maintenance.
Sales and Marketing	Sales and Marketing Sales and marketing expenses consist primarily of compensation costs, which includes wages, sales commissions, benefits, payroll taxes, and equity-based compensation, the Company's sales force and marketing personnel, payments to distribution partners for guest reservations, digital and mail-based advertising costs for homeowners, advertising costs for search engine marketing and other digital guest advertising, and brand marketing. The Company expenses advertising and other promotional expenditures as incurred. Advertising expenses were $31.9 million, $34.5 million, and $38.7 million, for the years ended December 31, 2023, 2022, and 2021, respectively.
General and Administrative	General and Administrative General and administrative expenses primarily consist of personnel-related compensation costs, including equity-based compensation, for administrative employees, including finance and accounting, human resources, communications, and legal, as well as general corporate and director and officer insurance. General and administrative costs also include professional services fees, including accounting, legal and consulting expenses, rent expense for corporate facilities and storage, office supplies, and travel and entertainment expenses.
Income Taxes	Income Taxes Vacasa, Inc. is a corporation and is subject to U.S. federal as well as state income tax, including with respect to the income or loss allocated from its investment in Vacasa Holdings LLC. Vacasa Holdings LLC is taxed as a partnership (including the operations of many of its subsidiaries which are limited liability companies) for which the taxable income or loss is allocated to members. Certain of the Vacasa Holdings LLC operating subsidiaries are considered taxable Corporations for U.S. or foreign income tax purposes. The Company and its taxable subsidiaries account for income taxes using the asset and liability method which requires the recognition of deferred tax amounts for the expected future tax consequences of events that have been included in the consolidated financial statements and tax carryforwards. Deferred income taxes are recognized by applying enacted statutory tax rates applicable to the year in which the differences are expected to reverse. The deferred tax effect of a change in tax rates is recognized in the consolidated statement of operations in the period that includes the enactment date. The Company accounts for deferred taxes on investments in partnerships using an outside basis difference approach. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance for any tax benefit for which the future realization is not more-likely-than-not based on an evaluation of all available positive and negative evidence. The tax benefit of an uncertain tax position is recognized only if it is more likely than not to be sustained based solely on its technical merits as of the reporting date. For those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authorities. The Company recognizes future accrued interest and penalties related to unrecognized tax benefits in income tax expense and in tax related liabilities on the consolidated balance sheet.
Foreign Currencies	Foreign Currencies The Company’s reporting currency is the U.S. dollar. Operations in the Company’s subsidiaries outside the United States ("U.S.") are recorded in the functional currency of each subsidiary which is determined by a review of the environment where each subsidiary primarily generates and expends cash. The results of operations for the Company’s foreign subsidiaries outside the U.S. are translated from functional currencies into U.S. dollars using the weighted average currency rate for the period. Assets and liabilities are translated using the period end exchange rates. The U.S. dollar effects that arise from translating the net assets of these subsidiaries are recorded in other comprehensive income (loss).
Accounting Pronouncements Adopted in Fiscal 2023 and Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Adopted in Fiscal 2023 In September 2022, the Financial Accounting Standards Board ("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 In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, that modifies the disclosure and presentation requirements of reportable segments. The new guidance requires the disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit and loss. In addition, the new guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. The update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, to improve its income tax disclosure requirements. Under the new guidance, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). The new guidance is effective for public business entities for annual periods beginning after December 15, 2024. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [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): Year Ended December 31, 2023 2022 2021 Vacation rental platform $ 1,089,817 $ 1,142,669 $ 841,973 Other services 28,133 45,281 47,085 Total $ 1,117,950 $ 1,187,950 $ 889,058
Schedule of Future Stay Credit Liability	The table below presents the activity of the Company's future stay credit liability balance (in thousands): Year Ended December 31, 2023 2022 2021 Future stay credit liability at beginning of year $ 3,369 $ 30,995 $ 35,140 Issuances 1,907 9,404 31,376 Acquired in business combinations — 378 11,032 Redemptions (3,149) (21,374) (46,433) Breakage recognized in revenue (1,537) (15,993) — Foreign currency fluctuations (6) (41) (120) Future stay credit liability at end of year $ 584 $ 3,369 30,995

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Consideration	The equity interests were acquired for total purchase consideration of $618.8 million which was comprised of the following (in thousands): Fair Value Cash consideration paid $ 45,000 Issuance of common units 573,800 Total purchase consideration $ 618,800
Schedule of Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the allocation of fair value of assets acquired and liabilities assumed in the transaction (in thousands): Amount Cash and cash equivalents $ 40,461 Restricted cash 14,444 Accounts receivable, net 3,548 Prepaid expenses and other current assets 7,614 Property and equipment 1,494 Intangible assets 107,600 Total assets acquired 175,161 Accounts payable (9,334) Funds payable to owners (24,711) Hospitality and sales taxes payable (5,748) Deferred revenue (8,097) Future stay credits (10,601) Accrued expenses and other liabilities (8,474) Other long-term liabilities (6,385) Total liabilities assumed (73,350) Net assets purchased 101,811 Goodwill 516,989 Total purchase consideration $ 618,800
Summary of Preliminary Identifiable Intangible Assets	The Company's identifiable intangible assets acquired consisted of the following as of the acquisition date (in thousands): Estimated Useful Life (Years) Fair Value Homeowner contracts 5 $ 102,300 Database and listings 1 3,400 Trademark, trade name, brand name 1 1,900 Total identifiable intangible assets $ 107,600
Schedule of Pro Forma Financial Information	Supplemental information on an unaudited pro forma basis is as follows (in thousands): Year Ended December 31, 2021 Revenue $ 920,620 Net loss (149,622)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables set forth the Company's financial assets and liabilities that were measured at fair value on a recurring basis (in thousands): As of December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 8,043 $ 8,043 Class G Common Stock (Note 13) — — 506 506 As of December 31, 2022 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 22,317 $ 22,317 Class G Common Stock (Note 13) — — 5,077 5,077
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): Year Ended December 31, 2023 2022 2021 Balance, beginning of period $ 5,077 $ 61,514 $ — Recognition of Class G Common Stock (1) — — 75,860 Change in fair value of Class G Common Stock included in earnings (4,571) (56,437) (14,346) Balance, end of period $ 506 $ 5,077 $ 61,514 (1) The Class G Common Stock was initially recorded on December 6, 2021 in connection with the Reverse Recapitalization described in Note 3, Reverse Recapitalization .

