HomeAway has reported its financial results for the second quarter ended June 30, 2015. Revenues were up 10.1% year on year to USD 125.8 million. On an FX neutral basis, revenues grew 19.2% driven by an increase in average revenue per subscription listing as a result of tiered pricing and bundled product offerings, the benefit of ancillary product and services revenue, and an increase in listings.
EBITDA decreased 27% (17.6% on an FX neutral basis) to USD 24.1 million from USD 33.0 million for the second quarter 2014. This is an EBITDA margin of 19.1% - down from 28.9%.
"We've had another great quarter, delivering strong results at or above our expectations," says Brian Sharples, chief executive officer of HomeAway. "We are especially encouraged by the uptake of our online bookable listings, which grew to 50% of our inventory in the quarter and marks a significant milestone toward our 2016 goal to make nearly all of our listings online bookable."
Mr. Sharples continued, "Another important accomplishment in the first half of the year was the launch of our integrated marketing campaign. Post-launch, we have experienced an acceleration in traffic growth and brand awareness. We have started building a solid foundation for our multi-year marketing effort and look forward to continuing to bring friends and families together in vacation rentals around the globe through our network of sites."
Second Quarter 2015 Financial Highlights
Lynn Atchison, chief financial officer of HomeAway, says, "Our full year forecast for FX neutral revenue growth and EBITDA margins remain unchanged compared to the outlook provided in April. Our outlook reflects the near-term impact of the strengthening U.S. dollar, which we currently estimate will reduce full year revenue by approximately $37 million, or eight percentage points of growth, compared to the prior year. "
HomeAway management currently expects to achieve the following results for the third quarter ending September 30, 2015 and full year ending December 31, 2015:
Third Quarter 2015