VCSA - Earnings call 3 2023

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Operator

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to the Vacasa Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Thank you so much. I would like to now turn the call over to Jay Gentzkow, Vice President, Investor Relations. you floor. Jay, that, with have the And

Jay Gentzkow

Greyber; Good today Earnings for and thank CEO, Call. Schuman. joining us you for Rob by Vacasa's today pleased be afternoon, CFO, to Bruce everyone, I'm joined and Third Quarter XXXX

cover let as call only few administrative today's date. Before contains me details. that information we a begin, speaks of This

strategies, made call will Investor our which website as date. of materially We targets, in including have a be results, are performance, based factors by financial caution letter statements. We referenced you on section contain of today's posted conference expectations, shareholder those that company events, Such cause differ estimates, realizable to conditions Relations letter plans, various during our actual what shareholder results and is our from statements speakers. Comments investors.vacasa.com projections, period and guidance for about on that this could anticipated. beliefs, future the forward-looking the at future those objectives, include believes

additional issued the uncertainties, section our letter Factors with concerning in shareholder read Exchange the and the in the Forward-Looking we Statements section For risks today Statements please and these filings Forward-Looking Risk and Securities Commission. earlier and information

over financial GAAP financial GAAP to will measures primarily now we most non-GAAP to may in call be a should addition of call, letter. results found results this During including to our considered measures to GAAP reconciliation comparable Rob? regarding like Greyber. hand I on not be results. And These be and measures. non-GAAP our various focus our substitute Rob our for would non-GAAP the are intended Information a financial the shareholder non-GAAP results directly in to

Robert Greyber

business with those million quarter, over of results and up you review summer our I'm made for July August, financial the getaways, has facilitating That's to our reservations the everyone, you during breaks and weekend the and vacations. joining progress months afternoon, be strongest, wrapped trips, the XXX,XXX over outlook. taking us. Vacasa's the X.X place Good second third third family with today anticipated and majority season. seasonally of the to peak all quarter highly overdue share to X in and X-month pleased thank We

team, vacation bringing creating for board homeowners over and that family to our vacations industry, around that for are and our For tables rentals our in means so and happen friends, moments moments counters that important category kitchen to way, home the and guests. at unique moments coffee or and games,

a different for navigating leisure industry years. while prior our during XXXX. remains markets Demand volume And now from of the those XXXX homes in less making dynamic and than are We macroeconomic in environment. homeowners their across and are the reservation industry many category looks still today robust, than highs

While recent these for in challenged in guests. delivering revenue in on notably focused we and And periods, dynamics our for and our again, millions are, and to for we have retention, homeowners industry. once generated far, the income highly homeowner vacation rental who business optimistic third during remain our Vacasa's quarter. I option extremely remain to continue the homeowners believe about best homeowners we by in want participate potential the

our to a technology-driven result experience products uniquely differentiated truly our develop Vacasa also scale that for guests. Our positions in and homeowners

offerings I in November, vast right These potential Based local first unlocking markets. customer and our functions, my working needs in individual the the the see of to and and approach, our majority execution. were: better execution our X ruthlessly to of I profitable wanted I generating industry. Last are year prioritizing the sales improving all for the on you you service support listings priorities drive developing our all outlined with than in more Vacasa. critical when in results. We the more efficiently revenue data, Vacasa and during our believe markets first spoke are We business tackle can and at technology functions, time, products that

how to But the and past that is against as do will more back Let leveraging we increase significant get over each our done. proud our tools experiences local across look of efficiency. me of be we XX made There have busiest quarter. and some during priority. I'm technology clear. teams more while progress guests outstanding performed months, our to delivered latest to markets hospitality third They our our also

teams during tasks, top teams. condition is to systems peak this our features are ready told earlier time you automated there home with homes helpful work well-planned about only small season welcome ready right on and time, example, guest scheduling capabilities imperative and right the between particularly at manage field capabilities it's teams year, a utilization and for may systems our the local planned, These ensuring teams. These we help daily to stays window guests. when including in our new operations For better be be that our help by have in homes get used are working. to it's high, our the a completed schedule we These local

a post quarter, This achieved had score spring, we higher a our based more refined efficient number from processes around a photos During property year we tool clean clean last internal every on guest benefits. sharing while condition including to with feedback compared operating also inspection manner. In housekeeping, X important third single the week of in the owners.