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): As of December 31, Useful Lives (Years) 2023 2022 Land Indefinite $ 13,394 $ 13,394 Buildings and building improvements 12 - 35 12,474 12,471 Leasehold improvements Shorter of estimated useful life or lease term 6,526 6,528 Computer equipment 3 13,873 13,510 Furniture, fixtures, and other 2 - 10 26,340 22,096 Vehicles 2 - 8 8,276 7,975 Internal-use software 4 60,162 53,024 Total 141,045 128,998 Less: Accumulated depreciation (84,328) (63,455) Property and equipment, net $ 56,717 $ 65,543

Intangible Assets, Net and Go_2

Intangible Assets, Net and Goodwill (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets, net consisted of the following (in thousands): Weighted Average Useful Life Remaining (Years) As of December 31, 2023 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Homeowner contracts 5 $ 314,221 $ (153,819) $ (46,000) $ 114,402 Databases, photos, and property listings 0 26,526 (26,519) — 7 Trade names 1 9,597 (9,570) — 27 Other (1) 5 2,903 (2,875) — 28 Total intangible assets $ 353,247 $ (192,783) $ (46,000) $ 114,464 Weighted Average Useful Life Remaining (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 December 31, 2023 is expected to be as follows (in thousands): Year Ending December 31: Amount 2024 $ 37,983 2025 36,204 2026 21,393 2027 6,660 2028 3,350 Thereafter 8,874 Total $ 114,464
Schedule of Changes in Goodwill	The following table summarizes the changes in the Company's goodwill balance (in thousands): Year Ended December 31, 2023 2022 Balance at beginning of period $ 585,205 $ 754,506 Acquisitions 179 69,362 Measurement period adjustments (2,539) 5,738 Impairment of goodwill (411,000) (243,991) Foreign exchange translation and other 34 (410) Balance at end of period (1) $ 171,879 $ 585,205 (1) The goodwill balance as of December 31, 2022 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. The goodwill balance as of December 31, 2023 is net of accumulated impairment losses of $655.1 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.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Lease Cost	The components of lease cost for the years ended December 31, 2023 and 2022 were as follows (in thousands): Year Ended December 31, 2023 2022 Operating lease cost $ 13,420 $ 15,394 Variable lease cost 2,602 1,264 Short-term lease cost 6,618 7,744 Total lease cost $ 22,640 $ 24,402
Assets And Liabilities, Lessee	Amounts recognized in the consolidated balance sheets related to operating leases as of December 31, 2023 and 2022 were as follows (in thousands): As of December 31, 2023 2022 Assets Other long-term assets $ 20,086 $ 29,332 Liabilities Accrued expenses and other current liabilities $ 8,670 $ 9,490 Other long-term liabilities 17,196 21,706 Total lease liabilities $ 25,866 $ 31,196 Other information related to operating leases as of December 31, 2023 and 2022 were as follows: As of December 31, 2023 2022 Weighted-average remaining lease term (in years) 3.9 4.4 Weighted-average discount rate 6.7 % 5.7 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of December 31, 2023 were as follows (in thousands): As of December 31, 2023 2024 $ 10,061 2025 7,159 2026 4,710 2027 2,991 2028 2,840 Thereafter 1,436 Total lease payments 29,197 Less: Interest (3,331) Total lease liabilities $ 25,866

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): As of December 31, 2023 2022 Employee-related accruals $ 23,834 $ 25,110 Homeowner reserves 9,198 9,837 Current portion of acquisition liabilities (1) 11,641 25,056 Current portion of operating lease liabilities 8,670 9,490 Other 9,477 16,340 Total accrued expenses and other current liabilities $ 62,820 $ 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)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Long-Term Debt Obligations	The Company's debt obligations consisted of the following (in thousands): As of December 31, 2023 2022 Insurance premium financing $ 3,300 $ 4,498 Other long-term debt — 375 Total debt 3,300 4,873 Less: current maturities (1) $ (3,300) (4,748) Long-term portion $ — $ 125

