HomeAway, Inc. Reports First Quarter 2014 Financial Results

HomeAway, Inc. Reports First Quarter 2014 Financial Results

          − Total revenue of $105.7 million, up 33.0% year-over-year

         − Adjusted EBITDA of $26.2 million, up 19.9% year-over-year

   − Ending paid listings of approximately 952,000 up 28.2% year-over-year

          − Adjusted Renewal Rate of 76.2%, up from 74.9% in Q1 2013

AUSTIN, Texas, April 24, 2014 (GLOBE NEWSWIRE) -- HomeAway, Inc.
(Nasdaq:AWAY), the world's leading online marketplace for the vacation rental
industry, today reported its financial results for the first quarter ended
March 31, 2014.

Management Commentary

"I'm very pleased with our start to the year, and our team's continued focus
and execution which has, once again, allowed us to deliver financial results
ahead of our expectations," says Brian Sharples, chief executive officer of
HomeAway. "Revenue growth of 33% accelerated sharply from 2013 levels,
benefitting from both expansion of our marketplace as well as improved network
monetization, a result of our continued success with tiered pricing and
bundled product offerings."

Mr. Sharples continued, "Importantly, on the heels of our successful
pay-per-booking launch in the fourth quarter of 2013, the health of our
subscription business remains strong, as evidenced by two consecutive quarters
of improving renewal rates. With respect to pay-per-booking, while still early
in the rollout, the team continued to make strong progress in both the
deployment and rollout of our integrated and platform pay-per-booking
products. With this in mind, we look forward to making our platform
pay-per-booking product available to our largest European sites in the coming
quarter."

First Quarter 2014 Financial Highlights

  *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.

Key Business Metrics

  *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  686,000   706,238  691,785   697,481  724,699
period
Performance Listings, end of   56,299    68,994   81,567    192,394  227,144
period
Total Paid Listings, end of    742,299   775,232  773,352   889,875  951,843
period

Average Revenue per            $394      $416     $428      $435     $442
Subscription Listing
FX Neutral Year-Over-Year
Growth of Average Revenue per  13.5%     13.7%    15.3%     13.2%    10.7%
Subscription Listing

Corporate Developments

On March 5, 2014, HomeAway announced the acquisition of Glad to Have You,
Inc., the creator of the vacation rental industry's leading mobile guest
management solution designed specifically for property managers and homeowners
to improve the way they manage and communicate with guests during their stay.

On March 31, 2014, HomeAway completed a convertible debt offering in the
aggregate amount of $402.5 million, which includes the full exercise of the
initial purchasers' over-allotment option. HomeAway received net proceeds of
approximately $391.4 million after deducting fees and estimated offering
expenses payable by HomeAway. The notes will be senior, unsecured obligations
of HomeAway, and will bear interest at a rate of 0.125% per year. Interest
will be payable semi-annually in arrears on April 1 and October 1 of each
year, beginning on October 1, 2014. The notes will mature on April 1, 2019,
unless earlier repurchased or converted. Concurrent with the issuance of the
notes, HomeAway entered into convertible note hedge transactions which are
expected to reduce the potential dilution to HomeAway's common stock upon
conversion of the notes.HomeAway paid $85.9 million for the note hedge
transactions.Additionally in March 2014, HomeAway sold warrants for cash
consideration of $38.3 million to purchase shares of its common stock.The net
cash generated in March 2014 from these transactions was $343.9 million.

Mr. Sharples commented, "The convertible offering was very well received and
we were delighted with the exceptional terms of the deal. Having built
HomeAway by selected acquisitions, along with a focus on the organic growth of
the company, we look forward to leveraging the flexibility our expanded
financial position affords us to evaluate future targets across new markets,
geographies and technologies."

Business Outlook

HomeAway management currently expects to achieve the following results for
second quarter ending June 30, 2014 and full year ending December 31, 2014:

Second Quarter 2014

  *Total revenue is expected to be in the range of $109.0 to $111.0 million.
  *Adjusted EBITDA is expected to be in the range of $28.0 to $29.0 million.

