Vacasa Inc (VCSA) 2024 Q2 法說會逐字稿

Welcome, everyone, to the Vacasa 2Q '24 earnings conference call. (Operator Instructions)

歡迎大家參加 Vacasa 2024 年第二季財報電話會議。（操作員說明）

At this time, I would like to turn the conference over to Ryan Domyancic of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係部的 Ryan Domyancic。請繼續。

Good afternoon, everyone, and thank you for joining us for today's call. I'm pleased to be joined by Vacasa's CEO, Rob Greyber; and CFO, Bruce Schuman. We have posted a letter to 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 letter contain forward-looking statements. Such statements include those about our restructuring actions, including cost savings, future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance, including guide for future period results. We caution that various risks and uncertainties could cause actual results to differ from those in our forward-looking statements.

大家下午好，感謝您參加我們今天的電話會議。我很高興 Vacasa 的執行長 Rob Greyber 加入其中；和財務長布魯斯·舒曼。我們已向我們網站的投資者關係部分發布了一封信：investors.vacasa.com，我們的演講者將參考該信函。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重組行動的聲明，包括成本節約、未來預期、信念、計劃、預測、策略、目標、估計、目標、事件、條件和財務業績，包括未來期間業績指南。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聲明中的結果有所不同。

For additional information concerning these risks and uncertainties, please read the Forward-Looking Statements section in the letter we issued earlier today and the forward-looking statements and risk factors sections in our filings with the Securities and Exchange Commission. During this call, we may reference 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 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.

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信函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。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但不能取代根據 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, Ryan. And thank you, everyone, for joining us this afternoon. I'll begin with some opening remarks and commentary on the business. Bruce will follow with a review of second quarter financial results, and then we'll open it up for Q&A. We are currently in the heart of our peak season, the busiest time of the year for our local teams.

謝謝，瑞安。感謝大家今天下午加入我們。我將首先對業務進行一些開場白和評論。布魯斯將隨後回顧第二季度的財務業績，然後我們將進行問答。我們目前正處於旺季的中心，也是我們當地團隊一年中最繁忙的時期。

I want to extend my gratitude to all our team members, who are working tirelessly to ensure a seamless experience for our guests on behalf of our owners; and a special note of appreciation to our teams in markets where we have had natural disasters, including wildfires, hurricanes, and extreme flooding. And I'm continually impressed by the professionalism and composure of our teams. At the same time, we are executing against the business transformation we outlined last quarter. While we operate nationally with thousands of employees across hundreds of destinations, our success and our business transformation fundamentally depends on delivering hospitality at a local level.

我要向我們所有的團隊成員致以謝意，他們不懈地努力，代表我們的業主確保為我們的客人提供無縫的體驗；也要特別感謝我們在遭受自然災害（包括野火、颶風和極端洪水）的市場中工作的團隊。我們團隊的專業和冷靜給我留下了深刻的印象。同時，我們正在執行上季度概述的業務轉型。雖然我們在全國數百個目的地擁有數千名員工，但我們的成功和業務轉型從根本上取決於在當地提供熱情好客服務。

Each week, we are further empowering our teams, who know our markets, owners and guests best, by giving them more decision-making authority across many aspects of our business, including sales, onboarding, revenue management and marketing. I'm pleased with the progress we are making in the way we operate our business. However, the short-term rental industry continues to adjust to softening demand for domestic nonurban vacation rentals as well as increases in the supply of short-term rental units. We also continue to experience bookings variability, and at this point, we don't see this abating in the second half of 2024.

每週，我們都會進一步增強我們的團隊的能力，他們最了解我們的市場、業主和客人，在我們業務的許多方面（包括銷售、入職、收入管理和行銷）賦予他們更多的決策權。我對我們業務運作方式所取得的進展感到高興。然而，短期租賃行業繼續進行調整，以適應國內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。我們也持續遇到預訂量的變化，目前我們認為這種情況在 2024 年下半年不會減弱。

These ongoing trends are continuing to put real pressure on our business. Nonetheless, based on our and industry data, we continue to believe in the significant majority of our markets. Vacasa listings are generating more gross bookings per home than the industry, so while the industry booking trends remain challenging, we are focused on what we can control.

