Exhibit 99.1
Trulia Reports First Quarter 2013 Results
Record revenue and subscriber growth to start the year
| | • | | First quarter revenue of $24.0 million, up 97% year-over-year |
| | • | | First quarter total traffic of 31.4 million monthly unique visitors, up 52% year-over-year, and 11.4 million mobile monthly unique visitors, up 122% year-over-year |
| | • | | New user-generated content contributions in the first quarter of approximately 1.1 million, up 69% year-over-year |
SAN FRANCISCO, April 30, 2013 – Trulia, Inc. (NYSE: TRLA), a leading online marketplace for homebuyers, sellers, renters and real estate professionals, today announced financial results for the first quarter ended March 31, 2013.
“Trulia achieved an excellent start to 2013,” said Pete Flint, Chief Executive Officer of Trulia. “We achieved another quarter of record revenue, driven by strong execution in both our Marketplace and Media businesses. Trulia’s mobile traffic continues to expand at a rapid rate, while our subscriber base grew by approximately 3,500 during the quarter.”
First Quarter 2013 Financial Highlights
| | • | | Total revenue for the first quarter of 2013 was $24.0 million, an increase of 97% year-over-year. |
| | • | | Marketplace revenue of $17.4 million, up 100% year-over-year. |
| | • | | Media Revenue of $6.6 million, up 91% year-over-year. |
| | • | | Net loss attributable to common stockholders for the quarter was $2.0 million, or $0.07 per share on a basic and diluted basis, compared with $4.2 million, or $0.61 per share on a basic and diluted basis, in the first quarter of 2012. |
| | • | | Adjusted EBITDA for the quarter was $1.2 million, compared with -$2.5 million in the first quarter of 2012. |
| | • | | Adjusted net loss attributable to common stockholders for the quarter was $0.6 million, or $0.02 per share on a basic and diluted basis, compared with $3.7 million, or $0.54 per share on a basic and diluted basis, in the first quarter of 2012. |
| | • | | Completion of a follow-on offering of approximately 7.14 million shares of common stock, in which Trulia sold approximately 4.02 million shares and certain selling stockholders sold an aggregate of approximately 3.12 million shares. Net proceeds to Trulia from the offering were approximately $112.9 million. |
Key Business Metrics – First Quarter 2013
| | • | | Monthly unique visitors in the quarter were 31.4 million, an increase of 52% from 20.6 million in the same period last year. |
| | • | | Mobile monthly unique visitors in the quarter were 11.4 million, an increase of 122% from 5.1 million in the same period last year.Please see Note B on mobile traffic reclassification. |
| | • | | Total subscribers at the end of the quarter were 27,920, a 42% increase from 19,639 in the same period last year. |
| | • | | Average monthly revenue per subscriber for the quarter was $187, a 46% increase from $128 in the same period last year. |
| | • | | New contributions to user-generated content totaled approximately 1.1 million during the quarter, a 69% increase from approximately 630,000 in the same period last year. As of March 31, 2013, this amounted to a cumulative total of more than 8 million contributions to user-generated content. |
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Selected Business Highlights
Trulia announced several innovations during the quarter:
| | • | | Trulia Suggests:Trulia announced the beta launch ofTrulia Suggests, which utilizes a proprietary algorithm to consider an individual user’s behaviors in context of the preferences and behaviors of Trulia’s 31 million monthly unique visitors.Trulia Suggests unearths new properties and provides personalized suggestions, and enables users to refine their suggestions in real-time by ‘following’ and ‘liking’ homes that appeal to them, or ‘hiding’ those that are not a fit. Early results indicate the consumers who useTrulia Suggests spend approximately three times the amount of time on our site compared with average users. Since the launch ofTrulia Suggests, there have been almost two million likes or hides on properties in our database. |
| | • | | Deeper mobile integration of the Inside Scoop: Trulia’s redesigned iPhone app makes it easier to obtain insights on crime rates and local amenities such as restaurants, banks and grocery stores. |
| | • | | Who’s Viewed Your Profile: Trulia launched this new tool for real estate agents on their private profiles. “Who’s Viewed Your Profile” allows agents to not only see that their profiles have been viewed recently, but also provides some insight into who is actually viewing their profiles. |
Outlook – Second Quarter 2013
Trulia is providing revenue and Adjusted EBITDA outlook for the second quarter of 2013 as follows:
| | • | | Revenue is expected to be in the range of $27.3 to $27.7 million. This represents 62% to 65% year-over-year growth. |
| | • | | Adjusted EBITDA is expected to be in the range of $2.5 to $2.9 million. This represents 9% to 10% of revenue. |
Conference Call Details
A conference call to discuss Trulia’s first 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 866-318-8611, or internationally at 617- 399-5130, using passcode 97501692. 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 27437894, until May 14, 2013.
