Vacasa Inc (VCSA) 2024 Q1 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Aaron and I will be your conference operator for today. At this time, I would like to welcome everyone to the Vacasa Q1-2024 earnings conference call. (Operator Instructions)

女士們、先生們，午安。我叫亞倫，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Vacasa 2024 年第一季財報電話會議。（操作員說明）

I would now like to turn our call over to Ryan Domyancic, Investor Relations. Ryan, you may go ahead.

我現在想將我們的電話轉給投資者關係部的 Ryan Domyancic。瑞安，你可以繼續了。

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. 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。我很高興今天邀請 Vacasa 執行長 Rob Greyber 加入我們的行列。和財務長布魯斯·舒曼。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 letter contain forward-looking statements. Such statements include those about our restructuring actions, including cost savings, future expectations, beliefs, plans, projections, targets, estimates, objectives, events, conditions and financial performance, including guidance for future period 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信中發表的評論包含前瞻性陳述。此類聲明包括有關我們的重組行動的聲明，包括成本節約、未來預期、信念、計劃、預測、目標、估計、目標、事件、條件和財務業績，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 our shareholder letter we issued earlier today and the forward-looking statements and risk factors section in our filings with the SEC.

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 SEC 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 our 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 財務績效的信息，包括我們的非 GAAP 業績與最直接可比較的 GAAP 財務指標的調整表，請參閱我們的股東信函。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但不能取代我們根據 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, Ryan, and thank you, everyone, for joining us this afternoon. I'll be giving some opening remarks and commentary on the business. Bruce will follow with a review of first-quarter financial results, and then we'll open that up for Q&A.

謝謝瑞安，也謝謝大家今天下午加入我們。我將就該業務發表一些開場白和評論。布魯斯將隨後回顧第一季的財務業績，然後我們將進行問答。

For well over a year, we have been working to transform Vacasa into a more efficient, high-performing organization, one dedicated to exceptional service for our owners, our guests and the people who serve them. We've actioned a variety of improvements across the business, and I'm proud of the team's progress to date. We remain on that transformation journey. And in the midst of an unexpectedly ongoing challenging industry environment, we continue to evaluate opportunities to optimize our business model and shareholder value.

一年多來，我們一直致力於將 Vacasa 轉變為一個更有效率、更高績效的組織，致力於為我們的業主、客人和服務人員提供卓越的服務。我們在整個業務範圍內採取了各種改進措施，我對團隊迄今為止的進展感到自豪。我們仍在轉型之旅中。在出乎意料地持續充滿挑戰的產業環境中，我們繼續評估優化我們的業務模式和股東價值的機會。

I shared with you on our last call that 2024 got off to a difficult start. The short-term rental industry continues to adjust to softening economic demand for domestic non-urban vacation rentals, as well as increases in the supply of short-term rental units. The year began with bookings variability and started off slowly, then showed some signs of stabilization. However, over the last several weeks which are some of the key weeks for summer bookings, it has become clear that the bookings weakness we saw at the start of the year is likely to persist through the remainder of 2024. These trends are putting real pressure on our revenue per home and profitability.

我在上次通話中告訴大家，2024 年的開局很艱難。短租產業持續調整以因應國內非城市度假租賃的經濟需求疲軟以及短租單位供應量的增加。今年年初，預訂量出現波動，開始緩慢，然後顯示出一些穩定的跡象。然而，過去幾週是夏季預訂的關鍵幾週，很明顯，我們在年初看到的預訂疲軟可能會持續到 2024 年剩餘時間。這些趨勢給我們的每戶收入和獲利能力帶來了真正的壓力。

With difficult industry dynamics continuing, we are accelerating the business transformation that is already underway to further empower and enable our local teams with the goal of strengthening our business model. Today, we are reorganizing the way we operate by further equipping our field teams to locally manage and be accountable for their markets, and we are significantly reducing our central corporate footprint.

在困難的產業動態持續存在的情況下，我們正在加速已經正在進行的業務轉型，以進一步增強本地團隊的能力，以加強我們的業務模式。今天，我們正在重組我們的營運方式，進一步讓我們的現場團隊具備本地管理能力並對其市場負責，我們正在大幅減少我們的中央企業足跡。

We believe that empowering our local teams will drive the strongest impact on the homeowner and guest experience, which in turn should result in better business outcomes. As an organization, we believe we must embrace a more local business model and double down in the way we manage our portfolio of vacations homes at the market level, directing our resources to local teams and to the process that bring the most value to our owners and guests will allow us to better support our focus on profitability and free cash flow.

