⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

Vacasa announces CFO Bruce Schuman as new principal accounting officer

Published 2024/08/23, 22:08
VCSA
-

PORTLAND, OR - Vacasa Inc. (NASDAQ:VCSA), a leading service provider for dwellings and other buildings, disclosed in a recent SEC filing that Craig Gracey, the company's principal accounting officer, will resign from his position effective September 6, 2024.

The announcement, dated August 19, 2024, clarified that Gracey's resignation did not stem from any disagreements with the company's operations, policies, or practices.

Following Gracey's forthcoming departure, Bruce Schuman, who has been serving as Vacasa's Chief Financial Officer since June 2023, will take on additional responsibilities as the principal accounting officer and Chief Accounting Officer from the same effective date.

Schuman's extensive experience includes over a year at Kiavi, Inc. as Executive Vice President and Chief Financial Officer, and more than two decades at Intel Corporation (NASDAQ:INTC) where he held several VP and CFO roles within different divisions.

The company has confirmed that there will be no changes to Schuman's compensation following his new appointment. This transition comes as the company continues to navigate the service industry landscape, maintaining its operational and financial strategies.

The filing, submitted on Friday, August 23, 2024, ensures that Vacasa adheres to corporate governance standards and keeps its shareholders informed about executive changes. The information is based on a press release statement from Vacasa, Inc. and reflects the company's commitment to transparency in its leadership structure.

In other recent news, Vacasa Inc. has been under the financial microscope with Needham cutting the company's share target from $8.00 to $5.00 due to broader economic and company-specific challenges.

Despite this, Needham maintains a 'Buy' rating, influenced by Vacasa's Q2 results which surpassed expectations. In particular, Vacasa's adjusted EBITDA of $2 million exceeded projections, credited to effective cost-saving initiatives.

The company's restructuring, including significant cost reductions, is showing early signs of promise. These changes involve a transition to a more localized team structure. However, Vacasa faces hurdles, with a noted decline in properties under its management, contrary to the overall market trend of increasing supply.

In another recent development, Vacasa reported a downturn in its Q1 2024 earnings, with an 18% decline in revenue and a 5% drop in homes under management. In response, Vacasa drew approximately $80 million from its revolving credit facility to boost liquidity and initiated a significant corporate restructuring, shedding about 800 employees. The company anticipates that these measures will result in cost savings exceeding $50 million in 2024.

KeyBanc, another analyst firm, maintained its 'Sector Weight' rating on Vacasa, noting the company's ongoing challenges in the non-urban short-term rental market. The firm mentioned that Vacasa now expects an EBITDA loss for 2024 due to shifting travel demand and higher property listing turnover.

InvestingPro Insights

In light of the recent executive changes at Vacasa Inc. (NASDAQ:VCSA), investors may find value in considering the company's financial health and market performance. According to InvestingPro data, Vacasa holds a market capitalization of $67.91 million, indicating its size within the industry. Despite a challenging operational environment, as evidenced by a revenue decline of 14.84% over the last twelve months as of Q2 2024, the company has experienced a significant return over the last week, with a 27.62% price total return. This recent performance could suggest a market reaction to internal changes or other factors influencing investor sentiment.

InvestingPro Tips highlight that Vacasa is trading at a low revenue valuation multiple and analysts predict the company will be profitable this year, which may offer a glimmer of hope for future financial stability. However, it's worth noting that the company is quickly burning through cash and short-term obligations exceed liquid assets, which could present liquidity challenges. For those considering an investment in Vacasa, it's important to weigh these financial metrics against the backdrop of the company's strategic executive movements.

For a deeper analysis of Vacasa's financial health and market potential, investors can explore the additional 16 InvestingPro Tips available, which provide a comprehensive look at the company's financial nuances.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.