VCSA - Earnings call transcript Q4 2021

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Operator

00:00 Good evening, and thank you for attending the Vacasa Fourth Quarter 2021 Earnings Call. My name is Selena, and I will be your moderator. All lines will be muted during the presentation portion of the call, with an opportunity for questions-and-answers at the end. [Operator Instructions] 00:31 I would now like to pass the conference over to our host, Ryan Domyancic with Vacasa. Please go ahead. afternoon, Fourth thanks Quarter Good today joining XX:XX Vacasa's for XXXX Domyancic everyone, for and us Ryan Earnings Call. be to CFO, pleased joined Matt CEO, I'm Roberts; Jamie Cohen. by and few begin, me we Before XX:XX cover a administrative let details. call the of of of broadcast today's only redistribution date is and contains prohibited. information broadcast This speaks this as that live

speakers. statements factors during have that a projections, shareholder will statements the conference strategy, our to cause of section investors.vacasa.com differ to could caution in and we forward-looking posted plans, letter letter that about objectives, estimates, on our made We statements. and may website We referenced be events, XX:XX conditions, call and actual results our are Such press commonly by IR those referred targets, financial this contain from and beliefs, various future anticipated. press that Comments at shareholder expectations, release performance. as you release

hand addition GAAP to our to I'd in non-GAAP substitute for of considered a and statements release press read Information call, concerning For our issued And these information shareholder in not forward-looking results. this the in non-GAAP statements our measures letter Matt? and Matt shareholder results and call earlier should Roberts. intended discuss XX:XX now, the letter. additional the and including non-GAAP and found uncertainties, be today are we reconciliation to non-GAAP certain section with results, XX:XX be be the the financial SEC. risks please press our most GAAP comparable our Factors will over measures. outlined our a like forward-looking During can release the section to These measures we results Risk financial and filings directly financial to in regarding

Matt Roberts

proceeds of $XXX publicly NASDAQ company. a afternoon, started I added leaving everyone, in us over well to on you call call cash early with us. sheet, XX:XX the that story. trading thank to earnings and recognize traded December, on new capitalized gross In opportunity the growth Good Vacasa as first of million joining and for are tremendous many Vacasa's a balance our we front today XX:XX

to background time providing want I spend company. our on So some

on we before it XX:XX guidance. business over progress made CFO, touch performing financial XXXX the our I'll and Jamie is cover Next, Cohen, substantial XXXX, our handing extremely in to to well. results strong Our

We expanding our are performance, which and engine, financial extends our delivering all on leadership solid our executing of roadmap, technology position. growth

is throughout projections. sharing traded this on as momentum. projections XXXX, has been consistently our raised versus incredible We While clear our and our initial reporting our company, publicly earnings first business we a XX:XX and and have progress call most beat of it's

then of we and of QX, now, outlook. end beat QX QX, and then high end raised First, beat we high raising QX we're QX the the and beat raised we XXXX our

experience Alternative with expect tremendous XXXX. by of technology better in also for business homeowners, one the channel vacation to everyone EBITDA company. so reach our of adjusted the accommodations leveraging Vacasa reinventing for categories rental We to growing create overview and quick XX:XX the is industry guests, is purpose-built the consumer Okay, proprietary a involved; travel fastest partners. profitability demand. a full-year

market use towards national of of primary perspective, with critical play perfectly XX:XX innovation. by alternative the highly And ago, secular over ecosystem, cases. we the marketplace, platform, globally. a management a for rental enablement massive focus on are fueling appeal both than There supply As set industry up in across expanding for accommodations alternative engine. vacation local the We the shift the XX:XX the and in is a side alone disruption. homes from The driven and preference technology vacation operate multiple a United is constrained the States is ripe X guest fantastic trends. vacation started million role accommodations rental Our scaled and more vacation XX a the which in management million decade growth rental only category