guests third from scores quarter. year-over-year higher been clean in have the our First,

in we enhanced get resulting homeowner better. home a after and and products another XXX,XXX of, from it's opportunities do. The homeowner efficiency feature. them differentiated allows improvement. point It's results for scheduling connected them that better dividends. in home is and points keeps that will the experience have this more photo received Second, just and taken in time, teams only our reservations, our important identify inspection every new automated of Over work their paying see to home With our you mind It's investment on process gives operations, these XXX,XXX are to homeowners their peace real-time touch inspection to proof that technology areas the tool them of importantly, see feedback driving care field their that of positive being images positive and is our guests.

individual add platform, which attracts market homes way to sales in of local Our the prospective that another we quarter homeowners. productivity and developing our approach, expertise another of quarter had on our primary and the improving presence and year-over-year building

homeowners We us our our and events community to locally continue allowing shifting reasons teams, annual in way refine Road we participate to and Gulf peers. This Falmouth the unique sales Panama in local channels to attract them on supports of at choose initiatives. operating resources Massachusetts We over our last local giving blast more Florida. We're Coast and local the Beach, the Festival potential had the Vacasa sponsor more to City and a also homeowners lets based activities. Jam Festival

a more was Vacasa us partner new example, offering from travelers. premium Retreats, Select as selected channel Travel that For launch to the positions Express American + reach for a Homes

we if levels that and remain what Our out environment short-term continue optimizing if continuing to their impacts of income Homeowners an in for communicate of they mix. With us proactively the to We the to with should homeowners, reach churn. keenly terms. home to conditions, on are exceptional delivering this elevated on so, evaluating hospitality homeowner rent market to responding rental focused these recent expanding to adjust to quality the and industry and positions guests. scale across opportunities and commitment dynamic to all continues channel and provide see our macroeconomic travelers to types a travel said, more patterns, rental changing homeowners of

one-two Our existing mentioned, feature making focusing cost focus punch, larger products efficient benefit. efforts product as teams and to feedback. a experience and positive Vacasa's guests. which tool for the scheduling on by this have do to this tool deliver our We scale automated more well operations improved our I photo and by technology products on have generated that measurable as improving owner homeowners the that enhancements and These efficiencies include and continue inspection products double building just

our rigorously field, the vacasa.com on guests to making perfect also way include criteria for owners to steps the help transact in they and the adding evaluating stay find filtering and to it are with technology feedback provide infrastructure. to We taking and additional Examples guests vendors. simplifying improve their easier internal home,

Finally, across our efficiency driving prioritize continue business. to we

are expenses carefully development, sales year-over-year. managing marketing, down expenses with administrative operating technology our and We and and general

location being homes about right of fit for rental potential, also we objectives, our within revenue market to homes ensure of the and income are judicious homeowner seeking Vacasa. platform, a the are homes on variety criteria, including manage potential We across the all a

our platform past XX our furthering technology team to substantial regularly over way highest the back North local America. our and I quality, will each offering product the our at focused all ROI. thank an management playing to important we moment business members manage in resources all country We on inventory assess But see as Vacasa across is vacation who in product closing, the remain more have to to top ruthlessly homes. In role progress. I to our operations want do. to the look functions, prioritizing to our you'll are of rental you take months, mix believe the made There across continuing we continue improve making a lead and across improvements we from the and as fit

and provide Bruce to outlook. an the quarter turn to over updated third call Bruce? I'll Now our results discuss

