Vacasa (VCSA) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 05, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41130
Entity Registrant Name	Vacasa, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1995316
Entity Address, Address Line One	850 NW 13th Avenue
Entity Address, City or Town	Portland
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97209
City Area Code	503
Local Phone Number	946-3650
Title of 12(b) Security	Class A Common Stock, par value $0.00001 per share
Trading Symbol	VCSA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001874944
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,514,987
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,749,244
Common Class G
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		316,666

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 186,717	$ 88,049
Restricted cash		268,370	137,788
Accounts receivable, net		19,740	14,242
Prepaid expenses and other current assets		26,097	25,766
Total current assets		500,924	265,845
Property and equipment, net		52,603	56,717
Intangible assets, net		19,296	114,464
Goodwill		171,843	171,879
Other long-term assets		49,676	54,643
Total assets		794,342	663,548
Current liabilities:
Accounts payable		44,278	30,353
Funds payable to owners		291,101	178,670
Hospitality and sales taxes payable		68,254	45,179
Deferred revenue		157,396	105,217
Future stay credits		246	584
Accrued expenses and other current liabilities		65,256	62,820
Total current liabilities		626,531	422,823
Long-term debt, net of current portion		81,000	0
Other long-term liabilities		28,942	33,079
Total liabilities		736,473	455,902
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests		32,881	76,593
Equity:
Additional paid-in capital		1,362,061	1,372,618
Accumulated deficit		(1,335,384)	(1,240,850)
Accumulated other comprehensive loss		(1,694)	(720)
Total equity		24,988	131,053
Total liabilities, temporary equity, and equity		794,342	663,548
Class A Common Stock
Equity:
Common Stock	[1]	3	3
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 11, Equity and Equity-Based Compensation for additional information.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Jun. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / 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)	15,547,082	12,730,577
Common stock outstanding (in shares)	15,547,082	12,730,577
Class B Common Stock
Common stock par value (in usd per share) | $ / shares	$ 0.00001	$ 0.00001
Common stock authorized (in shares)	469,844,106	469,844,106
Common stock issued (in shares)	6,751,481	9,340,553
Common stock outstanding (in shares)	6,751,481	9,340,553

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue		$ 248,976	$ 304,579	$ 458,448	$ 561,433
Operating costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below		119,330	142,126	225,068	266,257
Operations and support		57,494	61,851	117,478	122,664
Technology and development		16,635	15,601	31,941	29,874
Sales and marketing		43,143	56,397	92,586	113,901
General and administrative		20,790	16,367	42,522	42,074
Depreciation		3,607	5,396	7,413	10,393
Amortization of intangible assets		1,781	15,187	11,098	30,877
Impairment of long-lived assets		0	0	84,000	0
Total operating costs and expenses		262,780	312,925	612,106	616,040
Loss from operations		(13,804)	(8,346)	(153,658)	(54,607)
Interest income		1,162	2,095	1,967	3,673
Interest expense		(428)	(589)	(953)	(1,312)
Other income, net		119	1,617	195	3,774
Loss before income taxes		(12,951)	(5,223)	(152,449)	(48,472)
Income tax expense		(147)	(419)	(1,565)	(782)
Net loss		(13,098)	(5,642)	(154,014)	(49,254)
Less: Net loss attributable to redeemable noncontrolling interests		(4,247)	(2,521)	(59,480)	(22,341)
Net loss attributable to Class A Common Stockholders for basic net loss per share		(8,851)	(3,121)	(94,534)	(26,913)
Net loss attributable to Class A Common Stockholders for diluted net loss per share		$ (8,851)	$ (3,121)	$ (94,534)	$ (26,913)
Net loss per share of Class A Common Stock, basic (in usd per share)	[1]	$ (0.59)	$ (0.26)	$ (6.64)	$ (2.25)
Net loss per share of Class A Common Stock:, diluted (in usd per share)	[1]	$ (0.59)	$ (0.26)	$ (6.64)	$ (2.25)
Weighted-average shares for basic and diluted loss per share - basic (in shares)	[1]	15,017	12,054	14,229	11,950
Weighted-average shares for basic and diluted loss per share - diluted (in shares)	[1]	15,017	12,054	14,229	11,950
[1] Weighted-average shares outstanding used in the computation of basic and diluted loss per share reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 11, Equity and Equity-Based Compensation for additional information.

Condensed Consolidated Statem_2

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

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (13,098)	$ (5,642)	$ (154,014)	$ (49,254)
Foreign currency translation adjustments	(814)	(29)	(1,001)	(999)
Total comprehensive loss	(13,912)	(5,671)	(155,015)	(50,253)
Less: Comprehensive income (loss) attributable to redeemable noncontrolling interests	(4,431)	(2,543)	(59,507)	(22,802)
Total comprehensive loss attributable to Class A Common Stockholders	$ (9,481)	$ (3,128)	$ (95,508)	$ (27,451)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash from operating activities:
Net loss	$ (154,014)	$ (49,254)
Adjustments to reconcile net loss to net cash provided by operating activities:
Credit loss expense	2,087	1,789
Depreciation	7,413	10,393
Amortization of intangible assets	11,098	30,877
Impairment of long-lived assets	84,000	0
Impairment of right-of-use assets	0	4,240
Future stay credit breakage	(105)	(955)
Reduction in the carrying amount of right-of-use assets	4,700	5,254
Deferred income taxes	0	(6)
Other gains and losses	816	(592)
Fair value adjustment on derivative liabilities	0	(3,364)
Non-cash interest expense	108	107
Equity-based compensation expense	5,179	8,031
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Accounts receivable	(7,570)	447
Prepaid expenses and other assets	6,137	13,874
Accounts payable	13,883	13,816
Funds payable to owners	112,216	161,159
Hospitality and sales taxes payable	23,023	35,680
Deferred revenue and future stay credits	51,778	85,932
Operating lease obligations	(4,955)	(5,367)
Accrued expenses and other liabilities	7,780	(2,995)
Net cash provided by operating activities	163,574	309,066
Cash from investing activities:
Purchases of property and equipment	(1,426)	(2,930)
Cash paid for internally developed software	(2,666)	(4,074)
Cash paid for business combinations, net of cash and restricted cash acquired	0	(735)
Net cash used in investing activities	(4,092)	(7,739)
Cash from financing activities:
Cash paid for business combinations	(7,644)	(16,394)
Payments of long-term debt	(125)	(250)
Proceeds from exercise of stock options	59	101
Proceeds from (payments to) Employee Stock Purchase Program, net of refunds	(44)
Proceeds from (payments to) Employee Stock Purchase Program, net of refunds		719
Proceeds from borrowings on revolving credit facility	81,000	2,000
Repayment of borrowings on revolving credit facility	0	(2,000)
Repayment of financed insurance premiums	(3,068)	(3,104)
Other financing activities	(28)	(96)
Net cash provided by (used in) financing activities	70,150	(19,024)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash	(382)	(466)
Net increase in cash, cash equivalents and restricted cash	229,250	281,837
Cash, cash equivalents and restricted cash, beginning of period	225,837	319,660
Cash, cash equivalents and restricted cash, end of period	455,087	601,497
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net of refunds	630	1,694
Cash paid for interest	1,073	1,309
Cash paid for operating lease liabilities	2,977	3,105
Supplemental disclosures of non-cash activities:
Financed insurance premiums	113	186
Lease liabilities exchanged for right-of-use assets	1,688	478
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	186,717	280,758
Restricted cash	268,370	320,739
Total cash, cash equivalents and restricted cash	$ 455,087	$ 601,497

