Vacasa Falls Slightly on 17% Workforce Cuts, Reiterates Guidance (NASDAQ:VCSA)

Vacation rental management company, Vacasa (NASDAQ: VCSA) The board of directors approved a workforce reduction plan designed to align expected costs with 2023.

The plan includes cutting ~1,300 jobs or 17% of the workforce.

The Company estimates total pre-tax costs associated with the plan to be ~$5 million, primarily consisting of severance payments of ~$4 million and employee benefits and related costs of ~$1 million.

The company also confirmed that there were no changes to previously announced fourth quarter 2022 revenue guidance of $195 million to $215 million and adjusted EBITDA loss estimate of $65 million to $75 million.

Filing of Form 8-K.

Stock down 1.2% after market hours.

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