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
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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
Jul. 24, 2014, 4:03 PM
Jul. 23, 2014, 5:35 PM
- ABAX, ACTG, ALGN, ALTR, AMZN, ATRC, AWAY, BAS, BCOV, BCR, BIDU, BJRI, BLDR, CB, CBI, CERN, CLS, COLM, CTCT, CYN, DECK, DGII, DLB, DTLK, ECHO, ELY, EPR, FET, FICO, FII, FLEX, FSL, GIMO, HBHC, IM, INFA, KLAC, LEG, LOGM, LSCC, MITK, MKTO, MLNX, MSCC, MTD, MTSN, MXIM, N, NR, NTGR, OLN, P, PACB, PEB, PFG, PFPT, QLGC, QLIK, RFMD, RGA, RGC, RSG, RVBD, SBAC, SBUX, SIVB, SPNC, SRCL, SWFT, SWI, SYA, TPX, TSRO, UHS, V, VR, VRSN, WOOF, WRE, WRI
Jun. 13, 2014, 4:10 PM
- Add HomeAway (AWAY +7.2%) to the list of Web local services providers to have shot higher on hopes Priceline's $2.6B acquisition of OpenTable will lead to more deals.
- HomeAway's vacation rental platform would complement Priceline/Expedia's hotel bookings offerings. The company also competes with TripAdvisor, which competes against Priceline's Kayak unit (albeit while acting as a Priceline referral source) and just bought European OpenTable rival LaFourchette.
Jun. 10, 2014, 9:28 AM
- BofA/Merrill has upgraded HomeAway (AWAY) to Neutral, and set a $32 PT. The firm cites a favorable valuation following a 29% YTD selloff.
- JPMorgan cut the vacation rentals site to Neutral on May 29. Shares fell in April in spite of a Q1 beat and above-consensus Q2 guidance.
- In spite of still-healthy growth, worries about competition from TripAdvisor and Airbnb have grown a bit.
May. 29, 2014, 9:45 AM
- MercadoLibre (MELI +3.8%) has been upgraded to Overweight by JPMorgan two weeks after agreeing to change its Venezuelan forex accounting.
- Portugal Telecom (PT -2.2%) has been cut to Hold by Berenberg.
- HomeAway (AWAY -5.3%) has been cut to Neutral by JPMorgan.
- Atmel (ATML +2.2%) has been started at Outperform by ING.
- ePlus (PLUS +1.2%) has been started at Outperform by William Blair.
- Sabre (SABR +1.1%) has been started at Outperform by Bernstein. A long line of IPO underwriters launched coverage with bullish ratings on Tuesday.
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