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Trulia, Inc. (TRLA)

Q1 2013 Earnings Conference Call

April 30, 2013 17:00 ET


Ian Lee - Head of Investor Relations

Pete Flint - Chief Executive Officer

Sean Aggarwal - Chief Financial Officer


Lloyd Walmsley - Deutsche Bank

Mark Mahaney - RBC Capital Markets

Ralph Schackart - William Blair

Kerry Rice - Needham

Douglas Anmuth - JPMorgan

Debra Schwartz - Goldman Sachs

James Cakmak - Telsey Advisory



Good day, ladies and gentlemen, and thank you for standing by. Welcome to Trulia's First Quarter 2013 Earnings Conference Call. At this time participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded.

I would now like to hand the call over to Mr. Ian Lee, Trulia’s Head of Investor Relations. Please proceed sir.

Ian Lee - Head of Investor Relations

Thank you, operator. Good afternoon, and welcome to Trulia's first quarter 2013 earnings call. Joining me today are Pete Flint, Trulia's Chief Executive Officer, and Sean Aggarwal, our Chief Financial Officer.

Before we start this call, I want to remind all of you that this presentation contains forward-looking statements within the meaning of the federal securities laws. Forward looking statements generally relate to future events or our future financial or operating performance.

Forward-looking statements in this presentation include, but are not limited to, statements related to our business and financial performance and expectations for future periods, our expectations regarding our continued focus and our current strategy, our expectations regarding macro trends in the market, and our expectations on our products. 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 those set forth in the press release that we issued earlier today, as well as those more fully described in our filings with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements except as required by law. We also remind you that this call will include a discussion of GAAP and non-GAAP financial measures.

The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A discussion of why we present non-GAAP financial measures and a reconciliation of the non-GAAP financial measures discussed in this call to the most directly comparable GAAP financial measures are included in our earnings press release that is included on our website. This conference call is also being webcast and is available through the investor relations section on Trulia's website.

And now I'll turn the call over to Pete.

Pete Flint - Chief Executive Officer

Thanks, Ian. Welcome and thank for joining our Q1 2013 earnings call. I’m pleased to report another record quarter for Trulia driven by industry leading innovation across our web and mobile platforms. In the same way that we have seen intuitive technology and personalization tools transform internet sectors and online travel to e-commerce. Trulia is at the forefront of building these type of transform to tools in the real estate sector at massive scale.

At D&A is a technology and engineering company puts us in a strongest position deliver on a promise for real estate and we continue to invest in technology innovation, our platform and the expertise were need to achieve our strategic goals and accomplish our vision. We had a fabulous start to 2013. Revenue for the first quarter 2013 was $24 million and increase of 97% over the first quarter 2012. Adjusted EBITDA was positive $1.2 million of 5% in revenue compared with minus $2.5 million in the same period a year ago. We believe we are the best in our industry and delivering new and unique insights to consumers looking to purchase at home driven by industry leading technology and analytics.

Our focus on these experience in content and our large transaction-ready audience. By consistently improving our user experience and products we’ve attracted series homebuyers and sellers that in turn have allowed us to become an indispensable marketing tool for real estate professionals. In 2013 we remained focused on our five core strategies. One, attracting our transaction-ready audience through product innovation. Two, driving our user-generated content. Three, scaling and monetizing mobile. Four, building our business zip code by zip code and Five expanding into adjacent markets by utilizing our assets.

While the short-term emphasis may shift between these trustees from quarter to quarter. These will remain our guide post for how we continue to evolve grow and evolve Trulia over the course of the year. We will execute on these core strategies by building our business organically and way make sense through potential partnerships or acquisitions. In the first quarter 2013 our focus was on product innovation on both the consumer and agent sides of our Marketplace. And then preparation for the seasonally busy spring and summer house-hunting seasons we introduced a host of new tools to enhance the Trulia experience and make it even easier to find the right home and for agents connect with motivated buyers and sellers.

Now our path is often influenced by looking to transform and radically improve already familiar offline behaviors. One example of this in Q1 was the better launch of our Trulia Suggests feature. When an agent and buyer connect in the offline world the agent begins learning the buyer style these are our preferences and can begin to lead out or prioritize houses based on understanding what homes they like and what homes they don’t. Trulia Suggests does this by delivering an algorithm powerful experience online. We are taking consumers beyond the traditional search box by providing persona as recommendations based on homes you like, homes you hide and the overall search behavior.

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