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Trulia Reports Fourth Quarter and Full Year 2012 Results



  Trulia Reports Fourth Quarter and Full Year 2012 Results

        Rapid increase in mobile traffic and strong subscriber growth

  * Record fourth quarter revenue of $20.6 million, up 75% year-over-year
  * Fourth quarter total traffic of 23.6 million monthly unique visitors, up
    50% year-over-year, and 5.8 million mobile monthly unique visitors, up
    119% year-over-year
  * New user-generated content contributions in the fourth quarter of
    approximately 810,000, up 84% year-over-year
  * Second consecutive quarter of positive Adjusted EBITDA

Business Wire

SAN FRANCISCO -- February 12, 2013

Trulia, Inc. (NYSE: TRLA), a leading online marketplace for homebuyers,
sellers, renters and real estate professionals, today announced financial
results for the fourth quarter and full year ended December 31, 2012.

“2012 was a milestone year for Trulia,” said Pete Flint, Chief Executive
Officer of Trulia. “We helped a record number of consumers find a great place
to live, while connecting over 24,400 subscribers with those transaction-ready
consumers. We finished the year on a resounding note, achieving record
quarterly revenue, a rapid increase in mobile traffic, and strong subscriber
growth. We are well positioned to grow in 2013 as the real estate market
continues its recovery.”

Fourth Quarter 2012 Financial Highlights

  * Total revenue for the fourth quarter of 2012 was $20.6 million, an
    increase of 75% year-over-year.

       * Marketplace revenue of $13.9 million, up 90% year-over-year.
       * Media Revenue of $6.7 million, up 51% year-over-year.

  * Net loss attributable to common stockholders for the quarter was $1.6
    million, or $0.06 per share on a basic and diluted basis, compared with
    $2.1 million, or $0.30 per share on a basic and diluted basis, in the
    fourth quarter of 2011.
  * Adjusted EBITDA for the quarter was $0.6 million, compared with -$0.7
    million in the fourth quarter of 2011.
  * Pro forma net loss attributable to common stockholders for the quarter was
    $0.8 million, or $0.03 per share on a basic and diluted basis, compared
    with $1.7 million, or $0.25 per share on a basic and diluted basis, in the
    fourth quarter of 2011.

Full Year 2012 Financial Highlights

  * Total revenue for the full year 2012 was $68.1 million, an increase of 77%
    year-over-year.

       * Marketplace Revenue of $45.5 million, up 104% year-over-year.
       * Media Revenue of $22.6 million, up 39% year-over-year.

  * Net loss attributable to common stockholders for the year was $10.9
    million, or $0.87 per share on a basic and diluted basis, compared with
    $6.2 million, or $0.92 per share on a basic and diluted basis, in the
    fourth quarter of 2011.
  * Adjusted EBITDA for the full year was -$3.4 million, compared with -$1.8
    million in 2011.
  * Pro forma net loss attributable to common stockholders for the year was
    $8.4 million, or $0.67 per share on a basic and diluted basis, compared
    with $4.7 million, or $0.70 per share on a basic and diluted basis, in the
    fourth quarter of 2011.

Key Business Metrics – Fourth Quarter 2012

  * Monthly unique visitors in the quarter were 23.6 million, an increase of
    50% from 15.7 million in the same period last year.
  * Mobile monthly unique visitors in the quarter were 5.8 million, an
    increase of 119% from 2.6 million in the same period last year.
  * Total subscribers at the end of the quarter were 24,443, a 45% increase
    from 16,849 in the same period last year.
  * Average monthly revenue per subscriber for the quarter was $172, a 46%
    increase from $118 in the same period last year.
  * New contributions to user-generated content totaled approximately 810,000
    during the quarter, an 84% increase from approximately 441,000 in the same
    period last year. As of December 31, 2012, this amounted to a cumulative
    total of more than seven million contributions.

Selected Business Highlights

Trulia announced several innovations during the quarter:

  * PRIMEDIA Strategic Partnership: Trulia announced a strategic partnership
    with PRIMEDIA, parent of Apartment Guide, enabling Apartment Guide’s
    collection of information and listings to become the exclusive
    multi-family inventory on Trulia. Trulia users can access photos and floor
    plans from more than 20,000 multi-family apartment communities and
    approximately 5 million units from ApartmentGuide.com, in addition to
    Trulia’s current rental inventory. The companies also formed the
    Trulia-PRIMEDIA Network, with Trulia selling display advertising and other
    media products on behalf of PRIMEDIA, and allowing advertisers to reach
    more than 32 million unique monthly visitors across Web and mobile
    platforms.
  * Trulia Mortgage Center: Trulia rolled out the Trulia Mortgage Center to
    help prospective homebuyers and homeowners find the best financing deal.
    The Mortgage Center provides personalized mortgage quotes that are updated
    in real-time and presented with detailed information about each quote. The
    online mortgage marketplace is available online at Trulia.com and through
    the Trulia Mortgage App for iPhone, iPad and iPod touch.
  * Windows 8 Trulia app: Trulia launched a custom real estate app for Windows
    8, just in time for the new Windows 8 devices that arrived during the 2012
    holiday season. The app provides a gallery of photos that highlights
    houses for sale and rent, along with new listings as they hit the
    marketplace.