About Trulia
Trulia, Inc. (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.
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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 our revenue and Adjusted EBITDA for the second 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 Annual Report on Form 10-K for the year ended December 31, 2012, which was filed with the Securities and Exchange Commission on March 4, 2013. 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 Adjusted Net Loss
Trulia’s stated results include certain non-GAAP financial measures, including Adjusted EBITDA and adjusted net loss attributable to common stockholders. We define Adjusted EBITDA as net loss adjusted to exclude interest income, interest expense, depreciation and amortization, change in fair value of warrant liability, income taxes, and stock-based compensation. We define adjusted net loss attributable to common stockholders as net loss attributable to common stockholders adjusted to exclude stock-based compensation. Adjusted EBITDA and adjusted net loss attributable to common stockholders exclude these items 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.
Source: Trulia, Inc.
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Contacts:
Ian Lee, 415-400-7238 (Investor Relations)
ir@trulia.com
Ken Shuman, 415-517-7211 (Media)
pr@trulia.com
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TRULIA, INC.
Condensed Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
| | | | | | | | |
| | | Three Months Ended March 31, | |
| | | 2013 | | | 2012 | |
Revenues | | $ | 24,002 | | | $ | 12,162 | |
Costs and expenses: | | | | | | | | |
Cost of revenues (exclusive of amortization of product development cost) | | | 3,181 | | | | 2,205 | |
Technology and development | | | 4,897 | | | | 4,646 | |
Sales and marketing | | | 12,293 | | | | 6,075 | |
General and administrative | | | 5,172 | | | | 2,971 | |
| | | | | | | | |
Total costs and expenses | | | 25,543 | | | | 15,897 | |
Loss from operations | | | (1,541 | ) | | | (3,735 | ) |
Interest income | | | 26 | | | | 3 | |
Interest expense | | | (236 | ) | | | (252 | ) |
Change in fair value of warrant liability | | | — | | | | (216 | ) |
| | | | | | | | |
Loss before provision for income taxes | | | (1,751 | ) | | | (4,200 | ) |
Provision for income taxes | | | (231 | ) | | | — | |
| | | | | | | | |
Net loss attributable to common stockholders | | $ | (1,982 | ) | | $ | (4,200 | ) |
| | | | | | | | |
Net loss per share attributable to common stockholders, basic and diluted | | $ | (0.07 | ) | | $ | (0.61 | ) |
Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted | | | 28,427,025 | | | | 6,882,065 | |
Reconciliation to adjusted net loss and adjusted net loss per share attributable to common stockholders, basic and diluted, adjusted for stock-based compensation: | | | | | | | | |
Net loss attributable to common stockholders | | | (1,982 | ) | | | (4,200 | ) |
Stock-based compensation (Note A) | | | 1,392 | | | | 465 | |
| | | | | | | | |
Adjusted net loss per share attributable to common stockholders, basic and diluted | | $ | (590 | ) | | $ | (3,735 | ) |