我們相信，增強本地團隊的能力將對房主和客人的體驗產生最大的影響，從而帶來更好的業務成果。作為一個組織，我們相信我們必須採用更在地化的商業模式，並在市場層面加倍管理我們的度假屋組合，將我們的資源分配給本地團隊和為業主帶來最大價值的流程客人將使我們能夠更好地支持我們對獲利能力和自由現金流的關注。

Our field teams will be organized and equipped to run their operations in their markets as we further localize functions including sales, onboarding, revenue management, and marketing. For example, we are transitioning our individual sales approach to be directed by our local teams, leveraging their local expertise and giving them end-to-end ownership of the homeowner relationship. Homeowners trust our local teams with the care and maintenance of their vacation homes and the experiences their guests have in these homes.

隨著我們進一步在地化銷售、入職、收入管理和行銷等職能，我們的現場團隊將得到組織和裝備，以便在各自的市場中開展業務。例如，我們正在將個人銷售方式轉變為由當地團隊指導，利用他們的當地專業知識，並為他們提供端到端的房主關係所有權。房主相信我們的當地團隊會照顧和維護他們的度假屋以及客人在這些房屋中的體驗。

Furthermore, our local operations teams know their markets best, and are therefore, best positioned to identify homes and homeowners who are a good fit for our service models. The homeowner experience from onboarding to welcoming guests in their homes is most seamless when our local teams guide them through that journey.

此外，我們的本地營運團隊最了解他們的市場，因此最有能力識別適合我們服務模式的房屋和房主。當我們的當地團隊指導房主完成整個旅程時，從入住到歡迎客人到家中的房主體驗是最無縫的。

As we move to empower our local teams, we are also refining our corporate footprint, sharpening our focus on what is best needed to support those teams. This also allows us to significantly reduce our corporate overhead costs with the goal of becoming profitable in the future. We are also shifting our technology strategy to focus even more on ensuring that we have the tools that increase efficiency and improve the experience for our owners and guests and the team members who support them. This focus will guide what technology we invest in internally and externally, and will allow us to take greater advantage of step function improvements in industry third-party applications.

在我們向當地團隊授權的同時，我們也在完善我們的企業足跡，並更加專注於支持這些團隊最需要的資源。這也使我們能夠大幅降低企業管理成本，以實現未來獲利的目標。我們也正在調整我們的技術策略，更加重視確保我們擁有能夠提高效率並改善業主、客人以及支持他們的團隊成員的體驗的工具。這一重點將指導我們在內部和外部投資哪些技術，並使我們能夠更好地利用行業第三方應用程式中的階躍功能改進。

The actions we have announced today will result in a reduction of our overall headcount by about 800 people or 13% of our workforce. While a difficult decision, we determined it was necessary to accelerate the transformation of our business given the current industry dynamics. Reductions were aligned with our strategy to prioritize resources for the local market teams in the field.

我們今天宣布的行動將導致我們的總人數減少約 800 人，即員工總數的 13%。雖然這是一個艱難的決定，但考慮到當前的行業動態，我們認為有必要加速我們的業務轉型。削減符合我們的策略，即優先為該領域的本地市場團隊提供資源。

On the corporate and central operations side, we eliminated approximately 40% of roles across all functions. In comparison, we reduced field team positions by approximately 6%. While we are making some adjustments in the field, they are relatively small compared to our overall field cost base, and designed to maintain service levels to owners and guests even as we adjust to changing market conditions.

在公司和中央營運方面，我們取消了所有職能部門約 40% 的職位。相比之下，我們減少了約 6% 的現場團隊職位。雖然我們正在現場進行一些調整，但與我們的整體現場成本基礎相比，這些調整相對較小，並且旨在即使我們根據不斷變化的市場條件進行調整，也能維持對業主和客人的服務水平。

There's significant work ahead of us to drive the success of this transformation. It will not be easy and will require precision in execution, but we believe we have the right team in place to implement these important steps in our transformation. The business will be much lighter from an expense perspective, and we believe better positioned. I'm confident we are making the right strategic decisions to allow the business to reach its full potential.

