Holiday rental management platform Vacasa generated revenue of $ 247 million 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 provisions in the first quarter of this year – more than twice the same quarter last year – with 1.3 million overnight sales sold in the first quarter. is a 64% increase over the first quarter of 2021.

Vacasa also says it reached a milestone in January in generating more than $ 1 billion in rental income for homeowners over the past 12 months.

“Our business performed extremely well in the first quarter, driven by changing consumer preferences for rental accommodation. Based on our volume of bookings, we have a strong momentum focused on the busy summer months for what appears to be a record peak season for Vacasa, ”said Matt Roberts, CEO of Vacasa.

“With our extensive inventory of holiday homes, we are the largest source of accommodation reservations in North America and see Vacasa as uniquely positioned to stimulate growth in the thriving holiday rental category.

The net loss in the first quarter of 2022 was $ 56 million compared to $ 49 million a year earlier, and adjusted EBITDA was negative $ 22 million, comparable to the negative $ 24 million in the first quarter of 2021.

Vacasa says it has hired hundreds of sales representatives in 2021 to focus on adding individual homes to its platform, with the gross addition of housing in Q1 2022 being more than 2.5 times more than in Q1 2021.

The company is repeating its guidelines for the whole of 2022 for revenues of $ 1.12 to $ 1.17 billion and adjusting EBITDA from 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 provisions over the past 12 months,” said Jamie Cohen, Vacasa’s chief financial officer.

“Our favorable recent trends in provisions give us confidence to repeat our revenues for the whole of 2022 and an adjusted EBITDA forecast before our seasonally strongest second and third quarters.”

Last week, Vacasa appointed John Banchak to the new role of chief strategic officer. Banczak was co-founder and CEO of TurnKey Vacation Rentals and joined Vacasa when he acquired TurnKey in March 2021.

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

https://www.phocuswire.com/vacasa-q1-2022-earnings-revenue-nearly-doubles

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