Just status vacation a quo home. out the renting think about of

to unsophisticated categories. helped Some the technology create, is availability not people truly technology we're between of the a enlist Vacasa what service heater vacation nature at in out properly [indiscernible]; and It do market rental in, industries. this the effectively or where guests' disrupt, relatively is tech-enabled phone your leads fragmented is to the but which new, call a you can the at answering local ambitious, all have comes a done with homeowner manager, it is including up Innovative, have ton sounds is accelerate and it's recognition rethink because in and pattern what themselves, o'clock other proven This industry. work There their and XX:XX platforms others and doing modernize to home, playbook. price set income. sub-optimal and morning, the needs, but X

about taught meaningful local at redefined can how these Just be My businesses. XX:XX for marketplace how Our and homeowners transformative powerful. mobility, past OpenTable me on-demand experience and yet think delivery been estate, decade. to is simple, the have value real platforms proposition over tech-enabled

our process, nights dynamic reservation, like earning resulting purpose-built, foundation guests, points vacation nearly of properly hard total believe competitive which hand of We Our home, a population and products, rental expertise, to handle human the been establishing platform All business greater which the start management year technology work, to ensuring past success. by generate invested and proprietary homes the Just optimal technology, as up and during, engine, guests rates, million combination keys, use, home income. is specific XX:XX the uniquely and setting cleaned the want and in we this a serves crucial designed local derive than and were us it. experience pain spend after is aspects personal monthly managers. significant to as tell addressing and combined nightly core technology a for intelligence, homeowners, communicating and before, channel your A you our platform. is and for pricing our are platform on In our That's with for has differentiated of needs the of rates We all our artificial maintained. which data us home key of volume homeowners. income component our partners. of to truly each on alone, accomplished elevated $XX using a the we platform greater XX:XX technology of

incremental the of the switching second who in then Vrbo. to our capabilities, income are XX:XX to their than XXX channel In in homes year increase previously and In using partners, pricing professional exists addition XX% were the homeowners XX% Vacasa. managers in increase dynamic Booking.com, after able an year rental and own average app under we demand an our Vacasa's gained fact, and local to by on management Airbnb, and distributing to consumer listing including wherever all website it our more capture listings first

into provides use experience similarities partners’ and the our largest unlock direct to property Vacasa and in bookings, traditional door. Guests of channel channel can the guests, source, value that XX:XX our for our accounting of single is majority check XXXX. has the For consistent the While account many XX% app reliable a to gross Vacasa front accommodations. for booking

platform, to the guest higher have new guests We Now, we reviews, leads hospitality products, Vacasa introducing app. including deliver a homes to progress we income. adding The our also ensures experience, top-tier in offer the which for made turning homeowners. XX/X maximizing or online, homeowner which results support memorable XX:XX to income through better by phone, and XXXX, in tremendous

made are we We us hundreds at of the a year, buy added we expansion throughout in local accelerate we new individual and TurnKey direct ramping in then added those sales new to of on complementary growth Rentals. nearly the margin XX:XX our of grew allowing our than add it the individual Over approach, year. and local of year, build homes progress at of markets our vacation quarter approach, as with this Through new engine This approach. up homes through the sales additions. an through course accounts sales successfully sales fourth bringing strategic markets leads, In of number rental homeowners. to great used as We enter to on over the where individual capacity platform approach, Under XX:XX quarter XXX% of markets. homes model, is the XX% the approach approach representatives the faster well the rate, it our acquisition by under platform sales for is The sign first the representatives. dozens our we force density did as able portfolio homes a we X in existing and managers, majority playbooks, create playbook, portfolio more Vacation once. our efficiently our predominantly individual XXXX,

We market executives follow going continued tenure-based tools at teams and sales developing productivity homeowners, force to efficiencies. our forward, a products our technology hard overall experience hired new and staff to XX:XX predictable, work also improve were productivity Our expect sales releasing vacation the for ramp. guests improvements recently as drive for local

yield their management, of proud be pricing, app and noise platform. particularly additional availability. of provides package, inspection guest XX% in WiFi also consisting on results homeowners to across Now, place no more seeing in process vacation date on which call the performance data homeowners. log rollout Jamie? new tens forward and our end and the our cleaning a by rental end which introduced improve and our over big efficient Jamie clean owners and portfolio homes the designed locks, a to each home our are XX:XX insight our homeowner into thousands launched to with weekly. itinerary-based our than created prices step ensuring to home, a fourth and We system smart home's financial are monitoring homes turn new we as of of We technology the And of of of care, by the cost guidance our at We quarter itinerary expected I'll standardized, the XXXX the Homeowner satisfaction, with technology, tool, of of took the is keyless entire to which review across management routers, app, and uniquely scientists start detail. based in XX:XX