為了推動這項轉型的成功，我們還有大量工作要做。這並不容易，需要精確的執行，但我們相信我們擁有合適的團隊來實施轉型中的這些重要步驟。從費用角度來看，業務將會輕得多，我們相信定位會更好。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。

I'd now like to pass it over to Bruce to discuss our first-quarter results.

我現在想把它交給布魯斯來討論我們第一季的業績。

Thanks, Rob. I'll start by reviewing our first-quarter results, then provide some additional details on the business transformation Rob just outlined. Unless noted otherwise, I will be comparing our first-quarter results to the first quarter of 2023, and I'll be referencing the operating expense line 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。我將首先回顧我們第一季的業績，然後提供有關 Rob 剛剛概述的業務轉型的一些其他詳細資訊。除非另有說明，我將把我們第一季的業績與 2023 年第一季進行比較，並且我將參考營運費用線，不包括股票薪酬、重組成本和業務合併成本的影響，您可以找到這些我們的股東信中概述了這一點。

For the first quarter, gross booking value, which is the combination of nights sold and gross booking value per night sold was $427 million, down 18% year over year. Nights sold were $1.3 million in the first quarter, down 12% year over year. Gross booking value per night sold was $340 in the first quarter, down 7% year over year.

第一季的總預訂價值（即已售房晚數和每晚總預訂價值的組合）為 4.27 億美元，年減 18%。第一季銷售房晚數為 130 萬美元，年減 12%。第一季每晚銷售總預訂價值為 340 美元，年減 7%。

As a reminder, there is 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 data team constantly evaluate the tradeoff between price and occupancy and the mix of nights sold and gross booking value per night sold with the goal of optimizing homeowner income.

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數據團隊不斷評估價格和入住率之間的權衡，以及銷售天數和每晚銷售總預訂價值的組合，以優化房主收入。

Over the past several quarters, we've discussed the year-over-year declines in average gross booking value per home as the industry normalizes off of the record highs from the past few years. And we saw this dynamic play out again in the first quarter, with average gross booking value per home declining by about 15% year over year.

在過去的幾個季度中，我們討論了隨著該行業從過去幾年的創紀錄高點恢復正常，每套房屋平均總預訂價值的同比下降。我們在第一季再次看到這種動態，每套房屋的平均總預訂價值年減約 15%。

We finished the first quarter with approximately 41,000 homes on our platform down from approximately 43,000 at the end of the first quarter last year, reflecting the ongoing churn dynamic that we have been seeing. The short-term rental industry continues to adjust to various headwinds such as increased supply and lower average gross booking value per night sold. We also continue to see owner concerns with rates and their resulting income as a leading cause of churn as the industry wrestles with these factors.

截至第一季度，我們平台上的房屋數量約為 41,000 套，低於去年第一季末的約 43,000 套，這反映了我們所看到的持續的客戶流失動態。短期租賃行業繼續適應各種不利因素，例如供應增加和每晚銷售平均總預訂價值下降。我們也繼續看到，業主對費率及其由此產生的收入的擔憂是導致客戶流失的主要原因，因為該行業正在努力應對這些因素。

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 $209 million in the first quarter, down 18% year over year.

第一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 2.09 億美元，同比下降 18%。

Now, turning to expenses. Cost of revenue was 50% of revenue in the first quarter versus 48% of revenue in the same period last year. Cost of revenue in dollars declined by 14% year over year compared to a 12% decline in nights sold. Operations and support expense was 28% of revenue in the first quarter versus 23% of revenue in the same period last year. Operations and support expense dollars were up 1% year over year.

現在，轉向支出。第一季營收成本佔營收的 50%，去年同期為 48%。以美元計算的收入成本較去年同期下降 14%，而銷售間夜數下降 12%。第一季營運和支援費用佔收入的 28%，而去年同期為 23%。營運和支援費用年增 1%。

In terms of our other operating expenses, sales and marketing expense, which includes the fees we pay our third-party distribution partners declined 12%. Technology and development expense was up 7%. And general and administrative expenses declined 2%.

就我們的其他營運費用而言，銷售和行銷費用（包括我們向第三方分銷合作夥伴支付的費用）下降了 12%。技術和開發費用增加了 7%。一般及管理費用下降了 2%。

Adjusted EBITDA was negative $36 million for the first quarter compared to negative $12 million in the same period last year. Despite progress on our expense reductions, adjusted EBITDA continues to be affected by bookings variability, impacting nights sold, gross booking value per home and ultimately, revenue.

