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8-K - FORM 8-K - TRULIA, INC.d620270d8k.htm

EXHIBIT 99.1

Trulia Reports Third Quarter 2013 Results

Trulia and Market Leader add almost 5,900 subscribers in third quarter; combined companies now

provide the leading end-to-end platform for the real estate industry

SAN FRANCISCO, October 29, 2013 – Trulia, Inc. (NYSE: TRLA), a leading online marketplace for homebuyers, sellers, renters and real estate professionals, today announced financial results for the third quarter ended September 30, 2013.

“Trulia and Market Leader now offer an unprecedented, end-to-end marketing solution for real estate professionals, and we are already seeing evidence of the rapid adoption of our platform by the industry,” said Pete Flint, Chief Executive Officer of Trulia. “Trulia’s vibrant marketplace for consumers and real estate professionals, combined with Market Leader’s comprehensive operating system for the real estate industry, enabled us to add almost 5,900 more subscribers this quarter – the most we have ever added in a quarter. We now serve over 56,000 subscribers, by far the largest professional customer base in our industry.”

Beginning this quarter, Trulia and Market Leader will report their quarterly results as a combined company, following the completion of their merger on August 20, 2013. For the third quarter of 2013, Trulia will present its consolidated financial results on a GAAP basis, reflecting the stub period contribution from Market Leader from August 21, 2013, the date following the closing of the acquisition of Market Leader, through the end of the third quarter. For illustrative purposes and for ease of comparison with prior quarters, Trulia will also present its financial results on a pro forma basis assuming contribution from Market Leader for the entire third quarter of 2013.

Financial Highlights (reflecting contribution from Market Leader from August 21, 2013 through the end of the third quarter of 2013.)

 

    Total revenue for the third quarter of 2013 was $40.3 million, up 117% year-over-year.

 

    Marketplace revenue of $24.8 million, up 96% year-over-year.1

 

    Media revenue of $9.0 million, up 52% year-over-year. 1

 

    Market Leader revenue of $6.5 million.

 

    Net income attributable to common stockholders for the quarter was $7.0 million, or $0.19 on a diluted basis, compared with a net loss of $1.7 million, or $0.19 per share on a basic and diluted basis, in the third quarter of 2012.

 

    Adjusted EBITDA for the quarter was $4.8 million, compared with $0.3 million in the third quarter of 2012. Excluding the contribution from Market Leader, Adjusted EBITDA for the quarter was $4.7 million.

 

    Adjusted net income attributable to common stockholders for the quarter was $18.4 million, or $0.49 per share on a diluted basis, compared with an adjusted net loss of $0.9 million, or $0.10 per share on a basic and diluted basis, in the third quarter of 2012.

Financial Highlights (reflecting a full quarter contribution from Market Leader on a pro forma basis.)

 

    Total revenue for the third quarter of 2013 was $48.1 million, an increase of 59% year-over-year.

 

    Marketplace revenue of $24.8 million, up 96% year-over-year.1

 

    Media revenue of $9.0 million, up 52% year-over-year. 1

 

    Market Leader revenue of $14.3 million, up 22% year-over-year.

 

1. In the third quarter of 2013, we reclassified how we report Trulia standalone Marketplace revenue and Media revenue. The reclassification relates primarily to products and services sold to mortgage lenders. The change in classification did not change the total revenue reported in any period. Trulia’s standalone Marketplace revenue and Media revenue for the third quarter of 2012 and 2013 has been recast to conform with this reclassification of revenue. See also Footnote 1 in the financial tables.


    Consolidated net loss attributable to common stockholders for the quarter was $5.4 million.

 

    Adjusted EBITDA for the quarter was $5.7 million. Excluding the contribution from Market Leader, Adjusted EBITDA for the quarter was $4.7 million.

Key Business Metrics (Market Leader metrics are for the entire third quarter of 2013 on a pro forma basis. Market Leader did not historically disclose these metrics, so historical numbers and year-over-year comparisons are not provided.)

 

    Monthly unique visitors in the quarter:2

 

    Trulia standalone: 35.3 million, an increase of 42% from 24.9 million in the same period last year.

 

    Market Leader: 6.2 million to the more than 120,000 agent websites powered by Market Leader software.

 

    Trulia mobile monthly unique visitors in the quarter:

 

    Trulia standalone: 14.5 million, an increase of 88% from 7.7 million in the same period last year.

 

    Market Leader: 1.3 million to agent websites powered by Market Leader software.

 

    Subscribers at the end of the quarter:

 

    Trulia standalone: subscribers were 36,401, an increase of approximately 4,300 subscribers over the prior quarter.

