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HomeAway, Inc. Reports Fourth Quarter and 2011 Financial Results

02/23/2012| 10:43:32 AM| ChinaTravelNews 中文

AUSTIN, Texas, Feb. 22, 2012 (GLOBE NEWSWIRE) --HomeAway, Inc. (Nasdaq:AWAY), the world's largest online marketplace for vacation rentals, today reported its financial results for the fourth quarter and year ended December 31, 2011.

• 2011 Total Revenue of $230.2 Million, Up 37.1% Year-Over-Year

• 2011 Adjusted EBITDA of $66.8 Million, Up 54.5% Year-Over-Year

• TTM Free Cash Flow Generation of $64.0 Million, Up 24.4% Year-Over-Year

AUSTIN, Texas, Feb. 22, 2012 (GLOBE NEWSWIRE) --HomeAway, Inc. (Nasdaq:AWAY), the world's largest online marketplace for vacation rentals, today reported its financial results for the fourth quarter and year ended December 31, 2011. 

Management Commentary

"2011 was a year of significant accomplishment for HomeAway., characterized by strong financial performance, continued product innovation and ongoing marketplace optimization," says Brian Sharples, Chief Executive Officer of HomeAway. "Since becoming a publicly traded company in June, we have made tremendous progress towards achieving our stated growth initiatives while delivering consistent revenue and EBITDA growth and strong free cash flow generation. At the same time, we have strengthened the reach of our platform, growing our global online vacation rental marketplace to include more than 640,000 listings in over 168 countries worldwide. Distributing enhanced value across this platform has remained top-of-mind. 2011 marked the introduction of several value-added products and services, including tiered pricing and geographic bundling aimed at property owners and managers and traveler insurance products aimed at consumers." 

Mr. Sharples added, "Looking ahead to 2012, we will continue to focus on expanding the size and scope of our reach, while concurrently distributing our value-added services across our online marketplace and optimizing our platform to do so efficiently. We recognize that we are still in the very early days of building this Company and we look forward to leveraging our market-leading position to capture the opportunities that lie ahead." 

Fourth Quarter 2011 Financial Highlights

• Total revenue increased 28.5% to $58.5 million from $45.5 million in the fourth quarter of 2010. Growth in total revenue primarily reflects record strength in renewal rates, increases in new listings and the benefit of new ancillary service revenue.  

• Listing revenue increased 25.9% to $50.8 million from $40.3 million in the fourth quarter of 2010. 

• Adjusted EBITDA increased 83.9% to $16.7 million from $9.1 million in the fourth quarter of 2010. As a percentage of revenue, Adjusted EBITDA was 28.6%, an increase of approximately 860 basis points over 20.0% in the fourth quarter of 2010.   

• Free cash flow increased 19.1% to $15.4 million from $13.0 million in the fourth quarter of 2010.

• Net loss attributable to common stockholders was $256 thousand, or $0.00 per diluted share compared to a net loss of $10.6 million or $0.27 per diluted share in the fourth quarter of 2010. This measure per diluted share excludes the impact of cumulative preferred stock dividends and discount accretion, which represented $8.9 million, or $0.23 per share, in the fourth quarter of 2010. 

• Cash, cash equivalents and short-term investments as of December 31, 2011 were $184.0 million. 

2011 Financial Highlights
 
• Total revenue increased 37.1% to $230.2 million from $167.9 million in 2010.  

• Listing revenue increased 30.5% to $199.5 million from $152.9 million in 2010. 

• Adjusted EBITDA increased 54.5% to $66.8 million from $43.2 million in 2010. As a percentage of revenue, Adjusted EBITDA was 29.0%, an increase of approximately 325 basis points over 25.7% in 2010.

• Free cash flow increased 24.4% to $64.0 million from $51.5 million for the prior year.

• Net loss attributable to common stockholders was $18.5 million, or $0.31 per diluted share compared to a net loss of $18.3 million or $0.48 per diluted share in 2010. This measure per diluted share includes the impact of cumulative preferred stock dividends and discount accretion of $24.7 million, or $0.41 per share, in the full year 2011 and $35.2 million, or $0.92 per share, in the full year 2010. As of December 31, 2011, the Company no longer had any preferred stock outstanding. 

Key Business Metrics

• Paid listings were 640,925, a year-over-year increase of 21.5% from 527,535 at the end of the fourth quarter of 2010. 

• Average revenue per listing during the fourth quarter was $321, compared to $311 during the fourth quarter of 2010. Average revenue per listing during the full year of 2011 was $341, compared to $318 during the full year of 2010. 

• Renewal rate was 76.8%, compared to 75.9% at the end of the fourth quarter of 2010 and 76.4% at the end of the third quarter of 2011. 

• Visits were 97.1 million during the fourth quarter, according to the Company's internal metrics, an increase of 21.8% year-over-year. According to the Company's internal metrics, visits during the full year of 2011 were 495.2 million, an increase of 24.3% year-over-year. 

Business Outlook

HomeAway management currently expects to achieve the following results for its first quarter ending March 31, 2012 and the year ending December 31, 2012, as follows:

First Quarter 2012
 
• Total revenue is expected to be in the range of $63.7 to $64.0 million.

• Adjusted EBITDA is expected to be in the range of $13.0 to $13.1 million. 

Full Year 2012

• Total revenue is expected to be in the range of $276.0 to $280.0 million.

• Adjusted EBITDA is expected to be in the range of $80.0 to $82.0 million.

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