Vacasa Inc (VCSA) 2023 Q4 法說會逐字稿

Good morning. My name is Stephanie, and I will be your conference operator today. At this time, I would like to welcome everyone to Vacasa Q4 2023 earnings conference call. (Operator Instructions)

早安.我叫史蒂芬妮，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 年第四季財報電話會議。（操作員說明）

I would now like to turn the conference over to Jay Gentzkow, Vice President, Investor Relations. Please go ahead.

現在我想將會議交給投資者關係副總裁 Jay Gentzkow。請繼續。

Good afternoon, everyone, and thank you for joining us for today's call. I'm pleased to be joined today by Vacasa's CEO, Rob Greyber; and CFO, Bruce Schuman. As a reminder, the content of today's call is the property of Vacasa and may not be reproduced or transcribed without our written consent. We have posted a shareholder letter on the Investor Relations section of our website at investors.vacasa.com and will be referenced by our speakers.

大家下午好，感謝您參加我們今天的電話會議。我很高興今天能與 Vacasa 執行長 Rob Greyber 一起參加會議。和財務長布魯斯·舒曼。提醒一下，今天電話會議的內容屬於 Vacasa 的財產，未經我們書面同意不得複製或轉錄。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，並將由我們的演講者引用。

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, objectives, events, conditions in financial performance, including guidance for future periods results. We caution you that various risks and uncertainties could cause actual results to differ materially from those in our forward-looking statements.

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。此類陳述包括有關財務業績的未來預期、信念、計劃、預測、策略、目標、估計、目標、事件、條件的陳述，包括對未來期間業績的指導。我們提醒您，各種風險和不確定性可能導致實際結果與我們的前瞻性陳述中的結果有重大差異。

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.

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 may refer to various non-GAAP financial measures. Information regarding our non-GAAP financial results, including a reconciliation of our 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 intended to supplement, but not substitute for performance measures calculated in accordance with GAAP.

在這次電話會議中，我們可能會參考各種非公認會計準則財務指標。有關我們的非 GAAP 財務業績的信息，包括我們的非 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，這些衡量標準旨在補充而不是取代根據 GAAP 計算的績效衡量標準。

And now, I will turn the call over to Rob Greyber. Rob?

現在，我將把電話轉給羅布·格雷伯。搶？

Thanks, Jay. Good afternoon, everyone, and thank you for joining us. I'll begin today with a recap on 2023, and then turn to how we're positioning Vacasa in 2024 and beyond. I'll then hand the call to Bruce to review financial results.

謝謝，傑伊。大家下午好，感謝您加入我們。今天我將首先回顧 2023 年，然後討論我們如何在 2024 年及以後定位 Vacasa。然後我會把電話轉給布魯斯，讓他審查財務表現。

Before that, I wanted to note that today we shared with our team that we decided to reduce our head count impacting around 320 people representing about 5% of our workforce. Decisions like this are always difficult and this was no exception. As we have shared before, we are on a path to transform the process to become a more efficient, high-performing organization, one dedicated to the service of our owners, our guests and the people who serve them.

在此之前，我想指出的是，今天我們與我們的團隊分享了我們決定減少員工人數的消息，影響到約 320 人，約占我們員工總數的 5%。像這樣的決定總是很困難的，這也不例外。正如我們之前所分享的，我們正在改變流程，成為一個更有效率、更高績效的組織，一個致力於為我們的業主、客人和服務人員提供服務的組織。

On that path to transformation, 2023 was a pivotal year for the company. We concentrated on building a better, more efficient business against the dynamic macroeconomic and industry environment. We sharpened our organic sales engine, accelerated product delivery, and improved our cost structure. This allowed us to deliver an adjusted EBITDA profitable year despite double digit declines in gross booking value per home across the industry on a year-on-year basis.

在轉型之路上，2023 年對公司來說是關鍵的一年。我們致力於在充滿活力的宏觀經濟和產業環境下打造更好、更有效率的業務。我們增強了有機銷售引擎，加快了產品交付，並改善了成本結構。儘管整個行業每套房屋的總預訂價值比去年同期出現兩位數下降，這使我們能夠實現調整後的 EBITDA 盈利。

2023 had its challenges and we made a great deal of progress in the business, yet 2024 is off to a difficult start and it remains much more to accomplish in an industry environment that remains challenging. In 2023, we made it our mission to focus on improving the owner experience. We visited local markets and examine how we care for homes and destinations across the country.

2023 年我們面臨著挑戰​​，我們在業務方面取得了很大進展，但 2024 年卻有一個艱難的開局，在仍然充滿挑戰的行業環境中，我們還有很多工作要做。2023年，我們的使命是專注於改善業主體驗。我們參觀了當地市場，並研究了我們如何照顧全國各地的家庭和目的地。

We surveyed and listened to homeowners and analyzed our internal processes. We delivered a number of new technology tools to make our value proposition to homeowners stronger than ever. From previous calls we've discussed the homecare dashboard like the SMS tool and clean inspection tool. We believe these products are significantly improving the homeowner experience as reflected in owner feedback we've received since implementation.

我們調查並聽取了房主的意見，並分析了我們的內部流程。我們提供了許多新技術工具，使我們對房主的價值主張比以往任何時候都更加強大。在先前的電話會議中，我們討論了家庭護理儀表板，例如簡訊工具和清潔檢查工具。我們相信這些產品正在顯著改善房主體驗，這反映在我們自實施以來收到的業主回饋中。

In the fourth quarter we also launched our homeowner communication tool allowing owners to interact with our teams directly through our mobile apps and owner portals. We also introduced our proprietary market rates comparison tool, which gives our owners insights into how the price stays at their homes and allows them to model certain criteria to see how changes might impact their revenue. As a result of these initiatives and our team's relentless efforts on our homeowner experience, our homeowner satisfaction scores improved steadily through the second half of the year. So we are seeing positive trends in homeowner satisfaction, but we have not yet turned the corner on churn.

在第四季度，我們還推出了房主溝通工具，允許業主直接透過我們的行動應用程式和業主入口網站與我們的團隊互動。我們還推出了專有的市場價格比較工具，使我們的業主能夠深入了解價格如何保持在他們的房屋中，並允許他們對某些標準進行建模，以了解變化可能如何影響他們的收入。由於這些措施以及我們團隊對房主體驗的不懈努力，我們的房主滿意度評分在下半年穩步提高。因此，我們看到房主滿意度呈現正面趨勢，但我們尚未扭轉客戶流失的局面。

Some aspects of churn are an industry phenomenon, but many are in our control. Improving the homeowner experience including how we care for their guests is central to those efforts, and homeowner retention will remain a critical priority throughout 2024.

客戶流失的某些方面是一種行業現象，但許多方面都在我們的控制範圍內。改善房主體驗，包括我們如何照顧他們的客人，是這些努力的核心，而保留房主仍將是整個 2024 年的關鍵優先事項。

A few words about how we performed against the four critical priorities I shared with you all last year, which were: improving execution in local markets and customer support function, unlocking the potential of the individual sales approach, developing the right technology products, and prioritizing our business needs to drive profitable growth.

簡單介紹一下我們去年與大家分享的四個關鍵優先事項的表現，這些優先事項是：提高本地市場的執行力和客戶支援功能、釋放個人銷售方法的潛力、開發正確的技術產品以及確定優先事項我們的業務需要推動獲利成長。

We spent last year improving how we support and operate in our local markets. We implemented new processes enabled by technology, created efficiencies without sacrificing the service level excellence our homeowners and guests expect. For example, midway through 2023, we began rolling out our new field scheduling system. This tool is designed to optimize one of our most time consuming and expensive task, physical visits to homes.