第一季調整後 EBITDA 為負 3,600 萬美元，去年同期為負 1,200 萬美元。儘管我們在削減開支方面取得了進展，但調整後的 EBITDA 繼續受到預訂波動性的影響，影響已售房晚數、每間房屋的總預訂價值，並最終影響收入。

As Rob indicated, we are experiencing unexpected continued bookings weakness in terms of both price or gross booking value per night sold and utilization or nights sold per home as we approach our summer peak. While January started off slowly, we saw an uptick in bookings intakes in February.

正如羅布所指出的那樣，隨著我們接近夏季高峰，我們在每晚銷售價格或總預訂價值以及每戶房屋的利用率或銷售夜數方面都遇到了意想不到的持續預訂疲軟。雖然 1 月開始緩慢，但我們看到 2 月的預訂量有所上升。

However, over the last few weeks as the summer booking curve has come into view more clearly, we have seen both the number of bookings and the price at which those bookings are made come in below our initial expectations. This weakness is translating into lower revenue, and in turn, lower adjusted EBITDA. And we must take action.

然而，在過去的幾周里，隨著夏季預訂曲線變得更加清晰，我們發現預訂數量和預訂價格都低於我們最初的預期。這一弱點導致收入下降，進而導致調整後 EBITDA 下降。我們必須採取行動。

We've been on a transformation journey over the past year with the local markets making or influencing more of our business decisions. Given the industry backdrop, we now expect to face throughout 2024, we must accelerate this transformation. While this carries execution risks, we believe that further empowering our local teams and reducing our corporate cost structure is the right decision to optimize our business model and shareholder value.

在過去的一年裡，我們一直在轉型之旅中，當地市場制定或影響了我們更多的商業決策。鑑於我們現在預計整個2024年面臨的產業背景，我們必須加速這項轉型。雖然這會帶來執行風險，但我們相信，進一步賦予本地團隊權力並降低公司成本結構是優化我們的業務模式和股東價值的正確決定。

As part of the restructuring announced today, we are reducing our headcount by about 800 employees or 13% of our total workforce, with the largest impact to our corporate teams as Rob noted. We expect these adjustments to provide over $50 million of cost savings in 2024 and over $120 million on an annual run rate basis. The in-year cost savings are expected to be largely realized in the third and fourth quarters with meaningful reductions anticipated across our technology and development, sales and marketing and general and administrative expense lines.

作為今天宣布的重組的一部分，我們將裁員約 800 名員工，佔員工總數的 13%，正如 Rob 指出的那樣，這對我們的企業團隊影響最大。我們預計這些調整將在 2024 年節省超過 5,000 萬美元的成本，以年運行率計算可節省超過 1.2 億美元。預計年內成本節約將在第三和第四季度大部分實現，我們的技術和開發、銷售和行銷以及一般和管理費用預計將大幅減少。

At this point, it remains difficult to provide guidance for 2024. The ongoing industry dynamics and their impact on bookings variability, average gross bookings per home as well as continued elevated churn creates a wide range of outcomes for revenue, which then flows through to adjusted EBITDA.

目前，仍很難為 2024 年提供指導。持續的行業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率的影響創造了廣泛的收入結果，然後流向調整後的 EBITDA。

While the changes we have announced today are expected to reduce our cost structure for 2024 given the current revenue dynamics, we don't anticipate reaching adjusted EBITDA profitability this year. Lastly, given the uncertainty in market conditions, the variability around the timing of our bookings build into the summer peak season and as we are executing on our corporate transformation, we have taken the prudent step of drawing about $80 million under our revolving credit facility to supplement our liquidity.

鑑於目前的收入動態，我們今天宣布的變革預計將減少 2024 年的成本結構，但我們預計今年不會達到調整後的 EBITDA 獲利能力。最後，考慮到市場狀況的不確定性、夏季旺季期間預訂時間的可變性以及我們正在執行的企業轉型，我們採取了謹慎的步驟，從我們的循環信貸額度中提取了約 8,000 萬美元，以補充我們的流動資金。

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。

Hey, great. Thanks for taking my question. Just on the local market strategy, should we anticipate that you're going to focus on the markets where you have a higher density and you can drive more profitability and maybe, I don't know, unload some of the contracts where you don't have as much density or are generating as much profitability? Thank you.