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Assets and Other Liabilities	Other long-term liabilities consisted of the following (in thousands): As of December 31, 2023 2022 Class G Common Stock (Note 13) $ 506 $ 5,077 Long-term portion of acquisition liabilities (1) 4,682 16,226 Long-term portion of operating lease liabilities 17,196 21,706 Other 10,695 11,978 Total other long-term liabilities $ 33,079 $ 54,987 (1) The long-term portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due after one year.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	For financial reporting purposes, the domestic and foreign components of losses before income taxes were as follows (in thousands): Year Ended December 31, 2023 2022 2021 United States $ (509,088) $ (326,328) $ (145,346) Foreign (17,558) (4,799) (8,461) Total $ (526,646) $ (331,127) $ (153,807)
Schedule of Income Tax Expense (Benefit)	Income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal U.S. $ — $ 1,509 $ (14) State and local 476 1,122 889 Foreign 93 473 (36) Total current provision for income taxes 569 3,104 839 Deferred and other: Federal U.S. 763 (763) — State and local 254 (254) — Foreign — (1,065) (55) Total deferred expense (benefit) for income taxes 1,017 (2,082) (55) Total income tax expense (benefit) $ 1,586 $ 1,022 $ 784
Schedule of Effective Income Tax Rate	The effective income tax rate for the years ended December 31 varies from the U.S. statutory federal income tax rate as follows: Year Ended December 31, 2023 2022 2021 Income tax expense (benefit) at federal statutory rate 21 % 21 % 21 % Increase (decrease) in tax rate resulting from: Effect of flow-through entity — % — % (17) % Noncontrolling Interest (9) % (9) % (2) % Fair Value Adjustment for Class G Common Stock — % — % 2 % Valuation Allowance (12) % (12) % (2) % Other — % — % (2) % Income tax expense (benefit) — % — % — %
Schedule of Deferred Tax Assets and Liabilities	Deferred income tax assets and liabilities were as follows (in thousands): Year Ended December 31, 2023 2022 Deferred Tax Assets ("DTA"): Net operating loss and tax credit carryforwards $ 55,923 $ 55,179 Reserves and accruals not currently deductible for tax purposes 46 42 Goodwill and other intangibles - DTA — — ASC 718 Adjustment 7,121 6,817 Property, plant, and equipment 90 121 Investment in Vacasa Holdings, LLC 83,453 20,672 Investment in Subsidiaries 95 140 Intangibles 6,729 3,004 Other - DTA 4,414 1,703 Gross deferred tax assets 157,871 87,678 Less: valuation allowance (157,610) (86,451) Total deferred tax assets $ 261 $ 1,227 Deferred Tax Liabilities ("DTL"): Accrued Expenses (67) — Property, plant and equipment — (14) Goodwill and other intangibles - DTL — — Other - DTL (194) (197) Total deferred tax liabilities $ (261) $ (211) Net deferred tax asset (liability) (1) $ — $ 1,016 (1) Net deferred tax assets are recorded within other long-term assets on the consolidated balance sheets. Net deferred tax liabilities are recorded primarily within other long-term liabilities on the consolidated balance sheets.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Equity-based Award Activities	A summary of the RSU activity during the periods indicated was as follows : Activity Type Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 — $ — Granted 399 109.80 Vested (71) 133.60 Forfeited (59) 128.20 Outstanding as of December 31, 2022 269 99.20 Granted 825 19.14 Vested (161) 75.30 Forfeited (100) 60.33 Outstanding as of December 31, 2023 833 27.58 A summary of the PSU activity during the periods indicated was as follows : Performance Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 — $ — Granted 179 54.40 Vested (20) 46.60 Forfeited (54) 50.60 Outstanding as of December 31, 2022 105 58.00 Granted 150 9.68 Forfeited (5) 75.82 Outstanding as of December 31, 2023 250 29.40 Stock Appreciation Rights Weighted Average Exercise Price Outstanding as of December 31, 2021 250 $ 59.00 Exercised (137) 53.60 Forfeited (26) 81.20 Outstanding as of December 31, 2022 87 61.20 Forfeited (42) 60.91 Outstanding as of December 31, 2023 45 61.54 A summary of the stock options activity during the periods indicated was as follows: Activity Type Stock Options Weighted Average Exercise Price Outstanding as of December 31, 2021 273 $ 18.20 Exercised (23) 9.00 Forfeited (16) 32.00 Outstanding as of December 31, 2022 234 18.40 Exercised (49) 9.18 Forfeited (29) 33.49 Outstanding as of December 31, 2023 156 20.76
Summary of Employee Equity Units	A summary of the Vacasa Employee Holdings LLC employee equity units activity during the periods indicated was as follows: Employee Equity Units Weighted-Average Grant Date Fair Value Unvested outstanding as of December 31, 2021 247 $ 86.80 Vested (114) 81.00 Forfeited (32) 29.60 Unvested outstanding as of December 31, 2022 101 112.00 Vested (26) 98.31 Forfeited (70) 122.95 Unvested outstanding as of December 31, 2023 5 29.63
Schedule of Equity Based Compensation Expense	The Company recorded equity-based compensation expense for the periods presented in the consolidated statements of operations as follows (in thousands): Year Ended December 31, 2023 2022 2021 Cost of revenue $ 105 $ 1,025 $ 113 Operations and support 1,458 5,931 2,574 Technology and development 2,203 5,733 3,032 Sales and marketing 2,435 5,554 8,270 General and administrative 9,341 15,927 12,989 Total equity-based compensation expense $ 15,542 $ 34,170 $ 26,978

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following is a reconciliation of basic and diluted loss per share of Class A Common Stock for the years ended December 31, 2023 and December 31, 2022, and for the period December 6, 2021 through December 31, 2021 (in thousands, except per share data): Year Ended December 31, December 6 - December 31, 2023 2022 2021 Net loss attributable to Class A Common Stockholders for basic and diluted net loss per share $ (298,703) $ (177,898) $ (12,697) Weighted-average shares for basic and diluted loss per share (1)(2) 12,202 11,171 10,739 Basic and Diluted loss per share of Class A Common Stock (1)(2) $ (24.48) $ (15.92) $ (1.18) (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 loss per share for prior years have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 13 - Equity for additional information.
Schedule of Outstanding Common Stock Equivalents Excluded from Diluted Net Loss Per Share due to Anti-Dilutive Effect	The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share of Class A Common Stock either because their impact would have been antidilutive for the periods presented or because they were contingently issuable upon the satisfaction of certain market conditions (in thousands) (1) : Year Ended December 31, December 6- December 31 2023 2022 2021 OpCo units (2) 9,341 9,872 10,638 Restricted stock units 833 269 — Performance stock units (3) 250 105 — Stock appreciation rights 45 87 250 Stock options 156 234 273 Employee equity units 5 101 247 Employee stock purchase plan 200 174 — Class G Common Stock 411 411 411 Common shares excluded from calculation of diluted net loss per share 11,241 11,253 11,819 (1) The share amounts for prior years have been retroactively adjusted to reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 13 - Equity 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 December 31, 2023, none of the requisite market conditions have been met, and therefore all such contingently issuable shares have been excluded from the calculation of diluted net income (loss) per share of Class A Common Stock.

Description of Business (Detail

Description of Business (Details)	Oct. 02, 2023
Accounting Policies [Abstract]
Stockholders' equity note, stock split, conversion ratio	0.05

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) $ in Thousands		3 Months Ended				9 Months Ended	12 Months Ended
	May 21, 2020 USD ($)	Dec. 31, 2023 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) unit segment shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Number of reportable segments | segment							1
Allowance for doubtful accounts		$ 11,700		$ 11,200		$ 11,200	$ 11,700	$ 11,200
Credit loss expense							4,979	5,409	$ 4,689
Impairment of long-lived assets		46,000	$ 46,000				46,000	0	0
Contingent consideration		8,000		22,300		22,300	8,000	22,300
Deferred payment to seller balances		8,300		19,000		19,000	$ 8,300	19,000
Number of reporting units | unit							1
Impairment of goodwill			$ 411,000	244,000			$ 411,000	243,991	0
Impairment of right-of-use assets							4,240	0	0
Breakage recognized in revenue							1,537	15,993	0
Expirations					$ 11,100	4,900
Capitalized contract costs		$ 34,800		$ 26,400		$ 26,400	34,800	26,400
Amortization on contract costs							8,700	5,500	4,000
Advertising expenses							$ 31,900	$ 34,500	$ 38,700
Percentage of net cash savings							85%
COVID-19
Class of Stock [Line Items]
Proceeds from senior secured convertible notes	$ 108,100
Minimum
Class of Stock [Line Items]
Estimated economic life							1 year
Maximum
Class of Stock [Line Items]
Estimated economic life							10 years
Vacasa Holdings LLC
Class of Stock [Line Items]
Common stock outstanding (in shares) | shares		12,730,577					12,730,577
Ownership interest		57.70%					57.70%
Percent of redeemable noncontrolling interest		42.30%					42.30%

