SONDW - Vacasa: Annual Results Confirm Our Bullish Stance

• As the only national technology-enabled vacation rental property manager, Vacasa allows property owners to earn more than they could by partnering with regional property managers.
• Vacasa is still not represented in several large-population states, including Illinois, Ohio, and New Jersey. Vacasa's penetration rate is still less than one percent.
• I expect the gross margin to increase due to economies of scale as VCSA is still in the early stages of growth.
• In the long term, Vacasa can reduce these costs, as the company has a high retention rate of about 90%, and the ratio of customer lifetime value to customer acquisition cost is in the range between 4 times to 5 times.
• According to my estimate, the company is trading at a discount to the fair price.

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