HomeAway, Inc. Reports Fourth Quarter and Full Year 2012 Financial Results

HomeAway, Inc. Reports Fourth Quarter and Full Year 2012 Financial Results

 − 2012 Total revenue of $280.4 million, up 21.8% year-over-year and up 24.6%
                    on an FX neutral basis, year-over-year

       − 2012 Adjusted EBITDA of $80.3 million, up 20.4% year-over-year

  − TTM Free Cash Flow generation of $85.3 million, up 32.2% year-over-year

AUSTIN, Texas, Feb. 20, 2013 (GLOBE NEWSWIRE) -- HomeAway, Inc. (Nasdaq:AWAY),
the world's leading online marketplace for the vacation rental industry, today
reported its financial results for the fourth quarter and full year ended
December 31, 2012.

Management Commentary

"2012 was a year of significant accomplishment for HomeAway," says Brian
Sharples, chief executive officer of HomeAway. "For the year, we delivered 22%
revenue growth and a 32% increase in free cash flow. We were especially
pleased to deliver throughout 2012 financial performance consistently in-line
to ahead of our expectations, while making significant strides against our
long-term strategy and broader mission."

Mr. Sharples continued, "Perhaps one of the most significant accomplishments
of 2012 was the migration of VRBO.com to our common network. Post-migration,
we achieved critical mass, with 75% of total listings now accessible on our
global platform. This undertaking paved the way for the introduction of a more
robust tiered pricing system with new bundled product offerings, the
advancement of e-commerce and an overall improved user experience for property
owners, managers and travelers."

"Of primary focus in 2013 is the continued rollout of our e-commerce
capabilities and in particular, the introduction of our pay-per-booking
pricing model and continued distribution of value-added services. To address
the e-commerce opportunity, we have a very focused product development
roadmap, which we feel confident our team will continue to deliver against,"
added Mr. Sharples.

Fourth Quarter 2012 Financial Highlights

  *Total revenue increased 22.4% to $71.6 million from $58.5 million in the
    fourth quarter of 2011. On an FX neutral basis, year-over-year revenue
    growth was 23.4%. Growth in total revenue primarily reflects an increase
    in new listings and the benefit of ancillary product and service revenue.
  *Listing revenue increased 22.8% to $62.4 million from $50.8 million in the
    fourth quarter of 2011, and 23.9% on an FX neutral basis, year-over-year.
  *Other revenue, which is comprised of ancillary revenue from owners and
    travelers, advertising, software and other items, increased 19.8% to $9.2
    million from $7.7 million in the fourth quarter of 2011. Growth in other
    revenue primarily reflects the introduction and enhanced distribution of
    value-added owner, manager and traveler products.
  *Adjusted EBITDA increased 27.6% to $21.3 million from $16.7 million in the
    fourth quarter of 2011. As a percentage of revenue, adjusted EBITDA was
    29.8%.
  *Free cash flow increased 47.1% to $21.9 million from $14.9 million in the
    fourth quarter of 2011.
  *Net income attributable to common stockholders was $4.5 million, or $0.05
    per diluted share, compared to a net loss attributable to common
    stockholders of $256 thousand, or break-even per diluted share, in the
    fourth quarter of 2011.
  *Pro forma net income was $11.6 million, or $0.14 per diluted share
    compared to pro forma net income of $5.9 million, or $0.07 per diluted
    share in the fourth quarter of 2011.

Full Year 2012 Financial Highlights

  *Total revenue increased 21.8% to $280.4 million from $230.2 million in
    2011. On an FX neutral basis, year-over-year revenue growth was 24.6%.
  *Listing revenue increased 19.3% to $238.0 million from $199.5 million in
    2011, and 22.5% on an FX neutral basis, year-over-year.
  *Other revenue increased 37.9% to $42.4 million from $30.8 million in 2011.
  *Adjusted EBITDA increased 20.4% to $80.3 million from $66.8 million in
    2011. As a percentage of revenue, adjusted EBITDA was 28.7%.
  *On a trailing twelve month basis, free cash flow increased 32.2% to $85.3
    million from $64.5 million in the comparable trailing twelve month period
    for the prior year.
  *Net income attributable to common stockholders was $15.0 million, or $0.18
    per diluted share, compared to a net loss attributable to common
    stockholders of $18.5 million or $0.31 per diluted share in 2011. The
    measures of net loss attributable to common stockholders and of net loss
    attributable to common stockholders per diluted share for 2011 include the
    negative impact of cumulative preferred stock dividends and discount
    accretion, which represented $24.7 million, or $0.41 per diluted share.
    Following the completion of HomeAway's initial public offering in June
    2011, there has been no preferred stock outstanding subsequent to the
    third quarter of 2011. As such, there is no such similar impact on these
    measures for the comparable period in 2012.
  *Pro forma net income was $40.6 million, or $0.48 per diluted share
    compared to pro forma net income of $29.2 million, or $0.49 per diluted
    share in 2011.
  *Cash, cash equivalents and short-term investments as of December 31, 2012
    were $269.8 million, or approximately $3.18 per diluted share.

