Mobile drives record audience and revenue leading to first quarter of
positive adjusted EBITDA
-
Record revenue of $18.5 million, up 76% year-over- year
-
Record traffic of almost 25 million monthly unique visitors, with
mobile visitors increasing 129% year-over-year
-
Record number of new user-generated content contributions of
approximately 842,000, up 68% year-over-year
-
First quarter of positive adjusted EBITDA
SAN FRANCISCO--(BUSINESS WIRE)--Nov. 7, 2012--
Trulia, Inc. (NYSE: TRLA), a leading online marketplace for homebuyers,
sellers, renters and real estate professionals, today announced
financial results for the quarter ended September 30, 2012.
“In our first quarter as a public company, Trulia delivered record
traffic and record revenue contributing to the Company’s first quarter
of positive adjusted EBITDA,” said Pete Flint, Chief Executive Officer
of Trulia. “Our ability to monetize our mobile traffic at rates higher
than the web puts us in an advantageous position, as our industry
continues to migrate to mobile. Additionally, our competitive advantage
continues to grow as the Trulia community contributed unique insights at
a record pace of one new piece of user-generated content every 10
seconds during the quarter.”
Third Quarter 2012 Financial Highlights
-
Total revenue for the third quarter of 2012 was $18.5 million, an
increase of 76% year-over-year.
-
Net loss attributable to common stockholders for the quarter was $1.7
million, compared with $1.5 million in the third quarter of 2011.
-
Adjusted EBITDA for the quarter was $0.3 million, compared with -$0.4
million in the third quarter of 2011. This marked Trulia’s first
quarter of positive adjusted EBITDA.
-
Raised net proceeds of $89.4 million from the Company’s initial public
offering in September.
Key Business Metrics
-
Average monthly unique visitors in the quarter were 24.9 million, an
increase of 50% from 16.6 million in the same period last year.
-
Mobile monthly unique visitors in the quarter were 5.8 million, an
increase of 129% from 2.5 million in the same period last year.
-
Total subscribers at the end of the quarter were 22,763, a 34%
increase from 16,935 in the same period last year.
-
Average monthly revenue per subscriber for the quarter was $154, a 45%
increase from $106 in the same period last year.
-
New contributions to user-generated content totaled approximately
842,000 during the quarter, a 68% increase from approximately 500,000
in the same period last year. At the end of the third quarter of 2012,
this amounted to a cumulative total of more than six million pieces.
Selected Business Highlights
Trulia announced several innovations during the quarter:
-
Trulia Mobile Subscription Product Expansion: Trulia mobile
subscription units were expanded to the Trulia iPad app and are now
being served in the map view. Trulia also expanded the offering by
launching a six-month subscription package.
-
Commute Maps: Trulia rolled out its interactive Commute Maps, a
way to visualize driving and public transit times to best help
identify where you want to live in relation to where you commute
everyday to work. Commute Maps are fully integrated into your home
search along with Trulia’s crime maps, school maps and amenities.
-
Expansion of Mobile Offering: Trulia launched the Trulia Real
Estate App and the Trulia Rentals App for Amazon’s Kindle Fire HD
introducing new apps for maps and location-based searching to take
advantage of the Kindle Fire HD’s new features. Additionally, Trulia
updated its Trulia Rentals app for Android Phones, and released a
brand new rentals App for Android tablets.
Conference Call Details
A conference call to discuss Trulia’s third quarter 2012 results will be
held today at 2 p. m. Pacific Time (5 p.m. Eastern Time). A live webcast
of the conference call will be available on the Trulia Investor
Relations website at http://ir.trulia.com/.
A live dial-in will be available at 800-920-8624, or internationally at
617-597-5430, using passcode 78094682. Following the completion of the
call, a recorded replay of the webcast will be available on the Trulia
Investor Relations website for one year. A telephone replay of the call
will be available at 888-286-8010, or internationally at 617-801-6888,
using passcode 77067963, until November 14, 2012.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Forward-looking statements
generally relate to future events or our future financial or operating
performance. In some cases, you can identify forward-looking statements
because they contain words such as “may,” “will,” “should,” “expects,”
“plans,” “anticipates,” “could,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential” or
“continue” or the negative of these words or other similar terms or
expressions that concern our expectations, strategy, plans or
intentions. Forward-looking statements in this press release include,
but are not limited to, our expectations regarding industry transition
to mobile and the growth of our competitive advantage in user generated
content. Our expectations and beliefs regarding these matters may not
materialize, and actual results in future periods are subject to risks
and uncertainties that could cause actual results to differ materially
from those projected. These risks include our ability to monetize mobile
products and services and whether users continue to contribute valuable
content to our platform. The forward-looking statements contained in
this press release are also subject to other risks and uncertainties,
including those more fully described in our filings with the Securities
and Exchange Commission, including our Prospectus related to our initial
public offering of common stock filed pursuant to Rule 424(b) under the
Securities Act of 1933 (Registration No. 333-183364). The
forward-looking statements in this press release are based on
information available to Trulia as of the date hereof, and Trulia
disclaims any obligation to update any forward-looking statements,
except as required by law.