這些持續的趨勢繼續給我們的業務帶來真正的壓力。儘管如此，根據我們和行業數據，我們仍然相信我們的絕大多數市場。Vacasa 房源產生的每戶總預訂量高於行業，因此，儘管行業預訂趨勢仍然充滿挑戰，但我們專注於我們可以控制的事情。

And so I'd like to share some more details about the business transformation I mentioned just a moment ago. Over the past few months, we've taken significant steps to reorganize and decentralize our operations into locally focused regions. These regions are now managed by cross-functional teams, with many of the roles that traditionally were reported up through corporate leadership now reporting to and collaborating directly with regional leadership. This shift provides more autonomy and accountability to our field teams, aligning our structure more closely with our localized approach to property management.

因此，我想分享一些有關我剛才提到的業務轉型的更多細節。在過去的幾個月裡，我們採取了重大步驟來重組我們的業務並將其分散到以當地為重點的地區。這些區域現在由跨職能團隊管理，傳統上由企業領導層報告的許多角色現在向區域領導層報告並直接與區域領導層合作。這項轉變為我們的現場團隊提供了更多的自主權和責任感，使我們的結構與本地化的物業管理方法更加緊密地結合。

Additionally, our incentive plans are increasingly geared toward encouraging local teams to focus on and manage their regions. In the next few weeks, we'll kick off planning for 2025, and we expect regional leadership to play a much more central role in shaping that plan. Their insights and on-the-ground knowledge will be invaluable as we seek to tailor our approach for each market. These local leaders will also be responsible and accountable for implementing and delivering on their market-level plans.

此外，我們的激勵計劃越來越傾向於鼓勵當地團隊專注並管理他們的地區。在接下來的幾週內，我們將開始製定 2025 年的規劃，我們預計地區領導層將在製定該計劃的過程中發揮更核心的作用。當我們尋求針對每個市場客製化我們的方法時，他們的見解和實地知識將非常寶貴。這些地方領導人也將負責實施和交付其市場層面的計畫。

We are also adjusting the day-to-day workflows to more easily allow local teams to effect change within their markets, enabling them to better service owners and guests and drive efficiencies. For example, we've enabled local teams to update aspects of the homeowner listing in real time and streamline the approval process for [end-market] expenses. Changes like these help satisfy owner requests more quickly and limit duplication of effort. We are also giving the local teams more input on identifying the type of homes [that have brought on] in their markets; and ensuring the sales teams are more focused on signing the right homes based on certain characteristics, including location, amenities and rent potential.

我們也正在調整日常工作流程，以便更輕鬆地讓本地團隊在其市場內實現變革，使他們能夠更好地服務業主和客人並提高效率。例如，我們使本地團隊能夠即時更新房主清單的各個方面，並簡化[終端市場]費用的審批流程。此類變更有助於更快地滿足所有者的要求並減少重複工作。我們還為當地團隊提供了更多信息，幫助他們確定市場上的房屋類型；確保銷售團隊更專注於根據某些特徵（包括位置、便利設施和租金潛力）簽署合適的房屋。

Our thesis is that empowering our local teams would drive the strongest impact on the homeowner and guest experience, which in turn should result in better business outcomes. While it's early days since we announced the transformation in May, we've been seeing year over year improvements each week through the end of July, in many of our markets, in key metrics that measure guest satisfaction, including clean scores, property condition scores and service scores. On the sales side, the number of homes added to our platform has declined quarter-over-quarter as expected due to the reduced number of sales executives and advertising spend.

我們的論點是，賦予我們當地團隊權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。雖然自 5 月宣布轉型以來還處於初期階段，但截至 7 月底，我們的許多市場中衡量賓客滿意度的關鍵指標（包括清潔評分、飯店狀況評分）每週都在逐年改善和服務分數。在銷售方面，由於銷售主管人數和廣告支出減少，添加到我們平台的房屋數量按預期出現季度環比下降。

As a reminder, as part of the business transformation, we are moving to focus our sales teams on revenue potential and unit quality rather than on an absolute number of homes under management. Finally, we continue to develop and deploy technology tools that improve the experience for owners, guests and the team members who support them. We are also continuing to evaluate leveraging third-party industry applications for various aspects of our infrastructure. The industry dynamics remain challenging, and there is more to do, so we remain highly focused on executing our transformation plan. Lastly, as you will have seen, today, we also announced a $30 million investment by Davidson Kempner, which will help strengthen our balance sheet. We look forward to working with Davidson Kempner's Alan Liu and Luis Sosa as they join our Board of Directors.