Bruce Schuman

Rob. Thanks,

lines, financial quarter Then I'll shareholder can quarter in combination costs otherwise, an referencing provide to stock-based comparing outlined quarter I third and compensation, I'll third find the First, I'll outlook. operating be restructuring expense results noted results. be impact our letter. review which Unless XXXX, third our our of and updated will costs, business the you the excluding of

in the the the the roughly gross saw gross sold of years, quarter, and off past third home $XXX year-over-year. year-over-year night X million, per the we is Nights the gross gross either in continues per were booking value few booking it's highs per value value, night was between quarter, sold discussed sold sold, trend down in also, booking value a from XX% third booking average industry Nights nights our come on continue which isolation. at this difficult was to strong down look there per as nights and the third XX% was And in decline million sold, quarter. relationship gross of combination in record to and For and is X% night value booking Remember down quarter, year-over-year. the third flat sold home year-over-year. We've platform sold the year-over-year. $XXX per

third evaluate management and constantly consists team night trade-off homeowner optimizing mix gross per of value which fees care our quarter, down rents revenue nights primarily of directly and guests generate income. Revenue, sold the from and collect home homeowners revenue on booking commission Our the occupancy goal between our to algorithms million of with price was from the $XXX and we data provided the we year-over-year. homeowners, the X% for in the solutions sold and

last turning last of our quarter expense was Cost third These XX% revenue in the the revenue period of customer and Operations local of lines support third of expenses. period revenue XX% quarter same support primarily in consist in was of XX% expense market and the versus in same Now year. of costs. XX% to revenue revenue X the versus year. our

progress year-over-year Our the are guest in of more of XX% cost same third and of manner. We quarter expense results local a results. markets our operations in XX% and better and by are homes by nights delivering supporting efficient the the revenue satisfaction sold year-over-year making operating number and roughly strongest decreased yet example while support we

in discipline operating demonstrating in year-over-year our operations operating across we leverage expense also lines third are other central quarter. the achieved our X where We

on million Adjusted and marketing year. period XX%, XX%. million declined EBITDA and XX%. and and compared administrative general in declined technology same $XX the to development for last was Sales down a basis, the year-over-year quarter third expense Specifically, was expense expenses $XX

our year With season trends we revenue full decline we to Based business current XXXX. now raising by turning complete, Now on the now to year-over-year. XXXX expect peak and X% are to conditions, outlook. for outlook X%

last than midpoints EBITDA and year. expected $X the of about compared guidance, but also million about revenue expect of adjusted between million. last million this At to $XX We implies year $XX our higher adjusted $XX million XXXX lower EBITDA

execution support highs this advancing focused year, While ahead and we all specifically do, there of in believe our XXXX, the normalization it's of domestic XXXX the seeing traveler the impacts vacation nonurban our making back environment. early, to We remain a our our operating improving to of for for and the of look changing progress many against further adapting throughout initiatives homeowner our the is industry team targeted from discipline will speaks are demand XXXX likely to dynamic improved XXXX, more business, said, in I the and driving which to to efficiency we on we retention, continue. while while revenue outlook backdrop. That as believe trends the rentals gains half is

during please open provide results XXXX call. With We and our year that, financial take will will you with and questions. more Operator, Rob quarter I color up fourth your lines. the full

Operator

first our Kelly And it looks line from of Instructions] question [Operator the like Jed with Oppenheimer. comes today

Jed Kelly

you're revenue may. on base. getting Two a of a again, Once efficiencies lower if I lot

just you how from, can heading year? commentary about 'XX. that So talk that's coming And for on you then next where is up into just following sustainable gave the

the continue. to said trends are You likely

industry around XX% RevPAR is think I this down probably year.

of other doing managers? more can function in the per homeowners RevPAR just churn themselves? grow start to a you're do homes property back think to So on think comment, it you is the do Or you then unit this And the of half? losing

