So we’ve been very responsive from a revenue management perspective, from a product perspective. We think that we’re delivering above average performance on a per listing basis, but it continues to be against a tough backdrop. So we think this is a dynamic that others are dealing with. We think that — there’s not a lot of great data out there about that, but we’re watching it very closely. And we think that this is something that the industry is going to wrestle with. And that’s to be expected when you kind of come off some pretty high levels. As we look forward to next year, again, we haven’t kind of set our plan or set guidance to that. We’re going to be watching those trends. And continuing to be focused on delivering a business that is more nimble and able to execute well on the top line and the bottom line in any season that we see involved in the market.
Bruce Schuman: Yes. I think that’s good, Rob. The only thing I would add, again, our focus on efficiency, you look at what we delivered in the third quarter. We grew EBITDA by nearly $30 million despite nearly $35 million decline in revenue. That focus on efficiency will continue into ’24, even as some of these trends like you know to do continue to materialize, and we’ll be watching that very carefully.
Dae Lee: Understood. Thank you.
Operator: And our next question comes from the line of Ben Miller with Goldman Sachs. Ben, go ahead.
Ben Miller: Thanks for taking my questions. I’m wondering if there’s any color you can share on what profitability or margins look like in some of your more mature markets or markets where you think you’re closer to optimizing the cost structure with some of the operational changes and recent product initiative rollouts. And then the second would just be, any thoughts on the Google Vacation Rentals, price comparison product and impact this might have on the industry? Thanks.
Rob Greyber: Bruce, do you want to take the first one? I’ll take the second.
Bruce Schuman: Yes. The first, we haven’t really indicated any per market profitability metrics in the past. We really look at every single market, trying to optimize our contribution margins. We’ve not really indicated upper market breakdown at this time.
Rob Greyber: Yes. And I think that we do see markets that are more mature and less mature. By and large, what we’re doing is executing a set of product and business initiatives that have actually seen good results across all those markets. So we’re pleased on that progress. We haven’t provided that disclosure. Look, when it comes to the channel structure, I think there’s been a lot of different types of investments and changes that have happened over the last decade when it comes to the maturing the vacation rental category. We’ve seen a lot of investment on the OTA side, a lot of investment on the metasearch side. A lot of investment, I think, as Jed called out earlier on platforms that have come into the markets to better manage across channels.
Look, we evaluate those pretty critically when it comes to our channel participation. We believe that having a diverse channel mix is a great source of strength for us as a company. I’m not going to comment on any particular investments that the different players are making. Generally speaking, having good part of the agency side has been very helpful. Meta search has been more of a mixed bag as an industry, but we’ll keep our eye on it and we’ll be watching how it falls.
Operator: [Operator Instructions] And the next question comes from Nick Jones with JMP Securities. Nick, go ahead.
Unidentified Analyst : This is Luke on for Nick. Just taking a step back. So top line year-over-year declines accelerated in 3Q. So I guess on a more broader level, what do you think are the main 1 or 2 factors in focus when it comes to reaccelerating that top line heading into next year? Thanks.
Rob Greyber: Yes. Thanks, Luke, for the question. I really appreciate it. So look, when I first spoke with this group in November, I shared how excited I was about the cost of long-term potential about what I see as a terrific category in the market. Really one of the last categories in the travel industry to undergo the type of transformation and growth that I think has been demonstrated over the last several years, and I think it’s still ahead of the industry, by and large. When I joined the Vacasa team, I’ve been seeking out and tried to be very forthright about acknowledging areas where I see opportunities for improvement. I think we’re making the changes that we need to make as an organization. I’m not satisfied, our team isn’t satisfied.
We’ve demonstrated good progress on an absolute basis and also how we’re able to execute in a challenging dynamic. So when I think about the long term, Luke, I think about really the opportunity to build a platform-based business that can on an iterative basis, build and continue to improve on superior debt experiences, superior owner experiences. And we’ve seen businesses like that transform so many other categories across travel and across the broader economy. And I think that there’s that opportunity. I think it exists here and it’s for the taking. I think when I think about the short term, there are really the two things that I’m focused on that have driven the results that you can see so far. First is around how we think about revenue management.
And again, this is against the difficult market backdrop this year, but you can see the progress that we’ve made in our financial performance despite declines in revenue, we’re seeing those investments on the revenue management side help navigate a difficult environment, we think better than others. And I think then the second piece of that is investing in technology products and business processes in the people to really deliver better experiences for guests and owners every single day. I’ve highlighted a few of those things on the technology side. When I think about our ability to optimize home visits to make sure that we can get the right people in the right place at the right time, to get the work done that’s needed to take care of our owners’ homes and to have our guests enjoy their time away and their holidays.
We think that’s absolutely critical. We’re also doing a lot of work in other elements of our platform to improve the system how guests and owners interact with us, giving more owner visibility into the status of their homes, the progress that we’re making on maintenance items and so forth. So on the process side, there’s a lot of work that we’ve gotten done. On the technology side, there’s a lot of work that we’ve gotten done. We’ve been very judicious, I think, in how we’re allocating capital and making sure we’re being efficient with our workforce and where we’re investing. So I think all of those things, to me, say that we’re going to be able to build the business for the long term. You can see the beginning of that impact flow into our business results.
