− Total revenue of $86.6 million, up 20.9% year-over-year
− Adjusted EBITDA of $24.8 million, up 19.3% year-over-year
− TTM Free cash flow generation of $91.6 million, up 21.0% year-over-year
AUSTIN, Texas, July 25, 2013 (GLOBE NEWSWIRE) -- HomeAway, Inc. (Nasdaq:AWAY), the world's leading online marketplace for the vacation rental industry, today reported its financial results for the second quarter ended June 30, 2013.
Management Commentary
"HomeAway delivered another strong quarter financially, with both revenue and Adjusted EBITDA topping the high-end of our expectations," says Brian Sharples, chief executive officer of HomeAway. "Our operational and financial performance underscores our leadership within the online vacation rental marketplace and the strength of our business model. We are pleased with our progress to date, and believe the opportunity ahead of us is significant. Continued development of our ecommerce platform and pay-per-booking model is anticipated to strengthen our core business as well as drive new market penetration. At the same time, we're excited to advance the business through our agreement to acquire travelmob™, which serves to strengthen HomeAway's investment in the fast-growing Asia Pacific market."
Second Quarter 2013 Financial Highlights
• Total revenue increased 20.9% to $86.6 million from $71.6 million in the second quarter of 2012. Growth in total revenue primarily reflected an increase in average revenue per listing as a result of tiered pricing and bundled product offerings, an increase in new listings and the benefit of ancillary product and service revenue.
• Listing revenue increased 21.6% to $73.3 million from $60.2 million in the second quarter of 2012.
• Other revenue, which is comprised of ancillary revenue from owners and travelers, advertising, software and other items, increased 17.3% to $13.3 million from $11.4 million in the second quarter of 2012. Growth in other revenue primarily reflected the introduction and enhanced distribution of value-added owner, manager and traveler products.
• Adjusted EBITDA increased 19.3% to $24.8 million from $20.8 million in the second quarter of 2012. As a percentage of revenue, adjusted EBITDA was 28.7%.
• Free cash flow increased 6.4% to $19.2 million from $18.0 million in the second quarter of 2012.
• Net income was $5.5 million, or $0.06 per diluted share, compared to net income of $2.9 million, or $0.03 per diluted share, in the second quarter of 2012.
• Non-GAAP net income was $14.0 million, or $0.16 per diluted share, compared to non-GAAP net income of $9.5 million, or $0.11 per diluted share, in the second quarter of 2012.
• Cash, cash equivalents and short-term investments as of June 30, 2013 were $336.3 million, or approximately $3.84 per diluted share.
Key Business Metrics
• Paid listings at the end of the second quarter were 775,232, a year-over-year increase of 5.3% from 735,921 at the end of the second quarter of 2012.
• Average revenue per listing during the second quarter was $386, a 14.9% increase from $336 during the second quarter of 2012. Excluding the impact of FX and pay-per-lead listings, average revenue per subscription listing increased 13.7% year-over-year.
• Renewal rate was 72.4% at the end of the second quarter, compared to 75.3% at the end of the second quarter of 2012 and 73.6% at the end of the first quarter of 2013.
• Visits were 201.0 million during the second quarter, a year-over-year increase of 26.4%. During the fourth quarter of 2012, HomeAway began using a different tool for the measurement of visits for certain of its websites. On a comparable basis, HomeAway estimates that visits would have increased by 18.9% year-over-year.
Corporate Developments
On July 16, 2013, HomeAway announced it signed an agreement to acquire majority control of travelmob™, an online sta-rutp for vacation rental properties in Asia Pacific with over 14,000 short-term rental listings, in an all-cash transaction. HomeAway previously announced a distribution relationship with travelmob™ in March of this year.
Business Outlook
HomeAway management currently expects to achieve the following results for third quarter ending September 30, 2013 and the year ending December 31, 2013:
Third Quarter 2013
• Total revenue is expected to be in the range of $88.6 to $89.6 million.
• Adjusted EBITDA is expected to be in the range of $26.6 to $27.1 million.
Full Year 2013
• Total revenue is expected to be in the range of $339.0 to $341.0 million.
• Adjusted EBITDA is expected to be in the range of $96.5 to $98.0 million.
