Edit Symbol List
Enter up to 25 symbols separated by commas or spaces in the text box below. These symbols will be available during your session for use on applicable pages.
Don't know the stock symbol? Use the symbol lookup tool.
Alphabetize the sort order of my symbols
Q3 2012 Earnings Call
November 7, 2012 05:00 pm ET
Pete Flint – Co-Founder & Chief Executive Officer
Sean Aggarwal – Chief Financial Officer
Ian Lee – Head of Investor Relations
Andre Sequin – RBC Capital Markets
Ralph Schackart – William Blair
Lloyd Walmsley – Deutsche Bank
Douglas Anmouth – JP Morgan
Kerry Rice – Needham & Co.
» Intralinks Holdings' CEO Discusses Q3 Results - Earnings Call Transcript
» Mitek Systems' CEO Discusses F4Q12 Results - Earnings Call Transcript
Thank you, Operator. Good afternoon and welcome to Trulia’s Q3 2012 Earnings Call. Joining me today to talk about our Q3 results 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 relative to our 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 on our current strategy, our expectations regarding macro trends in the market and 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 are 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 includes 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 available on our website.
This conference call is also being webcast and is available through the Investor Relations section of Trulia’s website. And now I’ll turn the call over to Pete.
Welcome, and thank you all for joining us for our first quarterly earnings call as a public company. Before I begin, I’d like to say that our thoughts and best wishes are with all the people affected by Hurricane Sandy over the last week. We hope for a quick return to normal for everybody impacted by the disaster.
Today I’ll review some of the highlights from Q3 2012, recap our market opportunity, and also discuss the business strategies that are driving Trulia’s growth. Then I’ll turn the call over to Sean Aggarwal, our Chief Financial Officer, to review our financial performance in more detail.
Turning to our results, we achieved excellent growth in our core business in Q3 2012. The popularity of the Trulia platform continues to grow and we experienced record levels of traffic. We had an average of 24.9 million monthly visitors during the quarter, an increase of 50% year-over-year. We also achieved tremendous growth in our mobile audience, averaging mobile monthly unique visitors at 5.8 million for the quarter, an increase of 129% year-over-year. Roughly one-third of our traffic on weekends came from mobile devices.
Revenue for the quarter was $18.5 million, an increase of 76% over Q3 2011. Adjusted EBITDA was $301,000 or 2% of revenue compared with (-)$400,000 in the year-ago period. This marks our first quarter of positive adjusted EBITDA, a significant milestone for our company. Reach in as first measure of profitability is another marker post in the development of our business, and an indication of the operating leverage we expect to achieve at scale.
Next, as this is our first earnings call let me touch on the market opportunity that looms ahead for Trulia. When I first moved to the US for grad school in the early 2000’s, I needed to find a home. I was amazed by how difficult it was to find information about real estate on the internet. While there are plenty of home listings online there lacked a comprehensive consumer-centric site where you could find information about properties, deeper insights about the community, and agents to work with.
At the same time, I recognized that real estate professionals lacked an effective online platform to market themselves to consumers. Their audience had started migrating to the web, but the way that they marketed and managed their business was mostly offline and for the most part antiquated. And so Trulia was created.
Today we’re making a difference by bringing a simplicity to the complex task of finding a home, and we’re doing it to significant scale within an enormous industry with a differentiated approach that links busy agents with the most transaction-ready consumers using user-generated content and cutting-edge mobile tools. And we’re just getting started. For 2012, projected real estate marketing spend in the US is expected to be $24 billion, according to Borell & Associates. Today, about half of that spend is offline so there’s plenty of room to grow as more marketing dollars migrate online.