Jamie Cohen

ranges. EBITDA We fourth guidance Matt. our strong XXXX on delivering adjusted note, out Thanks, revenue quarter XX:XX above a and well closed

into of ambitious on up financial We provide the XXXX. to XX% million, year financial I our year-over-year. XX:XX million In outstanding on with July, getting target and we details targets performance $XXX initial in ahead the some XXXX. or perspective over finished quarter, the of want XX% Before our revenue for $XXX outlined

sales third in initial has the and investments marketing expense up the negative made growth. us for sizable all significantly tripling quarter X in lines, in year-over-year $XX with past and the Over gross strong future full-year $XX revenue our EBITDA our the reaching our fourth to decision Even investments, incremental position scaled, business quarter full-year from recovered but pacing, only XXXX, million make was value not from for operating to XXXX billion November we largest levels. Given of across XXXX, the target. these we've well outperformance booking with in being our of ahead our pandemic, with years XX:XX $X.X and business million XXX% adjusted

marketing of in technology million, to these and loss on compensation million shown adjusted We XX:XX for the sales reported XX:XX truly exclusive of that agreements we reservations excluding need Our enter negative full-service in home dynamics. asset-light to The deposits marketing of to and expanding don't or areas, on of on investments items equity-based X XXXX. supply homes our discrete, be X us into and hundreds inherently to [indiscernible]. $XXX the platform. which shows control investment offering business adding to model have creates also millions advance long-term profitable, our and has investments compared spent and to size calendar. profitability as are largely make a spend Our continue $XX capital new controlled buy is teams development. focused gains dollars future responsible We over EBITDA favorable in a clearly underlying in sales business lease this line our working of We

We of have the a platform. healthy of very our apply that times to and technology further believe We opportunity we at hiring XXXX. X XX:XX development, times and we individual and end framework the approach, of achieve software prudent the typically lifetime to massive where it and X to LTV acquisition product a invest are value cost is between for to evaluate aggressively managers technology market to we aggressively the enhance that opportunity. and adding high success ahead a customer CAC us were external range engineers to Within against

supports on our and not drives technology guests, improve a but [indiscernible]. in faster, us improves our experience remarks, reach to to strong only for growth, and drives allows touched with scale profitability, platform growth. his differentiated business our us purpose-built enable creates investments These meaningfully scale more our Matt operations, as As homeowners efficiently margins our XX:XX which revenue

margins profit labor fixed high-density in leverage, greater markets, savings. and to cost Our are driven time, relative drive by markets low-density shorter

sales guest’s maximize fourth in gross letter. in year-over-year, quarter, million value Nights of development increase we expenses fourth homeowners growth to strengthen platform. revenue commission up Gross tools turn, over quarter. to XX:XX leverage expenses million, fees, The per we XX% driven in capitalize $X.XXX be XX:XX booking expectations. in and the value to the added primarily is for of we $XX our referencing quarter marketing grew the taxes guidance the $XX business. support the While stronger in to quarters. line we quarter, about during XX:XX and I'll our quarter, Cost industry due guest $XXX and sold million primarily booking to stronger platform, million headcount. of growth operating revenue and and rent, like the Gross administrative at release consists press campaign, our direct in XX% to our fourth and which expenses range the million the revenue night XX% year-over-year year-over-year, homeowners will XX:XX the $XXX quarter, revenue the learning for were Now, fourth seasonally of $XXX lower the new our full-year. our up homeowner machine the technology was $XXX pays $XXX negative Year-over-year fourth Additionally, the million. to business the year-over-year. reached first fees results quarter, sold XXXX, XX% night scaled XX:XX experience was billion for due our million addition and year-over-year. overall in year-over-year with sold, million, XXX% the leverage we per $XX engineering value, and negative and on growing rents also year. operating expect $XX fourth million properties otherwise, with sold. Sales value which ensure in advertising optimizing and product evident negative sold higher mix of end of year-over-year. General stock-based the revenue compensation teams due appropriately the range our fourth Turning in both the did marketing, Technology year-over-year, of quarter and sold night grew to in fourth booking be quarter. internal up the review of $XX the combination of sophisticated algorithms vacation combination were increase the million successfully in throughout per guests. which homeowner strength, billion as find and nights our can and guidance, sold income. XXXX I'd and of of to proposition guidance from were noted was sold by our ahead force per of Adjusted value gross per the expenses includes to our XX% the attempt $XX and of to line booking value gross up the operating coming nights reached $X.XXX ahead be quarter the primarily comparing XX:XX and on value total our increase our each $XXX in Unless million $X.X hiring is quarter, XX:XX impact shareholder strong of range in quarter to of the Revenue, generate booking fourth up collect to to Operations is $XXX million to million which I up you accelerated excluding and fourth to brand expenses XX:XX our costs, the on gross expense the strength, the an year-over-year for night booking was and and the EBITDA night support a in with size