Key Business Metrics

  *Paid listings at the end of the fourth quarter were 711,631, a
    year-over-year increase of 11.0% from 640,925 at the end of the fourth
    quarter of 2011.
  *Average revenue per listing during the fourth quarter was $349, an 8.7%
    increase from $321 during the fourth quarter of 2011. Excluding the impact
    of FX and pay-per-lead listings, average revenue per subscription listing
    would have been up 11.0%.
  *Renewal rate was 73.8% at the end of the fourth quarter, compared to 76.8%
    at the end of the fourth quarter of 2011.
  *Visits were 124.0 million during the fourth quarter, a year-over-year
    increase of 27.2%. During the fourth quarter, HomeAway began using a
    different tool for the measurement of visits for certain of its websites.
    On a comparable basis, HomeAway estimates that visits would have increased
    by 22.1% year-over-year.

Note: The recent ability of customers to consolidate listings and to purchase
network product bundles impacts comparability of HomeAway's previously
reported metrics for the fourth quarter of 2012, and for future periods.
Absent this change, HomeAway estimates:

  *Paid listings growth would have been as high as 13%;
  *Average revenue per listing would have been $345 and excluding the impact
    of FX and pay-per-lead listings, average revenue per subscription listing
    would have been up 9.6%; and
  *Renewal rate would have been 74.4%.

Business Outlook

HomeAway management currently expects to achieve the following results for
first quarter ending March 31, 2013 and the year ending December 31, 2013, as
follows:

First Quarter 2013

  *Total revenue is expected to be in the range of $78.0 to $79.0 million.
  *Adjusted EBITDA is expected to be in the range of $19.0 to $20.0 million.

Full Year 2013

  *Total revenue is expected to be in the range of $339.0 to $343.0 million.
  *Adjusted EBITDA is expected to be in the range of $97.5 to $100.5 million.

The above statements are based on current expectations and actual results may
differ materially as explained in the "Cautionary Statement Regarding
Forward-looking Statements" below. Information about HomeAway's use of
non-GAAP financial measures and key business metrics is provided below under
the captions "Use of Non-GAAP Financial Measures" and "Use of Key Business
Metrics."

Conference Call & Webcast Information

HomeAway will host a conference call to review and discuss its fourth quarter
and full year 2012 results today at 4:30 p.m. Eastern Time / 3:30 p.m. Central
Time. To participate in the conference call, investors should join ten minutes
prior to the scheduled start time. Callers in the United States and Canada
should join by dialing (877) 407-0789, passcode 408144. Callers outside the
United States and Canada should join by dialing (201) 689-8562, passcode
408144. In addition, a live webcast of the call will be accessible through the
Investor Relations section of HomeAway's website at
http://investors.homeaway.com and will be archived online for 60 days upon
completion of the conference call. For those unable to participate during the
live broadcast, a telephonic replay of the call will also be available from
7:30 p.m. Eastern Time / 6:30 p.m. Central Time on February 20, 2013 until
11:59 p.m. Eastern Time / 10:59 p.m. Central Time on March 6, 2013 by dialing
(877) 870-5176, passcode 408144, in the United States and Canada or (858)
384-5517 outside the United States and Canada, passcode 408144.