Full Year 2014

  *Total revenue is expected to be in the range of $435.0 to $442.5 million.
  *Adjusted EBITDA is expected to be in the range of $117.0 to $122.5
    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 the first quarter
results on Thursday, April 24, 2014 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 13579461. Callers
outside the United States and Canada should join by dialing (201) 689-8562,
passcode 13579461. 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 April 24, 2014 through 11:59 p.m. Eastern Time / 10:59 p.m.
Central Time on May 8, 2014 by dialing (877) 870-5176, passcode 13579461, in
the United States and Canada or (858) 384-5517 outside the United States and
Canada, passcode 13579461.

About HomeAway

HomeAway, Inc. based in Austin, Texas, the world's leading online marketplace
for the vacation rental industry, with sites representing approximately
952,000 paid listings of vacation rental homes in 190 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; HomeAway.com.au and Stayz.com.au
in Australia; and Bookabach.co.nz in New Zealand. Asia Pacific short-term
rental site, travelmob.com, is also owned by HomeAway.

HomeAway also 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; roll-out of new products
and services; and potential future acquisitions.

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) the impact of pay-per-booking or other changes in HomeAway's pricing
policies or those of its competitors, (f) HomeAway's inability to execute its
product and services development roadmap, including e-commerce initiatives,
(g) the impact of general economic conditions, (h) fluctuations in foreign
exchange rates, (i) HomeAway's inability to introduce successful new products
and services; (j) the inability to integrate and grow recent acquisitions, and
(k) 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 February 26, 2014.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, non-GAAP net income and revenue adjusted for foreign
currency.Adjusted EBITDA, free cash flow, non-GAAP net income and constant
currency revenue 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) attributable
to HomeAway, Inc. plus depreciation, amortization of intangible assets,
interest expense, net, income tax expense (benefit), stock-based compensation
expense, net income (loss) attributable to noncontrolling interests, 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
non-GAAP net income as its net income (loss) attributable to HomeAway, Inc.
plus the after-tax effect of stock-based compensation expense, amortization of
intangible assets and the impact on noncontrolling interests of these items,
utilizing a tax rate of 35%.The income tax effect of adjustments to non-GAAP
net income assists investors in understanding the tax provision related to
those adjustments and a tax rate of 35% related to ongoing operations. Revenue
adjusted for foreign currency assumes foreign currency exchange rates used for
translation based on the rates in effect for the comparable prior-year period.
In order to compute constant currency revenue, HomeAway divides its monthly
U.S. dollar results by the applicable current year monthly average foreign
exchange rates and then multiplies those amounts by the applicable prior year
monthly average foreign exchange rates.

HomeAway management believes that the use of Adjusted EBITDA, free cash flow,
non-GAAP net income and constant currency revenue are useful to investors in
evaluating its operating performance for the following reasons:

  *HomeAway management uses Adjusted EBITDA, free cash flow, non-GAAP net
    income and constant currency revenue 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, non-GAAP net income and constant
    currency revenue 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, non-GAAP net
    income and constant currency revenue 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, non-GAAP net income and constant currency
    revenue; and
  *Adjusted EBITDA and non-GAAP net income exclude 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, non-GAAP net income and constant currency
revenue 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, non-GAAP net income or constant currency revenue 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, non-GAAP net income and constant currency
revenue 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 non-GAAP 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^

We define a paid listing as an advertisement for a property paid via
subscription or on a performance basis and displayed on one or more websites
in our marketplace. Although listings may be displayed on multiple sites, a
paid listing is counted only one time on its native HomeAway brand, or
HomeAway website from which the listing originated.Subscription-based paid
listings are purchased in advance by property owners or managers as a form of
advertising to promote their vacation rentals to prospective travelers on one
or more of our websites, typically for one year.Performance-based paid
listings allow property owners and managers to list a property with no initial
upfront fees and, instead, pay us commissions on traveler bookings or fees on
traveler inquiries.

Average revenue per subscription listing is computed by HomeAway as
subscription listing revenue for the period divided by the average of paid
subscription 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; and changes in brand mix.For the
purposes of providing a foreign exchange neutral growth rate, subscription
revenue per listing is calculated at prior year monthly foreign exchange
rates.