嘿，太棒了。感謝您提出我的問題。就本地市場策略而言，我們是否應該預期您將專注於密度較高的市場，並且可以提高盈利能力，也許，我不知道，可以卸載一些您不需要的合約？多的獲利能力嗎？謝謝。

Hey, Jed. Thanks very much. Appreciate the question. So look, for the past year, we've been on this journey of transforming the business. We've been looking as part of that work closely at where we can do more to empower, to enable our local teams to drive more of the business. We see opportunity as we've been executing as a team to improve service for our owners, service for our guests and our financial results. We think we demonstrated that as we move through the year in 2023.

嘿，傑德。非常感謝。感謝這個問題。所以看，在過去的一年裡，我們一直在進行業務轉型。作為這項工作的一部分，我們一直在密切關注在哪些方面可以做更多的事情來授權，使我們的本地團隊能夠推動更多的業務。我們看到了機會，因為我們作為一個團隊一直在改善對業主的服務、對客人的服務以及我們的財務表現。我們認為，隨著 2023 年的到來，我們已經證明了這一點。

There is some opportunity to focus more in some markets over others. But really, it's more about how we are allocating capital and what we are seeing in terms of higher velocity or lower velocity sales progress in some markets, for example. So we don't have a lot more to share about those pieces, but it's something that we certainly are mindful of.

有機會更多地關注某些市場而不是其他市場。但實際上，更多的是我們如何分配資本，以及我們在某些​​市場中看到的更高速度或更低速度的銷售進度。因此，關於這些作品，我們沒有更多可分享的內容，但我們確實注意到了這一點。

We're lucky to have a market footprint that we think is very attractive and encouraging going forward, but these are industry wide dynamics. And so, we're wanting to be very sensitive to that, and to make sure that we're gearing the business in the right way for what's ahead.

我們很幸運，擁有一個我們認為非常有吸引力且令人鼓舞的市場足跡，但這些都是整個行業的動態。因此，我們希望對此非常敏感，並確保我們以正確的方式調整業務以適應未來的發展。

Ben Miller, Goldman Sachs.

本·米勒，高盛。

I guess following up on that. With the headcount reductions more focused at the corporate level than the local market level and having decisions now pushed to be more locally managed, can you give any color on what local market economics look like? In other words, what would a local market P&L or contribution margin look like today before layering on the corporate costs and what that says about the incremental scale you might need to offset those corporate costs to get back to profitability? Thanks.

我想會跟進這一點。由於裁員更集中在公司層面而不是本地市場層面，而現在的決策也更傾向於本地化管理，您能否對本地市場經濟狀況進行一些描述？換句話說，在考慮企業成本之前，今天的本地市場損益或邊際貢獻會是什麼樣子，以及您可能需要抵銷這些企業成本才能恢復獲利的增量規模？謝謝。

Yeah. Appreciate that question. When we look at our markets, we've been doing a lot of work as you know through the last year to drive better, not just better performance but better awareness, better feedback loops, better reporting for the local market teams on how their businesses are performing, what the remaining potential is. This is really about continuing that work. This is something that we've pulled forward in the timing of the way we've been executing it, but something we've been working on for a long time.

是的。感謝這個問題。當我們審視我們的市場時，正如你所知，去年我們做了很多工作來推動更好，不僅僅是更好的業績，還有更好的意識、更好的反饋循環、更好地向當地市場團隊報告他們的業務正在執行，剩餘潛力是什麼。這實際上是為了繼續這項工作。這是我們在執行時間上提前的事情，但我們已經為此努力了很長時間。

I think that there's a lot of opportunity in sharpening the incentives in the work that we're enabling our teams to do out of their silos and in a more coordinated and aligned way locally. So maybe Bruce can comment on the cost structure. We haven't shared a lot about how we do our reporting and management internally, but maybe, he can share a little bit more about what we put in contribution margin and how we think about that?

我認為，在加強工作激勵方面有很多機會，我們使我們的團隊能夠擺脫各自為政，在當地以更協調一致的方式開展工作。所以也許布魯斯可以評論一下成本結構。我們還沒有分享太多關於我們如何在內部進行報告和管理的信息，但也許他可以分享更多關於我們在邊際貢獻方面的投入以及我們如何看待這一點？

Yeah. Thanks, Rob. Yeah, Ben, one way to think about it, if you look at our cost structure, roughly our cost of revenue number one, and then secondly our operations and support costs, if you put those together, they primarily represent our local market costs. That's about 70% of our cost structure, broadly speaking. So as we really lighten our corporate overhead cost load, I think we're going to really be able to unlock more of the inherent value associated with those local markets.