我們去年花了很多時間改善我們在當地市場的支援和運作方式。我們實施了由技術支援的新流程，在不犧牲房主和客人期望的卓越服務水準的情況下提高了效率。例如，到 2023 年中期，我們開始推出新的現場調度系統。該工具旨在優化我們最耗時且最昂貴的任務之一，即親自上門拜訪。

The effectiveness of this tool will help drive our highest guest reviews for the year in Q4 and our highest cleanliness and Net Promoter Scores of 2023 across all major channels, all while driving efficiencies that led to year-over-year cost savings in Q4, including a 7% reduction in the cost of revenue per night sold and a 13% reduction in operations and support expense.

該工具的有效性將有助於推動我們在第四季度獲得最高的賓客評價，以及在所有主要管道中獲得2023 年最高的清潔度和淨推薦值，同時提高效率，從而在第四季度實現同比成本節省，包括每晚銷售收入成本減少 7%，營運和支援費用減少 13%。

Turning to our sales efforts. Entering 2023, we moved away from the portfolio acquisition approach toward our individual approach, with the goal of improving our ability to consistently and sustainably add desirable homes to our platform over the long term. As part of this shift in strategy, we implemented a number of initiatives to streamline our organic sales processes and productivity and strengthen our team.

轉向我們的銷售工作。進入 2023 年，我們從投資組合收購方式轉向個人方式，目標是提高我們長期持續、持續地在我們的平台上添加理想住宅的能力。作為策略轉變的一部分，我們實施了一系列措施來簡化我們的有機銷售流程和生產力，並加強我們的團隊。

We restructured the sales organization to drive our efficiency emphasizing organic sustainable home growth. We also redesigned sales incentive plans to better align performance and results, and improved our tools and systems to drive efficiencies in our sales enablement processes and owner and home onboarding, among other initiatives. Traction on these initiatives helped drive three consecutive quarters of year-over-year improvement in sales productivity to end 2023.

我們重組了銷售組織，以提高效率，強調有機可持續的家庭成長。我們還重新設計了銷售獎勵計劃，以更好地協調績效和結果，並改進了我們的工具和系統，以提高銷售支援流程以及業主和家庭入職培訓等措施的效率。這些措施的推動力有助於推動銷售生產力連續三個季度同比提高，直至 2023 年底。

We continue to add functionality to our technology platform, prioritizing investments that generate measurable efficiencies in our operations and deliver a better experience for homeowners and guests. In addition to the homeowner communications, market rates comparison, and field scheduling tools launched in 2023, during Q4, we made several other technology driven improvements. We significantly upgraded our connectivity to Airbnb, enabling us to place critical information for guests directly into the Airbnb app, such as reservation confirmations, trip updates, and departure instructions. This has reduced the number of calls to our guest experience center and helped drive higher guest satisfaction scores.

我們繼續為我們的技術平台添加功能，優先考慮能夠在我們的營運中產生可衡量的效率並為房主和客人提供更好的體驗的投資。除了 2023 年第四季推出的房主溝通、市場價格比較和現場調度工具之外，我們還進行了其他幾項技術驅動的改進。我們大幅升級了與 Airbnb 的連接，使我們能夠將房客的重要資訊直接放入 Airbnb 應用程式中，例如預訂確認、行程更新和出發說明。這減少了客戶體驗中心的來電次數，並有助於提高客戶滿意度。

We expanded and are ramping the number of channels through which we offer our homes. We're also offering curated inventory on some of those channels to target different types of guests and provide incremental revenue opportunities for our owners. We also continue to introduce Artificial Intelligence tools that improve productivity.

我們擴大並正在增加提供房屋的渠道數量。我們還在其中一些管道上提供精選的庫存，以針對不同類型的客人，並為我們的業主提供增量收入機會。我們也持續推出提高生產力的人工智慧工具。

The most recent launch in Q4 has greatly reduced the time spent processing guest reviews. This allows us to more quickly identify review that requires an immediate action versus a positive reviews that may require simple acknowledgments and thank you.

第四季的最新推出大大減少了處理客人評論所花費的時間。這使我們能夠更快地識別需要立即採取行動的評論與可能需要簡單致謝和感謝的積極評論。

Finally, over the course of 2023, we drove cost efficiencies across the business, while carefully managing expense spend, culminating in full-year adjusted EBITDA profitability that exceeded our guidance despite lower year-over-year revenue. We made it clear that 2023 would be a transition year for Vacasa; a year to reset, improve the organization, and position the business for the long term.

最後，在 2023 年期間，我們提高了整個業務的成本效率，同時仔細管理費用支出，最終實現了全年調整後 EBITDA 盈利能力，儘管收入同比下降，但超出了我們的指導。我們明確表示 2023 年將是 Vacasa 的過渡年；重新調整、改善組織並為業務進行長期定位的一年。

2024 will be a year of continued transformation to maintain momentum and capitalize on the improvements in 2023. As I mentioned before, 2024 is off to a difficult start. Increased supply in the market as well as softening demand is resulting in continued bookings variability. We are watching those dynamics very closely. However, the current conditions are creating uncertainty as we look forward.

2024 年將是持續轉型的一年，以保持動力並利用 2023 年的進步。正如我之前提到的，2024 年是一個艱難的開局。市場供應增加以及需求疲軟導致預訂量持續波動。我們正在密切關注這些動態。然而，目前的情況為我們的未來帶來了不確定性。

Therefore, it is as important as ever to sharpen our focus on execution, to zero at FX, and raised the tempo on the top initiatives that are going to take Vacasa to the next stage on our journey. Without dynamic as context, I'd like to outline the strategic priorities that are driving our decision-making for 2024.

因此，與以往一樣重要的是，我們要加強對執行的關注，將 FX 的執行力歸零，並加快頂級舉措的節奏，這些舉措將使 Vacasa 進入我們旅程的下一階段。在沒有動態背景的情況下，我想概述一下推動我們 2024 年決策的策略重點。

We will continue to focus on improving and aligning Vacasa's product and technology capabilities for our owners, our guests, and the people who take care of them. We believe leveraging technology will support the superior experience for and value to homeowners and guests, while also making our operations more efficient.

我們將繼續專注於為我們的業主、我們的客人以及照顧他們的人改進和調整 Vacasa 的產品和技術能力。我們相信，利用科技將為房主和客人提供卓越的體驗和價值，同時也使我們的營運更加高效。

The team is already hard at work on a number of impactful new developments, which I look forward to sharing with you over the coming quarters. Vacasa will also be putting a renewed focus into optimizing our service offerings and where we allocate resources. Adding desirable homes to our platform, while minimizing churn is at the foundation of our long-term growth strategy, with the individual sales approach as the primary driver of that growth. However, against the backdrop of a persistently dynamic industry environment coming off the highs of 2021 and 2022, as well as our continued efforts to prioritize profitability, we will be very intentional with how we allocate resources across the business to drive long-term growth.

團隊已經在努力開發一些有影響力的新開發成果，我期待在未來幾季與您分享。Vacasa 也將重新專注於優化我們的服務產品和資源分配方式。在我們的平台上增加理想的房屋，同時最大限度地減少客戶流失是我們長期成長策略的基礎，個人銷售方式是成長的主要驅動力。然而，在產業環境持續活躍、脫離 2021 年和 2022 年高點的背景下，以及我們繼續努力優先考慮獲利能力的背景下，我們將非常謹慎地在整個業務中分配資源，以推動長期成長。

We intend to prioritize investments in and allocate resources to creating or further leveraging tools to attract and retain homeowners, and to explore additional service offerings and ways to monetize our platform. We will be revisiting our progress and strategy here in coming quarters.