Significant Accounting Polici_5

Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 1,117,950	$ 1,187,950	$ 889,058
Vacation rental platform
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	1,089,817	1,142,669	841,973
Other services
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 28,133	$ 45,281	$ 47,085

Significant Accounting Polici_6

Significant Accounting Policies - Future Stay Credit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Future Stay Credit [Roll Forward]
Beginning balance	$ 3,369	$ 30,995	$ 35,140
Issuances	1,907	9,404	31,376
Acquired in business combinations	0	378	11,032
Redemptions	(3,149)	(21,374)	(46,433)
Breakage recognized in revenue	(1,537)	(15,993)	0
Foreign currency fluctuations	(6)	(41)	(120)
Ending balance	$ 584	$ 3,369	$ 30,995

Reverse Recapitalization (Detai

Reverse Recapitalization (Details) $ / shares in Units, $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 05, 2021 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Oct. 02, 2023 $ / shares	Dec. 06, 2021 $ / shares shares
Reverse Recapitalization [Line Items]
Common stock par value (in usd per share) | $ / shares					$ 0.00001
Conversion ratio						1
Percentage of net cash savings		85%
Proceeds from reverse recapitalization, net | $	$ 302,600	$ 0	$ 0	$ 302,638
Cash proceeds | $	144,000
PIPE financing | $	77,500
FPA financing | $	122,500
Proceeds from fees related to reverse recapitalization | $	41,400
Payments of Reverse Recapitalization costs | $	$ 7,900	$ 0	$ 459	7,937
Percent of combined voting rights	90.80%
Percent of consolidated net income (loss)						0.497
Transaction cost | $				700
Reduction to additional paid-In capital | $				$ 8,400
Class A Ordinary Shares
Reverse Recapitalization [Line Items]
Common stock par value (in usd per share) | $ / shares						$ 0.0001
Class A Common Stock
Reverse Recapitalization [Line Items]
Common stock par value (in usd per share) | $ / shares		$ 0.00001	$ 0.00001			$ 0.00001
Common stock outstanding (in shares)		12,730,577	11,819,511			214,793,795
Effects of Reverse Recapitalization, net (in shares)	175,598,739
Percent of combined voting rights	50.30%
Percent of economic interest	1
Class A Common Stock | Blocker Holders
Reverse Recapitalization [Line Items]
Shares issued in transaction (in shares)	173,898,818
Class A Common Stock | Existing VH Holders
Reverse Recapitalization [Line Items]
Shares issued in transaction (in shares)	1,699,921
Class A Common Stock | PIPE Investors
Reverse Recapitalization [Line Items]
Shares issued in transaction (in shares)	8,157,896
Class A Common Stock | FPA Investors
Reverse Recapitalization [Line Items]
Shares issued in transaction (in shares)	12,763,688
Class F Ordinary Shares
Reverse Recapitalization [Line Items]
Common stock par value (in usd per share) | $ / shares						$ 0.0001
Class F Common Stock
Reverse Recapitalization [Line Items]
Common stock par value (in usd per share) | $ / shares						0.00001
Class G Ordinary Shares
Reverse Recapitalization [Line Items]
Common stock par value (in usd per share) | $ / shares						0.0001
Class G Common Stock
Reverse Recapitalization [Line Items]
Common stock par value (in usd per share) | $ / shares		$ 0.00001				$ 0.00001
Conversion ratio						1
Common stock outstanding (in shares)		316,666
Conversion of stock (in shares)	8,226,848
Class B Common Stock
Reverse Recapitalization [Line Items]
Common stock par value (in usd per share) | $ / shares		$ 0.00001	$ 0.00001			$ 0.00001
Conversion ratio						1
Common stock outstanding (in shares)		9,340,553	9,872,261
Effects of Reverse Recapitalization, net (in shares)	212,393,793

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands		12 Months Ended
	Apr. 01, 2021 USD ($)	Dec. 31, 2023 USD ($) transaction	Dec. 31, 2022 USD ($) transaction	Dec. 31, 2021 USD ($) transaction
Business Acquisition [Line Items]
Goodwill period adjustment		$ (2,539)	$ 5,738
Cash paid		664	89,544	$ 103,393
Goodwill		$ 171,879	$ 585,205	$ 754,506
Other Transactions
Business Acquisition [Line Items]
Number of separate portfolio transactions accounted as business combinations | transaction		1	32	29
Total purchase consideration		$ 300	$ 104,500	$ 175,700
Cash paid			87,400	107,800
Contingent consideration			12,500	42,200
Deferred payments to sellers			4,600	25,700
Goodwill			69,400	123,500
Intangible assets			59,000	75,700
Accounts receivable, net			55,300	75,000
Deferred liabilities			74,000	$ 103,200
Accounts payable			$ 6,900
Other Transactions | Homeowner contracts
Business Acquisition [Line Items]
Weighted average useful life				4 years
Other Transactions | Homeowner contracts | Maximum
Business Acquisition [Line Items]
Weighted average useful life			5 years	5 years
TurnKey
Business Acquisition [Line Items]
Total purchase consideration	$ 618,800
Goodwill period adjustment		(2,500)
Increase to intangible assets		$ 2,400
Goodwill	516,989
Intangible assets	107,600
Accounts receivable, net	3,548
Deferred liabilities	8,097
Accounts payable	9,334
Business acquisition costs				$ 7,700
TurnKey | Homeowner contracts
Business Acquisition [Line Items]
Intangible assets	$ 102,300
Weighted average useful life	5 years
TurnKey Acquisitions
Business Acquisition [Line Items]
Goodwill period adjustment			$ 5,700
Increase to intangible assets			1,300
Measurement period adjustments, increase to liabilities for advanced deposits received			$ 8,700