是的。謝謝，羅布。是的，本，一種思考方式，如果你看看我們的成本結構，大致上我們的收入成本排在第一位，然後是我們的運營和支持成本，如果你把這些放在一起，它們主要代表我們的本地市場成本。一般來說，這約占我們成本結構的 70%。因此，當我們真正減輕企業管理費用負擔時，我認為我們將真正能夠釋放更多與這些本地市場相關的內在價值。

Doug Anmuth, JP Morgan.

道格·安姆斯，摩根大通。

Hey. This is [Dave] on for Doug. Thanks for taking the question. So thinking of the theme of shifting some of the roles here in local market, it sounds like your field team will need to wear many hats going forward. So just wanted to make sure, could you explain what gives you the confidence that they can take on more responsibilities and perhaps activities that require different skill sets and be successful? And is this something that is more temporary or do you think this is more of a permanent change that will work in the future as well?

嘿。這是[戴夫]為道格做的。感謝您提出問題。因此，考慮到在本地市場轉移一些角色的主題，聽起來您的現場團隊需要承擔很多角色。所以只是想確定一下，您能否解釋一下是什麼讓您有信心他們可以承擔更多責任，或許還可以承擔需要不同技能的活動並取得成功？這是暫時的還是您認為這更像是一個永久性的變化，並且在未來也將發揮作用？

Yes. So when we look at the transformation of work that we've been doing, this has been something that, as I mentioned just a moment ago, we've been working on for a long time. So this is not about a change that we have been contemplating for just a moment, but rather something we've been moving toward and as we've shared with you, transforming the business toward over a period of months quarters.

是的。因此，當我們審視我們一直在做的工作轉變時，正如我剛才提到的，我們已經為此努力了很長時間。因此，這並不是我們暫時考慮的變革，而是我們一直在努力的方向，正如我們與大家分享的那樣，在幾個月的時間內將業務轉變為一個季度的目標。

The skill sets of the team -- in my experience when I've been out in the field talking with owners and talking with our teams, where we operate best is on some level where our sales teams know what the ops teams want to manage and serve and where the operations teams know where sales should go and build relationships. And to the extent that we can do more and more to try to formalize those relationships, to try to break down the silos that would keep those teams apart to align their incentives, that's really where we see and we believe there's a real opportunity for the business to unlock a next level of performance.

團隊的技能組合——根據我在現場與業主和我們的團隊交談時的經驗，我們運作最好的地方是在某種程度上，我們的銷售團隊知道營運團隊想要管理什麼，並且服務以及運營團隊知道銷售應該去哪裡並建立關係。在某種程度上，我們可以做越來越多的事情來嘗試使這些關係正式化，嘗試打破使這些團隊分開的孤島，以調整他們的激勵措施，這就是我們所看到的，我們相信這確實是一個機會業務以釋放新的績效水準。

But there's a lot of work to do to get it done. The teams are excited to make that happen. And we believe that, that is the best way for us to serve our owners and our guests and the people that take care of them as we go forward.

但要完成它還有很多工作要做。團隊很高興能夠實現這一目標。我們相信，這是我們為業主、客人以及照顧他們的人提供服務的最佳方式。

(Operator Instructions) Bernie McTernan, Needham & Company.

（操作員說明）Bernie McTernan，Needham & Company。

Hi. This is Stefanos Crist calling in for Bernie. Thanks for taking our question. Just wanted to ask about churn versus the increasing market supply? And could you talk about what you're seeing in gross ads? Thanks.

你好。我是 Stefanos Crist 來找伯尼。感謝您提出我們的問題。只是想問客戶流失與市場供應增加的關係嗎？您能談談您在總廣告中看到的情況嗎？謝謝。

Yeah. So on churn, when we look at churn, as we've shared on prior calls, churn is not where we want it to be. The industry continues to come off the highs that we saw in 2021 and 2022. We do see owners continuing to cite frustration over income levels as one of the top reasons that they look to change.