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Deficit) - USD ($) $ in Thousands		Total	Class B Common Stock	Redeemable Non-controlling Interests	Redeemable Non-controlling Interests Class B Common Stock	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, 2022				$ 306,943
Redeemable Convertible Preferred Units
Vesting of employee equity units				289
Vesting of restricted stock units				(1,038)
Exercise of equity-based awards				(163)
Purchase of shares under the ESPP					$ (820)
Redemption of OpCo units and retirement of Class B Common Stock				(7,339)
Equity-based compensation				1,533
Foreign currency translation adjustments				(451)
Net loss				(22,341)
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2023				276,613
Balance at the beginning (in shares) at Dec. 31, 2022	[1]					11,819,511	9,872,261
Balance at the beginning at Dec. 31, 2022		$ 413,000				$ 2	$ 2	$ 1,355,141		$ (942,147)	$ 2
Equity
Vesting of employee equity units (in shares)	[1]						17,301
Vesting of employee equity units		(289)						(289)
Vesting of restricted stock units (in shares)	[1]					76,572
Vesting of restricted stock units		1,038						1,037			1
Exercise of equity-based awards (in shares)	[1]					11,918
Exercise of equity-based awards		265						265
Purchase of shares under the ESPP (in shares)	[1]					62,813
Purchase of shares under the ESPP			$ 1,636						$ 1,636
Redemption of OpCo units and retirement of Class B Common Stock (in shares)	[1]					220,493	(220,493)
Redemption of OpCo units and retirement of Class B Common Stock		7,339						7,330			9
Equity-based compensation		6,498						6,498
Foreign currency translation adjustments		(548)									(548)
Net loss		(26,913)								(26,913)
Balance at the end (in shares) at Jun. 30, 2023	[1]					12,191,307	9,669,069
Balance at the end at Jun. 30, 2023		402,026				$ 2	$ 2	1,371,618		(969,060)	(536)
Redeemable Non-controlling Interests, beginning balance at Mar. 31, 2023				285,393
Redeemable Convertible Preferred Units
Vesting of employee equity units				92
Vesting of restricted stock units				(554)
Exercise of equity-based awards				(67)
Purchase of shares under the ESPP					(820)
Redemption of OpCo units and retirement of Class B Common Stock				(5,424)
Equity-based compensation				526
Foreign currency translation adjustments				(12)
Net loss				(2,521)
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2023				276,613
Balance at the beginning (in shares) at Mar. 31, 2023	[1]					11,922,225	9,822,249
Balance at the beginning at Mar. 31, 2023		394,175				$ 2	$ 2	1,360,639		(965,939)	(529)
Equity
Vesting of employee equity units (in shares)	[1]						5,708
Vesting of employee equity units		(92)						(92)
Vesting of restricted stock units (in shares)	[1]					42,276
Vesting of restricted stock units		554						553			1
Exercise of equity-based awards (in shares)	[1]					5,105
Exercise of equity-based awards		103						103
Purchase of shares under the ESPP (in shares)	[1]					62,813
Purchase of shares under the ESPP			1,636						1,636
Redemption of OpCo units and retirement of Class B Common Stock (in shares)	[1]					158,888	(158,888)
Redemption of OpCo units and retirement of Class B Common Stock		5,424						5,415			9
Equity-based compensation		3,364						3,364
Foreign currency translation adjustments		(17)									(17)
Net loss		(3,121)								(3,121)
Balance at the end (in shares) at Jun. 30, 2023	[1]					12,191,307	9,669,069
Balance at the end at Jun. 30, 2023		402,026				$ 2	$ 2	1,371,618		(969,060)	(536)
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2023		76,593		76,593
Redeemable Convertible Preferred Units
Vesting of employee equity units				7
Vesting of restricted stock units				(139)
Exercise of equity-based awards				(48)
Redemption of OpCo units and retirement of Class B Common Stock					(9,881)
Equity-based compensation				109
Foreign currency translation adjustments				(311)
Net loss				(59,480)
Adjustment of redeemable noncontrolling interest to redemption amount				26,031
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2024		32,881		32,881
Balance at the beginning (in shares) at Dec. 31, 2023	[2]					12,730,577	9,340,553
Balance at the beginning at Dec. 31, 2023		131,053				$ 3	$ 2	1,372,618		(1,240,850)	(720)
Equity
Vesting of employee equity units (in shares)	[2]						3,685
Vesting of employee equity units		(7)						(7)
Vesting of restricted stock units (in shares)	[2]					204,400
Vesting of restricted stock units		139						144			(5)
Exercise of equity-based awards (in shares)	[2]					19,348
Exercise of equity-based awards		107						107
Redemption of OpCo units and retirement of Class B Common Stock (in shares)	[2]					2,592,757	(2,592,757)
Redemption of OpCo units and retirement of Class B Common Stock			9,881						10,160			$ (279)
Equity-based compensation		5,070						5,070
Foreign currency translation adjustments		(690)									(690)
Net loss		(94,534)								(94,534)
Adjustment of redeemable noncontrolling interest to redemption amount		(26,031)						(26,031)
Balance at the end (in shares) at Jun. 30, 2024	[2]					15,547,082	6,751,481
Balance at the end at Jun. 30, 2024		24,988				$ 3	$ 2	1,362,061		(1,335,384)	(1,694)
Redeemable Non-controlling Interests, beginning balance at Mar. 31, 2024				52,259
Redeemable Convertible Preferred Units
Vesting of employee equity units				(1)
Vesting of restricted stock units				41
Exercise of equity-based awards				0
Redemption of OpCo units and retirement of Class B Common Stock					$ 803
Equity-based compensation				54
Foreign currency translation adjustments				(246)
Net loss				(4,247)
Adjustment of redeemable noncontrolling interest to redemption amount				(15,782)
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2024		32,881		$ 32,881
Balance at the beginning (in shares) at Mar. 31, 2024	[2]					14,496,062	7,662,397
Balance at the beginning at Mar. 31, 2024		17,410				$ 3	$ 2	1,345,002		(1,326,533)	(1,064)
Equity
Vesting of employee equity units (in shares)	[2]						1,841
Vesting of employee equity units		1						1
Vesting of restricted stock units (in shares)	[2]					137,078
Vesting of restricted stock units		(41)						(38)			(3)
Exercise of equity-based awards (in shares)	[2]					1,185
Exercise of equity-based awards		3						3
Redemption of OpCo units and retirement of Class B Common Stock (in shares)	[2]					912,757	(912,757)
Redemption of OpCo units and retirement of Class B Common Stock			$ (803)						$ (744)			$ (59)
Equity-based compensation		2,055						2,055
Foreign currency translation adjustments		(568)									(568)
Net loss		(8,851)								(8,851)
Adjustment of redeemable noncontrolling interest to redemption amount		15,782						15,782
Balance at the end (in shares) at Jun. 30, 2024	[2]					15,547,082	6,751,481
Balance at the end at Jun. 30, 2024		$ 24,988				$ 3	$ 2	$ 1,362,061		$ (1,335,384)	$ (1,694)
[1]Common stock shares outstanding reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 11, Equity and Equity-Based Compensation for additional information. Equity and Equity-Based Compensation for additional information.