Use of Non-GAAP Financial Measure: Adjusted EBITDA
Trulia’s stated results include certain non-GAAP financial measures,
including Adjusted EBITDA. We define Adjusted EBITDA as net loss
adjusted to exclude interest income, interest expense, depreciation and
amortization, change in fair value of warrant liability, and stock-based
compensation. Adjusted EBITDA excludes these expenses as they are often
excluded by other companies to help investors understand the operational
performance of their business, and in the case of stock-based
compensation, can be difficult to predict. Trulia believes these
adjustments provide useful comparative information to investors.
Trulia also considers this non-GAAP financial measure to be important
because it provides a useful measure of the operating performance of the
Company and is used by the Company’s management for that purpose. In
addition, investors often use similar measures to evaluate the operating
performance of a company. Non-GAAP results are presented for
supplemental informational purposes only for understanding the Company’s
operating results. The non-GAAP results should not be considered a
substitute for financial information presented in accordance with
generally accepted accounting principles, and may be different from non-
GAAP measures used by other companies.
About Trulia
Trulia (NYSE: TRLA) gives home buyers, sellers, owners and renters the
inside scoop on properties, places and real estate professionals. Trulia
has unique info on the areas people want to live that can't be found
anywhere else: users can learn about agents, neighborhoods, schools,
crime, commute times and even ask the local community questions. Real
estate professionals use Trulia to connect with millions of
transaction-ready buyers and sellers each month via our hyper local
advertising services, social recommendations and top-rated mobile real
estate apps. Trulia is headquartered in downtown San Francisco. Trulia
is a registered trademark of Trulia, Inc.
|
TRULIA, INC.
|
|
Condensed Statements of Operations
|
|
(In thousands, except share and per share data)
|
|
(Unaudited)
|
|
|
|
|
Three Months September 30,
|
|
Nine Months September 30,
|
|
|
|
|
2012
|
2011
|
|
2012
|
2011
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
18,544
|
|
$
|
10,533
|
|
|
$
|
47,531
|
|
$
|
26,781
|
|
|
Cost and operating expenses:
|
|
|
|
|
|
|
|
|
Cost of revenue (exclusive of amortization of product development
cost)
|
|
|
|
2,615
|
|
|
1,642
|
|
|
|
7,308
|
|
|
4,001
|
|
|
Technology and development
|
|
|
|
5,235
|
|
|
3,626
|
|
|
|
15,140
|
|
|
10,277
|
|
|
Sales and marketing
|
|
|
|
8,441
|
|
|
5,010
|
|
|
|
23,638
|
|
|
12,288
|
|
|
General and administrative
|
|
|
|
3,631
|
|
|
1,660
|
|
|
|
9,656
|
|
|
4,191
|
|
|
Total cost and operating expenses
|
|
|
|
19,922
|
|
|
11,938
|
|
|
|
55,742
|
|
|
30,757
|
|
|
Loss from operations
|
|
|
|
(1,378
|
)
|
|
(1,405
|
)
|
|
|
(8,211
|
)
|
|
(3,976
|
)
|
|
Interest income
|
|
|
|
3
|
|
|
4
|
|
|
|
10
|
|
|
10
|
|
|
Interest expense
|
|
|
|
(268
|
)
|
|
(94
|
)
|
|
|
(759
|
)
|
|
(135
|
)
|
|
Change in fair value of warrant liability
|
|
|
|
(46
|
)
|
|
-
|
|
|
|
(369
|
)
|
|
-
|
|
|
Loss before provision for income taxes
|
|
|
|
(1,689
|
)
|
|
(1,495
|
)
