Trulia Posts Solid First-Quarter Results; Fiscal 2014 Revenue Guidance Increased

Trulia, Inc.

Trulia reported solid fiscal first-quarter results; revenue of $54.5 million was above the consensus estimate of $53.5 million, and adjusted EBITDA of $2.8 million exceeded the Street expectation of $1.6 million. Subscribers reached 66,700 during the period, ahead of the Street’s expectation of 64,140, driven primarily by inventory expansion.

Fiscal 2014 revenue guidance was increased by $5 million, with the new guidance midpoint above the consensus estimate. Fiscal 2014 EBITDA guidance, which includes a $45 million marketing campaign that launched in the last weeks of the first quarter, was reiterated with the first-quarter revenue outperformance being reinvested in technology and development headcount.

Trulia registered first-quarter revenue of $54.5 million, above the consensus estimate of $53.5 million, and adjusted EBITDA were $2.8 million, above the consensus estimate of $1.6 million. Consolidated second-quarter revenue is expected to be between $61.5 million and $62.5 million, above the consensus expectation of $61.0 million. EBITDA are expected to be between $2.3 million and $2.8 million, above the consensus expectation of $1.5 million.

Consolidated full year 2014 revenue guidance was increased to a range of $250 million and $253 million, with the revised midpoint above the consensus expectation of $247.5 million. Trulia continues to expect 2014 EBITDA to be between $18 million and $22 million, with the midpoint roughly in line with the consensus expectation of $20.1 million.

Trulia and Market Leader subscribers registered ahead of expectations, largely because of Trulia’s inventory expansion program. Starting this quarter, as previously announced, Trulia did not breakout subscriber metrics or revenue between its advertising business and its Market Leader business.

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