Outlook – First Quarter 2013

Trulia is providing revenue and Adjusted EBITDA outlook for the first quarter
of 2013 as follows:

  * Revenue is expected to be in the range of $20.8 to $21.2 million. This
    represents 71% to 74% year-over-year growth.
  * Adjusted EBITDA is expected to be in the range of $0.8 to $1.2 million.
    This represents 4% to 6% of revenue.

Conference Call Details

A conference call to discuss Trulia’s fourth quarter and full year 2012
results will be held today at 2 p. m. Pacific Time (5 p.m. Eastern Time). A
live dial-in will be available at 866-713-8567, or internationally at
617-597-5326, using passcode 89580586. 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
72084202, until February 19, 2013.

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.

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 belief that we are well positioned to grow in 2013 as the
real estate market continues its recovery, and our expectations regarding our
revenue and Adjusted EBITDA for the first quarter of 2013. 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 the
possibility that the housing market does not continue to recover; the risk
that consumers, subscribers and advertisers do not continue to use our
marketplace; and the risk that we experience expenses that exceed our
expectations. 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 Quarterly Report on Form 10-Q for the three months ended
September 30, 2012, which was filed with the Securities and Exchange
Commission on November 13, 2012. 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 Measures: Adjusted EBITDA and Pro Forma Net Loss

Trulia’s stated results include certain non-GAAP financial measures, including
Adjusted EBITDA and pro forma net loss. 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. We define pro forma net loss as net loss adjusted to exclude
stock-based compensation. Adjusted EBITDA and pro forma net loss exclude 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 these non-GAAP financial measures to be important
because they provide useful measures of the operating performance of the
Company and are 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.

For future periods, Trulia is unable to provide a reconciliation of Adjusted
EBITDA to net loss as a result of the uncertainty regarding, and the potential
variability of, the amounts of interest income, interest expense, depreciation
and amortization, change in fair value of warrant liability, and stock-based
compensation that is expected to be incurred in the future.

TRULIA, INC.
Condensed Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
                                                                 
                 Years Ended December 31,        Three Months Ended
                                                 December 31,
                 2012             2011           2012             2011
                                                                   
Revenues         $ 68,085         $ 38,518       $ 20,554         $ 11,737
Costs and
expenses:
Cost of
revenues
(exclusive of
amortization       9,999            5,795          2,692            1,794
of product
development
cost)
Technology and     20,199           14,650         5,059            4,373
development
Sales and          33,747           17,717         10,109           5,429
marketing
General and        13,659           6,123          4,003            1,932      
administrative
Total costs        77,604           44,285         21,863           13,528
and expenses
Loss from          (9,519     )     (5,767    )    (1,309     )     (1,791    )
operations
Interest           50               17             26               7
income
Other expense      (1,083     )     (389      )    (309       )     (254      )
Change in fair
value of           (369       )     (16       )    -                (16       )
warrant
liability
Loss before
provision for      (10,921    )     (6,155    )    (1,592     )     (2,054    )
income taxes
Provision for      -                -              -                -          
income taxes
Net loss
attributable     $ (10,921    )   $ (6,155    )  $ (1,592     )   $ (2,054    )
to common
stockholders
Net loss per
share
attributable
to common        $ (0.87      )   $ (0.92     )  $ (0.06      )   $ (0.30     )
stockholders,
basic and
diluted
Weighted
average shares
used in
computing net
loss per share     12,538,769       6,657,045      27,328,415       6,772,664
attributable
to common
stockholders,
basic and
diluted
                                                                   
Reconciliation of pro forma net loss per share
attributable to common stockholders, basic and
diluted, to net loss:
                                                                   
Net loss
attributable       (10,921    )     (6,155    )    (1,592     )     (2,054    )
to common
stockholders
Stock-based
compensation       2,570            1,484          761              343        
(Note A)
                                                                               
Pro forma net
loss per share
attributable
to common        $ (8,351     )   $ (4,671    )  $ (831       )   $ (1,711    )
stockholders,
basic and
diluted
                                                                               
Pro forma net
loss per share
attributable
to common          (0.67      )     (0.70     )    (0.03      )     (0.25     )
stockholders,
basic and
diluted
                                                                   
                                                                   
Reconciliation
of Adjusted
EBITDA to net
loss:
                                                                   
Net loss
attributable     $ (10,921    )   $ (6,155    )  $ (1,592     )   $ (2,054    )
to common
stockholders
Non-GAAP
adjustments:
Interest           (50        )     (17       )    (26        )     (7        )
income
Other expense      1,083            389            309              254
Depreciation
and                3,585            2,496          1,112            775
amortization
Change in fair
value of           369              16             -                16
warrant
liability
Stock-based
compensation       2,570            1,484          761              343        
(Note A)
Adjusted         $ (3,364     )   $ (1,787    )  $ 564            $ (673      )
EBITDA
                                                                   
