Vacasa Inc (VCSA) 2023 Q3 法說會逐字稿

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)

我叫格雷格，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Vacasa 2023 年第三季財報電話會議。 （操作員說明）

Thank you so much. I would like to now turn the call over to Jay Gentzkow, Vice President, Investor Relations. And with that, Jay, you have the floor.

太感謝了。我現在想將電話轉給投資者關係副總裁 Jay Gentzkow。傑伊，現在請發言。

Good afternoon, everyone, and thank you for joining us today for Vacasa third-quarter 2023 earnings call. I'm pleased to be joined today by CEO, Rob Greyber, and CFO, Bruce Schuman.

大家下午好，感謝您今天參加我們的 Vacasa 2023 年第三季財報電話會議。我很高興今天能與執行長 Rob Greyber 和財務長 Bruce Schuman 一起出席會議。

Before we begin, let me cover a few administrative details. This call contains information that speaks only as of today's date. We have posted a shareholder letter on the Investor Relations section of our website at investors.vacasa.com that will be referenced by our speakers. Comments made during this conference call and in our shareholder letter contain forward-looking statements. Such statements include those about future expectations, beliefs, plans, projections, strategies, targets, estimates, objective events, conditions, and financial performance, including guidance for future period results, which are based on what the company believes is realizable as of today's date.

在開始之前，讓我先介紹一些管理細節。此電話會議包含的資訊僅截至今天。我們已在 Investors.vacasa.com 網站的投資者關係部分發布了一封股東信函，我們的演講者將參考該信函。本次電話會議和我們的股東信中發表的評論包含前瞻性陳述。此類陳述包括有關未來預期、信念、計劃、預測、策略、目標、估計、客觀事件、條件和財務業績的陳述，包括對未來期間業績的指導，這些指導基於公司認為截至今天可實現的目標。

We caution you that various factors could cause actual results to differ materially from those anticipated. For additional information concerning these risks and uncertainties, please read the forward-looking statements section in the shareholder letter we issued earlier today and the forward-looking statements and Risk Factors section in our filings with the Securities and Exchange Commission.

我們提醒您，多種因素可能導致實際結果與預期有重大差異。有關這些風險和不確定性的更多信息，請閱讀我們今天早些時候發布的股東信中的前瞻性聲明部分以及我們向美國證券交易委員會提交的文件中的前瞻性聲明和風險因素部分。

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

在本次電話會議中，我們將主要關注各種非公認會計準則財務指標。有關我們的非 GAAP 財務績效的信息，包括非 GAAP 業績與最直接可比較的 GAAP 財務指標的調節，可以在我們的股東信中找到。除了我們的 GAAP 結果之外，還應考慮這些非 GAAP 衡量標準，而這些非 GAAP 衡量指標不能取代我們的 GAAP 結果。

And now I would like to hand the call over to Rob Greyber. Rob?

現在我想把電話轉給羅布·格雷伯。搶？

Good afternoon, everyone, and thank you for joining us. I'm pleased to be with you all today to share the progress the business has made during the third quarter and to review our financial results and outlook. We wrapped up the third quarter, Vacasa's seasonally strongest, facilitating over 500,000 reservations with the majority of those taking place in July and August, the second two months of our three-month peak season. That's over half-a-million family trips, weekend getaways, overdue breaks, and highly anticipated summer vacations.

大家下午好，感謝您加入我們。我很高興今天能與大家分享第三季業務的進展，並回顧我們的財務表現和前景。我們完成了 Vacasa 季節性最強的第三季度，促成了超過 50 萬次預訂，其中大部分發生在 7 月和 8 月，即三個月旺季的後兩個月。這意味著超過 50 萬次家庭旅行、週末度假、逾期休息和備受期待的暑假。

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

對於我們的團隊，對於我們的行業來說，把假期帶回家意味著為家人和朋友創造時刻，這些時刻發生在廚房櫃檯或咖啡桌周圍和棋盤遊戲周圍。透過這種方式，這些時刻對於度假租賃類別來說是獨一無二的，對我們的房主和客人來說非常重要。

We are still navigating a dynamic macroeconomic and industry environment. Demand for our category in leisure markets looks different today than during the highs of 2021 and 2022. And while reservation volume remains robust, many homeowners across the industry are now making less from their homes than in those prior years.

我們仍處於充滿活力的宏觀經濟和產業環境中。如今，休閒市場對我們類別的需求看起來與 2021 年和 2022 年高峰時期有所不同。儘管預訂量仍然強勁，但整個行業的許多房主現在從房屋中獲得的收入比前幾年要少。

While these dynamics have challenged our business in recent periods, notably in revenue and homeowner retention, we remain highly focused on delivering for our homeowners and guests. And once again, we generated millions in income for our homeowners during the third quarter.

儘管這些動態近年來對我們的業務提出了挑戰，特別是在收入和房主保留方面，但我們仍然高度專注於為房主和客人提供服務。第三季度，我們再次為房主創造了數百萬美元的收入。

I remain extremely optimistic about Vacasa's potential and continue to believe we are, by far, the best option for homeowners who want to participate in the vacation rental industry. Our scale also uniquely positions Vacasa to develop technology-driven products that result in a truly differentiated experience for our homeowners and our guests.

我對 Vacasa 的潛力仍然非常樂觀，並且仍然相信，到目前為止，我們是想要參與度假租賃行業的房主的最佳選擇。我們的規模也使 Vacasa 能夠開發技術驅動的產品，為我們的房主和客人帶來真正差異化的體驗。

We are working better and more efficiently in all our functions. And you can see that in our results. We believe in the vast majority of our markets. Based on our data, Vacasa listings are generating more revenue than the industry.

我們的所有職能部門都在更好、更有效率地工作。您可以在我們的結果中看到這一點。我們相信我們的絕大多數市場。根據我們的數據，Vacasa 清單所產生的收入高於行業。

Last November, when I spoke with you all for the first time, I outlined four critical priorities I wanted to tackle during my first year at Vacasa. These were: improving execution in local markets and customer support functions; unlocking the potential of the individual sales approach; developing the right technology products and service offerings; and ruthlessly prioritizing our business needs to drive profitable execution.