我們打算優先投資並分配資源來創建或進一步利用工具來吸引和留住房主，並探索其他服務產品和透過我們的平台獲利的方式。我們將在未來幾季重新審視我們的進展和策略。

And finally, while we are focused on our long-term growth opportunities, we are continuing to execute on improving operational effectiveness and efficiencies across the organization. We made significant progress in this area in 2023, driving an over $50 million improvement in adjusted EBITDA year over year, primarily driven by reduced expenses and driving efficiencies throughout our business. We will be laser focused on this throughout 2024 and beyond for the foundational principle of our culture at Vacasa.

最後，在我們專注於長期成長機會的同時，我們將繼續致力於提高整個組織的營運有效性和效率。2023 年，我們在這一領域取得了重大進展，調整後 EBITDA 同比增長超過 5000 萬美元，這主要是由於我們整個業務的費用減少和效率提高。我們將在 2024 年及以後高度關注這一點，作為 Vacasa 文化的基本原則。

And in closing, we made a lot of progress in 2023, particularly given the headwinds we encountered throughout the year. And there is more work to do in a challenging environment. And I believe we are making the right strategic decisions to allow the business to reach its full potential and I'm focused on continuing this phase of Vacasa's journey.

最後，我們在 2023 年取得了很大進展，特別是考慮到我們全年遇到的阻力。在充滿挑戰的環境中還有更多工作要做。我相信我們正在做出正確的策略決策，以使業務充分發揮潛力，我將專注於繼續 Vacasa 旅程的這一階段。

I'll now turn the call over to Bruce to discuss financials. Bruce?

我現在將電話轉給布魯斯討論財務問題。布魯斯？

Thanks, Rob. Unless noted otherwise, I will be comparing our fourth quarter results to the fourth 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。除非另有說明，我將把我們第四季度的業績與2022 年第四季度的業績進行比較，並且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，您可以找到概述在我們的股東信中。

We finished 2023 with approximately 42,000 homes, down 5% year over year, reflecting the churn dynamic that we and the broader industry has been experiencing over the past few quarters. For the fourth quarter, gross booking value, which is the combination of nights sold and gross booking value per night sold, was $337 million, down 19% year over year. Nights sold were $1.1 million in the fourth quarter, down 5% year over year. Gross booking value per night sold was $309 in the fourth quarter, down 15% year over year.

截至 2023 年，我們擁有約 42,000 套房屋，年減 5%，反映了我們和整個產業在過去幾季所經歷的客戶流失動態。第四季的總預訂價值（即已售房晚數和每晚總預訂價值的組合）為 3.37 億美元，年減 19%。第四季銷售房晚數為 110 萬美元，年減 5%。第四季每晚銷售總預訂價值為 309 美元，年減 15%。

Throughout 2023, we've discussed the year-over-year declines in average gross booking value per homes as the industry normalizes off of the record highs from the past few years, and we saw this dynamic play out again in the fourth quarter. As a reminder, there's a strong correlation 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.

在整個 2023 年，我們討論了隨著行業從過去幾年的創紀錄高點恢復正常，每套房屋的平均總預訂價值同比下降，我們看到這種動態在第四季度再次上演。提醒一下，所售房晚數與每晚售出總預訂價值之間存在很強的相關性，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，以及已售天數和每晚總預訂價值的組合，以優化房主收入。

Revenue, which consist 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 $177 million in the fourth quarter down 19% year over year.

第四季的收入主要包括我們為房主產生的租金佣金、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 1.77 億美元，同比下降 19%。

For the full-year 2023, gross booking value was $2.3 billion, down 10% year over year, primarily due to lower guests demand as traveler demand for domestic non-urban vacation rentals normalizes from the highs of 2021 and 2022. This drove revenue of $1.1 billion for the full-year 2023, down 6% year over year, in line with our expectations.

2023 年全年，總預訂價值為 23 億美元，年減 10%，主要是由於旅客對國內非城市度假租賃的需求從 2021 年和 2022 年的高點恢復正常，客人需求下降。這使得 2023 年全年營收達到 11 億美元，年減 6%，符合我們的預期。

Now, turning to expenses. Cost of revenue was 58% of revenue in the fourth quarter versus 53% of revenue for the same period last year. Operations and support expense was 33% of revenue in the fourth quarter versus 30% of revenue in the same period last year.

現在，轉向支出。第四季營收成本佔營收的 58%，去年同期為 53%。第四季營運和支援費用佔收入的 33%，而去年同期為 30%。

These two expense lines, primarily consist of our local market and customer support costs. While cost of revenue and operations and support expense as a percentage of revenue were up on a year-over-year basis in Q4, we decreased cost of revenue dollars by 12% year over year, and operations and support expense dollars by 13% year over year, while homes on the platform and nights sold both declined 5%.

這兩項費用主要包括我們的本地市場和客戶支援成本。儘管第四季度的收入、營運和支援費用佔收入的百分比同比有所上升，但我們的收入成本同比下降了 12%，營運和支援費用同比下降了 13%與去年同期相比，平台上的房屋銷售量和銷售天數均下降了5%。

Our fourth-quarter results are a strong example of the progress we are making in operating our local markets in a more efficient manner. We continue to demonstrate operating discipline in our central operations, where we achieved another quarter of year-over-year operating expense leverage in the fourth quarter. This represents four consecutive quarters of year-over-year reductions in our three other operating expense lines, as we continue to drive efficiency gains across our organization.

我們第四季的業績有力地證明了我們在以更有效率的方式經營本地市場方面所取得的進展。我們持續在中央營運中展現營運紀律，第四季營運費用槓桿年比又實現了四分之一的成長。這意味著我們其他三個營運費用項目連續四個季度同比減少，因為我們繼續推動整個組織的效率提高。

Specifically on a year-over-year basis for Q4, technology and development expense declined 5%, sales and marketing expense declined 18%, and general and administrative expenses declined 15%. Adjusted EBITDA was negative $55 million for the fourth quarter compared to negative $49 million in the same period last year. However, we achieved full-year 2023 adjusted EBITDA of $24 million ahead of our expectations shared last quarter and our first full year of adjusted EBITDA profitability of scale.

具體來說，第四季度與去年同期相比，技術和開發費用下降了 5%，銷售和行銷費用下降了 18%，一般和管理費用下降了 15%。第四季調整後 EBITDA 為負 5,500 萬美元，而去年同期為負 4,900 萬美元。然而，我們的 2023 年全年調整後 EBITDA 達到了 2400 萬美元，超出了我們上季度的預期，也是我們第一個全年調整後 EBITDA 盈利能力規模。

Despite revenue declines of $70 million in 2023 versus 2022, adjusted EBITDA increased over $50 million in the same period. While there is more to do, I believe our ability to drive profitability gains despite the dynamic industry backdrop speaks to the progress the team is making in advancing our operating discipline.

儘管 2023 年營收較 2022 年下降 7,000 萬美元，但調整後 EBITDA 同期成長超過 5,000 萬美元。儘管還有更多工作要做，但我相信，儘管產業背景充滿活力，我們仍有能力推動獲利成長，這說明了團隊在推動營運紀律方面所取得的進展。

Now, turning to 2024. As we detailed throughout 2023 and Rob reiterated in his remarks, we've made significant progress establishing a foundation for Vacasa's long-term success. We've improved our operating discipline across the board, and have better control of our expense structure in order to position the business for long-term profitable growth and free cash flow generation.

