It is vacation time.
1	It	it	PRON	PRP	Case=Nom|Gender=Neut|Number=Sing|Person=3|PronType=Prs	4	nsubj	4:nsubj	_
2	is	be	AUX	VBZ	Mood=Ind|Number=Sing|Person=3|Tense=Pres|VerbForm=Fin	4	cop	4:cop	_
3	vacation	vacation	NOUN	NN	Number=Sing	4	compound	4:compound	_
4	time	time	NOUN	NN	Number=Sing	0	root	0:root	SpaceAfter=No
5	.	.	PUNCT	.	_	4	punct	4:punct	_
