Item 2.02. Results of Operations and Financial Condition.
On
Item 2.05. Costs Associated with Exit or Disposal Activities.
On
The Plan includes the elimination of approximately 1,300 positions across the Company, in both its local operations teams and central teams, representing approximately 17% of the workforce.
The Company estimates the aggregate pre-tax costs associated with the Plan to be
approximately
Item 7.01. Regulation FD Disclosure.
On
The information in this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "designed," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Examples of forward-looking statements include, among others, the number of positions affected by the Plan, and the estimated charges associated with, and the timeframe for completion of, the Plan, as well as assumptions relating to the foregoing. These forward-looking statements reflect the Company's current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company's expectations and projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: uncertainties regarding the timing and costs of the Plan and the Company's ability to achieve the expected benefits from the Plan; the Company's ability to achieve profitability; the Company's ability to manage and sustain its growth; the effects of the COVID-19 pandemic, including as a result of new strains or variants of the virus, on the Company's business, the travel industry, travel trends, and the global economy generally; the effects of global economic and capital markets conditions, such as rising energy prices, inflation and interest rates, on the Company's business, the travel industry, travel trends, and the global economy generally; the Company's expectations regarding its financial performance, including its revenue, costs, and Adjusted EBITDA; the Company's ability to attract and retain homeowners and guests; the Company's ability to compete in its industry; the Company's expectations regarding the resilience of its model, including in areas such as domestic travel, short-distance travel, and travel outside of top cities; the effects of seasonal trends on its results of operations; the Company's potential for future impairment of its long-lived assets or goodwill; the Company's ability to make required payments under its credit agreement and to comply with the various requirements of its indebtedness; the Company's ability to effectively manage its exposure to fluctuations in foreign currency exchange rates; the anticipated increase in expenses associated with being a public company; anticipated trends, developments, and challenges in the Company's industry, business, and the highly competitive markets in which it operates; the sufficiency of the Company's cash and cash equivalents to meet its liquidity needs; the Company's ability to anticipate market needs or develop new or enhanced offerings and services to meet those needs; the Company's ability to expand into new markets and businesses, expand its range of homeowner services and pursue strategic acquisition and partnership opportunities; the Company's ability to acquire and integrate companies and assets; the Company's ability to manage expansion into international markets; the Company's ability to stay in compliance with laws and regulations,
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including tax laws, that currently apply or may become applicable to its
business both in
Item 9.01. Financial Statements and Exhibits
(d): Exhibits: Exhibit No. Description
99.1 Email to Company Employees dated
104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
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