去年 11 月，當我第一次與大家交談時，我概述了在瓦卡薩第一年想要解決的四個關鍵優先事項。這些是：改善當地市場的執行力和客戶支援職能；釋放個人銷售方式的潛能；開發合適的技術產品和服務；並嚴格優先考慮我們的業務需求，以推動有利可圖的執行。

Let me be clear. There is more to do and more of that will get done. But as we look back over the past 12 months, we have made significant progress against each priority.

讓我說清楚。還有更多的事情要做，而且還會有更多的事情完成。但當我們回顧過去 12 個月時，我們在每個優先事項上都取得了重大進展。

I'm proud of how our local teams performed across our markets during our third and busiest quarter. They delivered outstanding hospitality experiences to our guests while also leveraging some of our latest technology tools to increase efficiency. For example, earlier this year, we told you about new capabilities in the automated scheduling systems used by our field operations teams. These capabilities help our teams better manage daily tasks, including ensuring homes are in top condition, ready to welcome guests.

我對我們的本地團隊在第三季也是最繁忙的季度在市場上的表現感到自豪。他們為我們的客人提供了卓越的酒店體驗，同時也利用我們一些最新的技術工具來提高效率。例如，今年早些時候，我們向您介紹了我們的現場營運團隊使用的自動調度系統的新功能。這些功能可協助我們的團隊更好地管理日常任務​​，包括確保房屋處於最佳狀態，隨時歡迎客人。

These features are particularly helpful during peak season when home utilization is high and there may only be a small window between guest stays. And it's imperative that we have a well-planned schedule for our local teams. These systems help our local teams get to our homes at the right time with the right work planned, ready to be completed on time, and it's working.

這些功能在旺季期間特別有用，因為此時房屋利用率很高，而且房客入住之間的時間間隔可能很小。我們必須為當地團隊制定週詳的日程安排。這些系統幫助我們的當地團隊在正確的時間到達我們的家，制定正確的工作計劃，準備好按時完成，而且它正在發揮作用。

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

在第三季度，根據客人的回饋，與去年相比，我們每週都取得了更高的物業狀況評分，同時以更有效率的方式運作。今年春天，我們也改進了一些有關客房服務的內部流程，包括與業主分享我們清潔檢查工具的清潔後照片。

This had two important benefits. First, our clean scores from guests have been higher year over year in the third quarter. Second, homeowners see real-time images of their home after every inspection that gives them the peace of mind that their home is being taken care of. And we received positive homeowner feedback on this feature. It's just another touch point that keeps them connected to their home and allows them to see the work our field teams do.

這有兩個重要的好處。首先，第三季我們的客人乾淨得分比去年同期更高。其次，房主在每次檢查後都可以看到房屋的即時圖​​像，這讓他們放心，他們的房屋正在照顧。我們收到了房主對此功能的正面回饋。這只是另一個讓他們與家保持聯繫並讓他們看到我們的現場團隊所做的工作的接觸點。

The positive results from our automated scheduling tool and enhanced photo inspection process are important proof points that our investment in differentiated technology is paying dividends. It's driving efficiency in our operations.

我們的自動化調度工具和增強的照片檢查流程所取得的正面成果是重要的證據，證明我們對差異化技術的投資正在獲得回報。它提高了我們的營運效率。

And more importantly, it's resulting in a better experience for homeowners and guests. Over time, these products will only get better. With 500,000 reservations, you have 500,000 new opportunities to identify areas of improvement.

更重要的是，它為房主和客人帶來了更好的體驗。隨著時間的推移，這些產品只會變得更好。有了 500,000 個預訂，您就有 500,000 個新機會來確定需要改進的領域。

Our individual sales approach, the primary way in which we add homes to our platform, had another quarter of improving productivity year over year and another quarter of developing and building on the local market presence and expertise that attracts our prospective homeowners. We continue to refine the way we attract homeowners, shifting more of our resources to local channels and initiatives.

我們的個人銷售方式是我們在平台上添加房屋的主要方式，我們的生產力在接下來的四分之一中逐年提高，在當地市場的影響力和專業知識的基礎上發展和建設吸引了我們的潛在房主。我們不斷完善吸引房主的方式，將更多資源轉移到當地管道和措施。

This supports our locally based sales and operating teams, allowing them to participate in community events and lets us sponsor unique local activities. We had a blast at the last annual Falmouth Road Festival on the Massachusetts Coast and the Gulf Jam Festival in Panama City Beach, Florida.

這支持我們當地的銷售和營運團隊，使他們能夠參與社區活動，並讓我們贊助獨特的當地活動。我們在馬薩諸塞州海岸舉行的上屆法爾茅斯路音樂節和佛羅裡達州巴拿馬城海灘的海灣果醬音樂節上玩得很開心。

We're also giving potential homeowners more reasons to choose Vacasa over our local peers. For example, Vacasa was selected as a launch partner for the new offering from American Express Travel Select Homes and Retreats, a channel that positions us to reach more premium travelers. Our scale and commitment to quality positions us to provide these types of opportunities for homeowners to reach more travelers across an expanding channel mix.

我們也為潛在房主提供更多理由選擇 Vacasa，而不是我們當地的同行。例如，Vacasa 被選為美國運通 Travel Select Homes and Retreats 新產品的發布合作夥伴，該管道使我們能夠接觸到更多優質旅行者。我們的規模和對品質的承諾使我們能夠為房主提供此類機會，透過不斷擴大的管道組合接觸更多旅行者。

With all that said, the short-term rental industry continues to adjust to the dynamic macro economic environment and changing travel patterns. And we see the impacts of this in elevated levels of homeowner churn. Homeowners are responding to recent market conditions, evaluating if they should continue to rent out their home. And if so, on what terms.

話雖如此，短期租賃行業仍在不斷適應動態的宏觀經濟環境和不斷變化的出行方式。我們看到了這種情況對房主流失率上升的影響。房主正在應對最近的市場狀況，評估是否應該繼續出租房屋。如果是的話，條件是什麼。

We remain keenly focused on continuing to proactively communicate with homeowners, optimizing the rental income and delivering exceptional hospitality to guests. Our product and technology team continue to focus on building products that deliver a one-two punch, making Vacasa's operations more efficient and improving the experience for homeowners and guests.

