A detailed discussion of such risks and uncertainties is contained in our most recent Form 10-Q filed with the SEC on May 4, 2012. HomeAway undertakes no obligation to update any forward-looking statements except as required by law.On this call, we will refer to non-GAAP measures that were used in combination with GAAP results, provided with additional analytical tools to understand our operations. We have provided reconciliations of non-GAAP to GAAP measures in our earnings release distributed earlier today. With that, I will hand the call over to HomeAway's Chief Executive Officer and Chairman, Brian Sharples. Brian? Brian H. Sharples Thank you, Courtney and good afternoon, everyone. We appreciate your continued interest and support and look forward to sharing our second quarter results with you today. As of the end of this quarter, we've now been a public company for exactly 1 year, and prior to taking the company public, we went out of the road and laid out a set of strategic and financial goals for the coming 12 months. And I'm very pleased to say that our team has done a terrific job executing on virtually all of these goals during the last year as planned. With the exception of FX impacts, we have continued to deliver ahead of our original expectations while making significant strides against our long-term strategy and mission. The second quarter marked the continuation of our first quarter performance with revenues and EBITDA exceeding our stated outlook. Total revenues increased 22% year-on-year to approximately $72 million, and adjusted EBITDA grew 15% year-over-year to over $20 million. Net of foreign exchange, revenues increased by 26% and is reflective of second straight quarter of accelerating sales growth since Q4 of last year, which we're very happy to report. Free cash flow for the quarter was $18 million. On a trailing 12-month basis free cash flow was $76 million. That's an increase of 34% over the same period last year, leaving us with $221 million in cash and short-term investments in the balance sheet following the acquisition of Top Rural and the investment in Thuja [ph] that we discussed on the call last quarter.
Our performance against our previously stated outlook is especially notable in light of the economic headwinds that persisted throughout the first half of this year and the resulting impact on the euro. Since we provided our initial 2012 outlook in February, the euro has now declined more than 8%, and we've seen even larger percentage declines in foreign exchange in Brazil.Should the euro remain at these levels, it will most certainly have a continued impact on the remainder of the year, and Lynn, our CFO, will address those impacts in her remarks. We continue to monitor the broader economic situation in Europe where the status and pace of the market recovery remain still uncertain. But that said, demand levels for vacation rentals are stabilizing somewhat in Europe, with growth rates in visits returning to double digits for most of our sites and for the region as a whole, and even before the acquisition of Top Rural. Demand levels in North America and rest of world remain healthy, with the business attracting 159 million total visits during the quarter, an overall increase of 20% year-over-year, or 17%, if you exclude the impact from Top Rural. Expansion of our network continues to be a key driver of growth. Over the course of the quarter, we added another 37,000 listings, bringing our paid listing count at June 30 to approximately 736,000, an increase of over 17% versus the same quarter last year. On a pure organic basis, which excludes Top Rural, paid listings increased 15.5% over the prior-year period. Average revenue per listing, again, was down slightly on a year-over-year basis from $339 in the prior year period to $336 in Q2 of this year. The decline is due to many of the same reasons that we mentioned in the last call including an increase in PM listings and most importantly, the impact of FX rates, which is a huge driver. Read the rest of this transcript for free on seekingalpha.com