Adjusted net loss per share attributable to common stockholders, basic and diluted | | | (0.02 | ) | | | (0.54 | ) |
Reconciliation to Adjusted EBITDA: | | | | | | | | |
Net loss attributable to common stockholders | | $ | (1,982 | ) | | $ | (4,200 | ) |
Non-GAAP adjustments: | | | | | | | | |
Interest income | | | (26 | ) | | | (3 | ) |
Interest expense | | | 236 | | | | 252 | |
Depreciation and amortization | | | 1,360 | | | | 797 | |
Change in fair value of warrant liability | | | — | | | | 216 | |
Income taxes | | | 231 | | | | — | |
Stock-based compensation (Note A) | | | 1,392 | | | | 465 | |
| | | | | | | | |
Adjusted EBITDA | | $ | 1,211 | | | $ | (2,473 | ) |
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Note (A)
Stock -based compensation was allocated as follows:
| | | | | | | | |
| | | Three Months Ended March 31, | |
| | | 2013 | | | 2012 | |
Cost of revenues | | $ | 41 | | | $ | 5 | |
Technology and development | | $ | 411 | | | $ | 192 | |
Sales and marketing | | $ | 337 | | | $ | 55 | |
General and administrative | | $ | 603 | | | $ | 213 | |
| | | | | | | | |
Total stock-based compensation | | $ | 1,392 | | | $ | 465 | |
| | | | | | | | |
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TRULIA, INC.
Condensed Balance Sheets
(In thousands)
(Unaudited)
| | | | | | | | |
| | | March 31, 2013 | | | December 31, 2012 | |
ASSETS | | | | | | | | |
CURRENT ASSETS | | | | | | | | |
Cash and cash equivalents | | $ | 214,336 | | | $ | 100,017 | |
Accounts receivable | | | 7,450 | | | | 6,095 | |
Prepaid expenses and other current assets | | | 1,586 | | | | 1,413 | |
| | | | | | | | |
Total current assets | | | 223,372 | | | | 107,525 | |
Restricted cash | | | 385 | | | | 385 | |
Property and equipment, net | | | 8,294 | | | | 7,069 | |
Goodwill | | | 2,155 | | | | 2,155 | |
Other assets | | | 1,520 | | | | 1,830 | |
| | | | | | | | |
TOTAL ASSETS | | $ | 235,726 | | | $ | 118,964 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
Accounts payable | | $ | 543 | | | $ | 525 | |
Accrued liabilities | | | 4,311 | | | | 2,916 | |
Accrued compensation and benefits | | | 4,578 | | | | 4,500 | |
Deferred revenue, current portion | | | 14,713 | | | | 13,296 | |
Deferred rent, current portion | | | 512 | | | | 444 | |
Capital lease liability, current portion | | | 146 | | | | 217 | |
Long-term debt, current portion | | | 3,646 | | | | 2,665 | |
Other current liabilities | | | 330 | | | | 330 | |
| | | | | | | | |
Total current liabilities | | | 28,779 | | | | 24,893 | |
Deferred revenue, net of current portion | | | 101 | | | | — | |
Deferred rent, net of current portion | | | 357 | | | | 407 | |
Capital lease liability, net of current portion | | | — | | | | 16 | |
Long-term debt, net of current portion | | | 6,149 | | | | 7,094 | |
Other long-term liabilities | | | 20 | | | | 20 | |
| | | | | | | | |
Total liabilities | | | 35,406 | | | | 32,430 | |
Commitments and contingencies | | | | | | | | |
STOCKHOLDERS’ EQUITY | | | | | | | | |
Total stockholders’ equity | | | 200,320 | | | | 86,534 | |
| | | | | | | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 235,726 | | | $ | 118,964 | |
| | | | | | | | |
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TRULIA, INC.
