- After barely moving AH yesterday, HomeAway (NYSEARCA:AWAY) is up sharply today in response to its Q4 report. Though still well below a 52-week high of $47.69, shares are now up 30% in February.
- Though it beat Q4 estimates, the vacation rentals platform is guiding for Q1 revenue of $119M-$120.5M (below a $122.8M consensus) and full-year revenue of $510M-$520M (+14%-16% Y/Y and below a $527.6M consensus). Adjusted EBITDA is only expected to rise to $122M-$130M in 2015 from 2014's $119.3M.
- However, HomeAway adds a strong dollar (a problem for quite a few U.S. companies) is expected to have a $30M impact on 2015 sales, and a 100 bps impact on EBITDA margin.
- Q4 listing revenue +19.3% Y/Y to $93.5M; other revenue +36.3% to $16.2M. Paid listings +17.2% to 1.04M (714K subscription-based, 329K performance-based); site/app visits +21.7% to 177.6M; average revenue/listing +13.6% in constant currency to $477; renewal rate was 71.7%, flat Q/Q and down 80 bps Y/Y.
- GAAP costs/expenses rose 20% Y/Y to $102.6M (compares with 22% revenue growth). Free cash flow was $23.3M, down slightly Y/Y but above net income of $15.2M.
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Q4 results, PR