Acquisitions - Purchase Conside

Acquisitions - Purchase Consideration (Details) - TurnKey $ in Thousands	Apr. 01, 2021 USD ($)
Business Acquisition [Line Items]
Cash consideration paid	$ 45,000
Issuance of common units	573,800
Total purchase consideration	$ 618,800

Acquisitions - Fair Value of As

Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 01, 2021
Fair value of assets acquired and liabilities assumed
Goodwill	$ 171,879	$ 585,205	$ 754,506
TurnKey
Fair value of assets acquired and liabilities assumed
Cash and cash equivalents				$ 40,461
Restricted cash				14,444
Accounts receivable, net				3,548
Prepaid expenses and other current assets				7,614
Property and equipment				1,494
Intangible assets				107,600
Total assets acquired				175,161
Accounts payable				(9,334)
Funds payable to owners				(24,711)
Hospitality and sales taxes payable				(5,748)
Deferred revenue				(8,097)
Future stay credits				(10,601)
Accrued expenses and other liabilities				(8,474)
Other long-term liabilities				(6,385)
Total liabilities assumed				(73,350)
Net assets purchased				101,811
Goodwill				516,989
Total purchase consideration				$ 618,800

Acquisitions - Identifiable Int

Acquisitions - Identifiable Intangible Assets Acquired (Details) - TurnKey $ in Thousands	Apr. 01, 2021 USD ($)
Identifiable intangible assets acquired
Intangible assets	$ 107,600
Homeowner contracts
Identifiable intangible assets acquired
Estimated Useful Life (Years)	5 years
Intangible assets	$ 102,300
Database and listings
Identifiable intangible assets acquired
Estimated Useful Life (Years)	1 year
Intangible assets	$ 3,400
Trademark, trade name, brand name
Identifiable intangible assets acquired
Estimated Useful Life (Years)	1 year
Intangible assets	$ 1,900

Acquisitions - Unaudited Pro Fo

Acquisitions - Unaudited Pro Forma Basis (Details) - TurnKey $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Revenue	$ 920,620
Net loss	$ (149,622)

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Liabilities
Contingent consideration	$ 8,000	$ 22,300
Fair Value, Recurring
Liabilities
Contingent consideration	8,043	22,317
Class G Common Stock (Note 13)	506	5,077
Fair Value, Recurring | Level 1
Liabilities
Contingent consideration	0	0
Class G Common Stock (Note 13)	0	0
Fair Value, Recurring | Level 2
Liabilities
Contingent consideration	0	0
Class G Common Stock (Note 13)	0	0
Fair Value, Recurring | Level 3
Liabilities
Contingent consideration	8,043	22,317
Class G Common Stock (Note 13)	$ 506	$ 5,077

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag	Change in fair value of Class G Common Stock included in earnings
Series G Preferred Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 5,077	$ 61,514	$ 0
Recognition of Class G Common Stock	0	0	75,860
Change in fair value of Class G Common Stock included in earnings	(4,571)	(56,437)	(14,346)
Balance, end of period	$ 506	$ 5,077	$ 61,514

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Impairment of long-lived assets	$ 46,000	$ 46,000		$ 46,000	$ 0	$ 0
Impairment of goodwill		$ 411,000	$ 244,000	411,000	243,991	0
Impairment of right-of-use assets				$ 4,240	$ 0	0
Warrant
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of warrant						$ 11,500

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 141,045	$ 128,998
Less: Accumulated depreciation	(84,328)	(63,455)
Property and equipment, net	56,717	65,543
Impairment	(46,000)	0
Homeowner contracts
Property, Plant and Equipment [Line Items]
Impairment	(46,000)	0
Databases, photos, and property listings
Property, Plant and Equipment [Line Items]
Impairment	0	0
Trade names
Property, Plant and Equipment [Line Items]
Impairment	0	0
Other
Property, Plant and Equipment [Line Items]
Impairment	0	0
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	$ 12,474	12,471
Buildings and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	12 years
Buildings and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	35 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 6,526	6,528
Computer equipment
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Property, plant and equipment, gross	$ 13,873	13,510
Furniture, fixtures, and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 26,340	22,096
Furniture, fixtures, and other | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	2 years
Furniture, fixtures, and other | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	10 years
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 8,276	7,975
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	2 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	8 years
Internal-use software
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	4 years
Property, plant and equipment, gross	$ 60,162	$ 53,024

Intangible Assets, Net and Go_3

Intangible Assets, Net and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 353,247	$ 351,751
Accumulated Amortization	(192,783)	(136,900)
Impairment	(46,000)	0
Total	$ 114,464	$ 214,851
Homeowner contracts
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (Years)	5 years	4 years
Gross Carrying Amount	$ 314,221	$ 311,456
Accumulated Amortization	(153,819)	(101,142)
Impairment	(46,000)	0
Total	$ 114,402	$ 210,314
Databases, photos, and property listings
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (Years)	0 years	1 year
Gross Carrying Amount	$ 26,526	$ 27,450
Accumulated Amortization	(26,519)	(23,661)
Impairment	0	0
Total	$ 7	$ 3,789
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (Years)	1 year	1 year
Gross Carrying Amount	$ 9,597	$ 9,942
Accumulated Amortization	(9,570)	(9,316)
Impairment	0	0
Total	$ 27	$ 626
Other
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (Years)	5 years	2 years
Gross Carrying Amount	$ 2,903	$ 2,903
Accumulated Amortization	(2,875)	(2,781)
Impairment	0	0
Total	$ 28	$ 122

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill - Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 37,983
2025	36,204
2026	21,393
2027	6,660
2028	3,350
Thereafter	8,874
Total	$ 114,464	$ 214,851

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance at beginning of period			$ 585,205	$ 754,506
Acquisitions			179	69,362
Measurement period adjustments			(2,539)	5,738
Impairment of goodwill	$ (411,000)	$ (244,000)	(411,000)	(243,991)	$ 0
Foreign exchange translation and other			34	(410)
Balance at end of period		585,205	171,879	585,205	$ 754,506
Accumulated impairment to goodwill		$ 244,000	$ 655,100	$ 244,000