我們仍然熱衷於繼續主動與房主溝通，優化租金收入並為客人提供卓越的接待服務。我們的產品和技術團隊繼續專注於打造可提供一擊兩擊的產品，使 Vacasa 的營運更加高效，並改善房主和客人的體驗。

We do this by feature enhancements to existing products as well as by focusing our efforts on larger scale products that have this double benefit. These include the improved photo inspection tool and automated scheduling tool I just mentioned, which have generated measurable cost efficiencies and positive owner feedback.

我們透過增強現有產品的功能以及將精力集中在具有雙重優勢的更大規模產品上來實現這一目標。其中包括我剛才提到的改進的照片檢查工具和自動調度工具，它們產生了可衡量的成本效率和積極的業主回饋。

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

我們也正在嚴格評估並採取措施改善我們的內部技術基礎設施。例如，在 vacasa.com 中添加額外的過濾標準，以幫助客人找到完美的家，讓客人更輕鬆地提供住宿回饋，並在現場簡化他們與業主和供應商的交易方式。

Finally, we continue to prioritize driving efficiency across our business. We are carefully managing our operating expenses with technology development, sales and marketing, and general and administrative expenses down year over year. We are also being judicious about the homes we manage on our platform, seeking to ensure all homes are the right fit across a variety of criteria, including homeowner objectives, rental income potential, the location of homes within a market, and revenue potential for Vacasa. We will continue to regularly assess the quality fit and mix of our inventory of homes.

最後，我們繼續優先考慮提高整個業務的效率。我們正在謹慎管理我們的營運費用，技術開發、銷售和行銷以及一般和管理費用逐年下降。我們也對平台上管理的房屋保持審慎態度，力求確保所有房屋都符合各種標準，包括房主目標、租金收入潛力、房屋在市場中的位置以及 Vacasa 的收入潛力。我們將繼續定期評估我們庫存房屋的品質適合度和組合。

In closing, we remain focused on making improvements across our business, from the way we manage local operations to ruthlessly prioritizing our technology and product resources to the highest ROI. There is more to do. But I believe as you look back over the past 12 months, you'll see we have made substantial progress.

最後，我們仍然專注於改善整個業務，從管理本地營運的方式到嚴格優先考慮我們的技術和產品資源，再到最高的投資報酬率。還有更多事情要做。但我相信，當您回顧過去 12 個月時，您會發現我們取得了實質進展。

I want to take a moment to thank all our Vacasa team members across the country, across all functions for each playing an important role in continuing to improve our product offering and furthering our lead as the top vacation rental management platform in North America.

我想花點時間感謝全國各地所有職能部門的所有 Vacasa 團隊成員，他們在繼續改進我們的產品供應並進一步鞏固我們作為北美頂級度假租賃管理平台的領先地位方面發揮著重要作用。

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

現在我將把電話轉給布魯斯，討論我們的第三季業績並提供最新的展望。布魯斯？

Thanks, Rob. First, I'll review our third-quarter financial results, then I'll provide an updated outlook. Unless noted otherwise, I will be comparing our third-quarter results to the third quarter of 2022. And I'll be referencing the operating expense lines, excluding the impact of stock-based compensation, restructuring costs, and business combination costs, which you can find outlined in our shareholder letter.

謝謝，羅布。首先，我將回顧我們第三季的財務業績，然後我將提供最新的展望。除非另有說明，我將把我們的第三季業績與2022 年第三季進行比較。我將參考營運費用項目，不包括基於股票的薪酬、重組成本和業務合併成本的影響，您可以考慮這些因素可以在我們的股東信中找到概述。

For the third quarter, gross booking value, which is the combination of nights sold and gross booking value per night sold was $830 million, down 14% year over year. Nights sold were $2 million in the third quarter, down 1% year over year. And gross booking value per night sold was $406 in the third quarter, down 14% year over year.

第三季的總預訂價值（即已售天數和每晚總預訂價值的組合）為 8.3 億美元，年減 14%。第三季銷售夜數為 200 萬美元，年減 1%。第三季每晚銷售總預訂價值為 406 美元，年減 14%。

Nights sold per home on our platform was roughly flat year over year. We've discussed the decline in average gross booking value per home year over year as the industry continues to come off of the record highs from the past few years. And we saw this trend continue in the third quarter.

我們平台上每間房屋的銷售天數與去年同期基本持平。我們討論了隨著該行業繼續擺脫過去幾年的歷史高點，每間房屋的平均總預訂價值逐年下降。我們看到這種趨勢在第三季仍在繼續。

Remember also there's a strong relationship between nights sold and gross booking value per night sold, and it's difficult to look at either in isolation. Our revenue management algorithms and data team constantly evaluate the trade-off between price and occupancy and the mix of nights sold and gross booking value per night sold, with the goal of optimizing homeowner income.

另請記住，所售房晚數與每晚售出總預訂價值之間存在密切關係，並且很難孤立地看待兩者。我們的收入管理演算法和數據團隊不斷評估價格和入住率之間的權衡，以及所售房晚數和每晚售出總預訂價值的組合，以優化房主收入。

Revenue, which consists primarily of our commission on the rents we generate for homeowners, the fees we collect from guests and revenue from home care solutions provided directly to our homeowners was $379 million in the third quarter, down 8% year over year.

第三季的收入主要包括我們為房主產生的租金佣金、我們向客人收取的費用以及直接向房主提供的家庭護理解決方案的收入，為 3.79 億美元，同比下降 8%。

Now turning to our expenses, cost of revenue was 40% of revenue in the third quarter versus 42% of revenue in the same period last year. Operations and support expense was 17% of revenue in the third quarter versus 18% of revenue in the same period last year. These two expense lines primarily consist of our local market and customer support costs.

現在轉向我們的支出，第三季的收入成本佔收入的 40%，而去年同期為 42%。第三季營運和支援費用佔收入的 17%，而去年同期為 18%。這兩項費用主要包括我們的本地市場和客戶支援成本。

Our third-quarter results are the strongest example yet of the progress we are making in operating our local markets in a more efficient manner. We decreased cost of revenue by 13% year over year and operations and support expense by 15% year over year while supporting roughly the same number of homes and nights sold and delivering better guest satisfaction results.

我們第三季的業績是迄今為止我們在以更有效的方式經營本地市場方面取得的進展的最有力的例子。我們的收入成本年減了 13%，營運和支援費用年減了 15%，同時支援大致相同數量的房屋銷售和房晚數，並提供了更好的賓客滿意度結果。

We are also demonstrating operating discipline in our central operations where we achieved year-over-year leverage across our three other operating expense lines in the third quarter. Specifically, on a year-over-year basis, technology and development expense was down 11%, sales and marketing expense declined 23%, and general and administrative expenses declined 33%. Adjusted EBITDA was $74 million for the third quarter compared to $46 million in the same period last year.