About HomeAway

HomeAway, Inc., based in Austin, Texas, the world's leading online marketplace
for the vacation rental industry, with sites representing over 711,000 paid
listings of vacation rental homes in 171 countries. Through HomeAway, owners
and property managers offer an extensive selection of vacation homes that
provide travelers with memorable experiences and benefits, including more room
to relax and added privacy, for less than the cost of traditional hotel
accommodations. The company also makes it easy for vacation rental owners and
property managers to advertise their properties and manage bookings online.
The HomeAway portfolio includes the leading vacation rental websites
HomeAway.com, VRBO.com and VacationRentals.com in the United States;
HomeAway.co.uk and OwnersDirect.co.uk in the United Kingdom; HomeAway.de in
Germany; Abritel.fr and Homelidays.com in France; HomeAway.es and Toprural.es
in Spain; AlugueTemporada.com.br in Brazil; and HomeAway.com.au in Australia.

In addition, HomeAway operates BedandBreakfast.com, the most comprehensive
global site for finding bed-and-breakfast properties, providing travelers with
another source for unique lodging alternatives to chain hotels. For more
information about HomeAway, please visit www.HomeAway.com.

Cautionary Statement Regarding Forward-looking Statements

This press release contains "forward-looking" statements, subject to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995,
which are based on HomeAway management's beliefs and assumptions and on
information currently available to management. Forward-looking statements
include information concerning HomeAway's expected, possible or assumed future
results of operations, growth and business outlook; planned continued rollout
of e-commerce capabilities, including the introduction of a pay-per-booking
pricing model and continued distribution of value-added services; ability to
achieve an aggressive product development roadmap.

Forward-looking statements include all statements that are not historical
facts and may be identified by terms such as "continues," "plans," "believes,"
"expects," "anticipates," "could," "look forward to," or similar expressions
and the negatives of those terms. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause HomeAway's
actual results, performance or achievements to be materially different from
any future results, performance or achievements expressed or implied by the
forward-looking statements. Factors that could cause or contribute to such
differences include, but are not limited to the following: (a) HomeAway's
inability to continue to attract and maintain a critical mass of property
listings and travelers, (b) a decrease in renewal of listings, (c) HomeAway's
inability to effectively manage its growth, (d) HomeAway's inability to
increase sales to existing property owners and managers and attract new ones,
(e) changes in HomeAway's pricing policies or those of its competitors, (f)
HomeAway's inability to effectively integrate acquired businesses
successfully, (g) the impact of general economic conditions, (h) fluctuations
in foreign exchange rates, (i) HomeAway's inability to introduce successful
new products and services and (j) such other risks and uncertainties described
more fully in documents filed with or furnished to the Securities and Exchange
Commission (the "SEC"), including HomeAway's most recent 10-K, filed on March
29, 2012 and HomeAway's most recent 10-Q, filed on November 7, 2012. All
information provided in this press release is as of the date hereof and,
except as required by law, HomeAway assumes no obligation to update this
information, even if new information becomes available in the future.

Use of Non-GAAP Financial Measures

This press release contains non-GAAP financial measures: Adjusted EBITDA, free
cash flow and pro forma net income. Adjusted EBITDA, free cash flow and pro
forma net income are financial measures that are not calculated in accordance
with accounting principles generally accepted in the United States, or GAAP.
HomeAway defines Adjusted EBITDA as its net income (loss) plus depreciation;
amortization of intangible assets; interest expense, net; income tax expense
(benefit); stock-based compensation expense, all net of any foreign exchange
income or expense. HomeAway defines free cash flow as its cash provided by
operating activities, adjusted for cash interest expense and excess tax
benefit (shortfall) from stock-based compensation, and subtracting capital
expenditures. For the purpose of calculating free cash flow, HomeAway
considers purchases of property, equipment, tenant improvements for its
offices, and software licenses (including costs associated with internally
developed software) as capital expenditures. HomeAway defines pro forma net
income as its net income (loss) plus the after-tax effect of stock-based
compensation expense and amortization of intangible assets, utilizing an
effective tax rate of 35%. The income tax effect of adjustments to pro forma
net income assists investors in understanding the tax provision related to
those adjustments and the effective tax rate of 35% related to ongoing
operations.

