Recall, throughout 2022, we were staffing our local markets in anticipation of stronger demand and increasing homes under management. As the traveler demand environment changed in the third and fourth quarters, we did not adjust staffing levels as quickly as we would have liked. We took structural actions during the fourth quarter. beginning with splitting our local operations teams and national sales teams into separate groups, enabling us to have more dedicated senior leadership for each team. We also implemented new processes to better align field staffing with the number of reservations in each period and to share best practices across regions. From these learnings, we made further market level headcount adjustments in January.

May 9, 2023 / CEO / receipt, needs a key / Rob Graber, CEO | earnings call 2023-05-09 | transcript 82851d36-4880-4ec3-965a-a16dfd524106 | chars 4154-4895 | segment 4