Vacasa beats targets as it prepares to go public

Vacation rental management platform Vacasa is reporting financial
results for the third quarter of 2021 that exceed targets outlined when it announced
its planned SPAC merger with TPG Pace Solutions (TPGS) in July. 

Vacasa’s gross booking valued reached $776 million in the third quarter,
up 97% year-over-year – resulting in revenue of $330 million in the quarter,
$72 million above the target of $258 million.

Adjusted EBITDA in Q3 2021 was $57 million, compared to $25 million
in the same period one year ago and above the target of $26 million outlined in
the merger materials.

“We generated record results in the third quarter, driven by a
combination of consumers’ continued desire to travel, the ongoing preference
shift towards vacation rentals, and strong execution across our entire
organization,” says Matt Roberts, Vacasa CEO.

“While guest demand is the leading driver of our outperformance,
we’ve had solid supply additions through both our individual and portfolio
approaches in 2021. We now have more than 35,000 homes on our platform, in-line
with the expectations we outlined when we announced our transaction with TPGS
and are the largest vacation rental management platform in North America.” 

Net income in Q3 2021 was $33 million compared to $9 million in the
same period a year earlier. 

Vacasa sold 1.8 million nights in the third quarter with gross
booking value per night sold of $422, up 19% year-over-year. 

As a result of the strong financial report, Vacasa says it is
raising its full-year 2021 revenue and adjusted EBITDA guidance. The company
expects revenue to be in the range of $872 to $877 million for this year, which
would be 16% above target, while adjusted
EBITDA is expected to be in the range of negative $40 to $45 million.

TPGS shareholders will vote on the merger on November 30 and
Vacasa is expected to enter the public market before the end of the year under
the ticker symbol VCSA.

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