提醒一下，作為業務轉型的一部分，我們正在將銷售團隊的重點放在收入潛力和單位品質上，而不是在管理的房屋的絕對數量上。最後，我們繼續開發和部署技術工具，以改善業主、客人和支持他們的團隊成員的體驗。我們也正在繼續評估如何利用第三方行業應用程式來實現我們基礎設施的各個方面。行業動態仍然充滿挑戰，還有更多工作要做，因此我們仍然高度專注於執行我們的轉型計劃。最後，正如您今天所看到的，我們還宣布 Davidson Kempner 投資 3000 萬美元，這將有助於加強我們的資產負債表。我們期待與 Davidson Kempner 的 Alan Liu 和 Luis Sosa 合作，因為他們加入了我們的董事會。

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

我現在想把它交給布魯斯來討論我們第二季的業績。

Thanks, Rob. Unless noted otherwise, I will be comparing our second quarter results to the second quarter of 2023. 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，我將把我們第二季的業績與 2023 年第二季的業績進行比較。我將參考不包括股票薪酬、重組成本和業務合併成本影響的營運費用項目，您可以在我們的股東信中找到這些費用。

For the second quarter, gross booking value, which is the combination of nights sold and gross booking value per night sold, was $505 million, down 19% year over year. Nights sold were $1.4 million in the second quarter, down 17% year over year. Gross booking value per night sold was $361 in the second quarter, down 2% year over year. 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 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.

第二季的總預訂價值（即已售房晚數和每晚總預訂價值的組合）為 5.05 億美元，年減 19%。第二季銷售房晚數為 140 萬美元，年減 17%。第二季每晚銷售總預訂價值為 361 美元，年減 2%。作為提醒。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。

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 second quarter with average gross booking value per home declining by nearly 13% year over year. We finished the second quarter with approximately 40,000 homes on our platform, down from approximately 41,000 at the end of the first quarter, reflecting the ongoing churn dynamic that we have been seeing.

在過去的幾個季度中，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逐年下降。我們看到這種動態在第二季度再次上演，每套房屋的平均總預訂價值較去年同期下降近 13%。第二季末，我們平台上的房屋數量約為 40,000 個，低於第一季末的約 41,000 個，這反映了我們所看到的持續的客戶流失動態。

The short-term rental industry continues to adjust to various headwinds such as increased supply and lower average gross booking value per home. We also continue to see owner concerns with rates and the resulting income as a leading cause of churn as the industry wrestles with these factors. 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 $249 million in the second quarter, down 18% year over year.

短期租賃行業繼續適應各種不利因素，例如供應增加和每間房屋平均總預訂價值下降。我們也繼續看到，業主對費率和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。第二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 2.49 億美元，同比下降 18%。

Now turning to expenses. Cost of revenue was 48% of revenue in the second quarter versus 47% of revenue in the same period last year. Cost of revenue dollars declined by 16% year over year, roughly in line with the 17% decline in nights sold. Operations and support expense was 23% of revenue in the second quarter versus 20% of revenue in the same period last year. Operations and support expense dollars declined by 9% year over year.

現在轉向開支。第二季營收成本佔營收的 48%，去年同期為 47%。收入成本年減 16%，與銷售間夜數下降 17% 大致一致。第二季營運和支援費用佔收入的 23%，而去年同期為 20%。營運和支援費用年減 9%。

In terms of our other operating expenses, sales and marketing expense, which includes the fees we pay our third-party distribution partners, declined 26%. Technology and development expense declined 5%. And general and administrative expenses increased by 16% due primarily to outside professional services and legal expenses. Adjusted EBITDA was $2 million for the second quarter compared to $16 million in the same period last year. Despite progress on our expense reductions, adjusted EBITDA continues to be affected by bookings variability impacting gross booking value per home; and ultimately revenue, which declined by $56 million year over year.

