Vacasa, Inc.: restructuring charge — Vacasa reports Q1 net loss of $141M, cuts 13% of workforce, draws $81M credit

On May 8, 2024, V-Revolver Sub, LLC, a subsidiary of the Company, drew down an aggregate amount of $81 million under its revolving credit facility (the "Facility") pursuant to the Credit Agreement dated as of October 7, 2021

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 $209 million in the first quarter of 2024, an 18% decrease compared to the same quarter last year. Despite demonstrating expense discipline across our cost structure, the magnitude of the Revenue decline is impacting our profitability. Net Loss was $141 million for the first quarter of 2024, which includes an $84 million charge associated with the impairment of our long-lived assets.

Item 2.05 Costs Associated with Exit or Disposal Activities. On May 7, 2024, the Board of Directors of the Company approved a workforce reduction and reorganization plan (the “Reorganization”). These changes will implement a reorganization of the Company’s operations, to further equip its field teams to locally manage, and be accountable for, their markets, while significantly reducing the Company’s central corporate footprint. The Reorganization includes the elimination of approximately 800 positions across the Company, representing approximately 13% of its workforce in aggregate, and approximately 40% of its corporate and central operations personnel and approximately 6% of its field personnel. The Company expects to incur between $8 million and $9 million of costs

Net Loss was $141 million for the first quarter of 2024, which includes an $84 million charge associated with the impairment of our long-lived assets.