是的。因此，在客戶流失方面，當我們審視客戶流失時，正如我們在先前的電話會議中所分享的那樣，客戶流失並不是我們想要的。該行業繼續脫離 2021 年和 2022 年的高點。我們確實看到業主繼續將收入水平的沮喪視為他們尋求改變的首要原因之一。

We've shared that we've seen some improvements in our owner NPS through the last 12 months. We've made substantial investments in working with our owners on one of the other top reasons that they cite, which is around owner communication. So the tools, the processes, the work that we're doing there, we are very focused on those two things as well as working with them on understanding, on delivering revenue premiums wherever we can on making sure that they understand how we are thinking about pricing and pricing strategy and understand the market dynamics.

我們已經分享過，在過去 12 個月中，我們看到業主 NPS 有所改善。我們在與業主合作方面投入了大量資金，他們提到的另一個主要原因是業主溝通。因此，我們在那裡所做的工具、流程和工作，我們非常關注這兩件事，並與他們合作理解，盡可能提供收入溢價，確保他們理解我們的想法有關定價和定價策略並了解市場動態。

At this rate, churn has not gotten to where we want it to be. We haven't seen those things translate into less churn at this stage.

照這個速度，客戶流失率還沒有達到我們想要的程度。現階段我們還沒有看到這些事情轉化為更少的客戶流失。

In terms of ads, we're continuing to focus on our organic sales performance with the transformation. As I mentioned, we're focused on empowering our local teams to have more responsibility, more say in this, be able to be more aligned. And as they're building those relationships with owners, we're building those things into incentives. And we believe that the teams that are going to be closest to our owners working together more and more, they know the owners best, they know the local teams best, and they'll have that ability to drive better outcomes over time.

在廣告方面，我們將持續關注轉型過程中的自然銷售表現。正如我所提到的，我們專注於賦予我們的本地團隊更多的責任，更多的發言權，並且能夠更加協調一致。當他們與業主建立這些關係時，我們將這些事情納入激勵措施。我們相信，與我們的所有者最接近的團隊將越來越多地合作，他們最了解所有者，他們最了解當地團隊，並且隨著時間的推移，他們將有能力推動更好的結果。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

Thank you for taking our question. This is Ishant on for Lee. So in terms of trends, Feb saw slight uptick in the nights. So can you give some more color on what would that have been excluding the impact of extra leave day? And in the shareholder letter, it is mentioned that nights and GBV for nights are coming below your expectation. Can you help us understand how does that compare to the 1Q? Thank you.

感謝您提出我們的問題。這是 Lee 的 Ishant。因此，就趨勢而言，2 月在夜間略有上升。那麼，您能否進一步說明排除額外休假日的影響會帶來什麼影響？股東信中提到，住宿晚數和 GBV 低於您的預期。您能幫助我們了解一下與 1Q 相比如何嗎？謝謝。

So a couple of things, and I'll ask Bruce to jump in just on the evolution of night sold and so forth. So from an industry perspective, when we spoke at the back in February, we had indicated that we were seeing a very dynamic environment in the industry, and we saw this being a function of two things. A softening of demand in vacation rentals in the markets that we serve, primarily domestic, non-urban markets. And then, the second thing was around increases in the supply of short term rental units.

有幾件事，我會請布魯斯談談夜售的演變等等。因此，從行業角度來看，當我們在二月份後面發言時，我們已經表示我們看到了行業中一個非常活躍的環境，我們認為這是兩件事的作用。我們所服務的市場（主要是國內非城市市場）的度假租賃需求疲軟。然後，第二件事是短期租賃單位供應的增加。

So for us, we saw these weak and volatile intakes in January. We did see some stabilization and signs of improvement as we got into February, and that was encouraging as we approached some of the booking windows for our summer peak season, but we were obviously watching that very closely.

因此，對我們來說，一月份的攝取量疲軟且不穩定。當我們進入二月時，我們確實看到了一些穩定和改善的跡象，當我們接近夏季旺季的一些預訂窗口時，這是令人鼓舞的，但我們顯然正在非常密切地關注這一點。

However, during March and April, the bookings billed for our peak summer season has remained below our expectations. And so, as we look at that and we look out through the rest of the year, it's become clear to us that the summer season and the dynamics through the year will be very challenging and likely down again on a year-over-year basis. So there's some longer term trends here that we think are in play on just sort of softening consumer demand, but that's what we were seeing as we were looking out at the beginning of the year.