我們還在中央營運中展現了營運紀律，第三季我們在其他三個營運費用項目上實現了年比槓桿率。具體來說，與去年同期相比，技術和開發費用下降了11%，銷售和行銷費用下降了23%，一般和管理費用下降了33%。第三季調整後 EBITDA 為 7,400 萬美元，去年同期為 4,600 萬美元。

Now turning to the outlook. With peak season now complete, we are raising our outlook for full-year 2023. Based on current business trends and conditions, we now expect 2023 revenue to decline by 7% to 6% year over year. We also expect adjusted EBITDA of between $5 million to $15 million.

現在轉向前景。隨著旺季現已結束，我們上調了對 2023 年全年的預期。根據當前的業務趨勢和狀況，我們目前預計 2023 年營收將年減 7% 至 6%。我們也預計調整後的 EBITDA 為 500 萬至 1500 萬美元。

At the midpoint of our guidance, this implies expected 2023 revenue about $75 million lower than last year, but adjusted EBITDA about $35 million higher compared to last year. While there is more to do, I believe our improved outlook for 2023 speaks to the progress the team is making in advancing our operating discipline against a dynamic industry backdrop.

在我們指引的中點，這意味著預計 2023 年收入將比去年減少約 7,500 萬美元，但調整後的 EBITDA 比去年高出約 3,500 萬美元。雖然還有更多工作要做，但我相信我們對 2023 年前景的改善說明了團隊在動態的行業背景下推進我們的營運紀律所取得的進展。

That said, while it's early, as we look ahead to 2024, we believe many of the trends we are seeing the back half of this year, specifically the normalization of traveler demand for domestic non-urban vacation rentals from the highs of 2021 and 2022, which impacts our revenue and homeowner retention, will likely continue. We remain focused on improving our execution and driving targeted initiatives to support further efficiency gains throughout our business, all while adapting to the changing environment.

也就是說，雖然現在還為時過早，但展望2024 年，我們相信今年下半年會出現許多趨勢，特別是旅客對國內非城市度假租賃的需求從2021 年和2022 年的高點開始正常化，這會影響我們的收入和房主保留率，並且可能會持續下去。我們仍然專注於提高執行力並推動有針對性的舉措，以支持整個業務進一步提高效率，同時適應不斷變化的環境。

We will provide you with more color during our fourth-quarter and full-year 2023 financial results call.

我們將在 2023 年第四季和全年財務業績電話會議上為您提供更多資訊。

With that, Rob and I will take your questions. Operator, please open up the lines.

接下來，羅布和我將回答你的問題。接線員，請開通線路。

(Operator Instructions)

（操作員說明）

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Great. Thanks for taking my questions. Two, if I may. Once again, you're getting a lot of efficiencies on a lower revenue base. So can you just talk about where that's coming from, how sustainable that is heading into next year?

偉大的。感謝您回答我的問題。如果可以的話，兩個。再一次，您在較低的收入基礎上獲得了很大的效率。那麼您能談談它的來源嗎？明年的可持續性如何？

Then following up on the commentary you just gave, for '24, you said the trends are likely to continue. I think industry RevPAR is probably down around 13% this year. So do you think per unit RevPAR can start to grow in the back half?

然後，根據您剛剛發表的評論，您表示，對於 24 年，這種趨勢可能會持續下去。我認為今年行業 RevPAR 可能會下降 13% 左右。那麼您認為下半年每單位 RevPAR 會開始成長嗎？

And then just on the churn comment, do you think you're losing homes to other property managers? Or is this more of a function of the homeowners doing it themselves? Thanks.

然後就流失評論而言，您是否認為您正在將房屋輸給其他物業經理？還是這更多是房主自己做的功能？謝謝。

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

是的，傑夫。這是布魯斯。我想第一個我會談談推動 EBITDA 改進和效率改進的因素。實際上，這主要是我們逐年關注本地市場營運效率以及我們逐年推動的中央營運效率的函數。我們只是非常專注於這些。這確實是推動 EBITDA 逐年改善的原因。

I think your question on '24 as we think about how that plays into next year, I think we're focused on, it's early in the booking cycle, first of all. Kinds of bookings on the books for '24, it's very early. But as we look ahead, we're still in the early planning phase.

我認為你關於「24」的問題，當我們考慮明年的情況時，我認為我們的重點是，首先是在預訂週期的早期。 24 年的預訂已經很多了，還很早。但展望未來，我們仍處於早期規劃階段。

As we think about some of the trends we see in the second half of '23, things like the declining homeowner income, some of the churn dynamics we've seen, we think those likely could continue. So we're focused on improving that as we were also seeing some change in booking patterns for Q4.

當我們思考 23 世紀下半年我們看到的一些趨勢時，例如房主收入下降、我們看到的一些客戶流失動態，我們認為這些趨勢可能會持續下去。因此，我們專注於改進這一點，因為我們也看到第四季度的預訂模式發生了一些變化。

For example, length of stay is coming in a bit lower. So we're really keeping an eye on that and how that evolves. So it's pretty early to provide further color there. We're just focused on taking care of our needs for our owners and guests and really continuing to operate the business more efficiently and drive savings. And if you look at what we delivered in Q3, I think that's kind of the best results examples of what we can drive in that area.

例如，停留時間會稍微縮短。因此，我們正在密切關注這一情況及其演變。因此，現在提供進一步的顏色還為時過早。我們只是專注於滿足業主和客人的需求，並真正繼續更有效地經營業務並節省開支。如果你看看我們在第三季交付的成果，我認為這是我們在該領域可以推動的最佳結果範例。

Thanks. And then just on a follow-up, you did mention some of your technology progress. I think last week or a couple of weeks ago was the largest industry event. I mean, there was a pretty full vendor Hall. So can you just talk about sort of where you're winning on the technology front versus, say, the smaller property manager that can take a third-party technology and sort of scale, do distribution and do rate management as well? Thanks.