Bruce Schuman

Yes, this is Jed, Bruce.

focused touch of Really, function what's first the improvement, kind this on improvements. those, the this local ops improvement this think a of central driving -- EBITDA and we've in I what's kind your kind that's efficiency really -- We're kind laser market on one, efficiency focus is of primarily year-over-year the our on EBITDA. operations driven of efficiencies we've driving of the had the year-over-year. I'll just really year-over-year,

still plays on we're we those early phase, we're the question how in into seen, some as of 'XX, we've the we homeowner we planning early. like could in things for of about that But bookings income, -- your second all, of first books booking of we likely continue. year, half it's kind cycle, the the think we think early 'XX, I I in of the focused very the while as see think on the as on about ahead, think 'XX, think churn it's some look dynamics next trends declining

some as -- that we're So we're improving also focused booking we like on QX. patterns seeing changing for

lower, of keeping how so and in coming is on bit an a length For stay that evolves. example, eye we're really that

in the what -- on delivered QX, we drive of look efficiently So color our savings. you if continuing focused of taking think owners care early at -- results drive further to business operate provide it's to And in that what the can and we pretty I just guests best We're that's and of of our really there. and example area. kind that needs, more

Jed Kelly

follow-up. a on just then And

progress. did You mention some technology of your

think or largest couple I full industry weeks a the of event. last ago was mean was there vendor I week pretty a hall.

winning smaller can So can the you the just talk about say, of sort rate of well? versus, technology technology manager that do distribution and as take third-party management where on sort do property you're a front and

Robert Greyber

you. this to Yes. with talk Jed, Rob. Good is

couple I we a of behind think invest and think first where advantage, see of -- we different it. there's all, to continue dimensions I

what and So those performing And drive management, to them. And to that And are in -- owners. teams spectrum across that performing the out versus for There we to how also there, different there's ability a against first, we those out biggest control market revenue are technology powerful how time. able we're have tune comes when those we have intuitive, be and tools different and platform. We think see the think number of that are technologies it largest our over how markets. there. platforms the we're very of about can look should favorably very other closely deploying how dynamics there it We the we evolve but platforms are to right?

bears that think that we market out. So the

market, to true in possible. want as in we're make to I every there, owner to when for advantage But think the think Vacasa continue every going that try back, over that executed -- work zoom you long as term. to for invest we has and Now that we're to I home we do -- obviously keep that and every well to

can what it optimize to peak market. comes drive need having you we're that. In I can be think and really with scheduled versus work what right type platforms these technology if -- optimization then those The just the to maintenance But those of able booking are examples is then advantage. to right to experience there's platform visit care one what the turn that of number integrated those the take operators homes again, to teams season, where place scenes to home a starting very the deliver also try we and to the that in to it And a we're the able that busy things in drive able pieces to during a and season. there of are being out get example are and knit to some home need now. of together integrated provide. it have get clean. quickly, X try think are down of a the they're Those I to able a more turn to various don't to great right be those that of And

the We you that So them think numbers we those are we're areas the of impact where in the deliver. focused. see

is long industry advantage think a lots of us that the and seasons. backdrop. of different to tough be in against economic that's But source of All we going the term in for that

Operator

comes Doug of Anmuth the next line from with JPMorgan. our And question

Dae Lee

on Doug. Dae X. is have This for I

When it being So I the talked think elevated first one had the on you stable. last but guys churn. homeowner quarter, about

the your guess guess, the is current to grow I when some off could bit you normalization there's and then of about clarification that kind to is that I this given that. your the guys little of? base a changes XXXX. look of that just things and churn. And you more are lower some we worse wanted comments lap before this this any get if to wondering, improves? it Just case now homeowner just quarter, Just to get of seeing in comment is you're out, need secondly, happening continuing expect trends around Or you stable this, that it still