Intangible Assets, Net and Go_6

Intangible Assets, Net and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of long-lived assets	$ 46,000	$ 46,000		$ 46,000	$ 0	$ 0
Impairment of goodwill		$ 411,000	$ 244,000	$ 411,000	$ 243,991	$ 0

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Leased Assets [Line Items]
Operating lease cost	$ 13,420	$ 15,394
Cost of revenue
Operating Leased Assets [Line Items]
Operating lease cost	3,400	4,600
Operations and support
Operating Leased Assets [Line Items]
Operating lease cost	14,300	13,700
General and administrative
Operating Leased Assets [Line Items]
Operating lease cost	$ 4,900	$ 6,100
Minimum
Operating Leased Assets [Line Items]
Remaining lease terms	1 year
Maximum
Operating Leased Assets [Line Items]
Remaining lease terms	6 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 13,420	$ 15,394
Variable lease cost	2,602	1,264
Short-term lease cost	6,618	7,744
Total lease cost	$ 22,640	$ 24,402

Leases - Operating Leases Recog

Leases - Operating Leases Recognized in the Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Other long-term assets	$ 20,086	$ 29,332
Liabilities
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Current portion of operating lease liabilities	$ 8,670	$ 9,490
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 17,196	$ 21,706
Total lease liabilities	$ 25,866	$ 31,196

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 10,061
2025	7,159
2026	4,710
2027	2,991
2028	2,840
Thereafter	1,436
Total lease payments	29,197
Less: Interest	(3,331)
Total lease liabilities	$ 25,866	$ 31,196

Leases - Other Operating Leases

Leases - Other Operating Leases Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (in years)	3 years 10 months 24 days	4 years 4 months 24 days
Weighted-average discount rate	6.70%	5.70%

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Employee-related accruals	$ 23,834	$ 25,110
Homeowner reserves	9,198	9,837
Current portion of acquisition liabilities	11,641	25,056
Current portion of operating lease liabilities	8,670	9,490
Other	9,477	16,340
Total accrued expenses and other current liabilities	$ 62,820	$ 85,833

Debt - Long-Term Debt Obligatio

Debt - Long-Term Debt Obligation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 3,300	$ 4,873
Total debt	3,300	4,873
Less: current maturities	(3,300)	(4,748)
Long-term portion	0	125
Insurance Premium Financing
Debt Instrument [Line Items]
Long-term debt	3,300	4,498
Total debt	3,300	4,498
Other
Debt Instrument [Line Items]
Long-term debt	0	375
Total debt	$ 0	$ 375

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions				1 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 06, 2021	May 21, 2020	Oct. 31, 2021	Dec. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 20
Percent of outstanding revolving commitments	35%
Liquidity required	$ 15
COVID-19
Debt Instrument [Line Items]
Proceeds from senior secured convertible notes			$ 108.1
D-1 Convertible Notes
Debt Instrument [Line Items]
Proceeds from convertible debt			$ 105.9
Interest expense						$ 19.6
Interest rate					3%
PIK interest					7%
D-1 Convertible Notes | Series D-1 Preferred Stock
Debt Instrument [Line Items]
Converted preferred stock (in shares)		140,392,925
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 105
Commitment fee rate					0.25%
Revolving credit facility | Alternate Base Rate
Debt Instrument [Line Items]
Spread on variable interest rate				1.50%
Revolving credit facility | NYFRB Rate
Debt Instrument [Line Items]
Spread on variable interest rate				0.50%
Revolving credit facility | One Month London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread on variable interest rate				1%
Revolving credit facility | LIBOR Rate | Eurocurrency Credit Agreement
Debt Instrument [Line Items]
Spread on variable interest rate				2.50%
Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 40
Current borrowing capacity					$ 23.4
Available borrowing capacity					81.6
Insurance Premium Financing
Debt Instrument [Line Items]
Insurance premium financing					$ 3.3
Weighted-average annual percentage rate					8.99%

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Class G Common Stock (Note 13)	$ 506	$ 5,077
Long-term portion of acquisition liabilities	4,682	16,226
Long-term portion of operating lease liabilities	17,196	21,706
Other	10,695	11,978
Total other long-term liabilities	$ 33,079	$ 54,987

Income Taxes - Domestic and For

Income Taxes - Domestic and Foreign Components of Losses Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ (509,088)	$ (326,328)	$ (145,346)
Foreign	(17,558)	(4,799)	(8,461)
Loss before income taxes	$ (526,646)	$ (331,127)	$ (153,807)

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal U.S.	$ 0	$ 1,509	$ (14)
State and local	476	1,122	889
Foreign	93	473	(36)
Total current provision for income taxes	569	3,104	839
Deferred and other:
Federal U.S.	763	(763)	0
State and local	254	(254)	0
Foreign	0	(1,065)	(55)
Total deferred expense (benefit) for income taxes	1,017	(2,082)	(55)
Total income tax expense (benefit)	$ 1,586	$ 1,022	$ 784

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at federal statutory rate	21%	21%	21%
Effect of flow-through entity	0%	0%	(17.00%)
Noncontrolling Interest	(9.00%)	(9.00%)	(2.00%)
Fair Value Adjustment for Class G Common Stock	0	0	0.02
Valuation Allowance	(12.00%)	(12.00%)	(2.00%)
Other	0%	0%	(2.00%)
Income tax expense (benefit)	0%	0%	0%

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets ("DTA"):
Net operating loss and tax credit carryforwards	$ 55,923	$ 55,179
Reserves and accruals not currently deductible for tax purposes	46	42
Goodwill and other intangibles - DTA	0	0
ASC 718 Adjustment	7,121	6,817
Property, plant, and equipment	90	121
Investment in Vacasa Holdings, LLC	83,453	20,672
Investment in Subsidiaries	95	140
Intangibles	6,729	3,004
Other - DTA	4,414	1,703
Gross deferred tax assets	157,871	87,678
Less: valuation allowance	(157,610)	(86,451)
Total deferred tax assets	261	1,227
Deferred Tax Liabilities ("DTL"):
Accrued Expenses	(67)	0
Property, plant and equipment	0	(14)
Goodwill and other intangibles - DTL	0	0
Other - DTL	(194)	(197)
Total deferred tax liabilities	(261)	(211)
Net deferred tax asset (liability)	$ 0	$ 1,016

