HomeAway +10.2% on Q2 beat, strong revenue guidance

Following a big Q2 beat, HomeAway (NASDAQ:AWAY) is guiding for Q3 revenue of $114.5M-$116.5M (above a $113.6M consensus), and full-year revenue of $444M-$449M (above a $441M consensus).

Paid listings +9% Q/Q and +34% Y/Y in Q2 to 1.04M - 745K subscription listings, 296K performance-based listings. Average revenue per subscription listing +7% Q/Q and +13.7% Y/Y to $473. Renewal rate was 72.8% vs. 73.1% in Q1 and 72.4% a year ago. Visits +14.2% Y/Y to 229.5M.

Listing revenue rose 28.7% Y/Y to $94.5M, while other revenue (ads, software, etc.) rose 49.7% to $19.7M.

Costs/expenses +30% to $101.6M, thanks to a sizable increase in sales/marketing spend. Nonetheless, free cash flow +85% to $35M, well above net income of $14.3M.

On the CC (transcript), CEO Brian Sharples talked at length about HomeAway's plans to ramp marketing spend in the coming years. He promises HomeAway will still be able to "stay the course on [its] pattern of EBITDA delivery."

Q2 results, PR

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