|
|
|
(9,329
|
)
|
|
(4,101
|
)
|
|
Provision for income taxes
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
Net loss attributable to common stockholders
|
|
|
$
|
(1,689
|
)
|
$
|
(1,495
|
)
|
|
$
|
(9,329
|
)
|
$
|
(4,101
|
)
|
|
Net loss per share attributable to common stockholders, basic and
diluted
|
|
|
$
|
(0.19
|
)
|
$
|
(0.22
|
)
|
|
$
|
(1.23
|
)
|
$
|
(0.62
|
)
|
|
Weighted average shares used in computing net loss per share
attributable to common stockholders, basic and diluted
|
|
|
|
8,805,722
|
|
|
6,720,268
|
|
|
|
7,572,902
|
|
|
6,618,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to net
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders
|
|
|
$
|
(1,689
|
)
|
$
|
(1,495
|
)
|
|
$
|
(9,329
|
)
|
$
|
(4,101
|
)
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
(3
|
)
|
|
(4
|
)
|
|
|
(10
|
)
|
|
(10
|
)
|
|
Interest expense
|
|
|
|
268
|
|
|
94
|
|
|
|
759
|
|
|
135
|
|
|
Depreciation and amortization
|
|
|
|
886
|
|
|
701
|
|
|
|
2,472
|
|
|
1,721
|
|
|
Change in fair value of warrant liability
|
|
|
|
46
|
|
|
-
|
|
|
|
369
|
|
|
-
|
|
|
Stock-based compensation
|
|
|
|
793
|
|
|
304
|
|
|
|
1,809
|
|
|
1,141
|
|
|
Adjusted EBITDA
|
|
|
$
|
301
|
|
$
|
(400
|
)
|
|
$
|
(3,930
|
)
|
$
|
(1,114
|
)
|
|
TRULIA, INC.
|
|
Condensed Balance Sheets
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
101,590
|
|
|
$
|
7,041
|
|
|
Short-term investments
|
|
|
85
|
|
|
|
4,300
|
|
|
Accounts receivable, net of allowance for doubtful accounts of $98
and $80 as of
September 30, 2012 and December 31, 2011
|
|
|
6,353
|
|
|
|
3,715
|
|
|
Prepaid expenses and other current assets
|
|
|
1,333
|
|
|
|
524
|
|
|
Total current assets
|
|
|
109,361
|
|
|
|
15,580
|
|
|
Property and equipment, net
|
|
|
6,227
|
|
|
|
5,548
|
|
|
Goodwill
|
|
|
2,155
|
|
|
|
2,155
|
|
|
Other assets
|
|
|
1,703
|
|
|
|
912
|
|
|
TOTAL ASSETS
|
|
$
|
119,446
|
|
|
$
|
24,195
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
Accounts payable
|
|
$
|
943
|
|
|
$
|
1,335
|
|
|
Accrued liabilities
|
|
|
4,562
|
|
|
|
1,505
|
|
|
Accrued compensation and benefits
|
|
|
3,424
|
|
|
|
2,042
|
|
|
Deferred revenue
|
|
|
13,243
|
|
|
|
4,827
|
|
|
Deferred rent, current portion
|
|
|
348
|
|
|
|
387
|
|
|
Capital lease liability, current portion
|
|
|
282
|
|
|
|
292
|
|
|
Long-term debt, current portion
|
|
|
1,707
|
|
|
|
730
|
|
|
Preferred stock warrant liability
|
|
|
-
|
|
|
|
297
|
|
|
Total current liabilities
|
|
|
24,509
|
|
|
|
11,415
|
|
|
Deferred rent, net of current portion
|
|
|
497
|
|
|
|
638
|
|
|
Capital lease liability, net of current portion
|
|
|
35
|
|
|
|
156
|
|
|
Long-term debt, net of current portion
|
|
|
8,016
|
|
|
|
8,862
|
|
|
Other long-term liabilities
|
|
|
-
|
|
|
|
85
|
|
|
Total liabilities
|
|
|
33,057
|
|
|
|
21,156
|
|
|
Commitments and contingencies
|
|
|
|
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
Convertible preferred stock
|
|
|
-
|
|
|
|
-
|
|
|
Common stock
|
|
|
-
|
|
|
|
-
|
|
|
Additional paid-in capital
|
|
|
131,922
|
|
|
|
39,243
|
|
|
Accumulated deficit
|
|
|
(45,533
|
)
|
|
|
(36,204
|
)
|
|
Total stockholders' equity
|
|
|
86,389
|
|
|
|
3,039
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
119,446
|
|
|
$
|
24,195
|
|
|
TRULIA, INC.
