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Vacasa Inc. (VCSA+0.40%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenue to $314,048,000 from $379,077,000 in the same quarter the previous year, attributed to a decline in guest demand and a reduction in the number of homes available on the platform.
Cost of revenue for the quarter was $126,415,000, representing 40% of revenue, compared to 40% in the same quarter of the previous year. The decrease is due to fewer Nights Sold.
The company reported a net income of $59,259,000 for the quarter, compared to a net loss of $402,458,000 in the previous year, with the improvement attributed to reduced impairment charges.
Vacasa's cash and cash equivalents increased to $124,364,000 as of September 30, 2024, from $88,049,000 at the end of 2023, partly due to a $30,000,000 issuance of Convertible Notes.
The company drew $81,000,000 under its Revolving Credit Facility in May 2024 to supplement its cash position.
Vacasa reported total assets of $584,030,000 as of September 30, 2024, down from $663,548,000 as of December 31, 2023, primarily due to impairment charges.
The filing also details the company's Reorganization plan, which involved a workforce reduction and reorganization to promote efficiency and align with strategic priorities.
Vacasa continues to face risks related to competition, guest demand variability, and regulatory compliance, as detailed in the Risk Factors section of the filing.
The company anticipates continued challenges in the travel and hospitality industries, which may impact its future financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vacasa Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.