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Change in valuation allowance	$ 71.2	$ 48.1
Operating loss carryforwards for domestic operations	218.6
Net operating loss carryforward subject to expire	$ 9.8

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 02, 2023 $ / shares	Dec. 31, 2023 USD ($) d $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 06, 2021 $ / shares shares
Temporary Equity [Line Items]
Stockholders' equity note, stock split, conversion ratio	0.05
Common stock par value (in usd per share) | $ / shares	$ 0.00001
Preferred stock authorized (in shares)		30,000,000
Preferred stock par value (in usd per share) | $ / shares		$ 0.00001
Preferred stock issued (in shares)		0
Preferred stock outstanding (in shares)		0
Threshold trading days | d		20
Threshold consecutive trading days | d		30
Adjustment to re-measurement of redeemable convertible preferred units | $		$ 0	$ 0	$ 426,101
Vacasa Holdings LLC
Temporary Equity [Line Items]
Common stock outstanding (in shares)		12,730,577
Ownership interest		57.70%
Percent of redeemable noncontrolling interest		42.30%
Class A Common Stock
Temporary Equity [Line Items]
Common stock par value (in usd per share) | $ / shares		$ 0.00001	$ 0.00001		$ 0.00001
Common stock authorized (in shares)		1,000,000,000	1,000,000,000
Common stock outstanding (in shares)		12,730,577	11,819,511		214,793,795
Class B Common Stock
Temporary Equity [Line Items]
Common stock par value (in usd per share) | $ / shares		$ 0.00001	$ 0.00001		$ 0.00001
Common stock authorized (in shares)		472,436,863	472,436,863
Common stock outstanding (in shares)		9,340,553	9,872,261
Class G Common Stock
Temporary Equity [Line Items]
Common stock par value (in usd per share) | $ / shares		$ 0.00001			$ 0.00001
Common stock authorized (in shares)		30,000,000
Common stock outstanding (in shares)		316,666
Class G Common Stock | Share-based Payment Arrangement, Tranche One
Temporary Equity [Line Items]
Conversion price (in usd per share) | $ / shares		$ 250
Converted shares issued (in shares)		120,983
Class G Common Stock | Share-based Payment Arrangement, Tranche Two
Temporary Equity [Line Items]
Conversion price (in usd per share) | $ / shares		$ 300
Converted shares issued (in shares)		136,105
Class G Common Stock | Share-based Payment Arrangement, Tranche Three
Temporary Equity [Line Items]
Conversion price (in usd per share) | $ / shares		$ 350
Converted shares issued (in shares)		154,253

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 01, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Adjustment to re-measurement of redeemable convertible preferred units		$ 0	$ 0	$ 426,101
Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Change in fair value of warrant				$ 11,500
Stock Appreciation Rights And Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense recognized after reverse recapitalization		$ 18,400
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
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		$ 20,100
Weighted average period of recognition		2 years 4 months 24 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		$ 4,100
Weighted average period of recognition		1 year 10 months 24 days
Performance stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock issued to holder		0%
Performance stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock issued to holder		200%
Stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		$ 100
Weighted average period of recognition		7 months 6 days
Weighted average remaining contractual term (in years)		5 years 6 months
Intrinsic value		$ 0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Effect of reverse recapitalization (in shares)		277,663
Total unrecognized equity-based compensation expense		$ 100
Weighted average period of recognition		10 months 24 days
Weighted average remaining contractual term (in years)		4 years 8 months 12 days
Intrinsic value		$ 100
Aggregate intrinsic value of stock options exercised		400
Employee equity units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		$ 100
Weighted average period of recognition		8 months 12 days
Period for service-based vesting condition		4 years
Awards term		3 years
Employee equity units | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting percentage		25%
Employee equity units | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting percentage		2.083%
Class A Common Stock | Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common units reserved for issuance (in shares)		258,858
Shares of common stock outstanding on the last day of the preceding fiscal year		1%
Additional percentage of shares of common stock outstanding on the last day of the preceding fiscal year		2%
Shares purchased (in shares)		145,148
Shares purchased (in usd per share)		$ 9.47
Class A Common Stock | Employee stock purchase plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)	220,711
2021 Plan | Incentive Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of voting stock		10%
Vesting period		5 years
2021 Plan | Stock Appreciation Rights And Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		10 years
2021 Plan | Stock Appreciation Rights And Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
2021 Plan | Stock Appreciation Rights And Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
2021 Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted percentage		100%
Common units reserved for issuance (in shares)		418,256
Shares of common stock outstanding on the last day of the preceding fiscal year		3%
Additional percentage of shares of common stock outstanding on the last day of the preceding fiscal year		5%
2021 Plan | Class A Common Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)	662,134
2021 Plan | Class A Common Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			25,000,000
2021 Plan | Class A Common Stock | Incentive Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted percentage		110%

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Employee Equity Units (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted stock units
Number of units:
Outstanding balance at the beginning (in shares)	269	0
Granted (in shares)	825	399
Vested (in shares)	(161)	(71)
Forfeited (in shares)	(100)	(59)
Outstandng balance as the ending (in shares)	833	269
Weighted-Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share)	$ 99.20	$ 0
Granted (in usd per share)	19.14	109.80
Vested (in usd per share)	75.30	133.60
Forfeited (in usd per share)	60.33	128.20
Outstanding balance as the ending (in usd per share)	$ 27.58	$ 99.20
Performance stock units
Number of units:
Outstanding balance at the beginning (in shares)	105	0
Granted (in shares)	150	179
Vested (in shares)		(20)
Forfeited (in shares)	(5)	(54)
Outstandng balance as the ending (in shares)	250	105
Weighted-Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share)	$ 58	$ 0
Granted (in usd per share)	9.68	54.40
Vested (in usd per share)		46.60
Forfeited (in usd per share)	75.82	50.60
Outstanding balance as the ending (in usd per share)	$ 29.40	$ 58
Employee equity units
Number of units:
Outstanding balance at the beginning (in shares)	101	247
Vested (in shares)	(26)	(114)
Forfeited (in shares)	(70)	(32)
Outstandng balance as the ending (in shares)	5	101
Weighted-Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share)	$ 112	$ 86.80
Vested (in usd per share)	98.31	81
Forfeited (in usd per share)	122.95	29.60
Outstanding balance as the ending (in usd per share)	$ 29.63	$ 112

