Vacasa, Inc. (NASDAQ: VCSA) operates a vacation rental management platform in North America. The company’s platform has over 35,000 homes across 400 locations in North America, Belize and Costa Rica. Shares of vacation rental management company are surging 37% through early trading on Thursday, August 11, 2022. Over the past three months, Vacasa has seen average daily volume of 1.49 million shares. However, volume of 15.33 million shares or dollar volume of around $64.69 million, has already exchanged hands through early trading.
Shares of Vacasa are rallying after the company released second quarter 2022 financial results. During the quarter, the company reported 31% y/y revenue growth to $310 million, which came ahead of management’s revenue guidance range of $280 million and $290 million. Gross booking value came in at $676 million, which was annual growth of 32%. Net income came in at $10 million and adjusted EBITDA was -$2 million.
As a result of the strong growth during Q2, management has raised its revenue and adjusted EBITDA guidance for the third quarter and full-year 2022. For Q3, Vacasa estimates revenue between $385 million and $395 million on adjusted EBITDA between $55 million and $60 million. For full-year 2022, the vacation rental manager sees revenue coming in between $1.165 billion and $1.185 billion on an adjusted EBITDA range of -$7 million to $0 million.
Vacasa says it added thousands of new homes to its platform during the quarter. Management says they are well on track to increase its homes under management by 30% during 2022. In addition, the company released several new enterprise technology solutions, such as a new customer relationship management platform and an integrated communications platform.
“We experienced strong guest demand during the second quarter and July that has continued into August, capping off another strong peak season for our homeowners,” said Matt Roberts, Chief Executive Officer of Vacasa. “We also welcomed thousands of new homeowners to Vacasa during the quarter, extending our industry-leading scale. We believe Vacasa’s technology-enabled local operations, our proprietary yield optimization, and commitment to hospitality creates a truly differentiated value proposition for homeowners, making us the vacation rental manager of choice in the destinations where we operate.”
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