The analyst noted that HomeAway is benefiting from "Expedia's expertise in driving transactions, variable ad spending (particularly on paid search) and improving traffic conversions." Cantor Fitzgerald analysis showed online bookable listings with a traveler services fee (TSF) dominate top search results, which could drive transaction-based revenues over time. The analysis also found higher paid click volume, reflecting growing focus on variable advertising and transactions. "While HomeAway's transition to a transaction-driven model is still in the very early stages, we view the increase in paid click volume as an indication that HomeAway's efforts to replicate Expedia's playbook (by leveraging variable traffic to drive more transactions and improving conversions through iterative test/learn) are well under way," Khan highlighted. Get the full story at Benzinga