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 26%。技術和開發費用下降 5%。一般和管理費用增加了 16%，主要是由於外部專業服務和法律費用。第二季調整後 EBITDA 為 200 萬美元，去年同期為 1,600 萬美元。儘管我們在費用削減方面取得了進展，但調整後的 EBITDA 繼續受到預訂可變性的影響，從而影響每間房屋的總預訂價值；最終收入年減 5,600 萬美元。

As Rob touched on, we are continuing to experience bookings weakness in terms of both price or gross booking value per night sold and utilization or nights sold per home in summer peak and as we look out into the back half of this year. We are carefully monitoring intakes but don't yet see signs of stabilization in the near term. The ongoing industry dynamics and their impact on bookings variability and 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.

正如羅布所談到的，我們在夏季高峰期以及展望今年下半年的情況下，無論是在價格或每晚銷售總預訂價值方面，還是在夏季高峰期每戶銷售的客房使用率或銷售天數方面，我們都繼續經歷預訂疲軟。我們正在仔細監測攝取量，但短期內尚未看到穩定的跡象。持續的行業動態及其對預訂波動性和每戶平均總預訂量的影響，以及持續增加的客戶流失率，創造了廣泛的收入結果，然後流入調整後的 EBITDA。

At this point, it remains difficult to provide forward-looking guidance. Additionally, as Rob mentioned, today, we announced the signing and closing of a convertible note financing with Davidson Kempner with an initial purchase of $30 million of convertible notes. The note purchase agreement also provides for the issuance of up to an additional $45 million of convertible notes, subject to the terms and conditions of the agreement. With this initial investment of $30 million, Davidson Kempner has the right to designate 2 directors to Vacasa's Board of Directors. Alan Liu and Luis Sosa, both principals at Davidson Kempner, will join Vacasa's Board, effective immediately.

目前，仍很難提供前瞻性指引。此外，正如 Rob 所提到的，今天，我們宣布與 Davidson Kempner 簽署並完成可轉換票據融資，首次購買 3000 萬美元的可轉換票據。票據購買協議還規定根據協議條款和條件額外發行最多 4,500 萬美元的可轉換票據。憑藉 3000 萬美元的初始投資，Davidson Kempner 有權指定 2 名董事加入 Vacasa 董事會。Davidson Kempner 的兩位負責人 Alan Liu 和 Luis Sosa 將加入 Vacasa 董事會，立即生效。

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) Bernie McTernan, Needham.

（操作員說明）Bernie McTernan，Needham。

This is Stefanos Crist calling in for Bernie. You mentioned the focus on quality versus number of homes. Is that the driver of the improved take rate year over year? And then we also noticed some promo during Q2. So I guess we just wanted to get the puts and takes on take rate.

我是 Stefanos Crist 來找伯尼。您提到了對品質與房屋數量的關注。這是採用率逐年提高的驅動因素嗎？然後我們也注意到第二季有一些促銷活動。所以我想我們只是想獲得看跌期權和認購期權的比率。

Yes. So we continue -- I mean, basically, home quality is a very top focus for us. We've seen some improvement on that. We talked about that's a key focus of our transformation. There's really no difference. We haven't disclosed anything about take rates. There was really nothing to comment on there specifically, but home quality, again, is very critical part of our transformation and that continues to be a top priority for the company.

是的。所以我們繼續——我的意思是，基本上，家庭品質是我們的首要關注點。我們已經看到了一些改進。我們談到這是我們轉型的重點。確實沒有什麼差別。我們還沒有透露任何有關收取率的資訊。確實沒有什麼可以具體評論的，但房屋品質再次是我們轉型的非常關鍵的一部分，並且仍然是公司的首要任務。

Got it. And then just wanted to ask again on churn versus what you're seeing in the market of increased supply. Just can you talk anything about just gross adds during the quarter?

知道了。然後我想再次詢問客戶流失與您在供應增加的市場中看到的情況。您能談談本季的總增加嗎？

Yes, sure. I'll start in. And Bruce can add, if you'd like. I think that, first of all, the dynamics around churn remain consistent, I think, with what we've seen. We are very focused on it. We're focused on the drivers that go into it. Recall that there are two major drivers that we've seen with respect to churn. The first is around rates and revenue, and the second is around communications and how we interact with owners. The rates and revenue dynamic is challenging because it -- so much of it is driven by what we see happening in the market overall on revenue per home and the industry dynamics around revenue per home.

