On-demand units grew 12% Y/Y to 8.7M (10% on an organic level), with revenue per unit expanding 8% Y/Y. Management noted on the conference call that results were buoyed by a sustained strong performance in the rental housing market.
Opex climbed 15.3% Y/Y: product development expense +7% to $12M, sales and marketing +18% to $19.9M, and general and administrative +20% to $12M.
EBITDA climbed 27% Y/Y to $23.7M, representing a 1.3% margin expansion.
Management guides for Q4 revenue of $102.7M-$104.2M (vs. consensus of $104M), EBITDA of $25M-$26M, and EPS of $0.16-$0.17 ($0.17). When prompted regarding FY 2014, management stated that it is targeting 20%-25% organic on-demand growth, with "acquisitions on top of that and expanding EBITDA margins."