Here is the press release:
HomeAway, Inc. (AWAY), the world's leading online marketplace for the vacation rental industry, today reported its financial results for the first quarter ended March 31, 2015.
"HomeAway achieved big steps forward on several important priorities during the first quarter, including the launch of our global marketing campaign and a surge in online booking adoption. Today we announced some leadership changes and we're taking this opportunity to realign our leadership team to position the company for the next stage of HomeAway's growth," says Brian Sharples, chief executive officer of HomeAway.
Mr. Sharples continued "Overall we were pleased with our Q1 results despite continued foreign exchange headwinds and some weakness in our European subscription business. The early indications from our marketing campaign were positive and I'm thrilled that we're back in the marketing game in a significant way. We had a blockbuster quarter for our online booking initiative, with 465,000 listings now online bookable due to both the popularity of the PPB product and a record number of subscribers adopting this feature. Our aggressive push into ecommerce and online booking is on track to achieve our goal of making nearly all our listings online bookable by the end of 2016."
First Quarter 2015 Financial Highlights
In a separate release issued today, HomeAway announced organizational changes, including a realignment of its leadership structure.
Brent Bellm, president and chief operating officer, is resigning to pursue other opportunities, effective in June. Brian Sharples, co-founder and chief executive officer, will resume the role of president and Tom Hale, chief product officer, will assume the title and newly defined role of chief operating officer.
Separately, Carl Shepherd, co-founder of HomeAway and chief strategy and development officer, has announced his intention to retire in the second half of the year.
In connection with the leadership departures, HomeAway announced several leadership changes:
Looking forward, chief financial officer Lynn Atchison says, "Our outlook reflects the near-term impact of the strengthening U.S. dollar, which we currently estimate will reduce full year revenue by approximately $40 million, or nine percentage points of growth, compared to the prior year. Our forecast has been further updated to reflect the popularity of our PPB product in Europe and lowered expectations for our European subscription business. As a reminder, our marketing investment in 2015 will be more pronounced in the first half of the year due to production costs and the seasonality of our business."
HomeAway management currently expects to achieve the following results for the second quarter ending June 30, 2015 and full year ending December 31, 2015:
Second Quarter 2015