The short-term vacation rental platform reported a net loss of $ 56 million earlier this year, despite a surge in revenue.

Vacation rental platform Vacasa reported that bookings doubled in the first three months of this year, in part due to higher prices paid by travelers to book homes on the site.

The company told investors Wednesday that it spent $ 494 million to stay in a Vacasa-managed home in the first quarter. This generated $ 247 million, almost doubling compared to the same period last year.

The surge wasn’t enough to make the company profitable earlier this year, and Vacasa reported a net loss of $ 56 million.

The company I went to Published in DecemberCEO Matt Roberts says he is rapidly hiring sales reps after adding about 200 people last year and remains in growth mode.

The team is focused on finding a second house owner who will offer a home stay through the platform. You can also buy an independent vacation real estate management company and bring those homes to the platform.

“The ROI of new salespeople is very high,” Roberts said in a phone call with investors.

According to Roberts, the main focus was not on buying a real estate management company, but on bringing independent homes to market.

The company expects to increase its offerings by about 30% this year and said it is on the road to full-year profitability in 2023. Despite the broader housing and stock market instability, and ongoing rapid inflation.

Vacasa also believes it is isolated in some respects From recession, As Airbnb leaders said last week when they talked about their earnings so far this year.

“A wide range of choices across all our destinations is really worth the luxury choice,” Roberts said. “We have these homes in different price ranges to meet the tastes of a wide range of consumers.”

Roberts refused to provide up-to-date information on the status of technology adoption in each of its 35,000 homes. Managed in February.. He said the update will take place within a few months.

The company reported that it had achieved two milestones, the host and its own.

First, Vacasa says homeowners have earned $ 1 billion over the past year by booking through the platform. This is due to the total booking amount of $ 2 billion generated during the same period.

Corporate revenue of $ 247 million in the first quarter was up 91% compared to last year.

“Our business model continues to demonstrate its strengths and has generated over $ 2 billion in total bookings over the last 12 months,” Vacasa Chief Financial Officer Jamie Cohen said in a statement. I am.

Mail Taylor Anderson