現在，轉向2024年。正如我們在 2023 年詳細介紹的那樣以及 Rob 在演講中重申的那樣，我們取得了重大進展，為 Vacasa 的長期成功奠定了基礎。我們全面改善了營運紀律，並更好地控制了費用結構，以便使業務實現長期盈利增長和自由現金流產生。

However, as Rob noted, 2024 is off to a difficult start. The short-term rental industry continues to adjust to softening demand for domestic and non-urban vacation rentals, as well as increases in supply of short-term rental units. As a result, we are experiencing continued bookings variability and our expectation for average gross booking value per home continues to be challenged at least in the first half of 2024. This creates significant uncertainty around our view of the coming year.

然而，正如 Rob 指出的那樣，2024 年的開局很艱難。短期租賃行業繼續調整，以適應國內和非城市度假租賃需求的疲軟以及短期租賃單位供應的增加。因此，我們的預訂量持續存在波動，並且我們對每戶平均總預訂價值的預期至少在 2024 年上半年繼續受到挑戰。這給我們對來年的看法帶來了很大的不確定性。

Given these dynamics and their impact on bookings variability, average gross bookings per home, as well as continued elevated churn (technical difficulty) there are a wide range of potential outcomes for 2024. As a result, we do not plan to provide guidance for 2024 until we have better visibility to how this plays out. However, we intend to continue to aggressively manage our cost structure and to prioritize adjusted EBITDA profitability as well as positive free cash flow generation. We'll keep you posted in the coming quarters and how these dynamics are playing out and our progress against them.

考慮到這些動態及其對預訂波動性、每戶平均總預訂量以及持續增加的客戶流失（技術難度）的影響，2024 年可能會出現各種各樣的結果。因此，在我們更了解情況如何發展之前，我們不打算提供 2024 年的指導。然而，我們打算繼續積極管理我們的成本結構，並優先考慮調整後的 EBITDA 獲利能力以及積極的自由現金流產生。我們將在接下來的幾季向您通報這些動態的進展以及我們針對這些動態的進展。

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) Jed Kelly, Oppenheimer.

（操作員說明）傑德·凱利，奧本海默。

Great. Thanks for taking my questions. I realize the reason now behind giving guidance. But can you just give us some trends on the way January and February were? I know that it was, I think, January targets some industry people is the toughest comps. Can you give us a sense on that?

偉大的。感謝您回答我的問題。我現在意識到給予指導背後的原因。但您能給我們一些一月和二月的趨勢嗎？我知道，我認為，一月對一些行業人士來說是最艱難的競爭。您能給我們一些了解嗎？

And then just on the softening demand in the opening comments, do you think that's more macro-driven or is that still the pattern of travel normalizing? Then I have a follow-up.

然後就開場評論中的需求疲軟而言，您認為這更多是宏觀驅動的還是仍然是旅行正常化的模式？然後我有一個後續行動。

Terrific. Hey, Jed. Good to hear from you. So I'll share a few thoughts on the overall environment that we're seeing and try to share a few thoughts on the demand side as well. So recall that for about a year, maybe more than a year now, we've been talking about the changes that we've been observing in the consumer booking dynamic, and that's been affecting both gross bookings, value per night sold, and the number of nights sold and that's coming off of two record years in 2021 and 2022.

了不起。嘿，傑德。很高興聽到你的消息。因此，我將分享一些關於我們所看到的整體環境的想法，並嘗試分享一些關於需求方面的想法。因此，回想一下，大約一年，也許一年多了，我們一直在討論我們在消費者預訂動態中觀察到的變化，這些變化影響了總預訂量、每晚銷售價值以及銷售間夜數，打破了2021 年和2022 年兩個創紀錄的年份。

So look, I think there are a combination of factors that are at play here. I think that there is still a dynamic where there is a shift back to urban and international travel, others have referenced that, I think consumers are returning to the office, or if they're not, they're certainly returning to a more normal dynamic in their own lives, where they're not working remotely for extended period of time.

所以看，我認為這裡有多種因素在起作用。我認為仍然存在著一種向城市和國際旅行轉變的動態，其他人提到，我認為消費者正在返回辦公室，或者如果他們沒有返回辦公室，他們肯定會恢復到更正常的狀態他們自己的生活充滿活力，他們不會長時間遠距工作。

I think there's also some potential concerns on the macro side. When you think about the work that the Fed has been doing on maintaining inflation, those things in the short run -- in the long run they're terrific, in the short run they can put some pressure on the customer spending dynamics. So we'll see how all that plays out.

我認為宏觀方面也存在一些潛在的擔憂。當你想到聯準會在維持通膨方面所做的工作時，這些事情在短期內 - 從長期來看它們非常棒，在短期內它們可以對客戶支出動態施加一些壓力。所以我們會看看這一切會如何發展。

I think in addition to that I would say that we are seeing continued double-digit increases year over year in supply in our markets, and that has an impact on the demand for film that you've seen play out. So when you think about those factors at play, I think those are some of the drivers that we're watching closely when we think about the bookings pace that we're seeing at the start of 2024.

我認為除此之外，我想說的是，我們的市場供應量逐年持續呈現兩位數成長，這對您所看到的電影需求產生了影響。因此，當你考慮這些因素時，我認為當我們考慮 2024 年初的預訂速度時，我們會密切關注這些因素。

And it's a volatile environment. There's some of the dynamics we've alluded to on the weakness, at the close end of the booking curve that we're observing and navigating.

這是一個不穩定的環境。我們已經提到了一些關於疲軟的動態，我們正在觀察並引導預訂曲線的接近端。

And so when we think about how we're adapting and working through this environment, this is something that we've been seeing for a little while. We're in the process of understanding these new patterns. We're using that to another motivation to really think about first how to operate efficiency efficiently. And then second how to maximize the income for our homeowners.

因此，當我們思考如何適應這種環境並在這種環境中工作時，我們已經看到這種情況已經有一段時間了。我們正在了解這些新模式。我們利用這一點作為另一個動機，首先真正考慮如何有效地提高營運效率。其次是如何最大限度地提高房主的收入。

There's a lot of work that we are doing on those fronts. And I think that we've shown our ability to navigate some of those challenges, for example, in the fourth quarter with cost of revenue per night and operations and support expense coming down on a year-over-year basis.

我們在這些方面正在做很多工作。我認為我們已經展示了應對其中一些挑戰的能力，例如，在第四季度，每晚收入成本以及營運和支援費用同比下降。

So we're working hard to adapt to these new changes. We did that in 2023. We have to do it again in 2024. There's not really a blueprint here, but it reinforces that focus on execution and tactics, which is really an important driver of our performance in the long run.

所以我們正在努力適應這些新的改變。我們在 2023 年做到了這一點。2024 年我們必須再做一次。這裡並沒有真正的藍圖，但它強化了對執行和戰術的關注，從長遠來看，這確實是我們績效的重要驅動力。

So okay, as I think about it consumer demand is going to ebb and flow in our vertical and it's going to be driven by preference shifts within travel or a broader economic environment. But we think we're focused on the right things by focusing on our local market operations being nimble, being thoughtful, variabilizing our costs, and then staying very focused on navigating on our front foot via the changes in demand. Your other question on demand was --?