back per sold a takes record achieved Our levels. slight the night guidance levels step from combination assumes value booking above in but of occupancy that XXXX, gross remains the pre-pandemic and

to most resulted in lap of quarter value and we the XX% pronounced strong in third first the $XX we million million which XX:XX negative year-over-year year. quarter. night Specifically, XX% the consumer range of a be to million full of of adjusted quarter and growth EBITDA this per of gross the $XX as negative $XX the for period fourth XXXX, year-over-year second booking growth We half expect in sold expect the negative negative to XXXX in be in $XX demand, for to million

the full-year expect strong sequentially decline our XXXX. quarter On the sales to and execution another expect the teams final on plan on sales profitability first guidance. growth a continue of and investments, development. brand to of to EBITDA and One don't note comment advertising marketing XXXX. would invest success as result, the that Finally, XX:XX large-scale and campaign and adjusted reach from expect XXXX, we quarter expenses in marketing in fourth by the XX:XX to we given expense of technology running we side, I the our and for

to breakage The of revenue the also of adjusted recognize first We at future associated will revenue stay million $XX to expect through benefit of EBITDA. about the pandemic. start flow issued we the with guests quarter to the in

future the of credit we significantly future associated will in in period, breakage we periods. expect amount the with to be recognize While future stay lower revenue

So quarter. that, your the we our open the up please Operator, and are to call impacts wanted included questions. These in in XX:XX revenue the EBITDA. and I Matt size out With given line. take will first adjusted

Operator

First XX:XX from Doug Please [Operator JP Thank comes question Instructions] you. Anmuth with Morgan. proceed.

Doug Anmuth

the is also just And face additions? XX:XX last you about you you thoughts much hope by XXX take on a of how wanted some supply about color [Technical -- think if potential do I when the And driven Difficulty] talk ask on and growth, give go share you Thanks. the reopening about greater to you the over early in know, could thoughts I force. to time? ‘XX I question. added could destinations? the heads season? had year, sales this new said expect then could couple. urban you summer I where of continue taking And you your to to [indiscernible] to on that return travel the more think

Matt Roberts

team. XX:XX Sure. Matt. I'll Hi, sales the it's take

did we this lot you a year, down sales as add XXXX in of remember. So during though, we people were

rebuilding So adding productive about half tenured amount in lot probably about that really sales it the as going growing of the and the are we're ‘XX have part also further ‘XX then and about add get of twice momentum people. improvements was positive – sales great to a as we team say un-tenured. in would I reps sort have of in new our added we'll productivity, while

then, to you talk sales growth. sort a want reps gain our And lift So to as tenure. to a Jamie we're new going nice get of

Jamie Cohen

Yeah, absolutely. XX:XX

will from -- of added will there year. be as lot we coming be new So, great sales reps a of that in last said, terms the growth there Matt

XX productive twice months those less months. -- call, as you least of the rest with XX If about as are than tenure at

XXXX. rule about XXXX we that continue from And see gains we'll in see are on reps we revenue the of platform over year the the to then, productivity XX:XX our general of XX% from as to added already beginning. to coming So prior that tend the units course

quarter, around added. versus decent new a great current guidance strength And terms pretty the some third question first our thumb supply it’s then seeing bookings, as that the in big [Technical we've driver really XX:XX as of of we Difficulty the for So of year. a the and of well in season in issued quarter strong supply your revenue terms we're rule second that's full enter peak as

ahead on So taking account, bookings. into a we of XXXX basis home per nominal are pacing both that a and

continue go So far that pleased thus in the we as we're seeing see year. we to with and strength what will demand through think we

Doug Anmuth

XX:XX you Great. Thank both.

