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Trulia Reports Second Quarter 2013 Results

Trulia, Inc. (NYSE: TRLA), a leading online marketplace for homebuyers, sellers, renters and real estate professionals, today announced financial results for the second quarter ended June 30, 2013.

“Driven by product innovation and strong sales force execution, we achieved another record quarter of revenue and subscriber growth,” said Pete Flint, Chief Executive Officer of Trulia. “In addition, our proposed acquisition of Market Leader will strengthen our position as a leading platform for consumers and professionals, with approximately 50,000 premium subscribers.”

Financial Highlights

  • Total revenue for the second quarter of 2013 was $29.7 million, an increase of 77% year-over-year.
    • Marketplace revenue of $20.9 million, up 89% year-over-year.
    • Media Revenue of $8.8 million, up 52% year-over-year.
  • Net loss attributable to common stockholders for the quarter was $2.4 million, or $0.07 per share on a basic and diluted basis, compared with $3.4 million, or $0.49 per share on a basic and diluted basis, in the second quarter of 2012.
  • Adjusted EBITDA for the quarter was $3.4 million, compared with -$1.8 million in the second quarter of 2012.
  • Adjusted net income attributable to common stockholders for the quarter was $1.6 million, or $0.05 per share on a basic and diluted basis, compared with an adjusted net loss of $2.9 million, or $0.41 per share on a basic and diluted basis, in the second quarter of 2012.
  • Entered into a definitive agreement to acquire Market Leader, Inc. (NASDAQ: LEDR, “Market Leader”), a provider of Software as a Service-based customer relationship management software for the real estate sector, for approximately $355 million or an implied price of $11.33 per share (based on Trulia’s closing share price on Tuesday, May 7, 2013, the date the parties entered into the definitive agreement).

Key Business Metrics

  • Monthly unique visitors in the quarter were 34.9 million, an increase of 49% from 23.5 million in the same period last year.
  • Mobile monthly unique visitors in the quarter were 13.0 million, an increase of 100% from 6.5 million in the same period last year.
  • Total subscribers at the end of the quarter were 32,123, a 49% increase from 21,544, in the same period last year.
  • Average monthly revenue per subscriber for the quarter was $194, a 31% increase from $148 in the same period last year.
  • New contributions to user-generated content totaled approximately 1.1 million during the quarter, a 44% increase from approximately 768,000 in the same period last year. As of June 30, 2013, this amounted to a cumulative total of more than 9 million contributions to user-generated content.

Selected Business Highlights

Trulia announced several highlights during the quarter:

  • Enhanced Mapping Tools: Trulia released interactive map visualizations that show even more comprehensive information for house hunters to provide insight on the best place to live. Building on Trulia’s robust suite of interactive visualizations, which already feature home values, crime, school rankings, commute times and local amenities, Trulia now enables consumers to view historical earthquake and flood data, allowing them to assess the risk of these natural disasters on a block-by-block level. Trulia’s map visualizations are now also fully integrated into its mobile offerings.
  • Continued Momentum in Rentals: Trulia launched its first dedicated iPad rentals application, providing a mobile offering customized to the needs of its rapidly growing rentals audience. With the universal app optimized for iPad, renters can access Trulia’s popular heat maps for rental prices, nearby amenities, schools, crime, commute, and historical natural disasters to find the perfect place to live. Trulia also introduced a new map dedicated to rentals that visualizes rental cost-per-bedroom in cities across America. This new feature lets renters easily pinpoint neighborhoods that are within their desired price range.
  • RE/MAX Agreement: Trulia announced a marketing agreement with RE/MAX, one of the leading real estate franchise companies, which has a global reach of 90,000 associates in more than 90 countries. Under the new agreement, RE/MAX agents will receive premium branded agent profiles, a custom training curriculum and valuable marketing and advertising products to help them reach mobile consumers, win more listings, and close more deals.

Outlook – Third Quarter 2013

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

  • Revenue is expected to be in the range of $30.5 to $31.5 million. This represents 65% to 70% year-over-year growth.
  • Adjusted EBITDA is expected to be in the range of $4.0 to $4.5 million. This represents 13% to 14% of revenue.

Conference Call Details

A conference call to discuss Trulia’s second quarter 2013 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 866-515-2913, or internationally at 617-399-5127, using passcode 48162182. 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 91836227, until August 7, 2013.

Trulia will also release details of its results for the second quarter ended June 30, 2013 via Twitter on Wednesday, July 31, 2013 after the market close. Details of Trulia’s quarterly financial results can be viewed on Twitter at hashtag #TRLAearnings.

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