Vacasa Shares Soar 36% on Higher 2022 Outlook Following Strong Demand 5:18 pm ET August 10, 2022 (Dow Jones) Print
By Denny Jacob
Vacasa Inc. shares soared 36% to $4.13 in after-hours trading Wednesday after the company raised its full-year outlook on the heels of strong demand in recent months.
The vacation rental property management services provider guided for full year 2022 revenue between $1.17 billion to $1.19 billion, up from its prior forecast of $1.13 billion to $1.18 billion. The company also guided for adjusted earnings before interest, taxes, depreciation and amortization between a loss of $7 million to zero, narrower than its previous forecast of an adjusted Ebitda between a loss of $14 million to a loss of $21 million.
Vacasa guided for revenue between $385 million to $395 million and adjusted Ebitda between $55 million to $60 million in the third quarter.
"We experienced strong guest demand during the second quarter and July that has continued into August," Chief Executive Matt Roberts said.
The company also posted second-quarter results. Vacasa swung to a gain of $9.9 million, or 2 cents a share, for the quarter ended June 30, from a loss of $19.9 million, or no earnings per-share, a year earlier. Analysts polled by FactSet expected a loss of 18 cents a share.
Revenue rose to $310.3 million from $237.6 million. Analysts polled by FactSet expected $285.5 million.
Vacasa, Inc. is engaged in providing vacation rental management platform in North America. The Company's integrated technology and operations platform optimizes vacation rental income and home care for homeowners and offers guests with services. The Company's Vacasa.com, its Guest app helps guests to search, discover and book properties. The Guests from around the world utilize the Company’s technology and services to search and book Vacasa-listed properties in destinations throughout North and Central America. The Company provides home care solutions provided directly to homeowners such as home maintenance and improvement services, linen and towel supply programs, supplemental housekeeping services, and other related services. The Company also provides other offerings such as real estate brokerage services and residential management services to community and homeowner associations. It has approximately 400 Vacasa- listed destinations throughout North America, Belize and Costa Rica.