Vacation rental management company, Vacasa (NASDAQ:VCSA) Board of Directors approved a workforce reduction plan designed to align expected cost with 2023.
The plan includes elimination of ~1300 jobs or 17% of workforce.
The company estimates the aggregate pre-tax costs associated with the plan to be ~$5M, primarily consisting of severance payments of ~$4M and employee benefits and related costs of ~$1M.
The company also confirmed there have been no changes to its previously issued Q4 2022 guidance revenue of $195M-$215M and Adjusted EBITDA guidance of loss $65M-$75M.
Form 8-K filing.
Stock drops 1.2% during after hours of market.