\n“Vacasa\u2019s operating and financial results far exceeded our second quarter targets, driven by pent-up demand for leisure travel, shifting consumer preference and the unique benefits vacation rentals provide in the current environment,” said Matt Roberts, CEO of Vacasa. \u201cThese strong consumer trends have continued, and we now expect our third quarter revenue to finish well ahead of the targets we established with TPG Pace Solutions prior to our announced business combination.\u201d\n<\/p>\n
Second Quarter 2021 Highlights: <\/b><\/p>\n \n“Heightened demand for vacation rentals during the second quarter resulted in strong occupancy. Simultaneously, Vacasa was able to increase Gross Booking Value per Night Sold by over 10% versus last year, maximizing rental income for our valued homeowners,” said Jamie Cohen, CFO of Vacasa. \u201cWith these favorable patterns clearly extending into the third quarter, we are finding ways to invest the overperformance back into the business to further our competitive differentiation and continue building a strong foundation for long-term growth.\u201d\n<\/p>\n \nPlease visit vacasa.com\/investors<\/a> to review the Second Quarter 2021 Shareholder Letter.\n<\/p>\n About Vacasa<\/b><\/p>\n \nVacasa is the leading vacation rental management platform in North America, transforming the vacation rental experience by integrating purpose-built technology with expert local and national teams. Homeowners enjoy earning significant incremental income on one of their most valuable assets, delivered by the company\u2019s unmatched technology that adjusts rates in real time to maximize revenue. Guests can relax comfortably in Vacasa\u2019s 30,000+ homes across more than 400 destinations in North America, Belize and Costa Rica, knowing that 24\/7 support is just a phone call away. In addition to enabling guests to search, discover and book its properties on Vacasa.com and the Vacasa Guest App, Vacasa provides valuable, professionally managed inventory to top channel partners, including Airbnb, Booking.com and Vrbo. In Summer 2021, Vacasa entered into an agreement to become a publicly traded company through a business combination with TPG Pace Solutions<\/a> (NYSE: TPGS), a special purpose acquisition company (\u201cSPAC\u201d).\n<\/p>\n \nFor more information, visit https:\/\/www.vacasa.com\/press<\/a>.\n<\/p>\n Condensed Consolidated Statements of Operations<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/i><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/i><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Three Months Ended June 30,<\/b><\/p>\n<\/td>\n Six Months Ended June 30,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 2020<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue\n<\/p>\n<\/td>\n \n$83,336\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$240,313\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$196,725\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$369,731\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCosts and expenses:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of revenue (1)<\/sup><\/p>\n<\/td>\n \n41,593\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n118,368\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n104,383\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n193,994\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperations and support (1)<\/sup><\/p>\n<\/td>\n \n21,074\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n47,065\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n52,474\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n77,401\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTechnology and development (1)<\/sup><\/p>\n<\/td>\n \n4,123\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,107\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,669\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,603\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSales and marketing (1)<\/sup><\/p>\n<\/td>\n \n13,572\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n39,174\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40,287\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n64,714\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative (1)<\/sup><\/p>\n<\/td>\n \n11,397\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,923\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,742\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40,346\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation\n<\/p>\n<\/td>\n \n3,835\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,242\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,445\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,307\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of intangible assets\n<\/p>\n<\/td>\n \n4,894\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,074\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,675\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,799\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal costs and expenses\n<\/p>\n<\/td>\n \n100,488\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n250,953\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n250,675\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n420,164\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoss from operations\n<\/p>\n<\/td>\n \n(17,152\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(10,640\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(53,950\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(50,433\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest income\n<\/p>\n<\/td>\n \n29\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n364\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest expense\n<\/p>\n<\/td>\n \n(1,410\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,075\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,629\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,906\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther income (expense), net\n<\/p>\n<\/td>\n \n(1,065\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(3,628\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,398\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(10,349\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss before income tax\n<\/p>\n<\/td>\n \n(19,598\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(17,330\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(56,613\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(66,662\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax benefit (expense)\n<\/p>\n<\/td>\n \n78\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n113\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n157\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n152\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss\n<\/p>\n<\/td>\n \n$(19,520\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$(17,217\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$(56,456\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$(66,510\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(1) Includes equity-based compensation expense as follows:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of revenue\n<\/p>\n<\/td>\n \n$-\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$-\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$-\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$-\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperations and support\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n31\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n62\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTechnology and development\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n156\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n322\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSales and marketing\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n415\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n654\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative\n<\/p>\n<\/td>\n \n690\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,556\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n690\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,963\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal equity-based compensation expense\n<\/p>\n<\/td>\n \n$690\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$2,158\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$690\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$3,001\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n Key Business Metrics <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (in thousands, except GBV per Night Sold)<\/i><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Three Months Ended June 30,<\/b><\/p>\n<\/td>\n Six Months Ended June 30,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGross booking value (“GBV”)\n<\/p>\n<\/td>\n \n$148,153\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$514,201\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$348,790\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$760,078\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNights Sold\n<\/p>\n<\/td>\n \n449\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,407\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,188\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,231\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGBV per Night Sold\n<\/p>\n<\/td>\n \n$330\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$365\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$294\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$341\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/i><\/p>\n<\/td>\n 12\/31\/2020 <\/b><\/p>\n<\/td>\n 6\/30\/2021 <\/b><\/p>\n<\/td>\n Assets<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nCurrent assets:\n<\/p>\n<\/td>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$218,484\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$330,700\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nRestricted cash\n<\/p>\n<\/td>\n \n72,528\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n245,900\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nAccounts receivable, net\n<\/p>\n<\/td>\n \n10,161\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38,822\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nPrepaid expenses and other current assets\n<\/p>\n<\/td>\n \n10,191\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19,336\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nTotal current assets\n<\/p>\n<\/td>\n \n311,364\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n634,758\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nProperty and equipment, net\n<\/p>\n<\/td>\n \n65,087\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n62,618\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nIntangibles, net\n<\/p>\n<\/td>\n \n77,426\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n230,848\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nGoodwill\n<\/p>\n<\/td>\n \n121,487\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n642,139\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nOther long-term assets\n<\/p>\n<\/td>\n \n11,888\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,862\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nTotal assets\n<\/p>\n<\/td>\n \n$587,252\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$1,587,225\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Liabilities, Redeemable Convertible Preferred Units, and Members’ Deficit<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nCurrent liabilities:\n<\/p>\n<\/td>\n \nAccounts payable\n<\/p>\n<\/td>\n \n$15,648\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$43,419\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nFunds payable to owners\n<\/p>\n<\/td>\n \n92,707\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n331,346\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nHospitality and sales taxes payable\n<\/p>\n<\/td>\n \n20,721\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n67,385\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nDeferred revenue\n<\/p>\n<\/td>\n \n49,992\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n169,503\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nFuture stay credits\n<\/p>\n<\/td>\n \n35,140\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n31,589\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nAccrued expenses and other current liabilities\n<\/p>\n<\/td>\n \n44,022\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n84,502\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nTotal current liabilities\n<\/p>\n<\/td>\n \n258,230\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n727,744\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nLong-term debt, net of current portion\n<\/p>\n<\/td>\n \n111,689\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n115,578\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nOther long-term liabilities\n<\/p>\n<\/td>\n \n22,204\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37,671\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nTotal liabilities\n<\/p>\n<\/td>\n \n392,123\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n880,993\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nRedeemable convertible preferred units\n<\/p>\n<\/td>\n \n771,979\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,198,080\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nMembers’ deficit:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nCommon units\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nAdditional paid-in capital\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n575,966\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nAccumulated deficit\n<\/p>\n<\/td>\n \n(577,091\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,068,794\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nAccumulated other comprehensive income (loss)\n<\/p>\n<\/td>\n \n241\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n980\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nTotal members’ deficit\n<\/p>\n<\/td>\n \n(576,850\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(491,848\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nTotal liabilities, redeemable convertible preferred units and members’ deficit\n<\/p>\n<\/td>\n \n$587,252\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$1,587,225\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n\n
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<\/b><\/p>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n
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