謝謝。然後在後續行動中，您確實提到了一些技術進步。我認為上週或幾週前是最大的行業活動。我的意思是，那裡有一個相當滿的供應商大廳。那麼，您能否談談您在技術方面獲勝的地方，例如，與可以採用第三方技術和一定規模、進行分銷和進行費率管理的小型物業管理公司相比？謝謝。

Yeah. Hey, Jed. this is Rob. Good to talk with you. I think first of all, I think there's a couple of different dimensions where we see advantage and we've continued to invest behind it. So first, when it comes to how we think about revenue management, there are a number of different tools out there. We look very closely at how those different platforms are performing versus what we're able to drive in the market and for our owners.

是的。嘿，傑德。這是羅布。很高興與你交談。我認為首先，我認為我們在幾個不同的方面看到了優勢，並且我們繼續在背後進行投資。首先，當談到我們如何看待收入管理時，有許多不同的工具。我們非常仔細地關注這些不同平台的表現以及我們能夠在市場上為我們的所有者帶來的成果。

And we think that we're performing very favorably against those other platforms and how those teams are deploying them. And that should be intuitive, right? There's powerful technologies out there, but we have the biggest platform. We can see how the dynamics evolve across the larger spectrum of markets.

我們認為，與其他平台以及這些團隊的部署方式相比，我們的表現非常有利。這應該很直觀，對吧？那裡有強大的技術，但我們擁有最大的平台。我們可以看到更大範圍的市場動態如何演變。

And we also have the ability to control that technology and to tune it over time. So we think that the market bears that out now and we're obviously -- we want to do that for every owner, for every home in every market. And we want to make that as true as possible. But I think when you when you zoom back, I think that the process executed well there and we're going to continue to invest to keep that advantage over the long term.

我們還有能力控制該技術並隨著時間的推移對其進行調整。因此，我們認為市場現在已經證明了這一點，我們顯然希望為每個業主、每個市場的每個家庭做到這一點。我們希望盡可能實現這一點。但我認為，當你回顧過去時，我認為這個流程執行得很好，我們將繼續投資以保持長期優勢。

I think there's also a number of great technology platforms that are out there in the market. But again, it comes down to what type of integrated experience can those operators deliver if they're having to trying to knit together these various scenes versus what we're able to drive and what we're starting to really drive to optimize now.

我認為市場上還有許多出色的技術平台。但同樣，這取決於這些運營商如果必須嘗試將這些不同的場景與我們能夠驅動的場景以及我們現在開始真正驅動優化的場景結合在一起，可以提供什麼類型的整合體驗。

The home visit optimization is one example of that. In a peak season, you don't just need to be able to get a booking and then try to turn it clean. Those homes need maintenance during a very busy season. And being able to get the right teams with the right work schedules and the right pieces in place to be able to take care of the home and then turn it quickly know, those are the things that a more integrated platform can provide. And those are some of the -- those are two examples of where I think that we have that advantage.

家訪優化就是其中一個例子。在旺季，您不僅需要能夠獲得預訂，然後嘗試將其清理乾淨。這些房屋在非常繁忙的季節需要維護。並且能夠讓合適的團隊擁有正確的工作時間表和正確的部件，以便能夠照顧家庭，然後快速將其轉變知道，這些都是更加整合的平台可以提供的東西。這些是我認為我們擁有這種優勢的兩個例子。

So those are the areas where we're focused. We think you see the impact of them in the numbers that we deliver. All of that is against the tough industry backdrop. But we think that that's going to be a source of advantage for us in the long term and then lots of different factors.

這些都是我們關注的領域。我們認為您可以從我們提供的數字中看到它們的影響。所有這一切都是在嚴峻的行業背景下發生的。但我們認為，從長遠來看，這將成為我們的優勢來源，還有許多不同的因素。

Thank you.

謝謝。

Doug Anmuth, JP Morgan.

道格·安姆斯，摩根大通。

Hey, this is Dae on for Doug. Thanks for taking the question. So the first nine months of homeowner churn, and I think last quarter you guys had talked about it being elevated but stable. Just wondering, given your comments this quarter, if there's any changes that you're seeing in the homeowner churn?

嘿，這是道格的戴安。感謝您提出問題。因此，前九個月的房主流失率很高，我想上個季度你們已經談到了房主流失率上升但穩定的情況。只是想知道，鑑於您本季的評論，您在房主流失方面是否看到了任何變化？

And then secondly, your comments about some of the current trends continuing into 2024. Because when we look now, is it the case that normalization is still kind of happening and that you expect things to get a little bit worse before it improves? Or is this just more of things are stable now and you just need to lap the lower base that you guys go off of? Just want to get any clarification around that. Thank you.

其次，您對目前持續到 2024 年的一些趨勢的評論。因為當我們現在看時，正常化是否仍在發生，並且您預計情況在改善之前會變得更糟？或者這只是現在更多的事情已經穩定了，你只需要在你們離開的較低基礎上走一圈？只是想得到有關此問題的任何澄清。謝謝。

Yes, why don't I start and then I'll hand it over to Bruce to sort of add some thoughts. So on churn, as we called out, we began to see some higher levels of churn as we move through the fourth quarter last year. And I think that coincided with changes and the slowing of booking growth, some changes in the demands in the demand environment. And we began to see owners citing homeowner revenue as a reason for churn as they were frustrated by bookings coming off of the record highs the industry had experienced in 2021 and 2022.

是的，我為什麼不開始，然後我會把它交給布魯斯來添加一些想法。因此，正如我們所指出的，在客戶流失方面，去年第四季我們開始看到更高水準的客戶流失。我認為，這與預訂成長的變化和放緩、需求環境中的需求發生一些變化同時發生。我們開始看到業主將房主收入作為流失的原因，因為他們對預訂量低於該行業 2021 年和 2022 年創下的歷史新高感到沮喪。

So we've been continuing to kind of take the steps to set those expectations, listen to what they want to see play out in the marketplace, and do our best to manifest that and make it happen against an industry backdrop that I think is continuing to translate into lower rental income in 2023.