Condensed Consolidated Statem_6

Condensed 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	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Description of Business	Description of Business Vacasa, Inc. and its subsidiaries (the "Company") operate a vertically integrated vacation rental platform. Homeowners utilize the Company’s technology and services to realize income from their rental assets. Guests from around the world utilize the Company’s technology and services to search for and book Vacasa-listed properties in the United States, Belize, Canada, Costa Rica, and Mexico. The Company collects nightly rent on behalf of homeowners and earns the majority of its revenue from commissions on rent and from additional reservation-related fees paid by guests when a vacation rental is booked directly through the Company’s website or app or through its distribution partners. The Company conducts its business through Vacasa Holdings LLC ("Vacasa Holdings" or "OpCo") and its subsidiaries. The Company is headquartered in Portland, Oregon.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the Securities and Exchange Commission ("SEC"). These condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries, and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. The financial information as of December 31, 2023 contained in this Quarterly Report is derived from the audited consolidated financial statements and notes included in the Company's 2023 Annual Report, which should be read in conjunction with these condensed consolidated financial statements. Certain information in footnote disclosures normally included in annual financial statements was condensed or omitted for the interim periods presented in accordance with GAAP. In the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The interim results of operations and cash flows are not necessarily indicative of those results and cash flows expected for the year. As of June 30, 2024, the Company held 15,547,082 units of Vacasa Holdings ("OpCo Units"), which represented an ownership interest of approximately 70%. The portion of the consolidated subsidiaries not owned by the Company and any related activity is eliminated through redeemable noncontrolling interests in the condensed consolidated balance sheets and net loss attributable to redeemable noncontrolling interests in the condensed consolidated statements of operations. The Company is an emerging growth company, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), which permits the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. As of January 1, 2022, the Company elected to irrevocably opt out of the extended transition period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, the useful lives of property and equipment and intangible assets, allowance for credit losses, valuation of assets acquired and liabilities assumed in business acquisitions and related contingent consideration, valuation of 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 condensed consolidated financial statements will be affected. Risks and Uncertainties Liquidity Since the Company's founding, its principal sources of liquidity have been from proceeds received through the issuance of equity and debt financing. The Company has incurred significant operating losses and generated negative cash flows from operations as it has invested to support the growth of the business. To execute on its strategic initiatives, the Company has and will continue to incur operating losses and generate negative cash flows from operations on an annual basis now and in the future, and as a result, will require and continue to need additional capital resources. As of June 30, 2024, we had cash and cash equivalents of $186.7 million. We experienced more variable and generally weaker demand than is typical in the six months ended June 30, 2024 and, as a result, our cash position did not build as expected in the period. On May 7, 2024, the Board of Directors of the Company approved a workforce reduction and reorganization plan (the “Reorganization”), see Note 14 , Workforce Reductions , which is intended to, among other things, reduce certain fixed costs in the business, promote greater efficiency, and realign its business and strategic priorities as a way to accelerate the transformation of the business to a model focused more on local market accountability and execution. This plan involves significant structural changes to the way the Company runs its business, including a significant reduction in our corporate personnel and functions. Although the Company believes the Reorganization and associated operational changes will improve the long-term efficacy of its business model by empowering the local markets, streamlining corporate functions, and better position it for profitability and to generate free cash flow over the long term, the implementation and execution of the Reorganization measures are subject to significant risks and uncertainties, including whether the Company has targeted the appropriate areas for its cost-saving efforts and at the appropriate scale. If the Reorganization plan is not successful, the Company may not realize all or any of the anticipated benefits, which could adversely affect the business, financial condition, and results of operations, including its liquidity position and ability to raise additional capital. The Company’s primary requirements for liquidity and capital are to finance working capital requirements, capital expenditures, and other general corporate purposes. As a result of the significant fluctuations in the Company's cash position, continued decreases in the number of homes on our platform, lower guest demand, changes in booking patterns, and the potential impact of the Reorganization on the business, the Company sought opportunities for additional capital. On May 8, 2024, the Company drew $81.0 million under the Revolving Credit Facility (defined in Note 8 , Debt ), which is subject to financial covenants (see Note 8 , Debt ). On August 7, 2024, a subsidiary of the Company issued $30.0 million of Convertible Notes (as defined in Note 15, Subsequent Event below) to supplement our cash position. The Company continues to assess its liquidity position and opportunities for additional capital, which may be obtained through additional equity offerings, which would dilute the ownership of the Company's existing stockholders, or additional debt financings, which may contain covenants that restrict the operations of the business or otherwise contain terms unfavorable or dilutive to the business and its existing stockholders. In the event that additional financing is required from outside sources, the Company may not be able to raise the financing on terms acceptable to the Company or at all. If the Company is unable to raise additional capital when desired, its business, financial condition, and results of operations could be adversely affected. The Company expects to continue to fund operations primarily through use of its cash and cash equivalents, debt financing, and equity offerings. The Company believes its existing sources of liquidity will be sufficient to fund operations, working capital requirements, capital expenditures, and service debt obligations for at least the next 12 months as of the date of this filing. Significant Accounting Policies Except as identified below, there were no changes to the accounting policies disclosed in Note 2, Significant Accounting Policies of the Company's 2023 Annual Report that had a material impact on the Company's condensed consolidated financial statements and related notes. Impairment of Long-lived Assets The Company evaluates its long-lived assets or asset groups for indicators of possible impairment by comparing the carrying amount to future net undiscounted cash flows expected to be generated by such asset or asset group, including upon 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 first six months of 2024, the Company recorded long-lived asset impairment charges of $84.0 million. There were no long-lived asset impairment charges recorded during the first six months of 2023. Refer to Note 6, Intangible Assets, Net and Goodwill , for additional information. Accounting Pronouncements Adopted in Fiscal 2024 The Company has not adopted any recent accounting pronouncements that have had a material impact on the Company's financial position, results of operations, or cash flows in fiscal 2024. 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 chief operating decision maker 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.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Disaggregation A disaggregation of the Company’s revenues by nature of the Company’s performance obligations are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Vacation rental platform $ 243,234 $ 297,110 $ 447,202 $ 545,337 Other services 5,742 7,469 11,246 16,096 Total $ 248,976 $ 304,579 $ 458,448 $ 561,433 Contract Liability Balances Contract liability balances on the Company’s condensed consolidated balance sheets consist of deferred revenue for amounts collected in advance of a guest stay, limited to the amount of the booking to which the Company expects to be entitled as revenue. The Company’s deferred revenue balances exclude funds payable to owners and hospitality and sales taxes payable, as those amounts will not result in revenue recognition. Deferred revenue is recognized into revenue over the period in which a guest completes a stay. Substantially all of the deferred revenue balances at the end of each period are expected to be recognized as revenue within the subsequent 12 months. Costs to Obtain a Contract The Company capitalizes certain costs it incurs to obtain new homeowner contracts when those costs are expected to be recovered through revenue generated from that contract. Capitalized amounts are amortized on a straight-line basis over the estimated life of the customer through sales and marketing expenses in the condensed consolidated statements of operations. Costs to obtain a contract capitalized as of June 30, 2024 and December 31, 2023 were $33.5 million and $34.8 million, respectively, and were recorded as a component of prepaid expenses and other current assets and other long-term assets in the condensed consolidated balance sheets. The amount of amortization recorded for the three and six months ended June 30, 2024 was $3.7 million and $7.4 million, respectively. The amount of amortization recorded for the three and six months ended June 30, 2023 was $2.0 million and $3.8 million, respectively. Allowance for Credit Losses As of June 30, 2024 and December 31, 2023, the Company’s allowance for credit losses related to accounts receivable was $12.4 million and $11.7 million, respectively. For the three and six months ended June 30, 2024, the Company recognized credit loss expense of $0.9 million and $2.1 million, respectively, which was recorded as a component of general and administrative expense in the condensed consolidated statements of operations. For the three and six months ended June 30, 2023, the Company recognized credit loss expense of $0.5 million and $1.8 million, respectively, which was recorded as a component of general and administrative expense in the condensed consolidated statements of operations.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables set forth the Company's financial liabilities that were measured at fair value on a recurring basis (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 4,027 $ 4,027 Class G Common Stock (1) — — 506 506 As of December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 8,043 $ 8,043 Class G Common Stock (1) — — 506 506 (1) For more information, see Note 13, Equity of our 2023 Annual Report. The carrying amounts of certain financial instruments, including cash equivalents, restricted cash, accounts receivable, accounts payable, and borrowings under our Revolving Credit Facility (defined in Note 8 , Debt ) approximate fair value due to their short-term maturities and are excluded from the fair value tables above. Level 3 instruments consist of contingent consideration obligations related to acquired businesses and the liabilities for contingent earnout share consideration represented by the Company's Class G Common Stock. Contingent Consideration The contingent consideration obligations are recorded in accrued expenses and other current liabilities and other long-term liabilities on the condensed consolidated balance sheets. The fair value of the contingent consideration is estimated utilizing an income approach and based on the Company's expectation of achieving the contractually defined homeowner contract conversion and retention targets at the acquisition date. The Company assesses the fair value of these obligations at each reporting date thereafter with any changes reflected as gains and losses in general and administrative expenses in the condensed consolidated statements of operations. The charges for changes in fair value of the contingent consideration were not material for the three and six months ended June 30, 2024 and 2023. Class G Common Stock The contingent earnout share consideration represented by the Company's Class G Common Stock is recorded in other long-term liabilities on the condensed consolidated balance sheets. The fair value of the Class G Common Stock is estimated on a recurring basis using the Monte Carlo simulation method. The fair value is based on the simulated stock price of the Company over the remaining term of the shares. Pursuant to the Amended and Restated Certificate of Incorporation, the Class G Common Stock is automatically converted to Class A shares at certain conversion ratios upon the occurrence of their respective triggering events. Inputs used to determine the estimated fair value of the Class G Common Stock include the remaining contractual term of the shares, the risk-free rate, the volatility of comparable companies over the remaining term, and the price of the Company's Class A Common Stock. The Company assesses the fair value of the Class G Common Stock at each reporting date with any changes reflected within other income, net in the condensed consolidated statements of operations. The charges for changes in fair value of the contingent consideration were not material for the three and six months ended June 30, 2024 and 2023. Impairment of Long-Lived Assets During the six months ended June 30, 2024, the Company recorded long-lived asset impairment charges of $84.0 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 6, Intangible Assets, Net and Goodwill . Impairment of Right-of-Use Assets

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2024
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 June 30, As of December 31, 2024 2023 Land $ 13,394 $ 13,394 Buildings and building improvements 12,350 12,474 Leasehold improvements 6,521 6,526 Computer equipment 14,057 13,873 Furniture, fixtures, and other 27,453 26,340 Vehicles 8,127 8,276 Internal-use software 57,991 60,162 Total 139,893 141,045 Less: Accumulated depreciation (87,290) (84,328) Property and equipment, net $ 52,603 $ 56,717

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net and Goodwill	Intangible Assets, Net and Goodwill Intangible assets, net consisted of the following (in thousands): Weighted Average Useful Life Remaining (in years) As of June 30, 2024 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Homeowner contracts (1) 3 $ 314,066 $ (164,809) $ (130,000) $ 19,257 Databases, photos, and property listings 0 26,489 (26,489) — — Trade names 1 9,583 (9,566) — 17 Other (2) 4 2,902 (2,880) — 22 Total intangible assets $ 353,040 $ (203,744) $ (130,000) $ 19,296 Weighted Average Useful Life Remaining (in years) As of December 31, 2023 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Homeowner contracts (1) 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 (2) 5 2,903 (2,875) — 28 Total intangible assets $ 353,247 $ (192,783) $ (46,000) $ 114,464 (1) The homeowner contracts balance as of June 30, 2024 is net of accumulated impairment losses of $130.0 million that were recorded during the third quarter of fiscal year 2023 and the first quarter of fiscal year 2024. The homeowner contracts balance as of December 31, 2023 is net of accumulated impairment losses of $46.0 million that were recorded during the third quarter of fiscal year 2023. (2) Other intangible assets consist primarily of non-compete agreements, websites, and domain names. The Company's estimated future amortization of intangible assets as of June 30, 2024 is expected to be as follows (in thousands): Year Ending December 31: Amount Remainder of 2024 $ 4,452 2025 7,541 2026 4,582 2027 1,539 2028 947 Thereafter 235 Total $ 19,296 The following table summarizes the changes in the Company's goodwill balance (in thousands): Six Months Ended June 30, 2024 Balance at beginning of period (1) $ 171,879 Foreign exchange translation and other (36) Balance at end of period (1) $ 171,843 (1) Goodwill is net of accumulated impairment losses of $655.0 million that were recorded to the Company's single reporting unit in prior periods. Impairment During the first quarter of 2024, the Company saw significant declines in Gross Booking Value ("GBV") and Nights Sold. The declines are attributable to volatile guest demand and guest bookings. Further, the Company continued to experience a sustained decline in stock price. 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 March 31, 2024. No triggering event was identified as of June 30, 2024. Impairment of Long-lived Assets The Company evaluates its long-lived assets or asset groups for indicators of possible impairment by comparing the carrying amount to future net undiscounted cash flows expected to be generated by such asset or asset group, including upon 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 as of March 31, 2024, 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. As of March 31, 2024, the carrying value of the Company's homeowner contracts exceeded the fair value, resulting in a long-lived asset impairment charge of $84.0 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 future revenue 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 March 31, 2024. The goodwill impairment assessment did not result in goodwill impairment charges as of March 31, 2024 as the fair value estimate of the Company's single reporting unit exceeded its carrying amount. 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 future revenue 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. No triggering event was identified as of June 30, 2024. Potential indicators of impairment include significant changes in performance relative to expected operating results, significant negative industry or economic trends, or a significant decline in the Company's stock price and/or market capitalization for a sustained period of time. It is reasonably possible that one or more impairment indicators could occur or intensify in the near term, which may result in further impairment of long-lived assets or goodwill.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
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 June 30, As of December 31, 2024 2023 Employee-related accruals $ 23,718 $ 23,834 Homeowner reserves 9,183 9,198 Current portion of acquisition liabilities (1) 9,123 11,641 Current portion of operating lease liabilities 8,975 8,670 Other 14,258 9,477 Total accrued expenses and other current liabilities $ 65,256 $ 62,820 (1) The current portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due within one year.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The Company's debt obligations consisted of the following (in thousands): As of June 30, As of December 31, 2024 2023 Insurance premium financing $ 878 $ 3,300 Other long-term debt 81,000 — Total debt 81,878 3,300 Less: current maturities (1) (878) (3,300) Long-term portion $ 81,000 $ — (1) Current maturities of debt are recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheets. Insurance Premium Financing The Company has entered into short-term agreements to finance certain insurance premiums. The outstanding balance of $0.9 million as of June 30, 2024 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 certain guarantor subsidiaries (the "Guarantors") are secured by first-priority liens on substantially all of the assets of the Borrower and the Guarantors. As of June 30, 2024, there were $81.0 million in borrowings outstanding under the Revolving Credit Facility. As of December 31, 2023, there were no borrowings outstanding under the Revolving Credit Facility. As of June 30, 2024, there were $23.4 million of letters of credit issued under the Revolving Credit Facility, and $0.6 million was available for borrowings.

