Vacasa Q1 2022 revenue nearly doubles year-over-year

Vacation rental management platform Vacasa brought in revenue of $247 million in the first quarter of this year, up 91% compared to Q1 2021.

The company, which went public in December, says it generated $494 million in gross booking value in the first quarter this year – more than double the same quarter a year prior – with 1.3 million nights sold in Q1, a 64% increase compared to Q1 2021.

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

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

“With our expansive inventory of vacation homes, we are the largest single source of bookable nights supply in North America, and we see Vacasa as uniquely positioned to fuel the growth in the booming vacation rental category.”

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

Vacasa says it hired hundreds of sales representatives in 2021 to focus on adding individual homes to its platform, with gross home additions in Q1 2022 more than 2.5 times greater than Q1 2021.

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

"Our business model continues to prove its strength, generating over $2 billion of Gross Booking Value over the past 12 months," says Jamie Cohen, CFO at Vacasa.

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

Last week Vacasa named John Banczak to the new role of chief strategy officer. Banczak was a co-founder and CEO at TurnKey Vacation Rentals and joined Vacasa when it acquired TurnKey in March 2021.

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