HomeAway's financial report: HomeAway's total revenue in Q1 2012 reached US$64.1 million, up 23.4% year-on-year

April 24, 2012 : HomeAway, the world's largest online holiday home rental service provider, announced its financial results for the first quarter ended March 31 , 2012. Total revenue reached US$ 64.1 million, up 23.4% year-on-year .

"HomeAway's first quarter results are off to a strong start for the year, with excellent growth in both listings and renewals as we head into the holiday travel season," said Brian Sharples, HomeAway CEO. "Free cash flow continued to grow strongly, up 39% year-over-year, matching our EBITDA growth. The growth in our global online vacation rental network drove the financial results. The recent acquisition of Toprural supports our mission to make vacation rentals easy for every traveler by extending our network. We continue to add listings and offer new products and services to homeowners, property managers and travelers. We will reach a milestone on the technology front by migrating VRBO.com's backend systems to our common platform by the end of this summer."

Mr. Sharples said, “The strategic investment has enabled us to launch new product initiatives, including the recent release of our OverviewTM software product, which is designed to help small property managers automate the process of managing work schedules on a web-based system. Throughout the year, we also plan to release additional tools and services for homeowners and property managers, and continue to expand our network in the vacation rental market.”

• Total revenue reached US$64.1 million, up 23.4% year-over-year, primarily due to growth in renewal rates and the addition of new homes and other revenue.

• Paid listings revenue reached $54 million, up 19.5% year-over-year;

• Adjusted EBITDA was US$14 million, up 36.6% year-over-year; Adjusted EBITDA accounted for 21.8% of total revenue.

• Free cash flow reached US$27.6 million, an increase of 54.6% year-on-year.

• Net income attributable to common stockholders was $2.4 million, or $0.03 per diluted share.

• Net income was $7.4 million, or $0.09 per diluted share.

• Cash and short-term investments were $222.7 million.

Main business indicators

• The number of paid vacation rental listings reached 699,088, compared to 575,166 in the same period last year, an increase of 21.5% year-on-year.

• Average revenue per vacation home was $322, compared to $328 in the same period last year.

• The renewal rate was 77%, compared with 76.1% in the same period last year and 76.8% in the fourth quarter of 2011.

• The number of website visitors reached 159.7 million, a year-on-year increase of 16.6%, according to the company's internal data.

At the end of the first quarter, HomeAway acquired the Spanish accommodation rental platform Toprural for an all-cash transaction of 14 million euros. The acquisition of Toprural further strengthened HomeAway's network in the southern European market and consolidated its leading position in the Spanish market. As of December 31, 2011, Toprural had more than 11,600 paid and 29,900 free house listings, which were mainly distributed in Spain, France, Italy and Portugal.

Performance Outlook

Second quarter

• Total revenue is expected to reach US$70.5-71.3 million

• Adjusted EBITDA expected to be $18.7-$19 million

2012 Full Year

• Total revenue is expected to reach US$280.4-284.7 million

• Adjusted EBITDA expected to be $80-82 million