Other Long-Term Liabilities

Other Long-Term Liabilities	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	Other Long-Term Liabilities Other long-term liabilities consisted of the following (in thousands): As of June 30, As of December 31, 2024 2023 Class G Common Stock (1) $ 506 $ 506 Long-term portion of acquisition liabilities (2) 594 4,682 Long-term portion of operating lease liabilities 17,138 17,196 Other 10,704 10,695 Total other long-term liabilities $ 28,942 $ 33,079 (1) For more information, see Note 13, Equity of our 2023 Annual Report. (2) The long-term portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due after one year.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was a 1% expense on pre-tax loss for the three months ended June 30, 2024 and an 8% expense on pre-tax loss for the three months ended June 30, 2023. The Company's effective tax rate was a 1% expense on pre-tax loss for the six months ended June 30, 2024 and a 2% expense on pre-tax loss for the six months ended June 30, 2023. The effective tax rate differs from our statutory rate in both periods due to the effect of flow-through entity income and losses for which the taxable income or loss is allocated to the Vacasa Holdings, LLC members and due to valuation allowance considerations.

Equity and Equity-Based Compens

Equity and Equity-Based Compensation	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity and Equity-Based Compensation	Equity and Equity-Based Compensation 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 condensed consolidated financial statements has been retroactively adjusted for all periods presented to reflect the decreased number of shares resulting from the Reverse Stock Split. Equity-Based Award Activities Restricted Stock Units A summary of the Restricted Stock Unit ("RSU") activity was as follows during the period indicated: Activity Type Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2023 833 $ 27.58 Granted 215 5.48 Vested (206) 25.78 Forfeited (227) 27.88 Outstanding as of June 30, 2024 615 22.27 As of June 30, 2024, there was unrecognized compensation expense of $11.9 million related to unvested RSUs, which is expected to be recognized over a weighted-average period of 2.0 years. Performance Stock Units The Company has granted Performance Stock Units ("PSUs") to certain members of its leadership team, which vest based upon the achievement of performance criteria and requisite service. The performance criteria are based on the achievement of certain share price appreciation targets. Attainment of each share price appreciation target is measured based on either the trailing 45-day or 60-day average closing trading price of our Class A Common Stock or, in the event of a change in control, the amount per share of Class A Common Stock to be paid to a stockholder in connection with such change in control. For certain of the awards, depending on the performance achieved, the actual number of shares of Class A Common Stock issued to the holder may range from 0% to 200% of the target number of PSUs granted. The number of PSUs granted included in the table below is based on the maximum potential achievement for all awards. In the event that performance criteria and requisite service are not achieved, the corresponding portion of the PSUs that do not vest will be forfeited. A summary of the PSU activity was as follows during the period indicated: Activity Type Performance Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2023 250 $ 29.40 Forfeited (35) 17.03 Outstanding as of June 30, 2024 215 30.65 As of June 30, 2024, there was unrecognized compensation expense of $2.6 million related to unvested PSUs, which is expected to be recognized over a weighted-average period of 1.5 years. Stock Appreciation Rights A summary of the Stock Appreciation Rights ("SARs") activity was as follows during the period indicated: Activity Type Stock Appreciation Rights Weighted Average Exercise Price Outstanding as of December 31, 2023 45 $ 61.54 Forfeited (5) 62.03 Outstanding as of June 30, 2024 40 61.47 As of June 30, 2024, there was less than $0.1 million of unrecognized compensation expense for the Company's SARs that will be recognized over a weighted-average remaining recognition period of 0.4 years. As of June 30, 2024, the Company's outstanding SARs had a weighted-average remaining contractual life of 2.8 years and no intrinsic value. Stock Options A summary of the stock options activity was as follows during the period indicated: Activity Type Stock Options Weighted Average Exercise Price Outstanding as of December 31, 2023 156 $ 20.76 Exercised (19) 3.03 Forfeited (16) 27.25 Outstanding as of June 30, 2024 121 22.73 As of June 30, 2024, there was less than $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 0.5 years. As of June 30, 2024, the Company's outstanding stock options had a weighted-average remaining contractual life of 2.8 years and an intrinsic value of less than $0.1 million. Employee Equity Units A summary of the Vacasa Employee Holdings LLC employee equity units is as follows: Employee Equity Units Weighted-Average Grant Date Fair Value Unvested outstanding as of December 31, 2023 5 $ 29.63 Vested (4) 29.63 Unvested outstanding as of June 30, 2024 1 29.63 As of June 30, 2024, there was less than $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 0.3 years. Employee Stock Purchase Plan In connection with the Business Combination, the Company adopted the 2021 Nonqualified Employee Stock Purchase Plan ("ESPP"). Under the ESPP, eligible participants may purchase shares of the Company’s Class A Common Stock using payroll deductions, which may not exceed 15% of their total cash compensation. Offering and purchase periods begin on June 1 and December 1 of each year. Participants will be granted the right to purchase shares at a price per share that is 85% of the lesser of the fair market value of the shares at (i) the participant’s entry date into the applicable one-year offering period or (ii) the end of each six-month purchase period within the offering period. The ESPP does not meet the criteria of Section 423 of the Internal Revenue Code and is considered a non-qualified plan for federal tax purposes. The Company has treated the ESPP as a compensatory plan under GAAP. During both the three and six months ended June 30, 2024, there were no shares of Class A Common Stock purchased under the ESPP. During March 2024, the Company suspended further contributions to the ESPP and refunded all contributions remaining in the plan. Accordingly, there were no ESPP options outstanding as of June 30, 2024. Equity-Based Compensation Expense The Company recorded equity-based compensation expense for the periods presented in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 9 $ 18 $ 29 $ 62 Operations and support 123 361 207 727 Technology and development 465 509 1,077 903 Sales and marketing 6 533 487 1,544 General and administrative 1,506 2,469 3,379 4,795 Total equity-based compensation expense $ 2,109 $ 3,890 $ 5,179 $ 8,031

