--- schema_version: "secwatch.filing_event.v1" accession: "0001874944-24-000044" form_type: "8-K" ticker: null cik: "0001874944" company_name: "Vacasa, Inc." filed_at: "2024-05-09T23:59:59+00:00" generated_at: "2026-06-02T07:11:41.836987+00:00" event_type: "earnings" sentiment: "negative" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # Vacasa reports Q1 net loss of $141M, cuts 13% of workforce, draws $81M credit ## Summary - Revenue $209M (-18% YoY); GBV $427M (-18% YoY); Nights Sold down 12%. - Net loss $141M includes $84M asset impairment; Adjusted EBITDA loss $36M vs -$12M year ago. - Eliminating ~800 positions (13% of workforce); expects $8-9M in severance and related costs. - Drew $81M under revolving credit facility on May 8, 2024 under existing Credit Agreement. - No 2024 guidance issued; does not expect to reach Adjusted EBITDA profitability this year. ## SEC filing metadata - accession: 0001874944-24-000044 - form_type: 8-K - cik: 0001874944 - company_name: Vacasa, Inc. - filed_at: 2024-05-09T23:59:59+00:00 - event_type: earnings - sentiment: negative - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 2.02, 2.03, 2.05, 7.01, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1874944/000187494424000044/0001874944-24-000044-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1874944/000187494424000044/vcsa-20240507.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001874944-24-000044 - JSON: https://secwatch.observer/filing/0001874944-24-000044.json - Plain text: https://secwatch.observer/filing/0001874944-24-000044.txt ## Key facts - Debt Financings Vacasa, Inc. incurred revolving credit of $81 million with JP Morgan Chase Bank, N.A. as Administrative Agent. - Instrument: revolving credit - Principal: $81 million - Counterparty: JP Morgan Chase Bank, N.A. as Administrative Agent - Event: incurrence source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1874944/000187494424000044/0001874944-24-000044-index.htm - Earnings Releases Vacasa, Inc. reported fiscal quarter ended March 31, 2024 results: revenue $209 million, net income $141 million. - Period: fiscal quarter ended March 31, 2024 - Revenue: $209 million - Net income: $141 million - Result: reported results source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1874944/000187494424000044/0001874944-24-000044-index.htm - Restructurings & Charges Vacasa, Inc. announced a restructuring with charges of between $8 million and $9 million affecting corporate and central operations (approximately 800 positions across the Company, representing approximately 13% of its workforce in aggregate, and approx). - Type: restructuring - Charge: between $8 million and $9 million - Affected area: corporate and central operations - Headcount: approximately 800 positions across the Company, representing approximately 13% of its workforce in aggregate, and approx source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1874944/000187494424000044/0001874944-24-000044-index.htm - Restructurings & Charges Vacasa, Inc. announced a impairment with charges of $84,000,000 affecting long-lived assets. - Type: impairment - Charge: $84,000,000 - Affected area: long-lived assets source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1874944/000187494424000044/0001874944-24-000044-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.