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Vacasa Inc. (VCSA-0.91%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in revenue to $910.5 million from $1,118.0 million in the previous year, attributed to lower guest demand and a reduction in the number of homes available on the platform.
Cost of revenue decreased to $427.1 million, representing 47% of revenue, compared to 46% in the prior year. This was due to a decrease in Nights Sold and reduced expenses related to home care solutions.
Vacasa reported a net loss of $154.9 million, compared to a net loss of $528.2 million in the previous year. The decrease in net loss was mainly due to lower impairment charges and reduced operating expenses.
The company recorded an impairment charge of $84.0 million on its homeowner contracts and did not report any goodwill impairment for the year.
Operating expenses decreased across several categories, including sales and marketing, which fell by 26% to $157.6 million, due to restructuring activities and changes in marketing strategy.
Adjusted EBITDA was a loss of $0.7 million, compared to a gain of $23.5 million in the previous year, reflecting the decrease in revenue.
Vacasa's cash and cash equivalents were $88.5 million as of December 31, 2024. The company drew $81.0 million under its revolving credit facility and issued $30.0 million of convertible notes to supplement its cash position.
The filing also includes details on the company's agreement and plan of merger with Casago, which, if consummated, will result in Vacasa becoming a wholly owned subsidiary of Casago.
Vacasa continues to focus on optimizing its platform and expanding its range of homeowner services, despite the challenges faced in the past year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vacasa Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.