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The Company calculates net 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 loss per share. Basic net loss per share is calculated by dividing net 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 loss per share represents basic net loss per share adjusted to include the potentially dilutive effect of RSUs, PSUs, SARs, stock options, employee equity units, and Class G Common Stock. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of Class A Common Stock equivalents outstanding for the period determined using the treasury stock method and if-converted method, as applicable. During periods of net loss, diluted loss per share is equal to basic net loss per share because the antidilutive effect of potential shares of common stock is disregarded. The following is a reconciliation of basic and diluted loss per share of Class A Common Stock for the periods presented (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic and diluted net loss per share of Class A Common Stock: Net loss attributable to Class A Common Stockholders for basic and diluted net loss per share $ (8,851) $ (3,121) $ (94,534) $ (26,913) Weighted-average shares for basic and diluted loss per share (1)(2) 15,017 12,054 14,229 11,950 Basic and diluted net loss per share of Class A Common Stock (1)(2) $ (0.59) $ (0.26) $ (6.64) $ (2.25) (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 reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 11, Equity and Equity-Based Compensation 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) : Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 OpCo units (2) 6,751 9,669 6,751 9,669 Restricted stock units 615 590 615 590 Performance stock units (3) 215 237 215 237 Stock appreciation rights 40 60 40 60 Stock options 121 221 121 221 Employee equity units 1 35 1 35 Employee stock purchase plan — 173 — 173 Class G Common Stock 411 411 411 411 Common shares excluded from calculation of diluted net loss per share 8,154 11,396 8,154 11,396 (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 11, Equity and Equity-Based Compensation 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 change to net loss attributable to Class A Common Stockholders, diluted. (3) PSUs are contingently issuable upon the satisfaction of certain market conditions. As of June 30, 2024, 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 loss per share of Class A Common Stock.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company leases real estate and equipment under various non-cancelable operating leases. In the ordinary course of business, we enter into renewal periods under these leases, at which time the commitments typically increase to match then current market rental rates. For additional information, refer to Note 8, Leases , of the Company's 2023 Annual Report. Regulatory Matters and Legal Proceedings The Company’s operations are subject to laws, rules, and regulations that vary by jurisdiction. In addition, the Company has been and is currently a party to various legal proceedings, including employment and general litigation matters, which arise in the ordinary course of business. Such proceedings and claims can require the Company to expend significant financial and operational resources. Regulatory Matters The Company’s core business operations consist of the management of short-term vacation rental stays, which are subject to local, city, or county ordinances, together with various state, U.S. and foreign laws, rules and regulations. Such laws, rules, and regulations are complex and subject to change, and in several instances, jurisdictions have yet to codify or implement applicable laws, rules or regulations. Other ancillary components of the Company’s business activities include the management of long-term rental stays and homeowner association management. In addition to laws governing these activities, the Company must comply with laws in relation to travel, tax, privacy and data protection, intellectual property, competition, health and safety, consumer protection, employment and many others. These business operations expose the Company to inquiries and potential claims related to its compliance with applicable laws, rules, and regulations. Given the shifting landscape with respect to the short-term rental laws, changes in existing laws or the implementation of new laws could have a material impact on the Company’s business. Tax Matters Some states and localities impose transient occupancy, lodging accommodations, and sales taxes ("Hospitality and Sales Taxes") on the use or occupancy of lodging accommodations and other traveler services. The Company collects and remits Hospitality and Sales Taxes collected from guests on behalf of its homeowners. Such Hospitality and Sales Taxes are generally remitted to tax jurisdictions within a 30-day period following the end of each month, quarter, or year end. As of June 30, 2024 and December 31, 2023, the Company had an obligation to remit Hospitality and Sales Taxes collected from guests in these jurisdictions totaling $26.9 million and $14.7 million, respectively. These payables are recorded in hospitality and sales taxes payable on the condensed consolidated balance sheets. The Company’s potential obligations with respect to Hospitality and Sales Taxes could be affected by various factors, which include, but are not limited to, whether the Company determines, or any tax authority asserts, that the Company has a responsibility to collect lodging and related taxes on either historical or future transactions or by the introduction of new ordinances and taxes that subject the Company’s operations to such taxes. The Company is under audit and inquiry by various domestic tax authorities with regard to hospitality and sales tax matters. The Company has estimated liabilities in certain jurisdictions with respect to state, city, and local taxes related to lodging where management believes it is probable that the Company has additional liabilities, and the related amounts can be reasonably estimated. These contingent liabilities primarily arise from the Company's transactions with its homeowners, guests, and service contracts and relate to the applicability of transactional taxes (such as sales, value-added and similar taxes) to services provided. As of June 30, 2024 and December 31, 2023, accrued obligations related to these estimated taxes, including estimated penalties and interest, totaled $9.0 million and $10.7 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 June 30, 2024 and December 31, 2023, accrued obligations related to the information reporting requirements, including estimated penalties and interest, totaled $1.7 million and $1.9 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 10, 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. Harry Ramsey III, Administrator of the Estates of Katrina Ramsey, Zoey Ramsey, and Emma Ramsey v. Vacasa LLC, W-Acq. Vacation Rentals North America LLC, Hatteras Realty, LLC, and Vacasa North Carolina LLC, Case No. 23-CVS-26, Dare County Superior Court, North Carolina (filed Jan. 19, 2023) 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 has accrued an immaterial amount related to this claim and management does not believe this matter will have a material adverse effect on the Company’s condensed consolidated financial statements. Jon Torerk v. Vacasa LLC et al., No.230901578, Third District Court for Salt Lake City, Utah (served May 12, 2023) In March 2023, Jon Torerk filed a complaint alleging the Company was liable for his injuries sustained from a "slip and fall" accident while at a vacation home managed by the Company, as a result of the Company's alleged duties owed to Mr. Torerk as a business invitee, and seeking damages for his injuries. The Company believes it has meritorious defenses to the allegations in the complaint and will vigorously contest the allegations. Based on the nature of the proceedings in this case, the outcome of this matter remains uncertain and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. A.F., by and through her guardian ad litem, et al. v. Vacasa Seasonals LLC et al., CGC-23-609513, Superior Court San Francisco County, California (filed Oct. 3, 2023) In October 2023, a woman brought a premises liability claim on behalf of herself and her child, alleging that a "slip and fall" accident that occurred while at a vacation home managed by the Company caused premature labor. In June 2024, the parties reached an agreement in principle to settle the case and executed a Stipulation of Settlement. As a result, the Company recorded a net impact of $1.0 million in its financial statements for the period ended June 30, 2024. The net charge represents the Company's gross liability of $6.3 million offset by an insurance receivable of $5.3 million. The gross liability amount is recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheet. The insurance receivable is recorded within accounts receivable on the condensed consolidated balance sheet. 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, other than as disclosed above, no material amounts have been accrued or disclosed in the accompanying condensed consolidated financial statements with respect to loss contingencies associated with any regulatory matter or legal proceeding. These matters are subject to many uncertainties, and the ultimate outcomes are not predictable. There can be no assurances that the actual amounts required to satisfy any liabilities arising from the regulatory matters and legal proceedings described above will not have a material adverse effect on the Company’s business, results of operations, financial condition, or cash flows. Indemnification As a matter of ordinary course, the Company agrees to indemnification clauses in commercial agreements where desirable or appropriate. As a result, the Company may be obligated to indemnify third parties for losses or damages incurred in connection with the Company’s operations or its non-compliance with contractual obligations. Additionally, the Company has entered into indemnification agreements with its officers and directors, and its bylaws contain certain indemnification obligations for officers and directors. It is not possible to determine the aggregate maximum potential loss pursuant to the aforementioned indemnification provisions and obligations due to the unique facts and circumstances involved in each particular situation.