因此，我們一直在繼續採取措施設定這些期望，傾聽他們希望看到的市場結果，並盡最大努力體現這一點，並在我認為正在持續的行業背景下實現這一目標轉化為2023 年租金收入下降。

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

因此，從收入管理的角度和產品的角度來看，我們的反應非常正面。我們認為，我們在每個上市的基礎上提供了高於平均水平的業績，但仍然面臨著嚴峻的背景。

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

所以我們認為這是其他人正在處理的動態。我們認為關於這方面的重要數據並不多，但我們正在密切關注。我們認為這是整個產業需要努力解決的問題。當你達到相當高的水平時，這是可以預料到的。

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

當我們展望明年時，我們還沒有製定計劃或為此制定指導。我們將密切關注這些趨勢，並繼續專注於提供更靈活的業務，並且能夠在我們認為長期發展的任何季節都能良好地執行營收和利潤。

Yeah. That's good, Rob. The only thing I would add, again, our focus on efficiency. Look at what we delivered in the third quarter. We grew EBITDA by nearly $30 million despite, nearly a $35 million decline in revenue. That focus on efficiency will continue into '24 even as some of these trends, they do continue to materialize. We'll be watching that very carefully.

是的。很好，羅布。我唯一要補充的是，我們對效率的關注。看看我們第三季交付了什麼。儘管營收下降了近 3,500 萬美元，但我們的 EBITDA 成長了近 3,000 萬美元。即使其中一些趨勢確實繼續實現，對效率的關注仍將持續到 24 年。我們將非常仔細地關注這一點。

Understood. Thank you.

明白了。謝謝。

Ben Miller, Goldman Sachs.

本·米勒，高盛。

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

感謝您提出問題。我想知道您是否可以分享您在一些較成熟的市場或您認為透過一些營運變化和最近的產品計劃推出更接近優化成本結構的市場的盈利能力或利潤率。第二個問題是對 Google Vacation 租賃、價格比較產品以及這可能對產業產生的影響有什麼想法嗎？謝謝。

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

嘿，布魯斯，你想拿第一個，我拿第二個嗎？

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

是的。第一個，我們過去沒有真正指出任何每個市場的獲利指標。我們確實關注每一個市場，試圖優化我們的邊際貢獻。目前我們還沒有真正指出每個市場的細分情況。

Yeah. And I think that we do see markets that are more mature and less mature. By and large, what we're doing is executing a set of product and business initiatives that have actually seen good results across all those markets. So we're pleased on that progress, but we haven't provided that disclosure.

是的。我認為我們確實看到了更成熟和不太成熟的市場。總的來說，我們正在做的是執行一系列產品和業務計劃，這些計劃實際上在所有這些市場上都取得了良好的結果。因此，我們對這一進展感到高興，但我們尚未披露此資訊。

Look, when it comes to the channel structure, I think there's been a lot of different types of investments and changes that have happened over the last decade. When it comes to the maturing the vacation rental category, we've seen a lot of investment on the OTA side, a lot of investment on the metasearch side, a lot of investment, I think, as Jeff called out earlier on, platforms that have come into the market to better manage across channels.

看，當談到渠道結構時，我認為過去十年發生了很多不同類型的投資和變化。當談到成熟的度假租賃類別時，我們看到了 OTA 方面的大量投資，元搜尋方面的大量投資，我認為，正如傑夫早些時候所呼籲的，平台進入市場是為了更好地管理跨渠道。

We'll look at -- we evaluate those pretty critically when it comes to our channel participation. We believe that having a diverse channel mix is a great source of strength for us as a company. I'm not going to comment on any particular investments that the different players are making.

當涉及到我們的管道參與時，我們會非常嚴格地評估這些。我們相信，擁有多元化的通路組合是我們公司的巨大力量來源。我不會評論不同參與者正在進行的任何特定投資。

Generally speaking, having good partners on the agency side has been very helpful. Metasearch has been more of a mixed bag as an industry. But we'll keep an eye on it and we'll be watching how it evolves.

一般來說，在代理商方面擁有好的合作夥伴是非常有幫助的。元搜尋作為一個產業，魚龍混雜。但我們會密切注意它，並觀察它如何演變。

(Operator Instructions)

（操作員說明）

Nick Jones, JMP Securities.

尼克瓊斯，JMP 證券。

This is Luke on for Nick. On just taking a step back, the top line year over year declines accelerated in 3Q. So I guess on a more broader level, what do you think are the main one or two factors in focus when it comes to re-accelerating that top line heading into next year? Thanks.

這是尼克的盧克。退一步來說，第三季營收年減加速。因此，我想在更廣泛的層面上，您認為在明年重新加速營收成長時，主要關注的一兩個因素是什麼？謝謝。

Yeah. Thanks, Luke, for the question and really appreciate it. So, look, when I first spoke with this group in November, I shared how excited I was about Vacasa's long-term potential, about what I see as a terrific category in the market. Really one of the last categories in the travel industry to undergo the type of transformation and growth that I think has been demonstrated over the last several years and I think it's still ahead of the industry by and large.

是的。謝謝盧克提出的問題，非常感謝。所以，當我在 11 月第一次與這個群體交談時，我分享了我對 Vacasa 的長期潛力以及我所認為的市場上一個出色類別的興奮之情。這確實是旅遊業中最後經歷轉型和成長的類別之一，我認為過去幾年已經證明了這一點，而且我認為它總體上仍然領先於行業。

But when I joined the Vacasa team, I've been seeking out and proud to be very forthright about acknowledging areas where I see opportunities for improvement. I think we're making the changes that we need to make as an organization. I'm not satisfied; our team isn't satisfied. We've demonstrated good progress on an absolute basis and also how we're able to execute in a challenging dynamic.

但當我加入 Vacasa 團隊時，我一直在尋找並自豪地坦率地承認我認為有改進機會的領域。我認為我們正在做出作為一個組織需要做出的改變。我不滿足；我們的團隊不滿意。我們已經展示了絕對的良好進展，以及我們如何能夠在充滿挑戰的動態中執行任務。

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

因此，當我考慮長期目標時，盧克，我真正考慮的是建立基於平台的業務的機會，該業務可以在迭代的基礎上構建並持續改進卓越的賓客體驗、卓越的業主體驗。我們已經看到這樣的企業改變了旅遊業和更廣泛的經濟領域的許多其他類別。我認為有這樣的機會。我認為它存在於此並且是我們的。

When I think about the short term, there are really the two things that I'm focused on that have driven the results that you can see so far. First is around how we think about revenue management. And again, this is against the difficult market backdrop this year. But you can see the progress that we've made in our financial performance. Despite declines in revenue, we're seeing those investments on the revenue management side help navigate a difficult environment better than others.