Statements of Cash Flows
(In thousands)
(Unaudited)
| | | | | | | | |
| | | Three Months Ended March 31, | |
| | | 2013 | | | 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | |
Net loss | | | (1,982 | ) | | | (4,200 | ) |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | | |
Depreciation and amortization | | | 1,360 | | | | 797 | |
Stock-based compensation | | | 1,392 | | | | 465 | |
Provision for doubtful accounts | | | 22 | | | | 21 | |
Change in fair value of warrant liability | | | — | | | | 216 | |
Amortization of debt discount | | | 35 | | | | 45 | |
Amortization of debt issue cost | | | 7 | | | | 8 | |
Changes in operating assets and liabilities: | | | | | | | | |
Accounts receivable | | | (1,377 | ) | | | (92 | ) |
Prepaid expenses and other current assets | | | (173 | ) | | | 8 | |
Other assets | | | — | | | | 42 | |
Accounts payable | | | 42 | | | | 443 | |
Accrued liabilities | | | 354 | | | | 664 | |
Accrued compensation and benefits | | | 78 | | | | 500 | |
Deferred rent | | | 18 | | | | (11 | ) |
Deferred revenue | | | 1,518 | | | | 2,191 | |
Other long-term liabilities | | | — | | | | 13 | |
Net cash provided by operating activities | | | 1,294 | | | | 1,110 | |
| | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
Decrease in restricted cash and deposits | | | 248 | | | | — | |
Maturities of short-term investments | | | — | | | | 2,200 | |
Purchases of property and equipment | | | (2,423 | ) | | | (1,108 | ) |
| | | | | | | | |
Net cash (used in) provided by investing activities | | | (2,175 | ) | | | 1,092 | |
| | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
Proceeds from follow-on offering, net of underwriting discounts | | | 114,056 | | | | — | |
Payments of costs related to follow-on public offering | | | (65 | ) | | | — | |
Repayments on capital lease liability | | | (87 | ) | | | (73 | ) |
Proceeds from exercise of stock options | | | 1,296 | | | | 253 | |
| | | | | | | | |
Net cash provided by financing activities | | | 115,200 | | | | 180 | |
| | | | | | | | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | | | 114,319 | | | | 2,382 | |
CASH AND CASH EQUIVALENTS — Beginning of period | | | 100,017 | | | | 7,041 | |
| | | | | | | | |
CASH AND CASH EQUIVALENTS — End of period | | $ | 214,336 | | | $ | 9,423 | |
| | | | | | | | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | | | | | | |
Cash paid for interest | | $ | 191 | | | $ | 197 | |
| | | | | | | | |
Cash paid for income taxes | | $ | 231 | | | $ | — | |
| | | | | | | | |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | | | | | | | | |
Stock-based compensation capitalized in product development costs | | $ | 113 | | | $ | 8 | |
| | | | | | | | |
Purchase of equipment under capital leases | | $ | — | | | $ | 119 | |
| | | | | | | | |
Net change related to purchase of equipment in accounts payable and accrued liabilities | | $ | (7 | ) | | $ | (373 | ) |
| | | | | | | | |
Unpaid IPO/follow-on offering costs | | $ | 1,024 | | | $ | 64 | |
| | | | | | | | |
Number of common warrants exercised in a net settlement transaction | | | 56,054 | | | | — | |
| | | | | | | | |
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Note (B)
Reclassification of mobile traffic:
Our calculation of mobile monthly unique visitors has been revised to include visitors to www.trulia.com on tablets or other mobile devices. Previously, only visitors using our applications for tablets or other mobile devices were included in our calculation of mobile monthly unique visitors, and visitors to www.trulia.com on tablets or other mobile devices were not included in such calculation. This reclassification of mobile traffic has not resulted in any change to the aggregate number of monthly unique visitors.
| | | | | | | | |
| | | Three Months Ended March 31, | |
| | | 2013 | | | 2012 | |
Mobile monthly unique visitors—prior (millions) | | | 8.5 | | | | 3.9 | |
Mobile monthly unique visitors—reclassified (millions) | | | 11.4 | | | | 5.1 | |
| | | | | | | | |
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