HomeAway management believes that the use of Adjusted EBITDA, free cash flow
and pro forma net income are useful to investors in evaluating its operating
performance for the following reasons:

  *HomeAway management uses Adjusted EBITDA, free cash flow and pro forma net
    income in conjunction with GAAP financial measures as part of its
    assessment of its business and in communications with its board of
    directors concerning its financial performance;
  *Adjusted EBITDA, free cash flow and pro forma net income provide
    consistency and comparability with HomeAway's past financial performance,
    facilitate period-to-period comparisons of operations, and also facilitate
    comparisons with other peer companies, many of which use similar non-GAAP
    financial measures to supplement their GAAP results;
  *Securities analysts use Adjusted EBITDA, free cash flow and pro forma net
    income as supplemental measures to evaluate the overall operating
    performance of companies, and HomeAway management anticipates that its
    investor and analyst presentations will include Adjusted EBITDA, free cash
    flow and pro forma net income; and
  *Adjusted EBITDA and pro forma net income excludes non-cash charges, such
    as depreciation, amortization and stock-based compensation, because such
    non-cash expenses in any specific period may not directly correlate to the
    underlying performance of HomeAway's business operations and can vary
    significantly between periods.

Adjusted EBITDA, free cash flow and pro forma net income should not be
reviewed in isolation. Investors should consider them in addition to, and not
as substitutes for, measures of HomeAway's financial performance reported in
accordance with GAAP. HomeAway's Adjusted EBITDA, free cash flow or pro forma
net income may not be comparable to similarly titled measures of other
companies because other companies may not calculate such measures in the same
manner as HomeAway does. Adjusted EBITDA, free cash flow and pro forma net
income have limitations as analytical tools. As an example, although
depreciation and amortization are non-cash charges, the assets being
depreciated or amortized will often need to be replaced in the future, and
Adjusted EBITDA, free cash flow and pro forma net income do not reflect any
cash requirements for these replacements. In addition, none of these measures
reflect future requirements for contractual obligations.

Further limitations of Adjusted EBITDA include:

  *this measure does not reflect changes in working capital;
  *this measure does not reflect interest income or interest expense; and
  *this measure does not reflect cash requirements for income taxes.

Reconciliation tables of the most comparable GAAP financial measures to the
non-GAAP measures used in this press release are included at the end of this
release.

Use of Key Business Metrics

A paid listing is defined by HomeAway as a fee to list a property
advertisement on one or more websites in its marketplace. A paid listing
allows a property owner or manager to include a description of the property,
along with location, pricing, availability, a specified number of photos and
contact information. Most listings are sold on a subscription basis, and some
listing packages may include listings on more than one of HomeAway's websites.
When purchased at the same time in one bundle, HomeAway counts this as one
paid listing. Listings are also sold on a pay-for-performance basis to
property managers.

Average revenue per listing is computed by HomeAway as listing revenue for the
period divided by the average of paid listings at the beginning and end of the
period and then annualizing the result. The price of listings varies by
website and can include various additional fees associated with listing
enhancements. The average revenue per listing may fluctuate based on the
timing and nature of acquisitions, impacting the number of average paid
listings for a given period; changes in HomeAway's base pricing; uptake of
listing enhancements; changes in the pricing of enhancements; changes in brand
and listing type mix; and the impact of foreign exchange rates on HomeAway's
listing revenue outside of the United States.

The renewal rate for HomeAway's subscription listings at the end of any period
is defined as the percentage of those paid listings that were active at the
end of the period ended twelve months prior that are still active as of the
end of the reported period. HomeAway includes most brands in its calculation
of renewal rate. Subscriptions to BedandBreakfast.com and Toprural.es remain
excluded until HomeAway can further develop its database system.

Visits to websites are measured by HomeAway through the use of a variety of
tools, including solutions from third parties such as Omniture, Google
Analytics and eStat.