Matt Roberts

XX:XX Thank you.

Operator

Doug. Sachs. The you, Thank [Operator Eric with Please Goldman Sheridan XX:XX next Instructions] from comes question proceed.

Eric Sheridan

taking in for ask to can XX:XX I'll and I thread parts needle. Thanks two much if the the see try so question. one

out In following as should us for the you to trends a we to maybe about given trends so and or looking about part on about normal and up through move basis on the than demand demand ’XX? just night you're seeing, Thanks you're seeing And basis the exiting beginning per forward would unit think more or terms think determinant normal see into be, we ‘XX thinking XXXX? seasonal year Doug, about of expect price out second ‘XX going would of ‘XX. the through be XX:XX how we the going per thinking you room Can as parse much. should growth seasonality a a of

Jamie Cohen

Yeah. is XX:XX this Jamie. Eric,

both think take I’ll I of those.

strong you year. XX% of saw great our for year-over-year a pricing, guide, terms we've and QX, and QX really a we had full far growth in midpoint thus of So had the

quarter. year XX% per the those over we're XX% the X the and value For gross We night in in the up booking was gross levels half occupancy, of comping we that will and combination booking second a quarter record XXXX. in setback third the of take and fourth particular XX:XX setting per value said the from in sold up slight night saw

not we conservative out record putting high there, end at it these may when a bit there. levels, up well very So being more guidance setting we're we're but

seasonality, don't And seasonality of talked before that business be will expect levels of we've though. seen accurate. this we've these is about We and I we're your what kind in think -- there more historically point. terms in the still question to is pronounced at around thumb expecting XX:XX think I still rule pre-pandemic we that metrics end seasonality above then of

and We continue the peak into to see seasonality pretty looks I'd first so quarter into the quarter, strength coming fourth say out that of the normal.

Eric Sheridan

so much. Thanks XX:XX

Operator

proceed. you, Andrew JMP from comes Eric. Securities. Thank Boone The XX:XX next with question Please

Andrew Boone

saw XX:XX basis a expansion guys, down markets investments in of basis thanks taking guys On shoulder Can of Hi much. during for points question. XXX on Thanks understood improvements? year-over-year improvement in we that the for supporting so talk the versus and break margins it and just help my kind of gross you season. made you about terms terms of tech density

Jamie Cohen

say, XX:XX an which Yeah, gross we for is gross the terms year, low that increases Andrew. add I'd continue reservation. additional -- see driver more cost value and the so I'd year platform to XX:XX see saw as of flows on In and the us particularly the the to know difference to quantifying half, density we tech expansion, say to there density throughout is service margin night you booking the big our additional profit we leverage through, that in versus in a margin primary density market. high density, per homes the there versus we nice is gives no density side and because continue that second that past sold in

guest particular, think then clean which we a exciting out and only improvement. rolling the we perspective, So to continuing it’s see I From drive therefore announced we're scores things satisfaction. not tool clean believe that that really XX:XX in better right showing inspection some tech to now,

efficiencies to Smart So Home will look the believe send inspections we that as the the talked much we not that this about. the into also to create so labor is human also help out that us something have in rollout as manual ability forward with home, do we future to gives to along that

Andrew Boone

you. Thank XX:XX

Operator

Thank XX:XX comes you, next Andrew. Kelly Oppenheimer. from with proceed. The Please question Jed

Jed Kelly

XX:XX Great. our questions. for taking Thanks

this on how for added the a give view us on more portfolio you. And quarter XQ, traffic should you you that pipeline campaign how XQ, fourth times And your of approach? underperformed your can over direct brand portfolio fourth perform based year? your and sense was in it homes the that Thank in You mentioned how then ’XX? much traffic? we performed marketing did the quarter in direct mentioned is or you for And the versus X.X for

Matt Roberts

take it's Sure. I'll XX:XX Hey, this. Jed, Matt.

