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Trulia Reports Third Quarter 2013 Results

Stocks in this article: TRLA

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

“Trulia and Market Leader now offer an unprecedented, end-to-end marketing solution for real estate professionals, and we are already seeing evidence of the rapid adoption of our platform by the industry,” said Pete Flint, Chief Executive Officer of Trulia. “Trulia’s vibrant marketplace for consumers and real estate professionals, combined with Market Leader’s comprehensive operating system for the real estate industry, enabled us to add almost 5,900 more subscribers this quarter – the most we have ever added in a quarter. We now serve over 56,000 subscribers, by far the largest professional customer base in our industry.”

Beginning this quarter, Trulia and Market Leader will report their quarterly results as a combined company, following the completion of their merger on August 20, 2013. For the third quarter of 2013, Trulia will present its consolidated financial results on a GAAP basis, reflecting the stub period contribution from Market Leader from August 21, 2013, the date following the closing of the acquisition of Market Leader, through the end of the third quarter. For illustrative purposes and for ease of comparison with prior quarters, Trulia will also present its financial results on a pro forma basis assuming contribution from Market Leader for the entire third quarter of 2013.

Financial Highlights (reflecting contribution from Market Leader from August 21, 2013 through the end of the third quarter of 2013.)

  • Total revenue for the third quarter of 2013 was $40.3 million, up 117% year-over-year.
    • Marketplace revenue of $24.8 million, up 96% year-over-year. 1
    • Media revenue of $9.0 million, up 52% year-over-year. 1
    • Market Leader revenue of $6.5 million.
  • Net income attributable to common stockholders for the quarter was $7.0 million, or $0.19 on a diluted basis, compared with a net loss of $1.7 million, or $0.19 per share on a basic and diluted basis, in the third quarter of 2012.
  • Adjusted EBITDA for the quarter was $4.8 million, compared with $0.3 million in the third quarter of 2012. Excluding the contribution from Market Leader, Adjusted EBITDA for the quarter was $4.7 million.
  • Adjusted net income attributable to common stockholders for the quarter was $18.4 million, or $0.49 per share on a diluted basis, compared with an adjusted net loss of $0.9 million, or $0.10 per share on a basic and diluted basis, in the third quarter of 2012.

Financial Highlights (reflecting a full quarter contribution from Market Leader on a pro forma basis.)

  • Total revenue for the third quarter of 2013 was $48.1 million, an increase of 59% year-over-year.
    • Marketplace revenue of $24.8 million, up 96% year-over-year. 1
    • Media revenue of $9.0 million, up 52% year-over-year. 1
    • Market Leader revenue of $14.3 million, up 22% year-over-year.
  • Consolidated net loss attributable to common stockholders for the quarter was $5.4 million.
  • Adjusted EBITDA for the quarter was $5.7 million. Excluding the contribution from Market Leader, Adjusted EBITDA for the quarter was $4.7 million.

Key Business Metrics (Market Leader metrics are for the entire third quarter of 2013 on a pro forma basis. Market Leader did not historically disclose these metrics, so historical numbers and year-over-year comparisons are not provided.)

  • Monthly unique visitors in the quarter: 2
    • Trulia standalone: 35.3 million, an increase of 42% from 24.9 million in the same period last year.
    • Market Leader: 6.2 million to the more than 120,000 agent websites powered by Market Leader software.
  • Trulia mobile monthly unique visitors in the quarter:
    • Trulia standalone: 14.5 million, an increase of 88% from 7.7 million in the same period last year.
    • Market Leader: 1.3 million to agent websites powered by Market Leader software.
  • Subscribers at the end of the quarter:
    • Trulia standalone: subscribers were 36,401, an increase of approximately 4,300 subscribers over the prior quarter.
    • Market Leader: premium subscribers were 25,084, an increase of approximately 1,600 subscribers over the prior quarter.
    • Total combined subscribers were approximately 56,000.
      • Note: we estimate that there was a 20% overlap between the subscribers of Trulia and Market Leader during the third quarter of 2013.
    • Average monthly revenue per subscriber for the quarter:
      • Trulia standalone: ARPU was $186, a 21% increase from $154 in the same period last year.
      • Market Leader: ARPU from premium subscribers was $155.
    • New contributions to user-generated content:
      • Trulia standalone: totaled approximately 1.2 million during the quarter, a 39% increase from approximately 842,000 in the same period last year. As of September 30, 2013, this amounted to a cumulative total of more than 10 million contributions to user-generated content.

Selected Business Highlights

  • Map visualizations for hurricanes, wildfires, and tornadoes: Trulia released three new interactive natural hazard maps pinpointing areas across the United States that are prone to hurricanes, wildfires, and tornadoes. With these new maps, users will be able to visualize where their dream home is located relative to where natural hazards have hit.
  • Market Leader passes 150,000 professionals on its software platform: More than 150,000 real estate professionals are now using Market Leader’s award-winning real estate software platform. This milestone was driven by the breadth and depth of Market Leader's software platform, which is now powering many of the nation's leading real estate franchises, and six of the top ten brokerage companies in the United States.
  • Trulia adds 15 brokerages and franchises to Trulia Accelerate Program: Trulia Accelerate is a program that helps brokers recruit and retain agents by offering a customized package of products and services to accelerate productivity. Since launching in July, the program has gained 16 partners and empowers nearly 70,000 agents with industry leading products and resources to help increase their productivity. Currently, 13 of the 16 partner companies rank in the 2013 Real Trends 500, a ranking of real estate brokerages determined by closed sales volume.

Outlook – Fourth Quarter 2013

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

  • Total revenue is expected to be in the range of $48.5 to $50.0 million.
    • Trulia standalone revenue is expected to be in the range of $34.0 to $35.0 million.
    • Market Leader revenue is expected to be in the range of $14.5 to $15.0 million.
  • Adjusted EBITDA is expected to be in the range of $6.6 to $7.0 million. This represents 14% of revenue at the midpoint of the range.

Conference Call Details

A conference call to discuss Trulia’s third 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 866-515-2910, or internationally at 617-399-5124, using passcode 15165969. 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 98564854, until November 5, 2013.

Trulia will also release details of its results for the third quarter ended September 30, 2013 via Twitter on Tuesday, October 29, at 2 p.m. after the market close. Details of Trulia’s quarterly financial results can be viewed on Twitter at hashtag #TRLAearnings.

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