                                                            
HomeAway, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
                                                            
                             Three Months Ended  Twelve Months Ended December
                              December 31,        31,
                             2012      2011      2012          2011
Revenue:                                                     
Listing                       $62,372 $50,790 $237,973    $199,457
Other                         9,185    7,665    42,431       30,766
Total revenue                 71,557   58,455   280,404      230,223
Costs and expenses:                                          
Cost of revenue (exclusive of
amortization shown separately 12,237   8,908    45,342       34,456
below)
Product development           12,092   8,655    43,152       32,744
Sales and marketing           22,066   20,403   93,366       81,532
General and administrative    14,275   12,882   56,311       47,268
Amortization expense          3,410    2,689    12,438       11,542
Total costs and expenses      64,080   53,537   250,609      207,542
Operating income              7,477    4,918    29,795       22,681
Other income (expense):                                      
Interest income               244      134      928          374
Other expense, net            (386)    (2,249)  (2,587)      (4,384)
Total other income (expense)  (142)    (2,115)  (1,659)      (4,010)
Income before income taxes    7,335    2,803    28,136       18,671
Income tax expense            (2,786)  (3,059)  (13,175)     (12,493)
Net income (loss)             4,549    (256)    14,961       6,178
Cumulative preferred stock
dividends and discount        --      --      --          (24,678)
accretion
Net income (loss)
attributable to common        $4,549  $(256)  $14,961     $(18,500)
stockholders
Net income (loss) per share
attributable tocommon                                       
stockholders:
Basic and diluted             $0.05   $0.00   $0.18       $(0.31)
Weighted average number of                                   
shares outstanding:
Basic                         83,200   80,499   82,382       59,549
Diluted                       85,410   80,499   84,942       59,549
                                                            

                                                                
HomeAway, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
                                                                
                                                    December 31, December 31,
                                                    2012         2011
Assets                                                           
Current assets:                                                  
Cash and cash equivalents                            $189,478   $118,208
Short-term investments                               80,330      65,748
Accounts receivable, net of allowance for doubtful
accounts of $633 and $425 as of December 31, 2012    16,343      15,929
and 2011, respectively
Income tax receivable                                775         --
Prepaid expenses and other current assets            7,312       5,680
Restricted cash                                      284         1,039
Deferred tax assets                                  5,425       4,090
Total current assets                                 299,947     210,694
Property and equipment, net                          32,901      25,865
Goodwill                                             312,412     301,015
Intangible assets, net                               59,727      61,515
Restricted cash                                      230         244
Deferred tax assets                                  1,807       1,794
Other non-current assets                             15,651      3,504
Total assets                                         $722,675   $604,631
Liabilitiesand stockholders' equity                             
Current liabilities:                                             
Accounts payable                                     $6,613     $3,102
Income tax payable                                   11,137      6,283
Accrued expenses                                     33,856      26,931
Deferred revenue                                     126,351     101,955
Deferred tax liabilities                             --         92
Total current liabilities                            177,957     138,363
Deferred revenue, less current portion               2,879       2,608
Deferred tax liabilities                             17,615      16,224
Other non-current liabilities                        7,191       6,427
Total liabilities                                    205,642     163,622
Commitments and contingencies                                    
Stockholders' equity                                             
Common stock                                         8           8
Additional paid-in capital                           618,700     558,667
Accumulated other comprehensive loss                 (5,450)     (6,480)
Accumulated deficit                                  (96,225)    (111,186)
Total stockholders' equity                           517,033     441,009
Total liabilities and stockholders' equity           $722,675   $604,631

                                                                  

HomeAway, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
                                                                  
                                                        TwelveMonths
                                                        Ended December 31,
                                                        2012       2011
Cash flows from operating activities                               
Net income                                               $14,961  $6,178
Adjustments to reconcile net income to net cash provided           
by operating activities:
Depreciation                                             11,051    8,429
Amortization of intangible assets                        12,438    11,542
Amortization of premiums on securities and other         2,364     352
Stock-based compensation                                 27,033    23,933
Excess tax benefit from stock-based compensation         (7,122)   (505)
Deferred income taxes                                    (3,119)   8,630
Loss (gain) on sale of investments and other             45        (95)
Net realized/unrealized foreign exchange loss            817       2,086
Realized loss on foreign currency forwards               1,910     2,537
Changes in operating assets and liabilities, net of                
assets and liabilities assumed in business combinations:
Accounts receivable                                      251       (7,170)
Income tax receivable                                    (672)     1,057
Prepaid expenses and other assets                        (6,987)   (6,297)
Accounts payable                                         3,376     (1,676)
Accrued expenses                                         4,457     4,864
Income tax payable                                       11,486    4,271
Deferred revenue                                         22,401    16,420
Deferred rent and other non-current liabilities          713       2,416
Net cash provided by operating activities                95,403    76,972
Cash flows from investing activities                               
Cash paid for businesses acquired, net of cash acquired  (16,207)  (4,748)
Change in restricted cash                                773       1,538
Cash paid for trademarks and other assets acquired       (251)     (302)
Cash paid for non-marketable equity investment           (6,446)   --
Purchases of short-term investments                      (57,080)  (66,206)
Proceeds from maturities of marketable securities        40,406    10,000
Proceeds from sales of marketable securities and other   --       1,731
Net settlement of foreign currency forwards              (1,910)   (2,537)
Purchases of property and equipment                      (17,260)  (12,978)
Net cash used in investing activities                    (57,975)  (73,502)
Cash flows from financing activities                               
Proceeds from exercise of options to purchase common     25,878    3,950
stock
Shares withheld for employee taxes                       --       (1,131)
Payments of dividends on preferred stock                 --       (54,436)
Proceeds from initial public offering, net underwriting  --       146,193
discount and offering cost
Payments for repurchase of preferred stock               --       (43,451)
Excess tax benefit from stock-based compensation         7,122     505
Net cash provided by financing activities                33,000    51,630
Effect of exchange rate changes on cash                  842       (2,589)
Net increase in cash and cash equivalents                71,270    52,511
Cash and cash equivalents at beginning of period         118,208   65,697
Cash and cash equivalents at end of period               $189,478 $118,208
                                                                  