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.Unique property subscription listings that are
removed from property managers' accounts and subsequently replaced with new
subscription listings within the same property manager's account listings are
not considered as renewals in our renewal rate calculation. HomeAway includes
most brands in its calculation of renewal rate. Subscriptions to
BedandBreakfast.com, Toprural.es and Bookabach.co.nz 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 and Google
Analytics.

HomeAway, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
                                                               
                                                 ThreeMonthsEndedMarch 31,
                                                 2014           2013
Revenue:                                                        
Listing                                          $87,332      $66,945
Other                                            18,350        12,519
Total revenue                                    105,682       79,464
Costs and expenses:                                             
Cost of revenue (exclusive of amortization        15,937        13,281
shownseparately below)
Product development                              18,313        12,399
Sales and marketing                              35,617        26,367
General and administrative                       23,626        16,049
Amortization expense                             3,274         3,180
Total costs and expenses                         96,767        71,276
Operating income                                 8,915         8,188
Other income (expense):                                         
Interest income                                  164           243
Other expense, net:                               (2,535)       (1,591)
Total other income (expense)                     (2,371)       (1,348)
Income before income taxes                       6,544         6,840
Income tax expense                                (2,388)       (1,545)
Net income                                        4,156         5,295
Less: Net loss attributable to noncontrolling     (287)         --
interests
Net income attributable to HomeAway, Inc.         $4,443       $5,295
Net income per share attributable to HomeAway,                  
Inc.:
Basic and diluted                                 $0.05        $0.06
Weighted average number of shares outstanding:                  
Basic                                             92,699        83,940
Diluted                                           96,295        86,492
                                                               
                                                               

HomeAway, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
                                                                
                                                    March 31,    December 31,
                                                    2014       2013
Assets                                                           
Current assets:                                                  
Cash and cash equivalents                           $656,601   $324,608
Short-term investments                              113,889     66,798
Accounts receivable, net of allowance for doubtful
accounts of $1,094 and $1,038 as ofMarch 31, 2014   26,097      20,375
and December 31, 2013, respectively
Income tax receivable                                4,101       3,340
Prepaid expenses and other current assets           8,968       7,702
Restricted cash                                     800         1,607
Deferred tax assets                                 8,314       8,146
Total current assets                                818,770     432,576
Property and equipment, net                         40,304      39,807
Goodwill                                            528,335     507,611
Intangible assets, net                              85,664      80,665
Restricted cash                                     584         573
Deferred tax assets                                 1,353       1,120
Other non-current assets                            18,459      18,320
Total assets                                        $1,493,469 $1,080,672
Liabilitiesand stockholders' equity                             
Current liabilities:                                             
Accounts payable                                    $6,627     $3,539
Income tax payable                                  2,006       1,992
Accrued expenses                                    56,895      54,625
Deferred revenue                                    179,614     151,991
Total current liabilities                           245,142     212,147
Convertible senior notes, net                       303,044     --
Deferred revenue, less current portion              2,845       2,983
Deferred tax liabilities                            24,173      24,046
Other non-current liabilities                       7,806       7,557
Total liabilities                                   583,010     246,733
                                                                
Redeemable noncontrolling interests                  10,302      10,584
                                                                
Commitments and contingencies                                   
Stockholders' equity                                             
Common stock                                        9           9
Additional paid-in capital                          976,101     908,632
Accumulated other comprehensive loss                (1,857)     (6,747)
Accumulated deficit                                 (74,096)    (78,539)
Total stockholders' equity                           900,157     823,355
Total liabilities and stockholders' equity           $1,493,469 $1,080,672
                                                                
                                                                

HomeAway, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
                                                                  
                                                        ThreeMonths
                                                        Ended March 31,
                                                        2014       2013
                                                                  