 
Note (A)
Stock -based
compensation
was allocated
as follows:
                                                                   
                 Year Ended December 31,         Three Months Ended
                                                 December 31,
                   2012             2011           2012             2011       
Cost of          $ 32             $ 11           $ 12             $ 4
revenues
Technology and     930              482            301              163
development
Sales and          398              183            122              47
marketing
General and        1,210            808            326              129        
administrative
Total
stock-based      $ 2,570          $ 1,484        $ 761            $ 343        
compensation
                                                                   

TRULIA, INC.
Condensed Balance Sheets
(In thousands)
(Unaudited)
                                                            
                                         December 31, 2012   December 31, 2011
                                                              
ASSETS
CURRENT ASSETS
Cash and cash equivalents                $   100,017         $   7,041
Short-term investments                       -                   4,300
Accounts receivable, net of allowance
for doubtful accounts of $142 and $80        6,095               3,715
as of December 31, 2012 and December
31, 2011
Prepaid expenses and other current           1,413               524        
assets
Total current assets                         107,525             15,580
Restricted cash                              385                 -
Property and equipment, net                  7,069               5,548
Goodwill                                     2,155               2,155
Other assets                                 1,830               912        
TOTAL ASSETS                             $   118,964         $   24,195
                                                              
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable                         $   525             $   1,335
Accrued liabilities                          2,916               1,505
Accrued compensation and benefits            4,500               2,042
Deferred revenue                             13,296              4,827
Deferred rent, current portion               444                 387
Capital lease liability, current             217                 292
portion
Long-term debt, current portion              2,665               730
Preferred stock warrant liability            -                   297
Other current liabilities                    330                 -          
Total current liabilities                    24,893              11,415
Deferred rent, net of current portion        407                 638
Capital lease liability, net of              16                  156
current portion
Long-term debt, net of current portion       7,094               8,862
Other long-term liabilities                  20                  85         
Total liabilities                            32,430              21,156
Commitments and contingencies
STOCKHOLDERS' EQUITY
Convertible preferred stock                  -                   -
Common stock                                 -                   -
Additional paid-in capital                   133,659             39,243
Accumulated deficit                          (47,125   )         (36,204   )
Total stockholders' equity                   86,534              3,039      
TOTAL LIABILITIES AND STOCKHOLDERS'      $   118,964         $   24,195
EQUITY
                                                                            

TRULIA, INC.
Statements of Cash Flows
(In thousands)
(Unaudited)
 
                                                      Years Ended December 31,
                                                      2012          2011
CASH FLOWS FROM OPERATING ACTIVITIES:                              
Net loss                                              $ (10,921 )   $ (6,155 )
                                                                              
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization                           3,585         2,496
Stock-based compensation                                2,570         1,484
Provision for doubtful accounts                         95            176
Issuance of common stock warrants in exchange for       -             93
services
Change in fair value of warrant liability               369           16
Amortization of debt discount                           167           38
Amortization of debt issue cost                         30            10
Changes in operating assets and liabilities:
Accounts receivable                                     (2,475  )     (1,427 )
Prepaid expenses and other current assets               (889    )     (286   )
Other assets                                            (722    )     (168   )
Accounts payable                                        (864    )     336
Accrued liabilities                                     1,811         100
Accrued compensation and benefits                       2,458         666
Deferred rent                                           (174    )     651
Other current liabilities                               330           -
Deferred revenue                                        8,469         3,017
Other long-term liabilities                             (65     )     85      
Net cash provided by operating activities               3,774         1,132   
                                                                     
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in restricted cash                             (385    )     (2,200 )
Decrease in restricted cash                             -             4,645
Reclass from restricted cash to short-term              -             (4,300 )
investments
Maturities of short-term investments                    4,300         -
Purchases of property and equipment                     (5,506  )     (4,783 )
Net cash used in investing activities                   (1,591  )     (6,638 )
                                                                     
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering, net of           93,279        -
underwriting discounts
Payments of costs related to initial public             (3,832  )     -
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                   (334    )     (181   )
Proceeds from exercise of stock options                 1,680         408
Proceeds from exercise of common stock warrants         -             45      
Net cash provided by financing activities               90,793        8,152   
NET INCREASE IN CASH AND CASH EQUIVALENTS               92,976        2,646
CASH AND CASH EQUIVALENTS — Beginning of period         7,041         4,395   
CASH AND CASH EQUIVALENTS — End of period             $ 100,017     $ 7,041
                                                                     
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest                                $ 791         $ 263     
Cash paid for income taxes                            $ 4           $ 10      
                                                                     
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of preferred stock warrants in connection    $ -           $ 281     
with debt financing
Stock-based compensation capitalized in product       $ 66          $ 22      
development costs
Purchase of equipment under capital leases            $ 119         $ 439     
Net change related to purchase of equipment in        $ 54          $ (584   )
accounts payable and accrued liabilities
Conversion of preferred stock warrants to common      $ 666         $ -       
stock warrants

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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