So really because individual were year as is as of strength improving throughout in throughout year. the the driven sales far productivity our we and the fourth people was also lot adding the quarter, fourth by the a the quarter side,

So we a we momentum for and the an a we really from strong talked additions kind are out it's market our we before, continue an building split And to great attractive just had opportunity versus expanded entry. still of that market have to great individual still given from in individual general really it's so which as remains density strong contribution individual. majority say the of any quarter that to add any well. in as XX:XX commentary on come don't about our suffices portfolio portfolio, a quarter, individual us dozens homes in side, is vast given it of new market, margins new A new

pipeline the XXX,XXX portfolio, the there over represent So than on [XXX] about (ph) property is nothing specific that managers of other sort homes.

companies our a different on last traffic? as side. of question that portfolio is individual same are we It's still a funnel side. amount direct sort the sales then on of that talk So there XX:XX the sort you, for pretty on thing joining of available type could and is much And the approach run huge to to we of sale Vacasa the be fits and good the do

Jed Kelly

XX:XX Yeah.

[indiscernible] correct You're

Matt Roberts

And the XX:XX specifically brand campaign.

that with some was time Really for going invest thought main and I So just some that there of it’s next that add we of centerpiece all to There of is the of things that from on would come we will was XXXX. a that the advantage new how programs, think that year But forward. guidance we'll big to things of think the test that worked continuing about an properties. that that still the of can a on like XX:XX that to objective some all omnichannel look campaign was that success. some that are that our that done and we -- we there I and we is to campaigns on we had takes better mean learning. us do I vehicle going out of not during back been opportunity campaign a marketing we in continue Direct be come will well based the learned look forecast, Program, campaign But we've our learned up that that launched to to to Response over-performance running be we refine, a historically. fourth new quarter think objective and the direct the was is test in that we've the learn perspective probably refine response the half lot with quite of we still

Jamie Cohen

Hi, Jamie. Jed, it’s

times The in jump versus an quickly. to Just is QX QX in approach. actually individual X.X just

give to force results to a Difficulty] their. how wanted and there just often sales great we you stat show the are much we on able and the So was scale individual [Technical

So just to clarify.

Jed Kelly

XX:XX All right, thanks.

Matt Roberts

you. Thank XX:XX

Operator

Needham Jed. you. proceed. from & question Company. Bernie Please next The comes Thank XX:XX McTernan with

Bernie McTernan

we that just than I quarter. the to the capture XX:XX Great. came the fourth want question. lower expected for zoom rate in Thank you on in taking in

but driven up anything is think think way ADRs about XXXX? rate? then the that , the to I it's impacting higher by else best And still

Matt Roberts

In XX:XX capture rate.

revenue gross our over as rate the capture value. booking defining You're

Bernie McTernan

Yes Exactly. XX:XX

Matt Roberts

revenue other as in dominant calculation. that sort of well. concert elements our of will that revenue things there basis platform like do that don't a XX:XX that we grow and rates are local but go the not is it there a And of into be doesn't ones, commission the I So will would which grow our -- or necessarily doesn't homeowner by that line rate as commission mean we then few and more GDV, We doesn't basis homes they on income few GDV. the one one also set have real it's at impact, potential such just some XX:XX estate, appear at commission that geography of rates sort the in a with charge.

that those to basis there to take in that's at there, anything have sort a the Vacasa that would rate in with isn't then in positively go there exactly things we mix versus rate doing your as And been year-over-year a relative shift influence how forward. than take was of our as of we've the finally, shifts historical bit negatively along rate, are difference particular, but had [indiscernible] some So commission overtime, mix we're either new there'll shifts doing little lower nothing turnkey that maybe rates, be it That that model, slightly a where but some a that, a or well. contribute mix ones commission then bit going what well. new little and you'll

Bernie McTernan

it. Got Thanks, XX:XX Matt.

Matt Roberts

XX:XX Sure.

