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HomeAway, Inc. Reports Second Quarter 2011 Financial Results

AUSTIN, Texas July 27, 2011 June 30, 2011

Management Commentary

Brian Sharples

Second Quarter 2011 Financial Highlights

  • $58.7 million $41.6 million
  • $51.0 million $38.1 million
  • $18.2 million $12.5 million
  • $16.9 million $13.7 million $56.1 million $39.9 million
  • $2.2 million $14.9 million $13.4 million
  • $6.7 million ($0.17) $8.8 million $3.2 million $0.08 $11.7 million
  • June 30, 2011 $111.6 million July 5, 2011

Second Quarter 2011 Business Highlights

  • Asia-Pacific Australia Australia
  • Launch of the Reservation Manager product on two of HomeAway’s leading websites, HomeAway.com and VRBO.com, aimed at streamlining the inquiry and payments processes, allowing property owners and managers to accept credit cards and eChecks through a secure and automated process and permitting travelers the convenience of paying online from a trusted site.
  • Transition to auto-renewal of subscriptions on HomeAway.com and VRBO.com websites, anticipated to maintain high and predictable renewal rates.
  • Improvements in social media features, including the introduction of the Traveler Favorite feature on HomeAway.com, which allows travelers to maintain an account on HomeAway.com with an option to login using Facebook Connect, where they can save, categorize and view properties previously viewed or liked during their travel-planning process.  In addition, through HomeAway’s acquisition of Second Porch in the second quarter, HomeAway provided its property owners and managers the ability to market vacation rentals to travelers through their social networks on Facebook.
  • Expansion of the mobile platform with the initial release of the HomeAway iPad application.

Key Business Metrics

  • Paid listings were 626,661, compared to 525,187 at the end of the second quarter of 2010 and 575,166 at the end of the first quarter of 2011. Paid listings increased 19.3% year-over-year, or 15.5% when excluding the impact of listings acquired as a result of the acquisition of realholidays.com.au completed in the second quarter of 2011.
  • $339 $298 $328
  • Renewal rate was 76.2%, compared to 75.1% at the end of the second quarter of 2010 and 76.1% at the end of the first quarter of 2011.

Historical Quarterly Business Metrics

3/31/10

6/30/10

9/30/10

12/31/10

3/31/11

6/30/11

Average Revenue Per Listing

$290

$298

$314

$311

$328

$339

Ending Paid Listings

498,895

525,187

511,667

527,535

575,166

626,661

Initial Public Offering

June 30, 2011 July 5, 2011 $27.00 $148.9 million $97.9 million

Sharples continues, "This is an exciting time for HomeAway and our initial public offering marks a significant milestone in our history.  Despite our rapid growth to-date, we are most excited about the opportunities that lie ahead. With our global online platform, and our belief that consumer awareness of vacation rentals is on the rise, we are poised to capture an increasing share of the large and highly fragmented vacation rental marketplace as it transitions and consolidates online."  

Business Outlook

September 30, 2011 December 31, 2011

Third Quarter 2011

  • $57.0 to $58.0 million
  • $16.0 to $17.0 million

Full Year 2011

  • $224.0 to $226.0 million
  • $62.0 to $63.0 million

The above statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.  Information about HomeAway’s use of non-GAAP financial measures and key business metrics is provided below under the captions "Use of Non-GAAP Financial Measures" and "Use of Key Business Metrics".

Conference Call & Webcast Information

4:30 p.m. Eastern Time 3:30 p.m. Central Time the United States Canada the United States Canada http://investors.homeaway.com 7:30 p.m. Eastern Time 6:30 p.m. Central Time July 27, 2011 11:59 p.m. Eastern Time 10:59 p.m. Central Time August 10, 2011 the United States Canada the United States Canada

About HomeAway

Austin, Texas the United States United Kingdom Germany France Spain Brazil Australia

Cautionary Statement Regarding Forward-looking Statements

This press release contains "forward-looking" statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which are based on HomeAway management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning HomeAway’s expected, possible or assumed future results of operations, business outlook, potential business strategies, competitive position, industry environment, potential growth opportunities, potential market opportunities and the effects of competition.

