Wed, Mar. 25, 4:42 PM| Comment!
Sat, Feb. 28, 3:51 PM
- TechCrunch reports home/apartment rental platform Airbnb is in the process of raising funds at a $20B valuation - 2x what it was valued at in a $450M round last April. The company is "believed to be in the process of raising a war chest of close to $1 billion - with about half of that secured." Fidelity has been mentioned as a potential investor.
- Airbnb has 1M+ listings, operates in 34K cities within 190 countries, and has handled 30M booking nights over its history. The company has become a thorn in the side of top vacation home rentals platform HomeAway (NASDAQ:AWAY), though HomeAway (often used to rent secondary homes) has argued its listings are more complementary to Airbnb's (often used to rent primary homes) than competitive.
- There hasn't been any shortage lately of private tech companies that have reportedly sought or obtained $10B+ valuations. The list includes Snapchat, Pinterest, Palantir, and Uber.
- Previously: Gurley argues fear of missing out leading private valuations to soar
- Previously: HomeAway sues San Francisco over "Airbnb law"
Wed, Feb. 25, 11:29 AM
- After barely moving AH yesterday, HomeAway (NASDAQ: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.
- Q4 results, PR
Tue, Feb. 24, 4:02 PM
Mon, Feb. 23, 5:35 PM
- ACAS, AMRS, ARC, AWAY, AWK, BBRG, BGFV, BNFT, BOOM, CBI, CENX, CLGX, CLR, CPRT, DPM, DWA, DY, DYN, EIX, EPR, EXEL, FLTX, FMI, FSLR, GB, GNMK, HEI, HEP, HLS, HPQ, HURN, HWAY, INFI, JAZZ, KONA, KRA, LC, MATX, MMSI, NDSN, NFX, NKTR, NLY, NSTG, NUVA, NYMT, ORA, PZZA, QEP, RJET, RLYP, RRC, RUBI, SAM, SGY, SLCA, SM, TNDM, TRNX, TXTR, VRSK, VVUS, WBMD, XCO, Y, ZAGG
Dec. 1, 2014, 2:37 PM
- Down as much as 3.3% earlier today thanks to a tech selloff, HomeAway (AWAY - unchanged) has erased its losses thanks to a dealReporter column stating the company could be an M&A target.
- The vacation rental platform's shares are down 23% YTD. They sold off a month ago due to the soft Q4 guidance provided with a Q3 beat.
Nov. 5, 2014, 9:16 AM
- Gainers: CRTO +19%. JIVE +17%. YOD +16%. TTPH +12%. IBIO +11%. AEZS +9%. EXEL +8%. CLNY +7%. ANR +7%. ROYT +7%. EOG +6%. PHMD +6%. NICE +6%. VPCO +6%. ATVI +5%. VG +5%. CTSH +5%. WLT +5%. MACK +5%.
- Losers: CHUY -24%. NUS -22%. FEYE -16%. ZU -14%. TRIP -13%. SSYS -8%. MEMP -7%. NG -6%. ANV -6%. ARIA -6%. AWAY -6%.
Nov. 4, 2014, 5:49 PM
Nov. 4, 2014, 4:55 PM
- Though it beat Q3 estimates, HomeAway (NASDAQ:AWAY) is guiding for Q4 revenue of $107M-$109M, below a $112.4M consensus.
- No explanation is provided in the earnings release for the light outlook. Questions about competition from Airbnb (previous) will likely surface.
- Q3 listing revenue +27.2% Y/Y to $96.6M; other revenue +44.2% to $20.5M.
- Paid listings +33.8% Y/Y to 1.034M; average revenue per subscription listing +11.9% to $479; visits +17.3% to 232.1M. Renewal rate was flat at 71.7%.
- GAAP costs/expenses rose 37% Y/Y to $105.7M. Adjusted EBITDA totaled $31.6M, in-line with guidance of $31M-$32.3M. Adjusted EBITDA is expected to fall to $25.3M-$28.3M in Q4.
- Shares are close to a 52-week low of $27.95 in AH trading.
- Q3 results, PR
Nov. 4, 2014, 4:02 PM
Nov. 3, 2014, 5:35 PM
- ADEP, AMRS, ATVI, AWAY, AXLL, BIO, BIOL, BIRT, CALD, CBSO, CDXS, CERS, CHUY, CKEC, COHR, CORT, COUP, CRTO, CSU, DOX, DVN, ENPH, EXAM, EXEL, FANG, FEYE, FOXA, FRGI, GAS, GHDX, HR, ITRI, IVR, JAZZ, JIVE, JKHY, JMBA, KAR, MITT, MOSY, MPO, MYGN, NP, NRP, NSTG, NYMT, OAS, OCLR, OKE, OKS, PACD, PAYC, PBPB, PCYC, PEGA, PHH, PRI, PXD, PZZA, REGI, REXX, RLOC, RNR, RP, SBAC, SN, SPA, SQNM, TMH, TNET, TRIP, TTGT, TWO, TWOU, TX, UIL, WPX, XEC, XNPT, ZAGG, ZU
Nov. 3, 2014, 3:13 PM
- HomeAway (AWAY -0.1%) declares a new San Francisco ordinance that requires home/apartment owners to be permanent residents to rent property to short-term travelers "unconstitutional and unenforceable," and is seeking an injunction to prevent it from being enforced.
- The ordinance (if enforced/complied with) stands to affect HomeAway's business within S.F., given it depends heavily on rentals of second homes. Moreover, HomeAway would have trouble complying with the ordinance's requirement that vacation-rental platforms collect and remit San Francisco's 14% hotel tax, since the company acts as a listing service rather than a middleman, and might not even know when a home was rented through its site.
- Fast-growing home/apartment-rental platform Airbnb is widely seen as the main beneficiary of the ordinance, since it serves to legitimize Airbnb's operations within S.F. Airbnb, often used to rent out primary residences and now worth $10B, is viewed as a growing threat to HomeAway.
- For his part, HomeAway CEO Brian Sharples has argued overlap between the companies is limited, albeit while admitting they could compete more in time. Q3 results arrive tomorrow.
Sep. 30, 2014, 5:35 PM
Sep. 24, 2014, 7:47 AM
Sep. 22, 2014, 1:45 PM
- High-beta tech stocks are selling off hard as the Nasdaq registers a 1.3% decline. The selling is broad-based, with Internet, solar, and enterprise tech stocks all well-represented among the ranks of major decliners.
- Major Internet decliners: BIDU -4.7%. ANGI -7%. YELP -5.9%. AWAY -5.1%. CHGG -5.9%. GRUB -5.8%. P -5.2%. Z -4.6%. TRLA -4.8%. ATHM -7.9%. BITA -7%. DANG -5.9%. WB -5.3%.
- Solar: FSLR -4.5%. SCTY -7.5%. SPWR -4.5%. DQ -7.6%. JKS -5.5%. ASTI -6.3%. ENPH -5.5%. CSIQ -4.8%.
- Enterprise: WDAY -5.4%. GIMO -6.7%. VMEM -7.7%. IMPV -4.8%. MKTO -4.9%. SPRT -5.1%. CSOD -5.5%.
- Others: HIMX -4.6%. SIGM -5.6%. WATT -9.7%. CYNI -5.3%. ADNC -5.7%. PXLW -5%. SWIR -5.8%. MITK -6%. OCLR -6%.
Jul. 25, 2014, 11:49 AM
- 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
AWAY vs. ETF Alternatives
HomeAway Inc along with its subsidiaries operates an online marketplace for vacation rental industry. It enables property owners and managers to market properties available for rental to vacation travellers to search for and find available properties.
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