Robert Greyber

don't and thoughts. then Why some hand I start, add to to it of Bruce Yes. I'll sort over

coming we sure, began a off called think were changes experienced the in some highs we record changes revenue see fourth And they move growth, I'm the levels XXXX, So environment. of bookings frustrated I some booking in the we've demand homeowner in higher last coincided see of as with owners that churn of and quarter as as citing XXXX. to begun by year, in the we industry the reason slowing churn out, for had to as through

So we've the to been to to expectations XXXX. make rental it is an the think that those best that to backdrop see marketplace what continuing in manifest they continuing to against steps take in of play kind want into out our listen happen and do I set translate industry and income to to lower

perspective, So from that We we've to it responsive average from perspective. backdrop. tough listing delivering product performance a on a been a management above revenue against continues very per think a but we're be basis,

a data expected dealing that's high great this that that something levels. there's is come is pretty of be So there out We that lot wrestle is going closely. kind of industry some we not a the And but are you think think we that with. to to when dynamic it we're And off watching think others with. about that, very this

trends and plan any top set execute again, evolve nimble to business in year, or forward look our be on more to in be watching of the see bottom able on we guidance season going a and the to is haven't next We're we line line kind and we well market. that the that continuing focused those to delivering to that. set As

Bruce Schuman

Yes.

only watching The grew in think you $XX our on again, I nearly materialize, despite focus in efficiency, of look carefully. we you decline we'll revenue. We like quarter. do on That would add, Rob. thing be the EBITDA by at I third and what million that's million delivered into $XX efficiency continue good, very nearly continue will that trends even as some know focus a to that 'XX, these

Operator

Sachs. line Miller And Ben with comes Goldman question next our from the of

Benjamin Miller

price then would look might like or mature more on any initiative where operational some and recent with just markets comparison Google optimizing there's in product impact what you the some can closer second this industry? of if think your profitability have the you color And be share the on Rentals to Vacation rollouts. the of wondering any or product on I'm thoughts you're cost margins changes and markets structure the

Robert Greyber

Bruce, want take do I'll the second. take you to one? first the

Bruce Schuman

Yes.

market one, past. profitability at this per margins. The really indicated contribution we the single a trying breakdown our to We metrics really We've first haven't market not really every any look market, per time. in optimize at indicated

Robert Greyber

is And across actually By and see markets have Yes. I and and that more set mature good of think that mature. markets. what we're we doing less all are product do seen large, those a business that executing initiatives results

So we're on that pleased progress.

category. it, and good watching it has players falls. keep partners been to agency but more I'm seen at are been we participation. the investment a been haven't different the into a the of we'll it the of side, believe on a not look across think, called the company. it evaluate investment, us having on Metasearch of manage that of rental maturing have that going that to any making. markets changes pretty diverse lot as to that side, We the we'll strength comment particular platforms disclosure. Look, come on the channels. Look, on different helpful. I a investment metasearch lot types better a as earlier our our We've it provided comes source of how when is bag investments channel mixed be great happened those we'll for last Generally when a an Jed as structure, decade the to that I eye lot OTA a the side mix channel out channel lot We -- very industry, a on of have when on comes vacation to and has having there's critically investments speaking, think over of comes of

Operator

And JMP Nick Securities. question with comes the [Operator next Jones from Instructions]

Luke Edward Meindl

Luke on Nick. for is This

taking Just back. step a

XQ. in line accelerated top year-over-year So declines

main So think a it top I X in level, what into that the broader guess reaccelerating do comes next on factors year? to more heading or are X you line when focus