                                                                 
HomeAway, Inc.
Schedule of Non-GAAP Reconciliations
(Unaudited, in thousands)
                                                                 
                                      ThreeMonths        TwelveMonths
                                      Ended December 31,  Ended December 31,
                                      2012      2011      2012      2011
Net income (loss)                      $4,549  $(256)  $14,961 $6,178
Add:                                                              
Depreciation and amortization          6,424    4,898    23,489   19,971
Stock-based compensation               7,477    6,754    27,033   23,933
Interest income                        (244)    (134)    (928)    (374)
Foreign exchange expense               333      2,395    2,618    4,555
Income tax expense (benefit)           2,786    3,059    13,175   12,493
Adjusted EBITDA                        $21,325 $16,716 $80,348 $66,756
                                                                 
                                      ThreeMonths        TwelveMonths
                                      Ended December 31,  Ended December 31,
                                      2012      2011      2012      2011
Cash provided by operating activities  $24,752 $19,501 $95,403 $76,972
Excess tax (shortfall) benefit from    (222)    (536)    7,122    505
stock-based compensation
Capital expenditures                   (2,619)  (4,074)  (17,260) (12,978)
Free cash flow                         $21,911 $14,891 $85,265 $64,499
                                                                 
                                      ThreeMonths        TwelveMonths
                                      Ended December 31,  Ended December 31,
                                      2012      2011      2012      2011
Net income (loss)                      $4,549  $(256)  $14,961 $6,178
Add:                                                              
Stock-based compensation               7,477    6,754    27,033   23,933
Amortization expense                   3,410    2,689    12,438   11,542
Related tax effect                     (3,810)  (3,305)  (13,815) (12,416)
Pro forma net income                   $11,626 $5,882  $40,617 $29,237
                                                                 

                                                    
HomeAway, Inc.
Supplemental Financial Information
(Unaudited, in thousands)
                                                    
                          ThreeMonths       TwelveMonths
                          Ended December 31, Ended December 31,
                          2012      2011     2012      2011
                                                    
Stock-based compensation:                            
Cost of revenue            $933    $491   $2,675  $1,805
Product development        1,669    1,395   5,642    5,023
Sales and marketing        1,666    1,750   6,629    6,292
General and administrative 3,209    3,118   12,087   10,813
Total                      $7,477  $6,754 $27,033 $23,933
                                                    
                          ThreeMonths       TwelveMonths
                          Ended December 31, Ended December 31,
                          2012      2011     2012      2011
                                                    
Depreciation:                                        
Cost of revenue            $997    $705   $3,682  $2,703
Product development        696      493     2,470    1,885
Sales and marketing        928      714     3,438    2,763
General and administrative 393      297     1,461    1,078
Total                      $3,014  $2,209 $11,051 $8,429
                                                    

CONTACT: Investor Contact:
         HomeAway Investor Relations
         (512) 505-1700
         investors@homeaway.com
         or Addo Communications at (310) 829-5400
        
         Media Contact:
         Eileen Buesing
         VP of Communications, HomeAway, Inc.
         (512) 493-0375
         ebuesing@homeaway.com
 
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