好吧，我認為消費者的需求將在我們的垂直領域中起起落落，這將由旅行或更廣泛的經濟環境中的偏好變化所驅動。但我們認為，我們專注於正確的事情，專注於靈活、深思熟慮的本地市場運營，改變我們的成本，然後透過需求的變化來保持領先地位。您提出的另一個問題是——？

Just on the monthly trends that you could share anything like January, February and then in January, the toughest comp?

僅就每月趨勢而言，您可以分享一月、二月以及一月最艱難的競爭嗎？

Yeah, we're not going to parse the monthly dynamically, Jed. We're clearly watching it. It's difficult for us to call that out especially.

是的，我們不會動態解析每個月的數據，傑德。我們顯然正在關注它。我們很難特別指出這一點。

I think what we're trying to be as open as we can about what it is that we're observing, I think you've seen us do that before. I think that there's a lot of industry data sources that are suggesting that it is -- the dynamics are something that the broad market are seeing, and I think that it's probably all of the same drivers.

我認為我們正在努力對我們正在觀察的內容盡可能開放，我想你以前已經看到我們這樣做了。我認為有很多行業數據來源都表明這一點——廣大市場正在看到這種動態，我認為這可能都是相同的驅動因素。

Got it. And then just as a follow-up, I saw you gave 42,000 homes. Are you planning to give that metric quarterly? And is that a sign that churn is maybe stabilizing a little bit Thanks.

知道了。然後作為後續行動，我看到您捐贈了 42,000 個房屋。您打算每季提供該指標嗎？這是否表示客戶流失率可能會趨於穩定，謝謝。

Yes. Hi, Jed. This is Bruce. Thanks for the question. I'll take the first part of that and then maybe Rob can talk to the churn dynamic.

是的。嗨，傑德。這是布魯斯。謝謝你的提問。我將討論第一部分，然後 Rob 可能可以談談流失動態。

The short answer to your question is, yes, we do plan on disclosing that on a quarterly basis just for the simple reason. Number one, it's an important financial metric for us and we think just as a matter of transparency for investors, I think that's important to disclose. So we are going to be doing that on it on an ongoing basis.

對你的問題的簡短回答是，是的，我們確實計劃每季披露一次，原因很簡單。第一，這對我們來說是一個重要的財務指標，我們認為這對投資人來說是一個透明度問題，我認為揭露這一點很重要。因此，我們將持續這樣做。

In terms of the churn dynamic, we do a broad talk through our progress there and what we're doing to try to get that more under control.

就流失動態而言，我們廣泛討論了我們在這方面取得的進展以及我們正在採取哪些措施來試圖更好地控制這種情況。

Yeah, Jed. So look I'm sure the reality is -- it's not where we wanted to be. There's a dynamic here that is still settling across the industry. We're focused on the key things that we hear from owners. We've shared those with you before on homeowner communications and on rates and revenue. I would say that we've been we've been investing. We've been focusing our work and we've seen some of these leading indicators move in the right direction, but we've not yet seen that the end result, which is churn, move you move to where we wanted to be.

是的，傑德。所以我確信現實是——這不是我們想要的。整個產業仍有一種動態。我們專注於從業主那裡聽到的關鍵訊息。我們之前已經與您分享過有關房主溝通以及費率和收入的內容。我想說我們一直在投資。我們一直在專注於我們的工作，我們已經看到其中一些領先指標朝著正確的方向發展，但我們還沒有看到最終結果（即客戶流失）讓您走向我們想要的地方。

So on the drivers, the focus on the homeowner experience that you've heard us talk about has led directly to steadily improving owner NPS, which has always been a key leading indicator for us, and we haven't seen it turn that back quarter but it's been a big area of focus for us.

因此，就司機而言，您聽到我們談論的對房主體驗的關注直接導致了房主淨推薦值的穩步提高，這一直是我們的一個關鍵領先指標，而且我們還沒有看到它在那個季度出現逆轉但這一直是我們關注的重點領域。

The market rates comparison tool that we alluded to is something that we had launched in a beta form. We've been listening to owners and updating it. And it really gives us more insight into how we are pricing stays in their home, what the forward curves looks like, it allows them to model some different criteria, and changes that might impact their revenue. So this is for us a very day-to-day execution driven thing we are seeing as we've shared improvements month over month over month in guest scores, in owner NPS. We think that there is a dynamic that others are having to deal with. But at the same time, we're focused on what's in our control and what we can do to drive that.

我們提到的市場利率比較工具是我們以測試版形式推出的。我們一直在聽取業主的意見並進行更新。它確實讓我們更深入地了解我們如何為他們的房屋定價、遠期曲線是什麼樣子，它允許他們對一些不同的標準以及可能影響他們收入的變化進行建模。因此，這對我們來說是一個非常日常執行驅動的事情，我們看到了我們在客人評分和業主 NPS 中逐月分享的改進。我們認為其他人也必須應對這種動態。但同時，我們專注於我們可以控制的事情以及我們可以採取哪些措施來推動這一目標。

On the dynamics that are in the industry overall, I'm sure that owners that are frustrated what they see bookings come off their home what their home experience during the record highs in 2021 and 2022. So some cases, we think that there may be an aspect of people trying to find revenue that may not be there. It's on us to be sure that we're managing and then delivering those results and helping them understand the market as best we possibly can.

就整個行業的動態而言，我確信那些對預訂情況感到沮喪的業主會因為 2021 年和 2022 年創紀錄的高點期間的房屋體驗而感到沮喪。因此，在某些情況下，我們認為人們試圖尋找可能不存在的收入的某個面向。我們有責任確保我們正在管理並交付這些結果，並幫助他們盡可能地了解市場。

Thank you.

謝謝。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

Hi, this is [Sean], on for Lee. Thanks for taking our question. So on pricing, pricing has continued to trend down but they still remain meaningfully above 2019 levels. So do we have to walk back to 2019 levels before the pricing finds a button? Or it could stabilize in between somewhere from 2019 and where it is now? And what's your expectation around that timeline? And I have a follow-up.

嗨，我是[肖恩]，為李代言。感謝您提出我們的問題。因此，在定價方面，價格持續呈下降趨勢，但仍明顯高於 2019 年的水準。那麼，在定價找到按鈕之前，我們是否必須回到 2019 年的水平？或者它可能會在 2019 年和現在的某個時間之間穩定下來？您對該時間表有何期望？我有一個後續行動。

Yeah, Sean, I can take that question. I would just say, look, average gross booking value did decline year over year. We noted approximately 19% in the fourth quarter, and gross booking value per night sold accounted for the majority of that decline.

是的，肖恩，我可以回答這個問題。我只想說，看，平均總預訂價值確實逐年下降。我們注意到第四季約為 19%，每晚銷售總預訂價值佔了下降的大部分。

And we talked about, as you'll see when we file our 10-K, you saw our home count declined about 5%. And look, we think this is an industry issue not just a cost to industry issue or it's a Vacasa issue as Rob talked about. This decline is not catching us by surprise.

我們談到，正如您在提交 10-K 時看到的那樣，您會發現我們的房屋數量下降了約 5%。看，我們認為這是一個行業問題，而不僅僅是行業成本問題，或者正如 Rob 所說的那樣，這是一個 Vacasa 問題。這種下降並不令我們感到意外。

We are working at it. We think our revenue management team is doing a nice job adapting to this. I'm not going to get into a guide situation to talk about specifically exactly where it's going to stabilize. We hope it stabilizes soon.

我們正在努力。我們認為我們的收入管理團隊在適應這一點方面做得很好。我不會進入指導情況來具體討論它將穩定在哪裡。我們希望它盡快穩定下來。

So we are just focused on controlling what we can control in our cost structure, optimizing our rental income for homeowners as we can. That's our focus.