Robert Greyber

Thanks, for question. it. the Luke, Yes. appreciate Really

I that I terrific still large. When So in I to think see market, shared out a very group this in I opportunities demonstrated of the how several growth the when and tried November, potential I years, joined for categories of was acknowledging is first and -- been Vacasa's I look, and travel ahead last category see to as forthright about the spoke think type has I seeking been transformation the over I've long-term undergo really the and improvement. been the what with the about industry last in I by industry team, be areas excited of very one Vacasa where about

making make as I satisfied. changes to organization. think need I'm the an we're not we that

isn't team satisfied. Our

I think and execute to we've demonstrated in good progress challenging on also an a absolute we're basis dynamic. able how

can, an term, long there's broader experiences. that transform Luke, opportunity think about think many basis, businesses other economy. and across build a superior business seen improve owner continue build on think the to opportunity. And we've the really I on categories guest across so travel that that superior experiences, to I about iterative I platform-based when So And like the that and

the it's I ours think taking. it exists and for here

can so see the short about I when the I'm far. on that think you think the driven there really are focused that X that term, results things have I

take of I in few others. And but about better When made those I seeing really that technology can year, highlighted products, navigate despite the around difficult business side about that environment, investments against this see think second think guests processes we you backdrop financial help declines performance single a is is every we I've difficult again, market people think, this revenue revenue. think to we technology doing giving sure right status the how on and we've And the owners things make of then the to how interact of their the and and ability more for we're guests our absolutely management. management work making a at people needed time, get get our we enjoy lot so optimize visits work to our the that owner items visibility to that can of our away other to homes guests of the home maintenance us, owners' also owners that's of the to to day. their in right forth. holidays, the the on investing place those done their of right on time our better revenue piece think platform care homes, in deliver We're in a improve that's critical. We're progress into in than and First the is with the progress the experiences elements and systems side. and have

done. a process the of gotten work on So we've lot that side, there's

we're being with and On how We've the and that sure lot in efficient there's I think, we're technology our workforce investing. allocating capital side, a work of making where we've gotten done. we're been very judicious,

those say to all business to me, build So the the for of going term. that long I to able we're think things, be

We're of try see to looking traction flow that into aggressively. capital can impact more results. the getting see and there beginning where we for going You really to business be that allocate our

us is We're So efficiency. experiences on and focused And more a do. execution on long for also there's think to direction better lot point keenly that, term. for we the pretty us going right in the that customer to

Operator

from the McTernan question of with next & comes line And Company. Bernie our Needham

Stefanos Crist

minute trips calling being the booked, is you visibility on last you have with for point of typically Stefanos as holiday this Bernie. I'm see type especially for in just quarter, at do the in Crist what curious This QX?

Bruce Schuman

Yes.

early. a So quarter, it's little QX, bit I mean, as get into still the we

patterns of down the thing length there's think just would earlier, is notice kind talked stay about only I of I the slightly. just I and evolving specifically, so what some booking coming

kind a evolving point. than So huge talk impact this of the revenue, No a to the booking keeping we're I one of that things guide out That's that but to eye it's close other does not at patterns. to call specific think on. just other

Operator

of with comes our from the And line question Deutsche Lee Horowitz next Bank.

Jeffrey Seiner

This on for Lee. is Jeff

you to new dollars do time platform? where think at growth, to seen supply market needle the it the is go move Is more investment recently? you've about thinking more? increased you and to lowering -- efficient aimed churn to homeowners the we're it spending drive when So to can Or that

into declines far at talked given seen year? then pricing this the the we've to declines you between pricing current levels? occupancy. trade-offs pricing And expect more And so Or continue that year, would about would moderate you in the and next

Robert Greyber

well. I go to I'll ahead as Bruce don't and ask start, Why in and Yes. jump then

couple So I are comes of think when things. it growth, a to there home

we've back think, first, on before, we the So portfolio as program. shared I pulled

