HomeAway Sees Profit for the First Quarter of 2011

HomeAway LogoHomeAway, which is currently seeking to raise around $230 million in an initial public offering, has just updated its registration statement to include all the results of the company’s first quarter 2011.

HomeAway operates one of the largest online vacation rental marketplaces under multiple brands including VacationRentals.com as well as VRBO.com. The company stated that revenues for the first quarter of 2011 totaled $52 million, which was a 44% increase compared to the first quarter earnings in 2010 of $36.1 million.

HomeAway also recorded a profit of $1.5 million. This reversed a loss of $803,000 in the same period earlier in the year. However, after paying out over $9 million in stock dividends, the loss attributable to common shareholders amounted to $7.5 million.

The adjusted earnings of HomeAway are probably a more reliable and accurate gauge due to the fact that it eliminates many non-cash items like stock-based compensation and depreciation. Adjusted EBITDA from HomeAway totaled $10.2 million in the first quarter, which was almost double from the same time last year when it was recorded at $5.8 million.

Today, HomeAway operates 31 sites in 11 languages in over 145 countries. The company’s marketplace includes more than 560,000 paid listings for vacation rentals which is up from the 499,000 from last year. The average revenue per listing has also increased for HomeAway jumping to $328 per listing from the $290 per listing from the same period last year.

Source: All Things D – HomeAway Books a First-Quarter Profit Ahead of IPO

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