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Trulia Reports Third Quarter 2012 Results



  Trulia Reports Third Quarter 2012 Results

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

Business Wire

SAN FRANCISCO -- November 07, 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        2,615         1,642           7,308         4,001
product
development
cost)
Technology and         5,235         3,626           15,140        10,277
development
Sales and              8,441         5,010           23,638        12,288
marketing
General and            3,631         1,660           9,656         4,191      
administrative
Total cost and
operating              19,922        11,938          55,742        30,757
expenses
Loss from              (1,378    )   (1,405    )     (8,211    )   (3,976    )
operations
Interest income        3             4               10            10
Interest expense       (268      )   (94       )     (759      )   (135      )
Change in fair
value of warrant       (46       )   -               (369      )   -          
liability
Loss before
provision for          (1,689    )   (1,495    )     (9,329    )   (4,101    )
income taxes
Provision for          -             -               -             -          
income taxes
Net loss
attributable to      $ (1,689    ) $ (1,495    )   $ (9,329    ) $ (4,101    )
common
stockholders
Net loss per
share
attributable to
common               $ (0.19     ) $ (0.22     )   $ (1.23     ) $ (0.62     )
stockholders,
basic and
diluted
Weighted average
shares used in
computing net
loss per share
attributable to        8,805,722     6,720,268       7,572,902     6,618,082  
common
stockholders,
basic and
diluted
                                                                  
                                                                  
Reconciliation
of Adjusted
EBITDA to net
loss:
                                                                  
Net loss
attributable to      $ (1,689    ) $ (1,495    )   $ (9,329    ) $ (4,101    )
common
stockholders
Non-GAAP
adjustments:
Interest income        (3        )   (4        )     (10       )   (10       )
Interest expense       268           94              759           135
Depreciation and       886           701             2,472         1,721
amortization
Change in fair
value of warrant       46            -               369           -
liability
Stock-based            793           304             1,809         1,141      
compensation
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                                        6,353               3,715

September 30, 2012 and December 31,
2011
Prepaid expenses and other current           1,333               524        
assets
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             282                 292
portion
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              35                  156
current portion
Long-term debt, net of current               8,016               8,862
portion
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'     $    119,446         $   24,195     
EQUITY

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               -                93
exchange for services
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         -                (4,300  )
investments
Reclass from cash equivalents to short-term        (85       )
investments
Maturities of short-term investments               4,300            -
Purchases of property and equipment                (3,387    )      (4,255  )
Net cash provided by (used in) investing           828              (6,110  )
activities
                                                                  
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering, net         93,279           -
of underwriting discounts
Payment of costs related to initial public         (2,401    )      -
offering
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             -                45       
warrants
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           7,041            4,395    
period
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     $   1,431         $  -        
and accrued liabilities
Stock-based compensation capitalized in        $   30            $  21       
product development costs
Conversion of preferred stock warrants to      $   666           $  -        
common stock warrants
Purchase of equipment under capital leases     $   119           $  440      
Net change related to purchase of equipment    $   (90       )   $  (500    )
in accounts payable and accrued liabilities

Contact:

Trulia, Inc.
Ian Lee, 415-400-7238 (Investor Relations)
ir@trulia.com
Ken Shuman, 415-517-7211 (Media)
pr@trulia.com
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