Vacasa, Inc.

Good afternoon, ladies and gentlemen, and welcome to the BACASA first quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode, and please be advised that this call is being recorded. After the speaker's prepared remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. And now at this time, I'll turn things over to Mr. Ryan Domiancek, Investor Relations. Please go ahead.

Good afternoon, everyone, and thanks for joining us today for Vacasa's first quarter 2022 earnings call. I'm pleased to be joined today by CEO Matt Roberts and CFO Jamie Kellinger. Before we begin, let me cover a few administrative details. This call contains information that speaks only as of today's live broadcast, and redistribution of this broadcast is prohibited. We have posted a shareholder letter and press release on the IR section of our website, at investors.picasa.com that will be referenced by our speakers. Comments made during this conference call and in our shareholder letter and press release may contain statements that are commonly referred to as forward-looking statements. Such statements include those about future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. We caution you that various factors could cause actual results to differ materially from those anticipated. For additional information concerning these risks and uncertainties, please read the forward-looking statement section in the press release and shareholder letter we issued earlier today and the forward-looking statements and risk factors section in our filings with the SEC. During this call, we will discuss certain non-GAAP financial measures. Information regarding our non-GAAP financial measures and results, including a reconciliation of non-GAAP results to the most directly comparable GAAP financial measures, may be found in our press release and shareholder letter. These non-GAAP measures should be considered in addition to our GAAP results and are not intended to be a substitute for our GAAP results. And now, I'd like to hand the call over to Matt Roberts.

Matt? Good afternoon, everyone, and thank you for joining us. We wrapped up another strong quarter of the CASA, facilitating hundreds of thousands of reservations and generating our valued homeowners hundreds of millions of dollars in rental income. The team is executing against our goal of reinventing the vacation rental industry by leveraging proprietary purpose-built technology that improves all aspects of the vacation rental experience for guests, homeowners, our internal team, and our channel partners. There has been an undeniable shift in traveler preferences towards alternative accommodations over the past decade, which has only accelerated in recent years. The supply of available vacation rental nights is constrained relative to demand. As the only scaled vacation rental management platform in North America, we are strategically positioned to create and distribute the largest supply of available nights to travelers through our own channels and distribution partners. We are providing critical incremental capacity to the alternative accommodations ecosystem by offering second-homers a full-service end-to-end property management solution that makes it simple to turn their second home into a vacation rental home in as little as a week. Our scale allows us to invest in creating truly differentiated technology solutions that are designed to provide an exceptional experience for homeowners and guests and drive efficiencies throughout our business. Our business model continues to prove its strength, generating over $2 billion in gross bookings over the past 12 months, and we have an enormous opportunity ahead of us, managing less than 1% of the more than 5 million vacation homes in the United States. As we approach our peak season, which is the summer months where we typically see the strongest occupancy, we remain confident in our outlook and are reiterating our revenue and adjusted EBITDA expectations for full year 2022. Jamie will talk to our detailed financial results and outlook in a few minutes. Adding homes to our platform serves as the foundation of our growth and powers our flywheel. Incremental homes on our platform drive revenue growth, as more homes result in more available nights that we can sell. It also accelerates our profitability, as greater density in a particular market results in higher margins. And from those higher margins, we can then allocate more spend towards developing technology-enabled tools and products, which help drive further efficiencies in our business or create a better experience for our homeowners and guests. We can also invest further in sales and marketing, which helps us bring more homes to our platform.