Trulia, Inc. (TRLA)

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Trulia, Inc. (TRLA)

Q3 2013 Earnings Conference Call

October 29, 2013 17:00 ET


Ian Lee - Head, Investor Relations

Pete Flint - Chief Executive Officer

Sean Aggarwal - Chief Financial Officer


Lloyd Walmsley - Deutsche Bank

Bo Nam - JPMorgan

Andre Sequin - RBC Capital Markets

Deb Schwartz - Goldman Sachs

Ralph Schackart - William Blair

Kerry Rice - Needham

James Cakmak - Telsey Advisory Group



Good day, ladies and gentlemen and welcome to the Third Quarter 2013 Trulia Earnings Conference Call. My name is Denise and I will be your operator for today. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the conference over to your host for today, Mr. Ian Lee, Head of Investor Relations. Please proceed.

Ian Lee - Head, Investor Relations

Thanks, Denise. Good afternoon and welcome to Trulia’s third 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 integration of Market Leader and the growth of the combined business; our expectations regarding the continued use of products by consumers and real estate professionals; our expectations regarding macro trends in the market; and our expectations for 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 not include the 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. The 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 available on our website.

Please note that the financial statements in the press release today that accompanies this call reflect the stub period contribution from Market Leader in the third quarter from August 21, 2013, the day after we closed the acquisition through to September 30, 2013. To make it easier to compare Market Leader’s performance alongside Trulia’s in the third quarter, for illustrative purposes in the body of the press release and also in the slides that accompanying this call, we have shown Market Leader’s contribution to certain income statement items as if they were a part of Trulia for the entire third quarter of 2013. This conference call is also being webcast and is available through the Investor Relations section of Trulia’s website.

And now, I will turn the call over to Pete.

Pete Flint - Chief Executive Officer

Welcome and thank you for joining our Q3 2013 earnings call. I am pleased to say we had another outstanding quarter at Trulia. A tremendous quarter in which you have demonstrated the strong momentum we are seeing across all aspects of our business. As you know, Trulia is a marketplace that connects consumers with real estate professionals and this quarter, we closed the acquisition of Market Leader rapidly accelerating our progress on the professional side of our marketplace. We are now only the only company in the category capable of providing real estate professionals with a comprehensive end-to-end solution on which they can grow and manage their entire business. While it’s still early days, we are already witnessing the power of the combined Trulia and Market Leader platform. Real estate franchisors, brokers and agents are endorsing the strength of our comprehensive platform by signing up with us in record numbers.

Trulia now has 56,000 subscribers, more than anyone else in the category. In Q3, Trulia collectively added almost 5,900 subscribers, which Market Leader accounted for almost 1,600. The 4,300 subscribers of Trulia standalone added – represented the most subscribers we have ever added in a single quarter in our history and come from the heels of two record quarters of subscriber additions.

Last quarter, I talked about our vision for transforming our industry and the three parts on which that is built. This include one, delivering a killer experience for consumers, especially by mobile devices; two, growing our agent base and building the leading platform for the industry; and three, extending our marketplace into adjacent markets. We have been firing on all cylinders. For consumers, since the very beginning of Trulia, we have been relentlessly focused on creating an amazing user experience led by an engineering-driven culture and a commitment delivering their very best products. Our focus doesn’t stop there. In addition to creating great products, we are also dedicated devoting our outstanding brand by providing deep insights to help people with the information they need to find the right home, we are building our brand for Trulia that resonates for the transaction-ready consumer audience.

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