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of SARs and Options (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock appreciation rights
Number of units
Beginning balance (in shares)	87	250
Exercised (in shares)		(137)
Forfeited (in shares)	(42)	(26)
Ending balance (in shares)	45	87
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (in usd per share)	$ 61.20	$ 59
Exercised (in usd per shares)		53.60
Forfeited (in usd per share)	60.91	81.20
Ending balance (in usd per share)	$ 61.54	$ 61.20
Stock options
Number of units
Beginning balance (in shares)	234	273
Exercised (in shares)	(49)	(23)
Forfeited (in shares)	(29)	(16)
Ending balance (in shares)	156	234
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (in usd per share)	$ 18.40	$ 18.20
Exercised (in usd per shares)	9.18	9
Forfeited (in usd per share)	33.49	32
Ending balance (in usd per share)	$ 20.76	$ 18.40

Equity-Based Compensation - Equ

Equity-Based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity-Based Compensation Expense
Total equity-based compensation expense	$ 15,542	$ 34,170	$ 26,978
Cost of revenue
Equity-Based Compensation Expense
Total equity-based compensation expense	105	1,025	113
Operations and support
Equity-Based Compensation Expense
Total equity-based compensation expense	1,458	5,931	2,574
Technology and development
Equity-Based Compensation Expense
Total equity-based compensation expense	2,203	5,733	3,032
Sales and marketing
Equity-Based Compensation Expense
Total equity-based compensation expense	2,435	5,554	8,270
General and administrative
Equity-Based Compensation Expense
Total equity-based compensation expense	$ 9,341	$ 15,927	$ 12,989

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 02, 2023	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares		Dec. 31, 2022 USD ($) $ / shares shares		Dec. 31, 2021 USD ($) $ / shares shares
Earnings Per Share [Abstract]
Net loss attributable to Class A Common Stockholders for basic net loss per share | $		$ (12,697)	$ (298,703)		$ (177,898)		$ (12,697)
Net loss attributable to Class A Common Stockholders for diluted net loss per share | $		$ (12,697)	$ (298,703)		$ (177,898)		$ (12,697)
Weighted-average shares for basic loss per share (in shares) | shares		10,739	12,202	[1],[2]	11,171	[1],[2]	10,739	[1],[2]
Weighted-average shares for diluted loss per share (in shares) | shares		10,739	12,202	[1],[2]	11,171	[1],[2]	10,739	[1],[2]
Basic loss per share of Class A Common Stock (in usd per share) | $ / shares		$ (1.18)	$ (24.48)	[1],[2]	$ (15.92)	[1],[2]	$ (1.18)	[1],[2]
Diluted loss per share of Class A Common Stock (in usd per share) | $ / shares		$ (1.18)	$ (24.48)	[1],[2]	$ (15.92)	[1],[2]	$ (1.18)	[1],[2]
Stockholders' equity note, stock split, conversion ratio	0.05
[1]Basic and diluted net loss per share of Class A Common Stock is applicable only for periods subsequent to December 6, 2021, which is the date of the Reverse Recapitalization (as defined in Note 3, Reverse Recapitalization ). Basic and diluted loss per share of Class A Common Stock for the year ended December 31, 2021 represents only the period of December 6, 2021 to December 31, 2022. See also Note 15, Net Loss Per Share Note 13 - Equity for additional information.

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Stock Excluded Due to Anti-Dilutive Effects (Details) shares in Thousands		12 Months Ended
	Oct. 02, 2023	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2021 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)		11,241	11,253	11,819
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)		9,341	9,872	10,638
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)		833	269	0
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)		250	105	0
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)		45	87	250
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)		156	234	273
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)		5	101	247
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)		200	174	0
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

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Accrued obligation	$ 1.9	$ 1.2
Tax Matters
Loss Contingencies [Line Items]
Lodging taxes payable	14.7	17.9
Estimated taxes, including estimated penalties and interest	$ 10.7	$ 11.8

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Employer matching contribution	100%
Employer matching contribution, percent of employees eligible compensation	6%
Contribution expense	$ 9.2	$ 10.5	$ 7.9

Workforce Reduction (Details)

Workforce Reduction (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2023 position	Dec. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Expected number of positions eliminated | position	1,300
Number of positions eliminated, period percent	17%
Estimated pre-tax cost | $		$ 5.1

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions		1 Months Ended	3 Months Ended
	Feb. 27, 2024 position	Jan. 31, 2023 position	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)
Subsequent Event [Line Items]
Expected number of positions eliminated		1,300
Number of positions eliminated, period percent		17%
Subsequent Event
Subsequent Event [Line Items]
Expected number of positions eliminated	320
Number of positions eliminated, period percent	5%
Subsequent Event | Forecast
Subsequent Event [Line Items]
Severance costs | $			$ 5	$ 4
Subsequent Event | Local Operations Teams
Subsequent Event [Line Items]
Number of positions eliminated, period percent	2%
Subsequent Event | Central Team
Subsequent Event [Line Items]
Number of positions eliminated, period percent	6%

Uncategorized Items - vcsa-2023

Label	Element	Value
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ (129,336,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(12,697,000)
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	19,581,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	6,863,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	(384,000)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	13,000
Additional Paid-in Capital [Member]
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	19,581,000
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	6,863,000
AOCI Attributable to Parent [Member]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	(384,000)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	13,000
Redeemable Noncontrolling Interests [Member]
Temporary Equity, Net Income	us-gaap_TemporaryEquityNetIncome	(12,558,000)
Temporary Equity, APIC, Share-based Payment Arrangement, Increase For Cost Recognition	vcsa_TemporaryEquityAPICShareBasedPaymentArrangementIncreaseForCostRecognition	534,000
Temporary Equity, Foreign Currency Transaction And Translation Adjustments, Net Of Tax	vcsa_TemporaryEquityForeignCurrencyTransactionAndTranslationAdjustmentsNetOfTax	13,000
Retained Earnings [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(12,697,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ (129,336,000)