當我考慮短期時，我確實關注的兩件事推動了迄今為止您所看到的結果。首先是我們如何看待收入管理。再說一遍，這是在今年困難的市場背景下發生的。但您可以看到我們在財務表現上的進步。儘管收入下降，但我們看到收入管理的這些投資比其他投資更好地幫助應對困難的環境。

And then the second piece of that is investing in technology products, business processes, and the people to really deliver better experiences for guests and owners every single day. I highlighted a few of those things on the technology side.

第二部分是對科技產品、業務流程和人員進行投資，以便真正為客人和業主每天提供更好的體驗。我強調了技術方面的一些事情。

When I think about our ability to optimize home visits to make sure that we can get the right people in the right place at the right time to get the work done that's needed to take care of our owners' homes and to have our guests enjoy their time away in their holidays, we think that's absolutely critical. We're also doing a lot of work in other elements of our platform to improve the systems of how guests and owners interact, with us giving more owner visibility into the status of their homes, the progress that we're making on maintenance items, and so forth.

當我想到我們優化家訪的能力時，以確保我們能夠在正確的時間讓正確的人在正確的地點完成照顧業主的房屋所需的工作，並讓我們的客人享受他們的生活我們認為這絕對是至關重要的。我們還在平台的其他元素上做了大量工作，以改善客人和業主互動的系統，讓更多業主了解他們的房屋狀態、我們在維護項目上取得的進展，等等。

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

因此，在流程方面，我們已經完成了很多工作。在技​​術方面，我們已經完成了很多工作。我認為，我們在如何分配資本、確保我們的員工隊伍和投資方向保持高效方面一直非常明智。

And so I think all of those things, to me, say that we're going to be able to build the business for the long term and see the beginning of that impact flow into our business results. And we're going to be looking for where we see that really getting traction and trying to allocate capital there more aggressively.

因此，我認為所有這些事情對我來說都表明我們將能夠長期發展業務，並看到這種影響開始轉化為我們的業務成果。我們將尋找真正受到關注的地方，並嘗試更積極地在那裡分配資本。

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

我們還有很多事情要做。我們非常關注執行力和效率。我們認為，這也將為我們指引長期更好的客戶體驗的正確方向。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，李約瑟公司。

Hi, This is Stefanos Crist calling in for Bernie. Thanks for taking our questions. I'm just curious on the type of visibility you have at this point for the quarter, especially last-minute holiday trips being booked. Is that what do you typically see in Q4?

大家好，我是 Stefanos Crist 為伯尼打電話。感謝您回答我們的問題。我只是對本季目前的可見性感到好奇，尤其是在最後一刻預訂的假期旅行。這是您在第四季度通常看到的情況嗎？

Yeah. So Q4, as we get into the quarter, it's still a little bit early. I think the only thing I would notice, what I talked about earlier, there's just kind of some evolving booking patterns, specifically the length of stay is coming down just slightly. So it's not a huge impact to revenue, but I think that does just talk to kind of the evolving booking patterns. But that's one of the things we're keeping a close eye on. No other specific guide to call out of that.

是的。因此，當我們進入第四季時，現在還有點早。我想我唯一會注意到的就是我之前談到的，預訂模式正在發生一些變化，特別是停留時間略有下降。因此，這對收入影響並不大，但我認為這確實與不斷變化的預訂模式有關。但這是我們密切關注的事情之一。沒有其他具體的指南可以提及。

Got it. Thank you.

知道了。謝謝。

Lee Horwitz, Deutsche Bank.

李‧霍維茨，德意志銀行。

Hi, this is Jeff on for Lee. Thanks for taking our questions. So when you're thinking about supply growth, where do you think you can move the needle more? Is it more efficient to go to market to drive new homeowners to the platform? Or is it spending time and investment dollars aimed at lowering the increased churn that you've seen recently?

大家好，我是李的傑夫。感謝您回答我們的問題。那麼，當您考慮供應成長時，您認為可以在哪些方面採取更多措施？進入市場吸引新房主進入平台是否更有效？還是花時間和投資來降低您最近看到的增加的客戶流失率？

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

然後您談到了定價和入住率之間的權衡，並考慮到今年迄今為止我們看到的定價下降。您是否預計明年價格下降幅度會有所放緩，或會繼續維持在當前水準？

Why don't I go ahead and start and then I'll ask Bruce to jump in as well. So I think when it comes to home growth, there are a couple of things. So first, as we've shared before, we've pulled back on the portfolio program. I think there's a real value in having a robust organic growth motion business that lets us build the relationship with the owner directly rather than through something that we inherited. So we want to build that out.

我為什麼不先開始，然後我再請布魯斯也加入進來。所以我認為當談到家庭成長時，有幾件事。首先，正如我們之前分享的那樣，我們取消了投資組合計劃。我認為擁有強大的有機成長動力業務具有真正的價值，它可以讓我們直接與所有者建立關係，而不是透過我們繼承的東西。所以我們想要建造它。

There's going to be opportunities for us to deploy capital through a portfolio approach in the future. But that's really been a focus. And again, as I said, we've been pleased with the progress we've seen so far through the year. We are pleased with the progress we've seen in Q3, but we want to see that continue to bed in and become a very reliable, repeatable source of results for us as we move into 2024.

未來我們將有機會透過投資組合的方式來配置資本。但這確實是一個焦點。正如我所說，我們對今年迄今為止所取得的進展感到滿意。我們對第三季的進展感到滿意，但我們希望看到這一進展在進入 2024 年時繼續鞏固並成為我們非常可靠、可重複的結果來源。

Which brings me to the other leg when it comes to home growth, which is around retaining our homeowner relationships, we think that there's a backdrop of things that we can control. There's a backdrop of things that are happening in the market, and we're very focused on mobilizing and executing across the company on that basis.

這讓我想到了房屋增長的另一條腿，即保留我們的房主關係，我們認為有一個我們可以控制的背景。市場上正在發生一些事情，我們非常注重在此基礎上在整個公司範圍內進行動員和執行。

When it comes to how pricing is going to evolve in 2024, again, we haven't made a lot of comments about 2024. We do see some trends continuing in terms of what's going to happen with consumer demand in our markets, the markets that we serve, which again, are maybe not as broadly representative of some of the larger agency platforms that you see, which generally are in more urban markets versus ours and also in more international markets ex-US, ex-Canada.