I real motion that a organic rather business we think us than inherit. through with directly to a having that that robust the build in there's value lets owner the the relationship something growth

that that's we've we to we've as And going deploy so to through said, in portfolio so capital out, want be the for again, a seen us through future, approach we've really a there's progress but been to with year. And pleased opportunities build the been focus. far the

the consumer in do XXXX. to we not markets control. We that across continuing pricing is platforms as which Again, relationships. that happen ex market. to basis. When can homeowner are we ours more think which in the a the U.S., backdrop what's me trends to which executing the move repeatable to on when seen we to I in to retaining the continue of in pleased that larger lot of around mobilizing think focused as more we of there's comments of see growth, of it results in comes things but you markets to going we're in reliable, XXXX. in a with XXXX. Which broadly going markets, that into QX, our urban how see very is comes some are us and and become brings progress Canada. about again that a source backdrop things maybe we've that leg agency bed in representative also And on and markets it a we see, we are want were of haven't with made happening home demand our company terms There's ex the We international other very for generally that of serve, versus some evolve

lot of how dynamics. at it's pricing a travel the categories. to macro evolve. alternatives looking looking We're kind at. hard looking So we're in the There's will at different that We're to speak

the yet. of watch So pricing there to changing year. consumer how really have as and lot don't already those us we next seen see know going I I to kind as a think seen that that some evolve you've we're And of the for markets head into say that that we've result But there's declines of demand. a seen

Bruce Schuman

management that our going can we'll nice really -- well. I driven some yet. into 'XX. results to management has think And our on really just homeowners, And really that between for revenue we always it said conscious team but that Yes. decision and Well, guide mean, a kind analyzing we carefully evaluating team to we're lot very Rob be occupancy. this well. that kind a drive at you And I carefully. think trade-off of the looking I is revenue we've occupancy They're of our said price. as Not made head

Operator

our question And comes from KeyBanc. at Instructions] Justin Patterson [Operator next

Justin Patterson

revisit I question -- earlier. wanted Jed's to from Jeff

part. the You've done hard

base. on revenue EBITDA higher gotten to year-over-year lower a You've

look As about this used just from scaling we past? the we the versus to how think business margins business at we in should here, incremental what about up think

Robert Greyber

Again, one, I'll comment I'll ask Justin. well. Bruce make and the start question, as this to a Yes. on Appreciate

as we but lot team do. done, year. we more the don't pleased think to make far a so the with ourselves of being we've this for seen There's are progress think I us

short-term lot kind financial along us we're we've there there and and We that long-term deliver you into to what the experience. differentiated to these experiences yet experiences. in ability that, more of as really results, way comment iterate opportunity believe evolving more is into we and Think differentiated continue with we're to on businesses delivering delivery better in play really an think But by will other we're we deliver they guests, integrate an can translate XXXX. efficient that's that, side that so platforms is then many experiences like same how many to toward seen about that us where the discipline translates path for categories pleased that lines. over time. the experiences balance And about we over think more and improve seeing and experiences, that a to building. How way, the those think look, We're do so efficient customer customer making so think I of paves what what that see that far. But for what is improve Amazon out will those actually and time. for financial the owners along things and for being not out our

Bruce Schuman

Yes.

of the a would nights, we local a by satisfaction scores. number We customer proof do our highlight QX, platform, the that guest demand, drove is, decline I same I we think market number roughly supported in double-digit costs. didn't guest, operations I homes sacrificing on and point in our mean, same of

We're on ops, So continue you in to going this. you to to that kind on what's get local better tells focus going that's just really 'XX. and we're of what focused technology be possible for continue to injecting market when trend. We're and our going better,

Operator

And with over the for will call is Rob, remarks. that, I back the Rob yours. Greyber closing CEO to turn now floor

Robert Greyber

their Thanks very and for Vacasa much. who full the on Thanks, for to want working joining the everyone bring our you day vacations you for I at the thank you 'XX I to and to works say, with everyone and homeowners outlook questions I thank partnership our for again, today. forward thank home want in so for Vacasa, for with for hard and months. coming updating to every Look everyone. our to homeowners speaking guests. want year

Operator

joining, today's day, may you gentlemen, Thank call. and disconnect. does now for you ladies Have conclude and everyone. a all great that And

Vacasa (VCSA) 7 Nov 232023 Q3 Earnings call transcript