因此，我們只專注於控制我們可以控制的成本結構，盡可能優化房主的租金收入。這是我們的重點。

Okay. Thank you for that. And then, just a follow-up. So occupancy has been trending down as we saw throughout 2023, but which -- that should be inversely related to the pricing, so can you help us understand why you think you're not getting the benefit of pricing going down that should actually be translating into better occupancy rate?

好的。謝謝你。然後，只是後續行動。因此，正如我們在2023 年看到的那樣，入住率一直呈下降趨勢，但這應該與定價成反比，所以您能否幫助我們理解為什麼您認為您沒有從定價下降中獲益，而這實際上應該轉化為以獲得更好的入住率？

Yeah. Sure. I can I can try to take those also. Look nights sold they declined. We showed you that metric. Night sold was down about 5% year over year.

是的。當然。我可以，我也可以嘗試接受這些。看看晚上的銷售情況，他們拒絕了。我們向您展示了該指標。夜間銷售量較去年同期下降約 5%。

This is really a function of the number of homes on our platform and the rate at which we need to price those to sell those through. This implies our night sold per home that was relatively unchanged year over year in the fourth quarter that our home count was down about 5% leading to a 5% decrease in reported night sol0d.

這實際上取決於我們平台上的房屋數量以及我們需要為這些房屋定價以出售這些房屋的價格。這意味著第四季度我們的每間房屋的夜間銷售量與去年同期相比相對沒有變化，我們的房屋數量下降了約 5%，導致報告的夜間銷售量下降了 5%。

So you can see the trend, we've been talking about for a while. That's just played out again in the fourth quarter. It is declining year over year from a record levels in '21 and '22. Remember, we are constantly adjusting prices in real time trying to find that optimal mix between night sold, gross booking value per night sold. Again, the goal is to maximize gross booking value for our homeowners, and that's what we're focused on.

所以你可以看到我們已經討論了一段時間的趨勢。這種情況在第四節再次上演。從 21 年和 22 年的創紀錄水準開始逐年下降。請記住，我們不斷即時調整價格，試圖找到所售房晚與每晚售出總預訂價值之間的最佳組合。同樣，我們的目標是最大限度地提高房主的總預訂價值，這就是我們的重點。

Right. Thank you so much.

正確的。太感謝了。

Doug Anmuth, JP Morgan.

道格·安姆斯，摩根大通。

This is [Pei-yung] on for Doug. Thanks for taking the questions. I have two as well. When you're looking out at the macro conditions, looking into the first half of this year, is it -- were you expecting incremental headwinds? Or is this something more of a normalization of the trends that you saw in capital mixed revenue you just need to cycle through before seeing macro conditions normalize and start to grow again? So just curious, like if it's incremental headwinds that you're expecting, or is it more of a normalization cycling through?

這是道格的[佩勇]。感謝您提出問題。我也有兩個。當你展望今年上半年的宏觀狀況時，你是否預期會出現更多的逆風？或者，這更像是您在資本混合收入中看到的趨勢的正常化，您只需要在宏觀條件正常化並開始再次成長之前進行循環？所以只是好奇，就像你所期待的增量逆風，還是更多的是正常化循環？

Yeah. It's a great question. As we said, we really don't feel like it's appropriate to share a guide or a read on the on the forward view here, but I'm just trying to go back through a couple of the drivers here. We've been talking about volatility, especially in the short end of the booking curve and is that customers that are delaying decisions, deferring decisions, the dynamic of normalizing of a length of stay, customers picking alternatives, whether it's hotels or it's, as we've called out before, exploring other destinations.

是的。這是一個很好的問題。正如我們所說，我們確實覺得在這裡分享指南或閱讀有關前瞻性觀點的文章並不合適，但我只是想回顧一下這裡的幾個驅動因素。我們一直在談論波動性，特別是在預訂曲線的短端，並且是延遲決策的客戶、延遲決策、住宿時間正常化的動態、客戶選擇替代方案，無論是酒店還是酒店，我們之前曾呼籲過探索其他目的地。

So we don't know. It's too early for us to call something on on what those drivers are. But as we said, we're watching it very closely.

所以我們不知道。現在對我們來說這些驅動因素是什麼還為時過早。但正如我們所說，我們正在密切關注。

Got it. And as a follow-up, looking back to 2023, you guys are able to expand margins pretty nicely despite the top line headwinds. So for 2024 do you feel like incremental margin gains are possible? Or is the objective more about preserving the margins that you have and setting yourself up for future growth?

知道了。作為後續行動，回顧 2023 年，儘管面臨營收逆風，你們仍然能夠很好地擴大利潤率。那麼，您認為 2024 年利潤率是否有可能實現增量成長？或者目標更多的是保持現有的利潤並為未來的成長做好準備？

Yeah, I can try to answer that. So, yeah, if you look at Q4 and then full year, we definitely were focused on -- we said we were going to get to adjusted EBITDA profitability. We did that. We were able to deliver that despite a pretty substantial decline in revenue.

是的，我可以嘗試回答這個問題。所以，是的，如果你看看第四季度和全年，我們肯定會關注——我們說我們將調整調整後的 EBITDA 盈利能力。我們做到了。儘管收入大幅下降，我們還是能夠實現這個目標。

Look, this is just a -- this year-over-year improvement, this is just a result of better efficiency across the business. Every expense category was down. Rob and I and the management team were very focused on that.

看，這只是逐年改善，這只是整個企業效率提高的結果。每個支出類別都下降了。羅布和我以及管理團隊都非常關注這一點。

I think it's important to also note we did that without sacrificing customer service and guest service level. That was also very important to us. So there will be steps forward and steps back, but we're very committed to this path. I will tell you this is a top priority for us. Rob and I are going to continue and the management team are going to continue prioritizing adjusted EBITDA profitability moving forward.

我認為還需要注意的是，我們在沒有犧牲客戶服務和賓客服務水準的情況下做到了這一點。這對我們來說也非常重要。因此，會有前進和後退，但我們非常致力於這條道路。我會告訴你這是我們的首要任務。羅伯和我將繼續工作，管理團隊將繼續優先考慮調整後的 EBITDA 獲利能力。

I would just add to that that if you look at what we are able to deliver those efficiencies are coming with better performance across a range of different operating metrics. So the guest experience has improved as we move through the year. The owner experience has improved as we move through the year.

我想補充一點，如果你看看我們能夠提供什麼，那麼在一系列不同的營運指標上，效率會隨著更好的效能而提高。因此，隨著時間的推移，賓客體驗有所改善。隨著時間的推移，業主體驗有所改善。

Those things are important for us as we're driving these efficiencies in the business to become more effective as we're driving these changes in the business. It's a typical needle and thread, but that's what we're focused on, and we have some early promising signs of it.

這些事情對我們來說很重要，因為我們正在推動業務變革，從而提高業務效率。這是典型的針和線，但這就是我們關注的重點，我們已經看到了一些有希望的早期跡象。

Got it. Thank you.

知道了。謝謝。

Ben Miller, Goldman Sachs.

本·米勒，高盛。

Thanks so much for taking the questions, maybe two if I can. I'm curious just your thoughts on the broader competitive environment and how you're performing relative to other property managers that are also managing through the current environment?

非常感謝您提出問題，如果可以的話，也許可以提出兩個問題。我很好奇您對更廣泛的競爭環境的看法，以及您相對於其他也在當前環境中進行管理的物業經理的表現如何？

And then second, just on the local ops piece of the workforce reduction. Is that a function of the demand environment? Or is that because of the efficiencies that you're seeing through some of the automation tools that you've been implementing over the past year or so? Thanks so much.

