− Total revenue of $105.7 million, up 33.0% year-over-year
- Total revenue increased 33.0% to $105.7 million from $79.5 million in the first quarter of 2013. On an FX neutral basis, year-over-year revenue growth was 31.8%. Growth in total revenue primarily reflected an increase in average revenue per listing as a result of tiered pricing and bundled product offerings, an increase in new listings and the benefit of ancillary product and services revenue.
- Listing revenue increased 30.5% to $87.3 million from $66.9 million in the first quarter of 2013. On an FX neutral basis, year-over-year listing revenue growth was 29.1%.
- Other revenue, which is comprised of ancillary revenue from owners and travelers, advertising, software and other items, increased 46.6% to $18.4 million from $12.5 million in the first quarter of 2013. Growth in other revenue primarily reflected increased adoption of value-added owner, manager and traveler products.
- Adjusted EBITDA increased 19.9% to $26.2 million from $21.8 million in the first quarter of 2013. As a percentage of revenue, adjusted EBITDA was 24.8% compared to 27.4% in the first quarter of 2013. Impacting year-over-year comparability of Adjusted EBITDA in the first quarter of 2014 was approximately $1.8 million in one-time expenses related to a reserve for operating taxes outside of the United States.
- Free cash flow increased 16.2% to $38.7 million from $33.3 million in the first quarter of 2013. On a trailing twelve month basis, free cash flow increased 8.8% to $98.4 million from $90.4 million in the comparable trailing twelve month period for the prior year.
- Net income attributable to HomeAway was $4.4 million, or $0.05 per diluted share, compared to net income attributable to HomeAway of $5.3 million, or $0.06 per diluted share, in the first quarter of 2013.
- Non-GAAP net income was $13.2 million, or $0.14 per diluted share, compared to non-GAAP net income of $12.2 million, or $0.14 per diluted share, in the first quarter of 2013.
- Paid listings at the end of the first quarter were 951,843, a year-over-year increase of 28.2% from 742,299 at the end of the first quarter of 2013. At the end of the first quarter, 724,699 of the listings were subscription listings and 227,144 were performance-based listings.
- Average revenue per subscription listing during the first quarter was $442, an FX neutral increase of 10.7% compared to the prior year.
- Renewal rate was 73.1% at the end of the first quarter, compared to 73.6% at the end of the first quarter of 2013 and 72.5% at the end of the fourth quarter of 2013. Adjusting for the impact of consolidated listings and network bundles, renewal rate for the first quarter of 2014 would have been 76.2%, compared to 74.9% at the end of the first quarter of 2013 and 75.3% at the end of the fourth quarter of 2013.
- Visits were 245.1 million during the first quarter, a year-over-year increase of 18.3%.
|Historical Quarterly Business Metrics|
|For the three months ended:|
|March 31,||June 30,||September||December||March 31,|
|2013||2013||30, 2013||31, 2013||2014|
|Subscription Listings, end of period||686,000||706,238||691,785||697,481||724,699|
|Performance Listings, end of period||56,299||68,994||81,567||192,394||227,144|
|Total Paid Listings, end of period||742,299||775,232||773,352||889,875||951,843|
|Average Revenue per Subscription Listing||$394||$416||$428||$435||$442|
|FX Neutral Year-Over-Year Growth of Average Revenue per Subscription Listing||13.5%||13.7%||15.3%||13.2%||10.7%|