Workforce Reductions

Workforce Reductions	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Workforce Reductions	Workforce Reductio n s Reorganization On May 7, 2024, the Board of Directors of the Company (the "Board") approved a workforce reduction and reorganization plan (the “Reorganization”). These changes implemented a reorganization of the Company’s operations to further equip its field teams to locally manage, and be accountable for, their markets, while significantly reducing the Company’s central corporate footprint. The Reorganization included the elimination of approximately 800 positions across the Company, in both its local operations teams and central teams, representing approximately 13% of the workforce, or approximately 6% of our field teams and approximately 40% of our corporate and central operations teams. The Company expects to incur between $8.0 million and $9.0 million of restructuring costs, consisting primarily of employee severance and benefit costs and professional services fees, in connection with the Reorganization, most of which are expected to be incurred in the second and third quarters of 2024. During the three and six months ended June 30, 2024, the Company incurred restructuring costs of approximately $6.0 million, which are included in operating costs and expenses in the condensed consolidated statement of operations. The Company expects the Reorganization to be substantially complete by the end of the third quarter of 2024. 2024 Plan On February 27, 2024, the Board approved a workforce reduction plan (the “2024 Plan”) designed to align the Company’s expected cost base with its 2024 strategic and operating priorities. The 2024 Plan included 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. In connection with the 2024 Plan, during the three and six months ended June 30, 2024, the Company incurred restructuring costs of approximately $0.4 million and $3.5 million, respectively, which are included in operating costs and expenses in the condensed consolidated statement of operations. The 2024 Plan was substantially complete as of June 30, 2024. 2023 Plan In January 2023, the Company implemented a workforce reduction plan (the "2023 Plan") designed to align the Company’s expected cost base with its 2023 strategic and operating priorities. The 2023 Plan included the elimination of approximately 1,300 positions across the Company, in both the Company's local operations teams and central teams, representing approximately 17% of the workforce. In connection with the 2023 Plan, the Company incurred severance and employee benefits costs of approximately $5.1 million during the six months ended June 30, 2023, which are included in operating costs and expenses in the condensed consolidated statements of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event Note Purchase Agreement, Convertible Notes On August 7, 2024, Vacasa, Inc. entered into a note purchase agreement (the “Note Purchase Agreement”) by and among Vacasa Inc., its subsidiaries Vacasa Holdings LLC, a Delaware limited liability company (“Holdings”), as guarantor, and V-Revolver Sub LLC (“Borrower”), a Delaware limited liability company, as borrower, DK VSCA Lender LLC (“DK”), an affiliate of Davidson Kempner Capital Management LP and certain existing holders of the Company’s Class A Common Stock, par value $0.00001 per share (the “Class A Common Stock”), as purchaser, the other purchasers from time to time thereto, and Acquiom Agency Services LLC, as administrative agent and collateral agent, providing for the issuance and sale of up to $75.0 million aggregate principal amount of first lien senior secured convertible notes due 2029 (the “Convertible Notes”) to DK. The Convertible Notes are comprised of: (i)$30.0 million of notes (the "Initial Notes") issued on August 7, 2024 (the “Funding Date”); (ii) up to $20.0 million of notes to be issued pursuant to an option granted by the Borrower to DK, which is exercisable at DK’s option within six months after the Funding Date, on the same terms and conditions as the Initial Notes (the “DK Option Notes”); and (iii) up to $25.0 million of notes to be issued pursuant to the mutual agreement of the Borrower and DK any time after the Funding Date, but before the Maturity Date (as defined below), on the same terms and conditions as the Initial Notes (the “Mutual Option Notes” and together with the DK Option Notes, the “Additional Notes”). In the event DK does not exercise its option to purchase the DK Option Notes, then the Borrower may issue the DK Option Notes to a third-party purchaser pursuant to the terms of the Note Purchase Agreement. Simultaneously with and pursuant to the Note Purchase Agreement, the Borrower and each guarantor thereunder also entered into a collateral agreement (the “Collateral Agreement”) establishing a first priority lien on substantially all of the assets of Holdings, the Borrower and the guarantors, and entered into a guarantee agreement (the “Guarantee Agreement”) guaranteeing the Notes. The liens established under the Collateral Agreement are pari passu in priority with the liens under the Borrower’s existing senior secured revolving credit facility. The Convertible Notes will bear interest at an annual rate of 11.25%, which is payable in kind for the first three years, by adding the amount of such accrued interest to the principal amount of the Convertible Notes; provided that, at the Borrower’s election, interest may be paid in cash at an annual rate of 9.75%. Beginning on August 7, 2027, the Convertible Notes will bear interest at an annual rate equal to 9.75% payable in cash. The Convertible Notes will mature on August 7, 2029 (the “Maturity Date”), unless earlier repurchased, redeemed or converted. The Convertible Notes are guaranteed by Holdings and certain other current and future subsidiaries of the Company, and are secured by a first priority lien on substantially all of their respective assets (other than certain excluded assets). The Convertible Notes will be convertible, in whole and not in part (subject to certain limitations described below), into shares of the Company’s Class A Common Stock, at the option of DK; provided, however, that in the event that any conversion of the Convertible Notes would trigger the Change of Control Rules (as defined in the Convertible Notes), then the Convertible Notes shall be converted in part, at the maximum amount permitted without triggering such Change of Control Rules. The initial conversion price of the Convertible Notes is $4.16 (the “Conversion Price”), which is subject to customary anti-dilution adjustments. From and after August 7, 2027, the Borrower may redeem the Convertible Notes, in whole or in part, at a redemption price equal to 102% of the aggregate principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest. In addition, from and after August 7, 2027, if the closing price per share of the Class A Common Stock exceeds 225% of the Conversion Price for 20 out of 30 consecutive trading days, the Borrower may redeem all, but not less than all, of the Convertible Notes at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest. Upon the consummation of a Major Transaction (as defined in the Note Purchase Agreement), the Borrower may also redeem all, but not less than all, of the Convertible Notes then outstanding in an amount equal to 130% of the initial principal amount of the Convertible Notes to be redeemed, less all accrued interest previously paid in cash.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (13,098)	$ (5,642)	$ (154,014)	$ (49,254)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the Securities and Exchange Commission ("SEC"). These condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries, and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. The financial information as of December 31, 2023 contained in this Quarterly Report is derived from the audited consolidated financial statements and notes included in the Company's 2023 Annual Report, which should be read in conjunction with these condensed consolidated financial statements. Certain information in footnote disclosures normally included in annual financial statements was condensed or omitted for the interim periods presented in accordance with GAAP. In the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The interim results of operations and cash flows are not necessarily indicative of those results and cash flows expected for the year. As of June 30, 2024, the Company held 15,547,082 units of Vacasa Holdings ("OpCo Units"), which represented an ownership interest of approximately 70%. The portion of the consolidated subsidiaries not owned by the Company and any related activity is eliminated through redeemable noncontrolling interests in the condensed consolidated balance sheets and net loss attributable to redeemable noncontrolling interests in the condensed consolidated statements of operations. The Company is an emerging growth company, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), which permits the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. As of January 1, 2022, the Company elected to irrevocably opt out of the extended transition period.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in the condensed consolidated financial statements include, but are not limited to, the useful lives of property and equipment and intangible assets, allowance for credit losses, valuation of assets acquired and liabilities assumed in business acquisitions and related contingent consideration, valuation of 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 condensed consolidated financial statements will be affected.
Risks and Uncertainties	Risks and Uncertainties Liquidity Since the Company's founding, its principal sources of liquidity have been from proceeds received through the issuance of equity and debt financing. The Company has incurred significant operating losses and generated negative cash flows from operations as it has invested to support the growth of the business. To execute on its strategic initiatives, the Company has and will continue to incur operating losses and generate negative cash flows from operations on an annual basis now and in the future, and as a result, will require and continue to need additional capital resources. As of June 30, 2024, we had cash and cash equivalents of $186.7 million. We experienced more variable and generally weaker demand than is typical in the six months ended June 30, 2024 and, as a result, our cash position did not build as expected in the period. On May 7, 2024, the Board of Directors of the Company approved a workforce reduction and reorganization plan (the “Reorganization”), see Note 14 , Workforce Reductions , which is intended to, among other things, reduce certain fixed costs in the business, promote greater efficiency, and realign its business and strategic priorities as a way to accelerate the transformation of the business to a model focused more on local market accountability and execution. This plan involves significant structural changes to the way the Company runs its business, including a significant reduction in our corporate personnel and functions. Although the Company believes the Reorganization and associated operational changes will improve the long-term efficacy of its business model by empowering the local markets, streamlining corporate functions, and better position it for profitability and to generate free cash flow over the long term, the implementation and execution of the Reorganization measures are subject to significant risks and uncertainties, including whether the Company has targeted the appropriate areas for its cost-saving efforts and at the appropriate scale. If the Reorganization plan is not successful, the Company may not realize all or any of the anticipated benefits, which could adversely affect the business, financial condition, and results of operations, including its liquidity position and ability to raise additional capital. The Company’s primary requirements for liquidity and capital are to finance working capital requirements, capital expenditures, and other general corporate purposes. As a result of the significant fluctuations in the Company's cash position, continued decreases in the number of homes on our platform, lower guest demand, changes in booking patterns, and the potential impact of the Reorganization on the business, the Company sought opportunities for additional capital. On May 8, 2024, the Company drew $81.0 million under the Revolving Credit Facility (defined in Note 8 , Debt ), which is subject to financial covenants (see Note 8 , Debt ). On August 7, 2024, a subsidiary of the Company issued $30.0 million of Convertible Notes (as defined in Note 15, Subsequent Event below) to supplement our cash position. The Company continues to assess its liquidity position and opportunities for additional capital, which may be obtained through additional equity offerings, which would dilute the ownership of the Company's existing stockholders, or additional debt financings, which may contain covenants that restrict the operations of the business or otherwise contain terms unfavorable or dilutive to the business and its existing stockholders. In the event that additional financing is required from outside sources, the Company may not be able to raise the financing on terms acceptable to the Company or at all. If the Company is unable to raise additional capital when desired, its business, financial condition, and results of operations could be adversely affected. The Company expects to continue to fund operations primarily through use of its cash and cash equivalents, debt financing, and equity offerings. The Company believes its existing sources of liquidity will be sufficient to fund operations, working capital requirements, capital expenditures, and service debt obligations for at least the next 12 months as of the date of this filing.
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 comparing the carrying amount to future net undiscounted cash flows expected to be generated by such asset or asset group, including upon 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 first six months of 2024, the Company recorded long-lived asset impairment charges of $84.0 million. There were no long-lived asset impairment charges recorded during the first six months of 2023. Refer to Note 6, Intangible Assets, Net and Goodwill , for additional information.
Accounting Pronouncements Adopted in Fiscal 2024 and Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Adopted in Fiscal 2024 The Company has not adopted any recent accounting pronouncements that have had a material impact on the Company's financial position, results of operations, or cash flows in fiscal 2024. 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 chief operating decision maker 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.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Nature	A disaggregation of the Company’s revenues by nature of the Company’s performance obligations are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Vacation rental platform $ 243,234 $ 297,110 $ 447,202 $ 545,337 Other services 5,742 7,469 11,246 16,096 Total $ 248,976 $ 304,579 $ 458,448 $ 561,433

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 liabilities that were measured at fair value on a recurring basis (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 4,027 $ 4,027 Class G Common Stock (1) — — 506 506 As of December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration $ — $ — $ 8,043 $ 8,043 Class G Common Stock (1) — — 506 506 (1) For more information, see Note 13, Equity of our 2023 Annual Report.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): As of June 30, As of December 31, 2024 2023 Land $ 13,394 $ 13,394 Buildings and building improvements 12,350 12,474 Leasehold improvements 6,521 6,526 Computer equipment 14,057 13,873 Furniture, fixtures, and other 27,453 26,340 Vehicles 8,127 8,276 Internal-use software 57,991 60,162 Total 139,893 141,045 Less: Accumulated depreciation (87,290) (84,328) Property and equipment, net $ 52,603 $ 56,717

Intangible Assets, Net and Go_2

Intangible Assets, Net and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets, net consisted of the following (in thousands): Weighted Average Useful Life Remaining (in years) As of June 30, 2024 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Homeowner contracts (1) 3 $ 314,066 $ (164,809) $ (130,000) $ 19,257 Databases, photos, and property listings 0 26,489 (26,489) — — Trade names 1 9,583 (9,566) — 17 Other (2) 4 2,902 (2,880) — 22 Total intangible assets $ 353,040 $ (203,744) $ (130,000) $ 19,296 Weighted Average Useful Life Remaining (in years) As of December 31, 2023 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Homeowner contracts (1) 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 (2) 5 2,903 (2,875) — 28 Total intangible assets $ 353,247 $ (192,783) $ (46,000) $ 114,464 (1) The homeowner contracts balance as of June 30, 2024 is net of accumulated impairment losses of $130.0 million that were recorded during the third quarter of fiscal year 2023 and the first quarter of fiscal year 2024. The homeowner contracts balance as of December 31, 2023 is net of accumulated impairment losses of $46.0 million that were recorded during the third quarter of fiscal year 2023. (2) 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 June 30, 2024 is expected to be as follows (in thousands): Year Ending December 31: Amount Remainder of 2024 $ 4,452 2025 7,541 2026 4,582 2027 1,539 2028 947 Thereafter 235 Total $ 19,296
Schedule of Changes in Goodwill	The following table summarizes the changes in the Company's goodwill balance (in thousands): Six Months Ended June 30, 2024 Balance at beginning of period (1) $ 171,879 Foreign exchange translation and other (36) Balance at end of period (1) $ 171,843 (1) Goodwill is net of accumulated impairment losses of $655.0 million that were recorded to the Company's single reporting unit in prior periods.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, As of December 31, 2024 2023 Employee-related accruals $ 23,718 $ 23,834 Homeowner reserves 9,183 9,198 Current portion of acquisition liabilities (1) 9,123 11,641 Current portion of operating lease liabilities 8,975 8,670 Other 14,258 9,477 Total accrued expenses and other current liabilities $ 65,256 $ 62,820 (1) The current portion of acquisition liabilities includes contingent consideration and deferred payments to sellers due within one year.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Obligations	The Company's debt obligations consisted of the following (in thousands): As of June 30, As of December 31, 2024 2023 Insurance premium financing $ 878 $ 3,300 Other long-term debt 81,000 — Total debt 81,878 3,300 Less: current maturities (1) (878) (3,300) Long-term portion $ 81,000 $ — (1) Current maturities of debt are recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheets.