是的，當然。我就開始進去吧如果您願意，布魯斯可以添加。我認為，首先，圍繞客戶流失的動態與我們所看到的情況保持一致。我們非常關注它。我們專注於其中的驅動因素。回想一下，我們發現客戶流失有兩個主要驅動因素。第一個是關於費率和收入，第二個是關於溝通以及我們如何與業主互動。費率和收入動態具有挑戰性，因為它很大程度上是由我們所看到的市場整體每戶收入以及每戶收入的行業動態所驅動的。

And so we're focused on what we can control in that world. We're working very hard with owners and with our revenue management teams, everyone in-between to make sure that we're delivering revenue premiums for our owners in as many months of the year and as to as great a degree as possible in the work that we do. When it comes to communications, there's a lot that we're doing at the heart of our transformation but also in the product work that [we've shipped] and have talked about before around enabling our teams to work more constructively, more dynamically and also more closely, changing and empowering -- changing our processes and policies to kind of empower those local teams to work better with owners.

因此，我們專注於我們在那個世界中可以控制的事情。我們正在與業主和我們的收入管理團隊以及中間的每個人都非常努力地工作，以確保我們在一年中盡可能多的月份內為業主提供收入溢價，並在盡可能大的程度上為業主提供收入溢價。在溝通方面，我們在轉型的核心方面做了很多工作，而且在[我們已經交付的]產品工作中以及之前討論過的產品工作中，我們都在圍繞使我們的團隊能夠更有建設性、更動態地工作和更密切地說，改變和賦權——改變我們的流程和政策，以賦予這些當地團隊更好地與業主合作的能力。

So I think that right now we continue to see elevated churn. We've seen some traction on the initiatives that we have, but we're not where we want to be. When it comes to the dynamic around units and mix and so forth, we're working to align the sales organization much more closely with the rest of the teams in the field. And we hope to see that begin to bear fruit, but it's early days for us there.

所以我認為現在我們繼續看到客戶流失率上升。我們已經看到我們所採取的舉措取得了一些進展，但我們還沒有達到我們想要的目標。當涉及到單位和組合等方面的動態時，我們正在努力使銷售組織與該領域的其他團隊更加緊密地結合。我們希望看到這項舉措開始取得成果，但對我們來說現在還處於早期階段。

Ben Miller, Goldman Sachs.

本·米勒，高盛。

I just want to talk about the financing and understand maybe why now, why that amount, and how you feel you're set up now from a liquidity perspective against various demand scenarios as we look out over the next year or so.

我只是想談談融資，並了解為什麼是現在，為什麼是這個數額，以及當我們展望未來一年左右的情況時，從流動性的角度來看，針對各種需求情景，您感覺現在的情況如何。

Yes. Thanks, Ben, for the question. So first of all, I would say, as a public company, we're always open to listening to investors and open to opportunities to drive value for the long term. And we think that's what this was. Davidson Kempner specifically, they've been very engaged with us, really -- they've been leaning in, interested in our business, interested in our transformation plan, especially since their purchase of common stock earlier this year, so look. We think this investment from Davidson Kempner does help strengthen our balance sheet and liquidity, to your point.

是的。謝謝本，提出這個問題。首先，我想說，作為一家上市公司，我們始終願意傾聽投資人的意見，並樂於接受推動長期價值的機會。我們認為這就是事實。具體來說，戴維森·肯普納（Davidson Kempner），他們一直與我們密切合作，真的——他們一直在關注我們的業務，對我們的轉型計劃感興趣，特別是自從他們今年早些時候購買普通股以來，所以看看。正如您所說，我們認為戴維森肯普納的這項投資確實有助於加強我們的資產負債表和流動性。

We're managing a very challenging industry environment and softening demand and we think this helps strengthen our balance sheet. But look, Rob and I have been very focused on this. We know we have a lot of work to do and actioning and executing the transformation plan over the next few quarters. And we look forward to working and partnering with Davidson Kempner and the rest of our Board as we continue on the path of really empowering our local teams to drive the business forward.

