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HomeAway reports fourth quarter and full year 2014 financial results

02/25/2015| 9:40:14 AM| 中文

HomeAway, Inc. today reported its financial results for the fourth quarter and full year ended December 31, 2014.

AUSTIN, Texas, Feb. 24, 2015 (GLOBE NEWSWIRE) -- HomeAway, Inc. (Nasdaq:AWAY), the world's leading online marketplace for the vacation rental industry, today reported its financial results for the fourth quarter and full year ended December 31, 2014.

Management Commentary

"We've had a terrific year, delivering strong financial results and meaningful improvements in the traveler experience on our sites," says Brian Sharples, chief executive officer of HomeAway®. "HomeAway recently celebrated its tenth anniversary. Over the past decade, the company has experienced tremendous growth but what we're most proud of is bringing friends and families together in vacation rentals around the globe. Yesterday we introduced some elements of our new global integrated marketing campaign centered on the joy of "a whole vacation." The campaign focuses on the functional and emotional benefits HomeAway provides - the ability to travel with "the whole family" and stay together in "the whole house." Over the coming years we look forward to introducing more travelers to the space and privacy that a whole house rental provides, and to building the most preferred brand in the vacation rental industry."

Third Quarter 2014 Financial Highlights

Total revenue increased 21.5% to $109.7 million from $90.3 million in the fourth quarter of 2013. On an FX neutral basis, year-over-year revenue growth was 25.3%. Growth in total revenue primarily reflected an increase in listings, an increase in average revenue per subscription listing as a result of tiered pricing and bundled product offerings, and the benefit of ancillary product and services revenue.

Listing revenue increased 19.3% to $93.5 million from $78.4 million in the fourth quarter of 2013. On an FX neutral basis, year-over-year listing revenue growth was 23.5%.

Other revenue, which is comprised of ancillary revenue from owners, managers, and travelers, advertising, software and other items, increased 36.3% to $16.2 million from $11.9 million in the fourth quarter of 2013. Growth in other revenue primarily reflected increased adoption of value-added owner, manager and traveler products.

Net income attributable to HomeAway was $0.2 million, or $0.00 per diluted share, compared to net loss attributable to HomeAway of$1.6 million, or loss of $0.02 per diluted share, in the fourth quarter of 2013.

Adjusted EBITDA increased 36.0% to $28.6 million from $21.0 million in the fourth quarter of 2013. As a percentage of revenue, adjusted EBITDA was 26.1% compared to 23.3% in the fourth quarter of 2013.

Free cash flow decreased 0.6% to $23.3 million from $23.4 million in the fourth quarter of 2013.

Non-GAAP net income was $15.2 million, or $0.16 per diluted share, compared to non-GAAP net income of $6.9 million, or $0.08 per diluted share, in the fourth quarter of 2013.

Full Year 2014 Financial Highlights

Total revenue increased 28.9% to $446.8 million from $346.5 million in 2013. On an FX neutral basis, year-over-year revenue growth was 29.1%.  Growth in total revenue primarily reflected an increase in listings, an increase in average revenue per subscription listing as a result of tiered pricing and bundled product offerings, and the benefit of ancillary product and services revenue.

Listing revenue increased 26.2% to $371.9 million from $294.7 million in 2013. On an FX neutral basis, year-over-year listing revenue growth was 26.4%.

Other revenue, which is comprised of ancillary revenue from owners, managers, and travelers, advertising, software and other items, increased 44.4% to $74.8 million from $51.8 million in 2013. Growth in other revenue primarily reflected increased adoption of value-added owner, manager and traveler products.

Net income attributable to HomeAway was $13.4 million, or $0.14 per diluted share, compared to net income attributable to HomeAwayof $17.7 million, or $0.20 per diluted share, in 2013. 
Adjusted EBITDA increased 23.4% to $119.3 million from $96.7 million in 2013. As a percentage of revenue, adjusted EBITDA was 26.7% compared to 27.9% in 2013.

Free cash flow increased 25.9% to $117.1 million from $93.0 million in 2013.

Non-GAAP net income was $64.4 million, or $0.67 per diluted share, compared to non-GAAP net income of $49.8 million, or $0.56 per diluted share, in 2013. 

Key Business Metrics

Paid listings at the end of the fourth quarter of 2014 were approximately 1,043,000, a year-over-year increase of 17.2% from approximately 890,000 at the end of the fourth quarter of 2013. At the end of the fourth quarter, 714,000 of the listings were subscription listings and 329,000 were performance-based listings.

Average revenue per subscription listing during the fourth quarter of 2014 was $477, an FX neutral increase of 13.6% compared to the prior year.

Renewal rate was 71.7% at the end of the fourth quarter of 2014, compared to 72.5% at the end of the fourth quarter of 2013 and 71.7% at the end of the third quarter of 2014. Adjusting for the impact of consolidated listings and network bundles, renewal rate for the fourth quarter of 2014 would have been 72.6%, compared to 74.8% at the end of the fourth quarter of 2013 and 72.6% at the end of the third quarter of 2014.

Visits were 177.6 million during the fourth quarter, a year-over-year increase of 21.7%.

Business Outlook

HomeAway management currently expects to achieve the following results for the first quarter ending March 31, 2015 and full year endingDecember 31, 2015:

First Quarter 2015

Total revenue is expected to be in the range of $119.0 to $120.5 million, representing year-over-year growth of approximately 13% to 14% (FX neutral growth of approximately 20% to 21%).
Adjusted EBITDA is expected to be in the range of $22.5 to $23.5 million, or approximately 19.0% to 19.5% of revenue.

Full Year 2015

Total revenue is expected to be in the range of $510 to $520 million, representing year-over-year growth of approximately 14% to 16% (FX neutral growth of approximately 21% to 23%).
Adjusted EBITDA is expected to be in the range of $122 to $130 million, or approximately 24% to 25% of revenue.

TAGS: HomeAway | vacation rental | financial results
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