Vacasa Q1 revenue nearly doubles year-over-year

Vacation Rental Management Platform Vacasa generated $247 million in revenue in the first quarter of this year, up 91% from the first quarter of 2021.

The company, which went public in December, said it generated $494 million in gross booking value in the first quarter of this year – more than double the same quarter a year earlier – with 1.3 million nights sold in the first quarter, an increase of 64% compared to the first quarter. 2021.

Vacasa also says that in January it reached a milestone of generating more than $1 billion in rental income for its landlords over the previous 12 months.

“Our business performed exceptionally well in the first quarter, driven by the shift in consumer preference towards vacation rentals. Based on our booking volume, we have strong momentum heading into the busy summer months for what is shaping up to be a record peak season for Vacasa,” said Matt Roberts, CEO of Vacasa.

“With our vast inventory of vacation homes, we are the largest single-source source of bookable nights in North America, and we believe Vacasa is uniquely positioned to fuel the growth of the booming vacation home category. Holiday rents.”

Net loss in Q1 2022 was $56 million, compared to $49 million a year earlier, and adjusted EBITDA was negative $22 million, comparable to negative $24 million in Q1 2021.

Vacasa says it has hired hundreds of sales reps in 2021 to focus on adding single-family homes to its platform, with gross home additions in Q1 2022 more than 2.5 times higher than Q1 2021.

The company reiterates its full-year 2022 guidance of revenue of $1.12 billion to $1.17 billion and adjusted EBITDA of negative $21 million to negative $14 million and that it expects profitability for the whole of 2023.

“Our business model continues to prove its strength, generating over $2 billion in gross booking value over the past 12 months,” said Jamie Cohen, Chief Financial Officer of Vacasa.

“Our recent favorable booking trends give us the confidence to reiterate our full-year 2022 revenue and adjusted EBITDA outlook ahead of our strongest seasonal second and third quarters.”

Last week, Vacasa appointed John Banczak to the new position of Chief Strategy Officer. Banczak was co-founder and CEO of TurnKey Vacation Rentals and joined Vacasa when it acquired TurnKey in March 2021.

Vacasa has approximately 37,000 accommodations in more than 400 destinations in North America, Belize and Costa Rica.