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Assets and Other Liabilities	Other long-term liabilities consisted of the following (in thousands): As of June 30, As of December 31, 2024 2023 Class G Common Stock (1) $ 506 $ 506 Long-term portion of acquisition liabilities (2) 594 4,682 Long-term portion of operating lease liabilities 17,138 17,196 Other 10,704 10,695 Total other long-term liabilities $ 28,942 $ 33,079 (1) For more information, see Note 13, Equity of our 2023 Annual Report.

Equity and Equity-Based Compe_2

Equity and Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Equity-based Award Activities	A summary of the Restricted Stock Unit ("RSU") activity was as follows during the period indicated: Activity Type Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2023 833 $ 27.58 Granted 215 5.48 Vested (206) 25.78 Forfeited (227) 27.88 Outstanding as of June 30, 2024 615 22.27 A summary of the PSU activity was as follows during the period indicated: Activity Type Performance Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2023 250 $ 29.40 Forfeited (35) 17.03 Outstanding as of June 30, 2024 215 30.65 A summary of the Stock Appreciation Rights ("SARs") activity was as follows during the period indicated: Activity Type Stock Appreciation Rights Weighted Average Exercise Price Outstanding as of December 31, 2023 45 $ 61.54 Forfeited (5) 62.03 Outstanding as of June 30, 2024 40 61.47 A summary of the stock options activity was as follows during the period indicated: Activity Type Stock Options Weighted Average Exercise Price Outstanding as of December 31, 2023 156 $ 20.76 Exercised (19) 3.03 Forfeited (16) 27.25 Outstanding as of June 30, 2024 121 22.73
Schedule of Employee Equity Units	A summary of the Vacasa Employee Holdings LLC employee equity units is as follows: Employee Equity Units Weighted-Average Grant Date Fair Value Unvested outstanding as of December 31, 2023 5 $ 29.63 Vested (4) 29.63 Unvested outstanding as of June 30, 2024 1 29.63
Schedule of Equity Based Compensation Expense	The Company recorded equity-based compensation expense for the periods presented in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cost of revenue $ 9 $ 18 $ 29 $ 62 Operations and support 123 361 207 727 Technology and development 465 509 1,077 903 Sales and marketing 6 533 487 1,544 General and administrative 1,506 2,469 3,379 4,795 Total equity-based compensation expense $ 2,109 $ 3,890 $ 5,179 $ 8,031

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Income (Loss) Per Share	The following is a reconciliation of basic and diluted loss per share of Class A Common Stock for the periods presented (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic and diluted net loss per share of Class A Common Stock: Net loss attributable to Class A Common Stockholders for basic and diluted net loss per share $ (8,851) $ (3,121) $ (94,534) $ (26,913) Weighted-average shares for basic and diluted loss per share (1)(2) 15,017 12,054 14,229 11,950 Basic and diluted net loss per share of Class A Common Stock (1)(2) $ (0.59) $ (0.26) $ (6.64) $ (2.25) (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 reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 11, Equity and Equity-Based Compensation for additional information.
Schedule of Outstanding Common Stock Equivalents Excluded from Diluted Net Income (Loss) Per Share due to Anti-Dilutive Effect	The following outstanding potentially dilutive securities were excluded from the calculation of diluted net 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) : Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 OpCo units (2) 6,751 9,669 6,751 9,669 Restricted stock units 615 590 615 590 Performance stock units (3) 215 237 215 237 Stock appreciation rights 40 60 40 60 Stock options 121 221 121 221 Employee equity units 1 35 1 35 Employee stock purchase plan — 173 — 173 Class G Common Stock 411 411 411 411 Common shares excluded from calculation of diluted net loss per share 8,154 11,396 8,154 11,396 (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 11, Equity and Equity-Based Compensation 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 change to net loss attributable to Class A Common Stockholders, diluted. (3) PSUs are contingently issuable upon the satisfaction of certain market conditions. As of June 30, 2024, 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 loss per share of Class A Common Stock.

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
	May 08, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Cash and cash equivalents		$ 186,717		$ 280,758	$ 186,717	$ 280,758	$ 88,049
Proceeds from borrowings on revolving credit facility					81,000	2,000
Impairment of long-lived assets		$ 0	$ 84,000	$ 0	$ 84,000	$ 0
Revolving credit facility | Line of Credit
Class of Stock [Line Items]
Proceeds from borrowings on revolving credit facility	$ 81,000
Vacasa Holdings LLC
Class of Stock [Line Items]
Common stock outstanding (in shares)		15,547,082			15,547,082
Ownership interest		70%			70%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 248,976	$ 304,579	$ 458,448	$ 561,433
Vacation rental platform
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	243,234	297,110	447,202	545,337
Other services
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 5,742	$ 7,469	$ 11,246	$ 16,096

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Capitalized contract costs	$ 33,500		$ 33,500		$ 34,800
Amortization on contract costs	3,700	$ 2,000	7,400	$ 3,800
Allowance for doubtful accounts	12,400		12,400		$ 11,700
Recognized breakage revenue	$ 900	$ 500	$ 2,087	$ 1,789

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Liabilities
Contingent consideration	$ 4,027	$ 8,043
Class G Common Stock	506	506
Level 1
Liabilities
Contingent consideration	0	0
Class G Common Stock	0	0
Level 2
Liabilities
Contingent consideration	0	0
Class G Common Stock	0	0
Level 3
Liabilities
Contingent consideration	4,027	8,043
Class G Common Stock	$ 506	$ 506

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Impairment of long-lived assets	$ 0	$ 84,000	$ 0	$ 84,000	$ 0
Impairment of right-of-use assets	$ 0			$ 0	$ 4,240

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 139,893	$ 141,045
Less: Accumulated depreciation	(87,290)	(84,328)
Property and equipment, net	52,603	56,717
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	12,350	12,474
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,521	6,526
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	14,057	13,873
Furniture, fixtures, and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	27,453	26,340
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,127	8,276
Internal-use software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 57,991	$ 60,162

Intangible Assets, Net and Go_3

Intangible Assets, Net and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 353,040	$ 353,247
Accumulated Amortization	(203,744)	(192,783)
Impairment	(130,000)	(46,000)
Net Carrying Amount	$ 19,296	$ 114,464
Homeowner contracts
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	3 years	5 years
Gross Carrying Amount	$ 314,066	$ 314,221
Accumulated Amortization	(164,809)	(153,819)
Impairment	(130,000)	(46,000)
Net Carrying Amount	$ 19,257	$ 114,402
Databases, photos, and property listings
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	0 years	0 years
Gross Carrying Amount	$ 26,489	$ 26,526
Accumulated Amortization	(26,489)	(26,519)
Impairment	0	0
Net Carrying Amount	$ 0	$ 7
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	1 year	1 year
Gross Carrying Amount	$ 9,583	$ 9,597
Accumulated Amortization	(9,566)	(9,570)
Impairment	0	0
Net Carrying Amount	$ 17	$ 27
Other
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life Remaining (in years)	4 years	5 years
Gross Carrying Amount	$ 2,902	$ 2,903
Accumulated Amortization	(2,880)	(2,875)
Impairment	0	0
Net Carrying Amount	$ 22	$ 28

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill - Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 4,452
2025	7,541
2026	4,582
2027	1,539
2028	947
Thereafter	235
Net Carrying Amount	$ 19,296	$ 114,464

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill - Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 171,879
Foreign exchange translation and other	(36)
Balance at end of period	171,843
Accumulated impairment to goodwill	$ 655,000

Intangible Assets, Net and Go_6

Intangible Assets, Net and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of long-lived assets	$ 0	$ 84,000	$ 0	$ 84,000	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Employee-related accruals	$ 23,718	$ 23,834
Homeowner reserves	9,183	9,198
Current portion of acquisition liabilities	9,123	11,641
Current portion of operating lease liabilities	8,975	8,670
Other	14,258	9,477
Accrued expenses and other current liabilities	$ 65,256	$ 62,820

Debt - Long-Term Debt Obligatio

Debt - Long-Term Debt Obligation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 81,878	$ 3,300
Less: current maturities	(878)	(3,300)
Long-term portion	81,000	0
Insurance premium financing
Debt Instrument [Line Items]
Total debt	878	3,300
Other long-term debt
Debt Instrument [Line Items]
Total debt	$ 81,000	$ 0

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Letters of credit outstanding, amount		$ 20
Percent of outstanding revolving commitments	35%
Liquidity required		$ 15
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 105
Commitment fee rate			0.25%
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Outstanding borrowings			$ 81	$ 0
Revolving credit facility | Alternate Base Rate
Debt Instrument [Line Items]
Spread on variable interest rate		1.50%
Revolving credit facility | NYFRB Rate
Debt Instrument [Line Items]
Spread on variable interest rate		0.50%
Revolving credit facility | One Month SOFR
Debt Instrument [Line Items]
Spread on variable interest rate		1%
Revolving credit facility | SOFR | Term Loan
Debt Instrument [Line Items]
Spread on variable interest rate		2.50%
Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity			40
Current borrowing capacity			23.4
Available borrowing capacity			0.6
Insurance premium financing
Debt Instrument [Line Items]
Insurance premium financing			$ 0.9
Weighted-average annual percentage rate			8.99%

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Class G Common Stock		$ 506	$ 506
Long-term portion of acquisition liabilities		4,682	594
Long-term portion of operating lease liabilities		17,196	17,138
Other		10,695	10,704
Other long-term liabilities	$ 28,942	$ 33,079	$ 28,942

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense on pre-tax loss	1%	8%	1%	2%