然而，在三月和四月期間，夏季旺季的預訂量仍低於我們的預期。因此，當我們審視這一點並展望今年剩餘時間時，我們很清楚夏季和全年的動態將非常具有挑戰性，並且可能會比去年同期再次下降。因此，我們認為這裡存在一些長期趨勢，這些趨勢只是在消費者需求疲軟的情況下發揮作用，但這正是我們在今年年初所看到的。

Yeah, perfect. And just to give you -- this is Bruce. Just some additional color on how the quarter played out to your question. Revenue obviously declined 18% year over year, while homes under management, those declined by about 5%. So think of the rest of that gap is really due to the lower monetization of the homes on our platform. And again, based on the data we see, we think this is happening across the industry. It's not really specific to Vacasa.

是的，完美。我只是告訴你——這是布魯斯。只是對本季度如何解決您的問題進行一些補充說明。收入比去年同期明顯下降了 18%，而管理中的房屋則下降了約 5%。因此，想想其餘的差距實際上是由於我們平台上房屋的貨幣化程度較低所致。同樣，根據我們看到的數據，我們認為整個產業都在發生這種情況。這並不是 Vacasa 特有的。

And that lower revenue, specifically because of the ADR, the pricing component, that drives some deleverage for us across the cost structure as you just can't lower your cost structure that fast in the quarter by 18% even though we're much more variable than we were. That really drove the declines in adjusted EBITDA year over year for the quarter. Given we believe these gross booking value levels, to Rob's point, are going to persist, that's why we you saw us take the action today to really accelerate our company transformation and significantly reduce our corporate expense load.

收入下降，特別是由於 ADR（定價部分），這推動了我們整個成本結構的去槓桿化，因為你無法在本季度將成本結構快速降低 18%，儘管我們的成本結構要低得多比我們​​變了。這確實導致了本季調整後 EBITDA 年比下降。鑑於我們相信這些總預訂價值水準將持續下去，這就是為什麼我們今天採取行動來真正加速我們公司的轉型並顯著減少我們的公司費用負擔。

Nicholas Jones, Citizens JMP.

尼古拉斯瓊斯，公民 JMP。

Hi, this is Tim on for Nick. Thanks for taking our questions. Just wanted to piggyback on that question. You were just talking about ADRs and driving deleveraging the business, and your guys' priority to maximize income for the homeowners. Can you talk a little bit about what you're seeing in terms of occupancy rates and how that dynamic is playing out with ADRs? And maybe, how you guys could manage that to maximize income? Thanks.

大家好，我是尼克的提姆。感謝您回答我們的問題。只是想順便回答一下這個問題。您剛剛談論了美國存託憑證和推動業務去槓桿化，以及您們的首要任務是最大限度地提高房主的收入。您能否談談您在入住率方面所看到的情況以及這種動態在 ADR 上的表現如何？也許，你們如何才能達到收入最大化？謝謝。

Yeah, sure. So maybe, I'll share with you a little bit about occupancy and ADR dynamic. I think that's your question. So our homes declined about 5% year over year. Our nights sold declined about 12%. So that implies the nights sold per home, that was the difference there. And then, to drive those nights sold, obviously, we want to make sure we're optimizing price to drive that sell through, and gross booking value per night was down about 7%. That gives you the interplay there between the occupancy and the ADR side.

好，當然。因此，也許我會與您分享一些有關入住率和 ADR 動態的資訊。我想這就是你的問題。所以我們的房屋比去年同期下降了約 5%。我們的客房銷售量下降了約 12%。因此，這意味著每間房屋的銷售天數，這就是其中的差異。然後，為了推動這些夜晚的銷售，顯然，我們希望確保優化價格以推動銷售，每晚的總預訂價值下降了約 7%。這樣就可以了解入住率和 ADR 方面之間的交互作用。

Great. Thank you for your question. Ladies and gentlemen, with that, that will end today's Q&A session for today's call. And I would like to turn it back over to Rob Greyber for any closing remarks.

偉大的。謝謝你的問題。女士們先生們，今天的電話問答環節到此結束。我想將其轉回給 Rob Greyber，讓其發表結束語。

I want to thank everybody for joining the call today. I also want to take a moment to thank our owners for entrusting their homes to us, to our guests who are making memories with us and to all of our colleagues at Vacasa who are working so hard to make all of this happen. Thank you all very much for joining.

我要感謝大家今天加入電話會議。我還想花一點時間感謝我們的業主將他們的家託付給我們，感謝與我們一起創造回憶的房客，感謝瓦卡薩的所有同事，他們為實現這一切而努力工作。非常感謝大家的加入。