當談到 2024 年定價將如何演變時，我們並沒有對 2024 年做出太多評論。我們確實看到一些趨勢在我們市場的消費者需求方面持續存在，這些市場我們所提供的服務可能無法廣泛代表您所看到的一些較大的代理平台，這些平台通常位於比我們更多的城市市場，也位於美國、加拿大以外的更多國際市場。

So it's hard to kind of speak to how pricing will evolve. There's a lot that we're looking at. We're looking at the macro dynamics. We're looking at different alternatives in the travel categories. So I really don't know that there's a lot for us to say there yet. But I think the markets that we've seen have already seen some of the pricing declines that you've seen as a result of changing consumer demand. And we're going to watch and see how this evolves as we head into next year.

因此很難談論定價將如何演變。我們正在研究很多東西。我們正在關注宏觀動態。我們正在尋找旅行類別中的不同替代方案。所以我真的不知道我們還有很多話要說。但我認為，我們所看到的市場已經出現了一些由於消費者需求變化而導致的價格下降。進入明年，我們將觀察情況如何演變。

Well, Rob, I think you said that well. I mean, our revenue management team is really always looking at this carefully. They're analyzing kind of that trade-off between occupancy and price. And we've made a very conscious decision to really drive occupancy. And I think our revenue management team has driven some really nice results for our homeowners, but we're going to be just carefully evaluating that as we head into '24. And Rob said it well enough, not a lot we can guide on it yet.

好吧，羅布，我認為你說得很好。我的意思是，我們的收入管理團隊確實一直在仔細考慮這一點。他們正在分析入住率和價格之間的權衡。我們做出了一個非常有意識的決定，以真正提高入住率。我認為我們的收入管理團隊為我們的房主帶來了一些非常好的結果，但當我們進入 24 世紀時，我們將仔細評估這一點。羅布說得很好，但我們還不能提供太多指導。

Great. Thank you very much.

偉大的。非常感謝。

(Operator Instructions)

（操作員說明）

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Thank you very much and good afternoon. I wanted to revisit Jeff's question from earlier. You've done the hard part; you've gotten to higher EBITDA year over year on a lower revenue base. But as we think about just the business scaling up from here, how should we think about incremental margins versus what you still look at this business in the past? Thank you.

偉大的。非常感謝，下午好。我想重新審視傑夫之前提出的問題。你已經完成了最困難的部分；您在較低的收入基礎上獲得了逐年更高的 EBITDA。但是，當我們考慮從這裡開始擴大業務規模時，我們應該如何考慮增量利潤與您過去仍然看待這項業務的情況相比？謝謝。

Yeah. Again, I'll start on this one, and I'll ask Bruce to make a comment as well. I appreciate the question, Justin. I think we don't think of ourselves as being done. But we are pleased with the progress we've seen the team make so far this year.

是的。再次，我將從這個開始，我也會請布魯斯發表評論。我很欣賞這個問題，賈斯汀。我認為我們並不認為自己已經完成了。但我們對團隊今年迄今的進展感到滿意。

There's a lot more for us to do. I think that we believe that there is an opportunity like we've seen play out in so many other businesses and categories where you deliver better customer experiences by delivering more efficient experiences.

我們還有很多事情要做。我認為我們相信，在許多其他業務和類別中存在著我們所看到的機會，您可以透過提供更有效率的體驗來提供更好的客戶體驗。

And think about an Amazon delivery experience, think about the experiences that so many of these platforms can deliver as they integrate and then iterate and improve over time. We think that that path to being more efficient, it paves the way along the way toward really differentiated customer experiences. And that's what we're building.

想想亞馬遜的送貨體驗，想想這麼多平台在整合、然後隨著時間的推移進行迭代和改進時可以提供的體驗。我們認為，這條提高效率的道路，為實現真正差異化的客戶體驗鋪平了道路。這就是我們正在建造的。

How that translates into short-term and long-term financial results, we're pleased with what we're seeing so far. But there is a lot more for us to do along those lines. We're not kind of yet making a comment to what we see evolving and how that will balance out in 2024.

這如何轉化為短期和長期財務業績，我們對迄今為止所看到的情況感到滿意。但沿著這些思路，我們還有很多事情要做。我們還沒有對我們所看到的發展以及 2024 年將如何平衡發表評論。

But we think that same discipline on the financial side is actually what would translate into really differentiated experiences for guests, for our owners, and the ability for us to continue to improve those things over time.

但我們認為，財務方面的同樣紀律實際上可以為客人、我們的業主帶來真正差異化的體驗，以及我們隨著時間的推移繼續改進這些事情的能力。

Yeah. I think a proof point I would highlight is in Q3, we drove a double-digit decline in our local market operations costs. We supported the same number of nights, the same number roughly at homes on our platform.

是的。我認為我要強調的一個證據是在第三季度，我們推動了本地市場營運成本的兩位數下降。我們在我們的平台上支援了相同的住宿天數、大致相同的家庭住宿天數。

And we didn't do that by sacrificing guest demand, guest customer satisfaction scores. That just kind of tells you what's possible when you really focus on this. We're going to continue on that trend. We're going to continue injecting technology into our local market ops to get better and better. And that's what we're going to be focused on for 2024.

我們並沒有透過犧牲客人需求和客人滿意度來做到這一點。這只是告訴你，當你真正專注於此時，什麼是可能的。我們將繼續這一趨勢。我們將繼續向本地市場運營注入技術，以變得越來越好。這就是我們 2024 年的重點。

Thank you.

謝謝。

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

好的。現在，我將把電話轉回給執行長羅布·格雷伯 (Rob Greyber)，他將發表結束語。羅布，地板是你的。

Thanks very much. And I want to say again, thank you for everyone for joining for the questions today. I want to thank our homeowners for their partnership with Vacasa and I want to thank everyone who works at Vacasa for working so hard every day to bring vacations home for our owners and our guests. Thanks, everyone. Look forward to speaking with you and updating you on the full year and our outlook for '24 in the coming months.

非常感謝。我想再次表示，感謝大家今天參與提問。我要感謝我們的房主與 Vacasa 的合作，我要感謝在 Vacasa 工作的每個人每天辛勤工作，為我們的業主和客人帶來假期。感謝大家。期待與您交談並向您介紹全年的最新情況以及我們對未來幾個月 24 世紀的展望。

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

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。