Equity and Equity-Based Compe_3

Equity and Equity-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Oct. 02, 2023 $ / shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders' equity note, stock split, conversion ratio	0.05
Common stock par value (in usd per share) | $ / shares	$ 0.00001
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock par value (in usd per share) | $ / shares		$ 0.00001	$ 0.00001	$ 0.00001
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		$ 11.9	$ 11.9
Weighted average period of recognition			2 years
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		2.6	$ 2.6
Weighted average period of recognition			1 year 6 months
Performance stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock issued to holder			0%
Performance stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock issued to holder			200%
Stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		0.1	$ 0.1
Weighted average period of recognition			4 months 24 days
Weighted average remaining contractual term (in years)			2 years 9 months 18 days
Intrinsic value		0	$ 0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		0.1	$ 0.1
Weighted average period of recognition			6 months
Weighted average remaining contractual term (in years)			2 years 9 months 18 days
Intrinsic value		0.1	$ 0.1
Employee equity units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized equity-based compensation expense		$ 0.1	$ 0.1
Weighted average period of recognition			3 months 18 days
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan, maximum employee subscription rate		15%	15%
Employee stock purchase plan, purchase price of common stock			85%
Offering period			1 year
Purchase period			6 months
Employee stock purchase plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased (in shares) | shares		0	0
Shares purchased (in usd per share) | $ / shares		$ 0	$ 0

Equity and Equity-Based Compe_4

Equity and Equity-Based Compensation - Schedule of Employee Equity Units (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted stock units
Number of units:
Outstanding balance at the beginning (in shares) | shares	833
Granted (in shares) | shares	215
Vested (in shares) | shares	(206)
Forfeited (in shares) | shares	(227)
Outstanidng balance as the ending (in shares) | shares	615
Weighted Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 27.58
Granted (in usd per share) | $ / shares	5.48
Vested (in usd per share) | $ / shares	25.78
Forfeited (in usd per share) | $ / shares	27.88
Outstanding balance as the ending (in usd per share) | $ / shares	$ 22.27
Performance stock units
Number of units:
Outstanding balance at the beginning (in shares) | shares	250
Forfeited (in shares) | shares	(35)
Outstanidng balance as the ending (in shares) | shares	215
Weighted Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 29.40
Forfeited (in usd per share) | $ / shares	17.03
Outstanding balance as the ending (in usd per share) | $ / shares	$ 30.65
Employee equity units
Number of units:
Outstanding balance at the beginning (in shares) | shares	5
Vested (in shares) | shares	(4)
Outstanidng balance as the ending (in shares) | shares	1
Weighted Average Grant Date Fair Value
Outstanding balance at the beginning (in usd per share) | $ / shares	$ 29.63
Vested (in usd per share) | $ / shares	29.63
Outstanding balance as the ending (in usd per share) | $ / shares	$ 29.63

Equity and Equity-Based Compe_5

Equity and Equity-Based Compensation - Schedule of SARs and Options (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Weighted Average Exercise Price
Exercised (in usd per share) | $ / shares	$ 3.03
Stock appreciation rights
Number of units
Beginning balance (in shares) | shares	45
Forfeited (in shares) | shares	(5)
Ending balance (in shares) | shares	40
Weighted Average Exercise Price
Beginning balance (in usd per share) | $ / shares	$ 61.54
Forfeited (in usd per share) | $ / shares	62.03
Ending balance (in usd per share) | $ / shares	$ 61.47
Stock options
Number of units
Beginning balance (in shares) | shares	156
Forfeited (in shares) | shares	(16)
Exercised (in shares) | shares	(19)
Ending balance (in shares) | shares	121
Weighted Average Exercise Price
Beginning balance (in usd per share) | $ / shares	$ 20.76
Forfeited (in usd per share) | $ / shares	27.25
Ending balance (in usd per share) | $ / shares	$ 22.73

Equity and Equity-Based Compe_6

Equity and Equity-Based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity-Based Compensation Expense
Total equity-based compensation expense	$ 2,109	$ 3,890	$ 5,179	$ 8,031
Cost of revenue
Equity-Based Compensation Expense
Total equity-based compensation expense	9	18	29	62
Operations and support
Equity-Based Compensation Expense
Total equity-based compensation expense	123	361	207	727
Technology and development
Equity-Based Compensation Expense
Total equity-based compensation expense	465	509	1,077	903
Sales and marketing
Equity-Based Compensation Expense
Total equity-based compensation expense	6	533	487	1,544
General and administrative
Equity-Based Compensation Expense
Total equity-based compensation expense	$ 1,506	$ 2,469	$ 3,379	$ 4,795

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted Net Income (Loss) Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands			3 Months Ended		6 Months Ended
		Oct. 02, 2023	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares
Earnings Per Share [Abstract]
Net loss attributable to Class A Common Stockholders for basic net loss per share | $			$ (8,851)	$ (3,121)	$ (94,534)	$ (26,913)
Net loss attributable to Class A Common Stockholders for diluted net loss per share | $			$ (8,851)	$ (3,121)	$ (94,534)	$ (26,913)
Weighted-average shares for basic and diluted loss per share - diluted (in shares) | shares	[1]		15,017	12,054	14,229	11,950
Weighted-average shares for basic and diluted loss per share - basic (in shares) | shares	[1]		15,017	12,054	14,229	11,950
Basic net loss per share of Class A Common Stock (in usd per share) | $ / shares	[1]		$ (0.59)	$ (0.26)	$ (6.64)	$ (2.25)
Diluted net loss per share of Class A Common Stock (in usd per share) | $ / shares	[1]		$ (0.59)	$ (0.26)	$ (6.64)	$ (2.25)
Stockholders' equity note, stock split, conversion ratio		0.05
[1] Weighted-average shares outstanding used in the computation of basic and diluted loss per share reflect the 1-for-20 Reverse Stock Split that occurred on October 2, 2023. Refer to Note 11, Equity and Equity-Based Compensation 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		3 Months Ended		6 Months Ended
	Oct. 02, 2023	Jun. 30, 2024 shares	Jun. 30, 2023 shares	Jun. 30, 2024 shares	Jun. 30, 2023 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)		8,154	11,396	8,154	11,396
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)		6,751	9,669	6,751	9,669
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)		615	590	615	590
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)		215	237	215	237
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)		40	60	40	60
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)		121	221	121	221
Employee equity units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)		1	35	1	35
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)		0	173	0	173
Class G Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from calculation of diluted net income (loss) per share (in shares)		411	411	411	411

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Other contingent non-income tax related liabilities, including estimated penalties and interest	$ 1,700	$ 1,900
Net impact	1,000
Gross liability	6,300
Insurance receivable	5,300
Tax Matters
Loss Contingencies [Line Items]
Lodging taxes payable	26,900	14,700
Estimated taxes, including estimated penalties and interest	$ 9,000	$ 10,700

Workforce Reductions (Details)

Workforce Reductions (Details) $ in Thousands			1 Months Ended	3 Months Ended	6 Months Ended
	May 07, 2024 USD ($) position	Feb. 27, 2024 position	Jan. 31, 2023 position	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Reorganization Plan
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated | position	800
Number of positions eliminated, period percent	13%
Reorganization Plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected cost	$ 8,000
Reorganization Plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected cost	$ 9,000
Reorganization Plan | Field Teams
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	6%
Reorganization Plan | Corporate And Central Operations Teams
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	40%
2024 Plan
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated | position		320
Number of positions eliminated, period percent		5%
Severance and employee benefits costs				$ 400	$ 3,500
2024 Plan | Local Operations Teams
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent		2%
2024 Plan | Central Team
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent		6%
2023 Plan
Restructuring Cost and Reserve [Line Items]
Expected number of positions eliminated | position			1,300
Number of positions eliminated, period percent			17%
Severance and employee benefits costs						$ 5,100

Subsequent Events (Details)

Subsequent Events (Details)	Aug. 07, 2024 USD ($) day $ / shares	Jun. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares	Oct. 02, 2023 $ / shares
Subsequent Event [Line Items]
Common stock par value (in usd per share) | $ / shares				$ 0.00001
Class A Common Stock
Subsequent Event [Line Items]
Common stock par value (in usd per share) | $ / shares		$ 0.00001	$ 0.00001
Subsequent Event | Convertible Notes Due August 2029 | Convertible Debt
Subsequent Event [Line Items]
Notes Purchase Agreement, debt issuance and sale (up to)	$ 75,000,000
Debt instrument, face amount	30,000,000
Optional amount (up to)	$ 20,000,000
Period option is exercisable after funding date	6 months
Additional option amount (up to)	$ 25,000,000
Interest rate, percentage	11.25%
Interest rate, paid In cash, percentage	9.75%
Conversion price (in usd per share) | $ / shares	$ 4.16
Debt instrument, convertible, threshold percentage of stock price trigger	225%
Debt Instrument, convertible, threshold trading days | day	20
Debt instrument, convertible, threshold consecutive trading days | day	30
Subsequent Event | Convertible Notes Due August 2029 | Convertible Debt | Redemption, Period One
Subsequent Event [Line Items]
Debt instrument, redemption price, rercentage	102%
Subsequent Event | Convertible Notes Due August 2029 | Convertible Debt | Redemption, Period Two
Subsequent Event [Line Items]
Debt instrument, redemption price, rercentage	100%
Note Purchase Agreement, liquidity (less than)	$ 15,000,000
Subsequent Event | Convertible Notes Due August 2029 | Convertible Debt | Redemption, Period Three
Subsequent Event [Line Items]
Debt instrument, redemption price, rercentage	130%
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Common stock par value (in usd per share) | $ / shares	$ 0.00001