其次，只是減少勞動力的本地營運部分。這是需求環境的函數嗎？還是因為您透過過去一年左右實施的一些自動化工具看到了效率？非常感謝。

Yeah, sure. Why don't I start and then Bruce can chime in. I think when we look at the competitive environment, I think, first of all, we think that we look at a number of the industry benchmarks. We think that our competitors, our homeowners are seeing the same thing that we're seeing in terms of the demand environment.

好，當然。為什麼我不先開始，然後布魯斯就可以插話了。我認為，當我們審視競爭環境時，我認為，首先，我們認為我們會專注於一些行業基準。我們認為我們的競爭對手、我們的房主在需求環境方面看到了與我們相同的情況。

So we feel like this is going to be an environment where being on your front foot when it comes to revenue management, being very focused on the owner experience, and the guest experience and making sure that your teams are able to take care of our guests when they show up, that's going to be tremendously important. There's -- everybody is going to be focused on those same dynamics. We're just trying to be moved as much resource as much focus as much of our time and attention to those topics as we can.

因此，我們認為這將是一個在收入管理方面處於領先地位的環境，非常注重業主體驗和客人體驗，並確保您的團隊能夠照顧我們的客人當他們出現時，這將非常重要。每個人都會關注同樣的動態。我們只是試著將盡可能多的資源、盡可能多的時間和注意力轉移到這些主題上。

When it comes to local operations that was a very small portion of the actions that we took today. A lot of that was the result of being able to be more efficient in terms of some of the investments that we've made. Bruce, I don’t if you had any other comments as well.

說到本地運營，這只是我們今天採取的行動的一小部分。這在很大程度上是我們能夠提高某些投資效率的結果。布魯斯，我不知道你是否還有其他意見。

But that answers as well.

但這也有答案。

Yes. Thank you.

是的。謝謝。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，李約瑟公司。

Great. Thank you for taking questions. Maybe just to start the discussion on churn, but Rob, you mentioned that there was double-digit supply growth in your markets. Just wondering what you're seeing from the gross ads side and if you're capturing your fair share of gross ads, and if not, some plans to maybe rectify that?

偉大的。感謝您提出問題。也許只是為了開始關於客戶流失的討論，但是羅布，您提到您的市場出現了兩位數的供應增長。只是想知道您從廣告總額方面看到了什麼，以及您是否獲得了公平的廣告總額份額，如果沒有，是否有一些計劃來糾正這一問題？

Yeah. Happy to talk about that. We're definitely seeing supply growth. It's unclear if that's going to continue as we move through the year, but it certainly is something that impacts pricing as supply is increasing faster than demand for over the medium term. When it comes to our home growth, look, there's puts and takes to home growth.

是的。很高興談論這個。我們肯定會看到供應成長。目前還不清楚這種情況是否會在今年持續下去，但這肯定會影響定價，因為中期內供應成長快於需求成長。當談到我們的家庭發展時，你看，家庭發展有很多因素。

In terms of adding homes that really depends on the progress that we are able to make and what we've made in optimizing our individual organic sales approach. This is something where we try to be a lot more thoughtful than -- every quarter to try to be a lot more thoughtful here. We have shared with you. We've had a bias toward improving productivity, and also a bias that if we choose between growth and profitability, we're going to have a bias toward profitability.

在增加房屋方面，這實際上取決於我們能夠取得的進展以及我們在優化個人有機銷售方法方面取得的進展。我們在這方面嘗試更加深思熟慮——每個季度都嘗試更加深思熟慮。我們已經與您分享了。我們偏向於提高生產力，同時也偏向於如果我們在成長和獲利能力之間做出選擇，我們就會偏向獲利能力。

I think the other dynamic on home growth for us is it's really centered around churn. And we've seen that continue to be elevated. We've seen a number of the leading indicators that we watch move in the right direction and to do that steadily, but we've not yet seen that show up in the results when it comes to churn. And that's the driver on home growth and gross ads for us.

我認為對我們來說，家庭成長的另一個動力是它實際上以客戶流失為中心。我們已經看到這一數字繼續上升。我們已經看到許多領先指標正在朝著正確的方向發展，並且正在穩步推進，但我們還沒有看到這些指標在客戶流失方面出現在結果中。這就是我們家庭成長和廣告總額的驅動力。

Got it. And then just -- like a lot of discussion on efficiency and it seems like you guys are using our technology to solve some of those issues. Do you think it was just maybe an area of underinvestment before? Or just trying to think about what inning you could be in in terms of using technology to drive efficiencies here?

知道了。然後就像很多關於效率的討論一樣，你們似乎正在使用我們的技術來解決其中一些問題。您認為這可能只是之前投資不足的一個領域嗎？或者只是想一下在使用技術來提高效率方面您可以處於哪一局？

It's hard for me to say. The business has been operating on a strategy of building technology and a platform to help operate this business more and more effectively, and more and more scalably for a long time. When I joined the team I saw an opportunity to try to align that work much more tightly with the business needs, with the teams on the ground and really to do that as well as increase the pace of delivery.

我很難說。長期以來，該業務一直致力於建立技術和平台的策略，以幫助該業務越來越有效、越來越可擴展地運作。當我加入團隊時，我看到了一個機會，可以嘗試將工作與業務需求、現場團隊更緊密地結合起來，並真正做到這一點並加快交付速度。

So oftentimes you can see very large projects that can shift kind of all at once. And we've adopted a mindset that is much more focused on delivering something every week, every other week and then constantly iterating on it to try to make it better, to try to make it more efficient. So I think aligning the work that we're doing better with our teams, the teams actually on the ground with the needs of our of our owners and our guests has probably been the biggest driver of that change.

因此，您經常會看到非常大的項目可能會同時發生變化。我們採取了一種心態，更加重視每週、每隔一周交付一些東西，然後不斷迭代，努力讓它變得更好，努力讓它更有效率。因此，我認為，將我們正在做的工作更好地與我們的團隊、實際的團隊與我們業主和客人的需求結合起來可能是這項變化的最大推動力。

Got it. Thank you.

知道了。謝謝。

Nick Jones, JMP Securities.

尼克瓊斯，JMP 證券。

Thanks for taking the questions. I guess, as you lay out a preference to preserving profitability versus maybe trying to drive growth, could you maybe help us understand how much more wood to chop there is and cutting costs given the wide range of outcomes that I guess could happen 2024?

感謝您提出問題。我想，當您優先考慮保持盈利能力而不是試圖推動增長時，您能否幫助我們了解考慮到我認為 2024 年可能發生的廣泛結果，還有多少木材需要砍伐並削減成本？

Yeah. I can just start on that. I mean I would say we're not going to again give any guide on 2024. What I will tell you is Rob and I are watching the environment very carefully. We're going to see how the bookings environment shapes up, how our summer peak season looks. And we are very committed and it is a top priority for us. We will prioritize adjusted EBITDA profitability, even if that's it at the expense of top line just as a top priority for online.

是的。我可以從那裡開始。我的意思是，我們不會在 2024 年再次提供任何指南。我要告訴你的是，羅布和我正在非常仔細地觀察環境。我們將看看預訂環境如何變化，夏季旺季的情況如何。我們非常致力於，這是我們的首要任務。我們將優先考慮調整後的 EBITDA 獲利能力，即使這是以犧牲營收為代價，就像線上業務的首要任務一樣。

Got it. And maybe a follow-up on a prior question. If there's growth in your markets that suggests there's kind of incremental downward pressure on pricing, is that a fundamental problem with churn? Can you come back that? If supply is growing, do that ostensibly -- is pricing folks out and making it harder to maybe pay the fees for that, a fair way to understand the situation some of the markets where you need supply to stabilize?

