Home > Home > HomeAway, Inc. Reports First Quarter 2012 Financial Results

HomeAway, Inc. Reports First Quarter 2012 Financial Results

04/25/2012| 1:32:38 PM| 中文

AUSTIN, Texas, April 24, 2012 (GLOBE NEWSWIRE) -- HomeAway, Inc. (Nasdaq:AWAY), the world's largest online marketplace for vacation rentals, today reported its financial results for the first quarter ended March 31, 2012.

Total revenue of $64.1 million, up 23.4% year-over-year

Adjusted EBITDA of $14.0 million, up 36.6% year-over-year

TTM Free Cash Flow generation of $73.7 million, up 39.3% year-over-year

AUSTIN, Texas, April 24, 2012 (GLOBE NEWSWIRE) -- HomeAway, Inc. (Nasdaq:AWAY), the world's largest online marketplace for vacation rentals, today reported its financial results for the first quarter ended March 31, 2012.

Management Commentary

"The first quarter marked a solid start to the year for HomeAway®, as evidenced by our impressive growth in listings and record renewal rates as we head further into the travel planning season," says Brian Sharples, Chief Executive Officer of HomeAway. "Free cash flow remained strong, up 39% year-over-year on a trailing twelve month basis, and in-line with our EBITDA growth. Our financial performance is enabled by the strength and growth of our global network for online vacation rentals. Our recent acquisition of Toprural supports our mission of strengthening the reach of our network by making every vacation rental and bed and breakfast in the world easily available to every traveler. In line with that mission, we are progressing with our growth initiatives to increase the number of listings in our network and launch new products and services to property owners, managers and travelers. We remain on-track to achieve a key technology milestone, the back-end migration of VRBO.com onto our common network by the end of the summer."

Mr. Sharples continued, "Strategic reinvestment in our business has led to exciting new product initiatives, including the recently launched OverviewTM software product, aimed at helping emerging and smaller property managers automate time-intensive tasks in one web-based system and better focus on growing their businesses. Throughout the remainder of 2012, we anticipate the launch of additional tools and services for our property owners and managers alike while concurrently focusing on expanding and further monetizing our reach within the vacation rentals marketplace."

First Quarter 2012 Financial Highlights

• Total revenue increased 23.4% to $64.1 million from $52.0 million in the first quarter of 2011. Growth in total revenue primarily reflects continued strength in renewal rates, increases in new listings and the benefit of other revenue.

• Listing revenue increased 19.5% to $54.0 million from $45.2 million in the first quarter of 2011.

• Adjusted EBITDA increased 36.6% to $14.0 million from $10.2 million in the first quarter of 2011. As a percentage of revenue, Adjusted EBITDA was 21.8%, an increase of approximately 210 basis points over 19.7% in the first quarter of 2011.

• Free cash flow increased 54.6% to $27.6 million from $17.8 million in the first quarter of 2011. On a trailing twelve month basis, free cash flow increased 39.3% to $73.7 million from $52.9 million in the comparable trailing twelve month period for the prior year.

• Net income attributable to common stockholders was $2.4 million, or $0.03 per diluted share, compared to a net loss attributable to common stockholders of $7.5 million or $0.19 per diluted share in the first quarter of 2011. This measure of net loss attributable to common stockholders and of net loss attributable to common stockholders per diluted share includes the negative impact of cumulative preferred stock dividends and discount accretion in the first quarter of 2011, which represented $9.1 million, or $0.23 per share.

• Pro forma net income was $7.4 million, or $0.09 per diluted share compared to pro forma net income of $6.4 million, or $0.17 per diluted share in the first quarter of 2011.

• Cash, cash equivalents and short-term investments as of March 31, 2012 were $222.7 million.

Key Business Metrics

• Paid listings were 699,088, a year-over-year increase of 21.5% from 575,166 at the end of the first quarter of 2011.

• Average revenue per listing during the first quarter was $322, compared to $328 during the first quarter of 2011.

• Renewal rate was 77.0% at the end of the first quarter, compared to 76.1% at the end of the first quarter of 2011 and 76.8% at the end of the fourth quarter of 2011.

• Visits were 159.7 million during the first quarter, according to the Company's internal metrics, an increase of 16.6% year-over-year.

Corporate Developments

Subsequent to quarter-end, HomeAway announced the acquisition of Top Rural S.L. (dba Toprural®), the leading site for independently-owned rural accommodations in Southern Europe, in an all cash transaction valued at €14,000,000. The acquisition of Toprural further broadens HomeAway's reach within the European market and solidifies its market leadership in Spain. As of December 31, 2011, Toprural had more than 11,600 paid listings and approximately 29,900 free listings in rural Spain, France, Italy and Portugal.

Business Outlook

HomeAway management currently expects to achieve the following results for its second quarter ending June 30, 2012 and the year ending December 31, 2012, as follows:

Second Quarter 2012

• Total revenue is expected to be in the range of $70.5 to $71.3 million.

• Adjusted EBITDA is expected to be in the range of $18.7 to $19.0 million.

Full Year 2012

• Total revenue is expected to be in the range of $280.4 to $284.7 million.

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

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