Forward-looking statements include all statements that are not historical facts and may be identified by terms such as "continues," "plans," "believes," "expects," "anticipates," "could," or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause HomeAway’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to the following:  (a) HomeAway’s inability to attract and maintain a critical mass of property listings and travelers, (b) a decrease in renewal of listings, (c) HomeAway’s inability to effectively manage its growth, (d) HomeAway’s inability to increase sales to existing property owners and managers and attract new ones, (e) changes in HomeAway’s pricing policies or those of its competitors, (f) HomeAway’s inability to effectively integrate acquired businesses successfully, and (g) such other risks and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission (the "SEC"), including HomeAway’s Prospectus previously filed with the SEC pursuant to Rule 424(b)(4) on June 28, 2011.  All information provided in this press release is as of the date hereof and, except as required by law, HomeAway assumes no obligation to update this information, even if new information becomes available in the future.

Use of Non-GAAP Financial Measures

the United States

HomeAway management believes that the use of Adjusted EBITDA and free cash flow are useful to investors in evaluating its operating performance for the following reasons:

  • HomeAway management uses Adjusted EBITDA and free cash flow in conjunction with GAAP financial measures as part of its assessment of its business and in communications with its board of directors concerning its financial performance;
  • Adjusted EBITDA and free cash flow provide consistency and comparability with HomeAway’s past financial performance, facilitate period-to-period comparisons of operations, and also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results;
  • securities analysts use Adjusted EBITDA and free cash flow as supplemental measures to evaluate the overall operating performance of companies, and HomeAway management anticipates that its investor and analyst presentations will include Adjusted EBITDA and free cash flow; and
  • Adjusted EBITDA excludes non-cash charges, such as depreciation, amortization and stock-based compensation, because such non-cash expenses in any specific period may not directly correlate to the underlying performance of HomeAway’s business operations and can vary significantly between periods.

Adjusted EBITDA and free cash flow should not be reviewed in isolation. Investors should consider them in addition to, and not as substitutes for, measures of HomeAway’s financial performance reported in accordance with GAAP. HomeAway’s Adjusted EBITDA or free cash flow may not be comparable to similarly titled measures of other companies and because other companies may not calculate such measures in the same manner as HomeAway does. Adjusted EBITDA and free cash flow have limitations as analytical tools. As an example, although depreciation and amortization are non-cash charges, the assets being depreciated or amortized will often need to be replaced in the future, and Adjusted EBITDA and free cash flow do not reflect any cash requirements for these replacements. In addition, neither of these measures reflect future requirements for contractual obligations.

Further limitations of Adjusted EBITDA include:

  • this measure does not reflect changes in working capital;
  • this measure does not reflect interest income or interest expense; and
  • this measure does not reflect cash requirements for income taxes.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP measures used in this press release are included at the end of this release.

Use of Key Business Metrics

A paid listing is defined by HomeAway as a fee to list a property advertisement on one or more websites in its marketplace. A paid listing allows a property owner or manager to include a description of the property, along with location, pricing, availability, a specified number of photos and contact information. Most listings are sold on a subscription basis, and some listing packages may include listings on more than one of HomeAway’s websites. When purchased at the same time in one bundle, HomeAway counts this as one paid listing.

the United States

June 30, 2011

HomeAway, Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2011

2010

2011

2010

Revenue:

Listing

$  50,997

$  38,093

$  96,168

$  71,911

Other

7,684

3,548

14,480

5,840

Total revenue

58,681

41,641

110,648

77,751

Costs and expenses:

Cost of revenue (exclusive of amortization shown separately below)

8,651

6,245

17,109

12,038

Product development

8,428

4,354

15,439

8,198

Sales and marketing

20,616

13,769

43,278

29,799

General and administrative

11,412

9,872

21,686

18,686

Amortization expense

2,937

2,546

5,800

4,715

Total costs and expenses

52,044

36,786

103,312

73,436

Operating income

6,637

4,855

7,336

4,315

Other income (expense):

Interest expense

10

(1)

Interest income

59

59

116

117

Other income (expense)

(322)

(1,936)

(389)

(3,084)

Total other income (expense)

(253)

(1,877)

(273)

(2,968)

Income before income taxes

6,384

2,978

7,063

1,347

Income tax (expense) benefit

(4,216)

11,888

(3,362)

12,716

Net income

2,168

14,866

3,701

14,063

Cumulative preferred stock dividends and discount accretion

(8,819)

(8,775)

(17,884)

(17,432)

Dividend participation by preferred stockholders

(2,889)

Net income (loss) attributable to common stockholders

$  (6,651)

$  3,202

$  (14,183)

$  (3,369)

Net income (loss) per share attributable to common stockholders:

Basic and diluted

$  (0.17)

$  0.08

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