知道了。也許是對先前問題的跟進。如果您所在市場的成長顯示定價有增量下行壓力，那麼這是客戶流失的根本問題嗎？你能回來嗎？如果供應量正在成長，那麼表面上是否會增加價格，從而使支付費用變得更加困難，這是了解某些需要穩定供應的市場情況的公平方法嗎？

So, I'm not sure I follow all the questions that -- jump in if you want to go back to a bit. But generally speaking, as we've shared, when we think about churn, we think about it as broken down into the key components of what we can deliver better. And that's been around managing the communication dynamic with our owners better.

所以，我不確定我是否遵循了所有問題——如果你想回顧一下的話，請跳進來。但一般來說，正如我們所分享的，當我們考慮客戶流失時，我們會將其分解為我們可以更好地提供服務的關鍵組成部分。這就是更好地管理與業主的溝通動態。

And that's not about sending more e-mails. It's about ensuring we're delivering an experience where they understand, what's going on with their home. We're able to resolve questions that they have, respond to issues, and those are all of the areas where we've made investments that make us more efficient. And we're seeing that show up in our NPS figures week after week and month after month, but we haven't seen it yet kind of turn that corner in the in the overall dynamic on churn.

這並不是發送更多電子郵件。這是為了確保我們提供一種讓他們了解他們的家正在發生什麼的體驗。我們能夠解決他們的問題，回應問題，而這些都是我們進行投資以提高效率的領域。我們看到這一點週復一周、月復一月地出現在我們的 NPS 數據中，但我們還沒有看到它在客戶流失的整體動態中出現扭轉。

Got it. Thank you.

知道了。謝謝。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great, thank you. This is [Sergio] on for Justin. I'm curious on the four key priorities that you highlighted in the investor letter for '23. Anything you would call out as performing better than expectations or when looking ahead to '24, you're excited there that you can continue the momentum going?

太好了謝謝。這是賈斯汀的[塞爾吉奧]。我對您在 23 年投資者信中強調的四個關鍵優先事項感到好奇。您認為表現優於預期的任何事情，或展望 24 年時，您對能夠繼續保持這種勢頭感到興奮嗎？

Yeah. Look, I think I'll start and certainly invite Bruce to jump in here as well.

是的。聽著，我想我會開始並當然邀請布魯斯也加入進來。

When I think about our four priorities, I mean, really, it's hard to pick between and I think we've made a lot of progress. But I think the improving our execution in local markets and in our customer support functions is something that I think our team is very proud of. It's a company-wide effort to orient ourselves towards our owners, toward our guests, towards at the moment when a guest shows up and opens the door and starts their experience in our home.

當我想到我們的四個優先事項時，我的意思是，真的，很難在兩者之間做出選擇，而且我認為我們已經取得了許多進展。但我認為，我們的團隊非常自豪的是，我們在當地市場和客戶支援職能方面的執行力得到了提升。這是全公司範圍內的努力，讓我們面向我們的業主、面向我們的客人、面向客人出現並打開門並開始他們在我們家中的體驗的那一刻。

And and it can be easy to get distracted by all of the other things that have to go on in running a business. But I think where we have put more of our focus into that local market, that moment of truth, if you will, for our guests and for our owners, that's where that's where I think we've seen some really great progress and some great traction.

而且很容易因經營企業時必須進行的所有其他事情而分心。但我認為，我們將更多的注意力放在當地市場上，在關鍵時刻，如果你願意的話，對於我們的客人和我們的業主來說，這就是我認為我們看到了一些真正偉大的進步和一些偉大的地方。

And that also makes us more efficient as a company. And that's a really good dynamic cost to us to have now and to take forward into 2024. When I look forward to the coming year and our priorities here, I think it's going to be that focus on optimizing our service offerings and where we allocate our resources.

這也使我們作為一家公司更有效率。這對我們現在和 2024 年來說都是非常好的動態成本。當我展望來年和我們的優先事項時，我認為重點將是優化我們的服務產品以及我們的資源分配。

And that's not just about being more efficient as a company. It really is about continuing that thread of being a better partner to our owners, a better host to our guests, because that ultimately is what's going to drive a better experience for our owners. We think that's the key in the long run to lowering churn and increasing retention and also making us more efficient as a company.

這不僅僅是為了提高公司效率。這實際上是為了繼續成為我們業主更好的合作夥伴、更好的客人主人，因為這最終將為我們的業主帶來更好的體驗。我們認為，從長遠來看，這是降低客戶流失率、提高留任率以及提高公司效率的關鍵。

Great. And if I could ask a second, maybe a follow-up on the product pipeline -- I mean just generally how are you feeling about the product pipeline. It sounds like we should expect the same level of velocity of product releases as we've seen in recent quarters. So is that right?

偉大的。如果我可以問第二個問題，也許是產品管道的後續問題——我的意思是，您對產品管道的整體感覺如何。聽起來我們應該期望產品發布速度與最近幾季的速度相同。那麼這樣說對嗎？

And I think it's more of a combination of all these products building on top of each other that are leading to these efficiencies and better outcomes for both homeowners and consumers. But I'm curious, if there's any one or two products you would highlight that you guys are really excited about?

我認為這更多的是所有這些產品相互疊加的組合，從而為房主和消費者帶來這些效率和更好的結果。但我很好奇，是否有任何一兩個產品是你們特別感興趣的？

Yes, I think the -- for me, I think the pace is exactly right. I think there's something about velocity, but it's not just the velocity of shipping 1,000 things once. It's about it's about shipping 100 things 10 times.

是的，我認為——對我來說，我認為節奏是完全正確的。我認為速度是有一定關係的，但它不僅僅是一次運送 1,000 件東西的速度。意思就是將 100 件東西運送 10 次。

And that is I think a real focus for us. I think we've seen that velocity. I think it's also how well aligned that is with the business. And that's clearly an area.

我認為這才是我們真正關注的焦點。我想我們已經看到了這樣的速度。我認為這也與業務的契合程度有關。這顯然是一個領域。

I think, we highlighted a few things that we have shipped. I think we look forward to sharing a few more things that are in development right now and further extensions of the things that we built. So, we're excited about that. We'll be looking to share more as we move through the year this year.

我認為，我們強調了我們已經發貨的一些東西。我認為我們期待分享更多目前正在開發的東西以及我們建造的東西的進一步擴展。所以，我們對此感到興奮。隨著今年的到來，我們將尋求分享更多內容。

There are no further questions at this time. Mr. Rob Greyber, I turn the call back over to you.

目前沒有其他問題。羅布·格雷伯先生，我將電話轉回給您。

Terrific. Thanks again, for joining the call today and for your interest in Vacasa. I especially want to thank our homeowners, our guests and everyone at Vacasa who worked so hard to take care of them it's really their focus and dedication that drove our results in 2023, and into the future. And I look forward to keeping you updated on our progress in the coming quarters.

了不起。再次感謝您今天加入電話會議以及對 Vacasa 的興趣。我特別要感謝我們的房主、房客以及 Vacasa 的每個人，他們辛勤工作，照顧他們，正是他們的專注和奉獻推動了我們 2023 年以及未來的業績。我期待著向您通報我們未來幾季的最新進展。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。