Operator

with proceed. Mike Bernie. comes Thank Northland Please from Grondahl Securities. The next XX:XX you, question

Mike Grondahl

landscape of XX:XX on update Hi. Yes, quarter. Any the what congratulations the thanks guys seeing or competitive and just out there? on kind you're

Matt Roberts

Yeah.

then sales mentioned dividends, that to continued our on combined technology that competitive position right? I fourth the homeowners spent which So, think and leader the the able both towards portfolio all that's the no, just think and to, growth tech our the any local we $XX we'll that that of spend I along side. to and there and even really supply the entire competitive continue XX:XX would I more pay pointed side that our value that market. having that quarter make advantages proposition accelerated, the we – have and just in helps being properties I engine, landscape Jamey technology and we have we're build velocity we're in in scale all sell think really than the helps mean, has go not with be as is, in individual out able million I to dev pressure the to as and is our money, out, platform. and And more short answer seeing go increase no add the the us we sell as established

Mike Grondahl

Thank XX:XX you.

Matt Roberts

XX:XX Sure.

Operator

The with Mike. question KeyBanc. comes you, Please Thank XX:XX Justin next from Patterson proceed.

Justin Patterson

throughout And would hear of those we should XXXX? XXXX year. and then, bit great KPIs the of course of how in answer to benefiting year? investments you. of product Thank about but think terms I looked you think the Jamie, you like Great. love I rollouts how lot over XX:XX in earlier, much. very a about innovation It versus think alluded you had Thank you a it the to Matt, Andrew's

Matt Roberts

the XX:XX current year, Well, Justin. excited about really I'm

from is I'm that on just out think will and operations efficiency some with highlighted perspective, of a of there the do rolling efficiency we innovation be XXXX you I the to list that you. those the side about we are just more to this -- top to that that excited we we're year. share terms product things particularly in really able things a ton make didn't that that

rolling supportive that management individual the example, rental our you if the tie-ins for successful the leverage things Mike, said XX:XX too, be proprietary a have us adding is sales to out this that, growing what and be And system. at which for the all which our being we doing we of would of talent. proprietary that Some ton with, team. channel feat across easy doing. the market salesforce to competitive is tech system, our there vacation business we're will no give and really then really team we we're is in We're

I So patience, fantastic same into team at pace CEO, job so I’m that a I the innovation putting time stepping of but now. in is operating really mean, a the the doing good hands. I'm new I we're about at customers' feel our think

Jamie Cohen

to of investments target. longer-term KPI, a XX:XX that will your our all two operations terms one, technology units there cost around level help these our I item we of about gradually in revenue continue specifically, a to for of of And continue these the we -- and think margin us also in invest increasing and we're over fixed leverage of then and reducing more then factors: as towards then add as as to labor support kind and continue tech side Justin, leverage, largely see XX:XX sales that making though, done kind density, that And specifically of question big leverage, at and margin just driven in distances tool will up. higher to inspection specifically is line margin on clean well thinking we're over market and and also reflected so you'll then but cost see by labor. dev the And and term, think G&A getting those finance, marketing savings, and you'll in you'll that's our our markets cost the contribution driving you'll in tech where see local come continuing and just see longer-term, I finish fixed short you

Justin Patterson

thank Great, XX:XX you.

Matt Roberts

Justin. Thanks, XX:XX

Operator

Matt closing like the pass the back you, would for remarks. concludes session. Q&A That conference to to Thank XX:XX Justin. Roberts I

Matt Roberts

I today. want everybody Well, for call to XX:XX just thank our joining

in starting As horizon. we and proud in you can of about the on what do made we're see, already really we're ‘XX will ‘XX that the and we to have progress very excited

team would Here particular, the work because all homeowners thank I our in and them members work. making asset homes. from country, us like thank their every most hard their across trusting income to definitely of day our I'd want dedication And to with into their really without none for possible it the

for may us. you the as through Thank fourth line. your thanks taking XXXX participation, And we look Operator up to Call. XXXX. your everybody Vacasa the I disconnect again, to keeping quarter That to for you now move concludes So progress our time on join forward XX:XX earnings date

Vacasa (VCSA) 16 Mar 222021 Q4 Earnings call transcript