Stock Market Watch

HomeAway – Q4 and 2011 Financial Results

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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

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.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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