我們正在應對一個非常具有挑戰性的行業環境和疲軟的需求，我們認為這有助於加強我們的資產負債表。但是看，羅布和我一直非常關注這一點。我們知道，在接下來的幾個季度裡，我們還有很多工作要做，需要採取行動並執行轉型計畫。我們期待與 Davidson Kempner 和董事會其他成員合作，繼續致力於真正賦予本地團隊權力，並推動業務向前發展。

Great. And then maybe just as a follow-up, curious just where we stand on the resetting of earnings expectations among homeowners on the platform and helping homeowners optimize for earnings around pricing and occupancy via some of the tools and communication initiatives that you've rolled out.

偉大的。然後也許只是作為後續行動，好奇我們在平台上重置房主收入預期方面的立場，並透過您推出的一些工具和溝通計劃幫助房主優化定價和入住率方面的收入。

Yes. I think there's a lot of work that has gone into that. As I said a moment ago, we're seeing some good initial feedback on that from owners. It's still a challenging environment. You can explain those dynamics. If you're talking to your financial adviser about your personal investments, you can be beating the market, but if the market is down, it's still a challenge. I think a similar dynamic exists, if the analogy holds, with owners when we talk about that.

是的。我認為這方面已經做了很多工作。正如我剛才所說，我們從業主那裡看到了一些很好的初步回饋。這仍然是一個充滿挑戰的環境。你可以解釋這些動態。如果您與財務顧問談論您的個人投資，您可以擊敗市場，但如果市場下跌，這仍然是一個挑戰。我認為，如果類比成立的話，當我們談論這個問題時，業主也存在類似的動態。

That's again why we're kind of focused on doing everything that we can to make sure that we're communicating what the market is doing, communicating what we are seeing in the market and then how we are acting and ultimately how we're delivering. Or when we look at the industry data and we compare our results, we think that we are delivering revenue premiums versus the industry, but there's obviously a lot more work to do there. I think that, more generally in terms of the transformation work that we're doing, it's all along those lines, Ben, to make sure that we challenge ourselves, first, to work more collaboratively across the company and to empower our local teams to make and guide a lot more of the decision.

這也是為什麼我們專注於盡我們所能確保我們傳達市場正在做什麼，傳達我們在市場上看到的情況，然後我們如何行動，最終我們如何交付。或者，當我們查看行業數據並比較我們的結果時，我們認為我們提供的收入高於行業，但顯然還有很多工作要做。我認為，更一般地說，就我們正在進行的轉型工作而言，Ben，這一切都是為了確保我們挑戰自我，首先，在整個公司範圍內更加協作，並授權我們的本地團隊做出並指導更多的決定。

So we've really done a lot of work in the last several months to tighten up the relationships to -- the connections, the regular touch points between our local teams and the revenue management teams to make sure that those -- that just the exchange of information -- and we hear about concerns, that those things are communicated right away. So I feel like we are making progress on that, but it's a tough environment to make progress against and there's still a lot of work to do.

因此，在過去的幾個月裡，我們確實做了很多工作來加強我們當地團隊和收入管理團隊之間的聯繫、定期接觸點，以確保這些——只是交流信息——我們聽到了人們對這些事情立即傳達的擔憂。所以我覺得我們正在這方面取得進展，但要在一個艱難的環境中取得進展，而且還有很多工作要做。

That concludes our question-and-answer session. I will now turn the conference back over to Rob Greyber for closing remarks. Please go ahead.

我們的問答環節到此結束。現在，我將把會議轉回給羅布·格雷伯 (Rob Greyber) 致閉幕詞。請繼續。

Thank you very much. I want to thank everyone for joining the call today. I know it's a busy time. I also want to take a moment to thank our owners, for entrusting their homes to us; to all of Vacasa's guests who are making memories with us; and all of our colleagues at Vacasa, who are working so hard to bring vacations home every day, including in this important summer peak season of 2024. Thanks very much for joining.

非常感謝。我要感謝大家今天加入電話會議。我知道這段時間很忙。我還想花點時間感謝我們的業主將他們的家託付給我們；致所有與我們一起創造回憶的瓦卡薩客人；還有我們 Vacasa 的所有同事，他們每天都在努力工作，把假期帶回家，包括 2024 年這個重要的夏季旺季。非常感謝您的加入。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. 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。您現在可以斷開連線。