|
|
Condensed Statements of Cash Flows
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2012
|
2011
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
Net loss
|
|
$
|
(9,329
|
)
|
$
|
(4,101
|
)
|
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
2,472
|
|
|
1,721
|
|
|
Stock-based compensation
|
|
|
1,809
|
|
|
1,141
|
|
|
Provision for doubtful accounts
|
|
|
53
|
|
|
163
|
|
|
Issuance of common stock warrants in exchange for services
|
|
|
-
|
|
|
93
|
|
|
Change in fair value of warrant liability
|
|
|
369
|
|
|
-
|
|
|
Amortization of debt discount
|
|
|
131
|
|
|
-
|
|
|
Amortization of debt issue cost
|
|
|
23
|
|
|
1
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable
|
|
|
(2,691
|
)
|
|
(1,219
|
)
|
|
Prepaid expenses and other current assets
|
|
|
(809
|
)
|
|
(149
|
)
|
|
Other assets
|
|
|
(533
|
)
|
|
(164
|
)
|
|
Accounts payable
|
|
|
(1,061
|
)
|
|
942
|
|
|
Accrued liabilities
|
|
|
2,385
|
|
|
44
|
|
|
Accrued compensation and benefits
|
|
|
1,382
|
|
|
154
|
|
|
Deferred rent
|
|
|
(180
|
)
|
|
522
|
|
|
Deferred revenue
|
|
|
8,416
|
|
|
2,232
|
|
|
Other long-term liabilities
|
|
|
(85
|
)
|
|
-
|
|
|
Net cash provided by operating activities
|
|
|
2,352
|
|
|
1,380
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
Increase in restricted cash
|
|
|
-
|
|
|
(2,200
|
)
|
|
Decrease in restricted cash
|
|
|
-
|
|
|
4,645
|
|
|
Reclass from restricted cash to short-term investments
|
|
|
-
|
|
|
(4,300
|
)
|
|
Reclass from cash equivalents to short-term investments
|
|
|
(85
|
)
|
|
|
Maturities of short-term investments
|
|
|
4,300
|
|
|
-
|
|
|
Purchases of property and equipment
|
|
|
(3,387
|
)
|
|
(4,255
|
)
|
|
Net cash provided by (used in) investing activities
|
|
|
828
|
|
|
(6,110
|
)
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from initial public offering, net of underwriting discounts
|
|
|
93,279
|
|
|
-
|
|
|
Payment of costs related to initial public offering
|
|
|
(2,401
|
)
|
|
-
|
|
|
Proceeds from long-term debt
|
|
|
-
|
|
|
12,035
|
|
|
Repayment of notes payable
|
|
|
-
|
|
|
(110
|
)
|
|
Repayments on long-term debt
|
|
|
-
|
|
|
(4,045
|
)
|
|
Repayments on capital lease liability
|
|
|
(250
|
)
|
|
(110
|
)
|
|
Proceeds from exercise of stock options
|
|
|
741
|
|
|
330
|
|
|
Proceeds from exercise of common stock warrants
|
|
|
-
|
|
|
45
|
|
|
Net cash provided by financing activities
|
|
|
91,369
|
|
|
8,145
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
94,549
|
|
|
3,415
|
|
|
CASH AND CASH EQUIVALENTS — Beginning of period
|
|
|
7,041
|
|
|
4,395
|
|
|
CASH AND CASH EQUIVALENTS — End of period
|
|
$
|
101,590
|
|
$
|
7,810
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
Cash paid for interest
|
|
$
|
586
|
|
$
|
93
|
|
|
Cash paid for income taxes
|
|
$
|
4
|
|
$
|
9
|
|
|
|
|
|
|
|
Non-cash investing and financing activities:
|
|
|
|
|
Deferred offering cost in accounts payable and accrued liabilities
|
|
$
|
1,431
|
|
$
|
-
|
|
|
Stock-based compensation capitalized in product development costs
|
|
$
|
30
|
|
$
|
21
|
|
|
Conversion of preferred stock warrants to common stock warrants
|
|
$
|
666
|
|
$
|
-
|
|
|
Purchase of equipment under capital leases
|
|
$
|
119
|
|
$
|
440
|
|
|
Net change related to purchase of equipment in accounts payable and
accrued liabilities
|
|
$
|
(90
|
)
|
$
|
(500
|
)
|
Source: Trulia, Inc.
Trulia, Inc.
Ian Lee, 415-400-7238 (Investor Relations)
ir@trulia.com
Ken
Shuman, 415-517-7211 (Media)
pr@trulia.com
|