Cash flows from operating activities                               
Net income                                              $4,156   $5,295
Adjustments to reconcile net income to net cash provided           
by operating activities:
Depreciation                                            3,763     3,044
Amortization of intangible assets                       3,274     3,180
Amortization of premiums on securities and other         552       801
Stock-based compensation                                10,221    7,456
Excess tax benefit from stock-based compensation        (3,579)   (1,358)
Deferred income taxes                                   (2,963)   (1,218)
Net realized/unrealized foreign exchange (gain) loss     1,758     (16)
Realized loss on foreign currency forwards              616       1,259
Changes in operating assets and liabilities, net of                
assets and liabilities assumed in businesscombinations:
Accounts receivable                                     (5,409)   (1,880)
Income tax receivable                                    (737)     (347)
Prepaid expenses and other assets                       (1,094)   (1,378)
Accounts payable                                        2,811     (258)
Accrued expenses                                        (3,982)   (406)
Income tax payable                                      3,576     (4)
Deferred revenue                                        26,763    22,300
Other non-current liabilities                           243       1,011
Net cash provided by operating activities               39,969    37,481
Cash flows from investing activities                               
Acquisition of businesses, net of cash acquired         (16,766)  --
Change in restricted cash                               815       (247)
Purchases of intangibles and other assets                (193)     (30)
Purchases of non-marketable equity investment            --       (3,667)
Purchases of short-term investments                     (50,560)  (62,713)
Proceeds from maturities of marketable securities        2,787     15,000
Net settlement of foreign currency forwards             (616)     (1,259)
Purchases of property and equipment                     (4,818)   (5,505)
Net cash used in investing activities                   (69,351)  (58,421)
Cash flows from financing activities                               
Proceeds from borrowings on convertible senior notes,    391,431   --
net
Proceeds from issuance of warrants                       38,278    --
Purchase of convertible note hedge                       (85,853)  --
Other financing activities                               (919)     --
Proceeds from exercises of options to purchase common    13,947    19,539
stock
Excess tax benefit from stock-based compensation        3,579     1,358
Net cash provided by financing activities               360,463   20,897
Effect of exchange rate changes on cash                 912       (2,189)
Net increase (decrease) in cash and cash equivalents    331,993   (2,232)
Cash and cash equivalents at beginning of period        324,608   189,478
Cash and cash equivalents at end of period              $656,601 $187,246
                                                                  
                                                                  

HomeAway, Inc.
Schedule of Non-GAAP Reconciliations
(Unaudited, in thousands)
                                                                   
                                                          ThreeMonths
                                                          Ended March 31,
                                                          2014      2013
Net income attributable to HomeAway, Inc.                  $4,443  $5,295
Add:                                                                
Depreciation and amortization                             7,037    6,224
Stock-based compensation                                  10,221   7,456
Interest income                                           (164)    (243)
Foreign exchange expense                                   2,521    1,535
Income tax expense                                         2,388    1,545
Net loss attributable to noncontrolling interests          (287)    --
Adjusted EBITDA                                           $26,159 $21,812
                                                                   
                                                          ThreeMonths
                                                          Ended March 31,
                                                          2014      2013
Cash provided by operating activities                     $39,969 $37,481
Excess tax benefit from stock-based compensation          3,579    1,358
Capital expenditures                                      (4,818)  (5,505)
Free cash flow                                            $38,730 $33,334
                                                                   
                                                          ThreeMonths
                                                          Ended March 31,
                                                          2014      2013
Net income attributable to HomeAway, Inc.                  $4,443  $5,295
Add:                                                                
Stock-based compensation                                  10,221   7,456
Amortization expense                                       3,274    3,180
Related tax effect                                         (4,723)  (3,723)
Impact on noncontrolling interests of non-GAAP adjustments (65)     --
Non-GAAP net income                                       $13,150 $12,208
                                                                   
                                                                   

HomeAway, Inc.
Supplemental Financial Information
(Unaudited, in thousands)
                                    
                           ThreeMonths
                           Ended March 31,
                           2014      2013
                                    
Stock-based compensation:            
Cost of revenue             $701    $845
Product development        2,714    1,727
Sales and marketing        2,172    1,608
General and administrative 4,634    3,276
Total                       $10,221 $7,456
                                    
                           ThreeMonths
                           Ended March 31,
                           2014      2013
                                    
Depreciation:                        
Cost of revenue             $1,100  $1,023
Product development        910      684
Sales and marketing        1,235    944
General and administrative 518      393
Total                       $3,763  $3,044
                                    

CONTACT: Investor Contact:
         Jen Ford
         Director, Investor Relations, HomeAway, Inc.
         (512) 505-1751
         investors@homeaway.com
        
         Media Contact:
         Eileen Buesing
         VP of Communications, HomeAway, Inc.
         (512) 493-0375
         ebuesing@homeaway.com

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