 

    Market Leader: premium subscribers were 25,084, an increase of approximately 1,600 subscribers over the prior quarter.

 

    Total combined subscribers were approximately 56,000.

 

    Note: we estimate that there was a 20% overlap between the subscribers of Trulia and Market Leader during the third quarter of 2013.

 

    Average monthly revenue per subscriber for the quarter:

 

    Trulia standalone: ARPU was $186, a 21% increase from $154 in the same period last year.

 

    Market Leader: ARPU from premium subscribers was $155.

 

    New contributions to user-generated content:

 

    Trulia standalone: totaled approximately 1.2 million during the quarter, a 39% increase from approximately 842,000 in the same period last year. As of September 30, 2013, this amounted to a cumulative total of more than 10 million contributions to user-generated content.

Selected Business Highlights

 

    Map visualizations for hurricanes, wildfires, and tornadoes: Trulia released three new interactive natural hazard maps pinpointing areas across the United States that are prone to hurricanes, wildfires, and tornadoes. With these new maps, users will be able to visualize where their dream home is located relative to where natural hazards have hit.

 

    Market Leader passes 150,000 professionals on its software platform: More than 150,000 real estate professionals are now using Market Leader’s award-winning real estate software platform. This milestone was driven by the breadth and depth of Market Leader’s software platform, which is now powering many of the nation’s leading real estate franchises, and six of the top ten brokerage companies in the United States.

 

    Trulia adds 15 brokerages and franchises to Trulia Accelerate Program: Trulia Accelerate is a program that helps brokers recruit and retain agents by offering a customized package of products and services to accelerate productivity. Since launching in July, the program has

 

2  Trulia Q3 2013 unique visitors includes visitors to Trulia’s consumer facing blogs, which represent less than 1% of unique visitors in the period.


 

gained 16 partners and empowers nearly 70,000 agents with industry leading products and resources to help increase their productivity. Currently, 13 of the 16 partner companies rank in the 2013 Real Trends 500, a ranking of real estate brokerages determined by closed sales volume.

Outlook – Fourth Quarter 2013

Trulia is providing revenue and Adjusted EBITDA outlook for the fourth quarter of 2013 as follows:

 

    Total revenue is expected to be in the range of $48.5 to $50.0 million.

 

    Trulia standalone revenue is expected to be in the range of $34.0 to $35.0 million.

 

    Market Leader revenue is expected to be in the range of $14.5 to $15.0 million.

 

    Adjusted EBITDA is expected to be in the range of $6.6 to $7.0 million. This represents 14% of revenue at the midpoint of the range.

Conference Call Details

A conference call to discuss Trulia’s third 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 866-515-2910, or internationally at 617-399-5124, using passcode 15165969. 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 98564854, until November 5, 2013.

Trulia will also release details of its results for the third quarter ended September 30, 2013 via Twitter on Tuesday, October 29, at 2 p.m. after the market close. Details of Trulia’s quarterly financial results can be viewed on Twitter at hashtag #TRLAearnings.

About Trulia, Inc.

Trulia (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 hyperlocal advertising services, social recommendations, and top-rated mobile real estate apps. Trulia’s Market Leader subsidiary delivers the leading end-to-end technology and marketing solutions that enable real estate professionals to grow and manage their businesses. Trulia is headquartered in downtown San Francisco. Trulia is a registered trademark of Trulia, Inc.

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 fourth 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 strengthen; the risk that consumers, subscribers and advertisers do not continue to use our marketplace; the risk that we experience expenses that exceed our expectations; the risk that Trulia and Market Leader will not be integrated successfully; the risk that synergies between Trulia and Market Leader will not be realized or realized to the extent anticipated; and the risk that disruption caused by the merger that make it difficult to maintain certain strategic relationships. 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 Quarterly Report on Form 10-Q for the three months ended June 30, 2013 that was filed on August 12, 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 Income/(Loss) and Pro Forma Financial Information

Trulia’s stated results include certain non-GAAP financial measures, including Adjusted EBITDA and adjusted net income/(loss) attributable to common stockholders. We define Adjusted EBITDA as net income/(loss) adjusted to exclude interest income, interest expense, depreciation and amortization, change in fair value of warrant liability, income taxes, stock-based compensation, and certain other infrequently occurring items that Trulia does not believe are indicative of ongoing results (such as acquisition related costs). We define adjusted net income/(loss) attributable to common stockholders as net income/(loss) attributable to common stockholders adjusted to exclude stock-based compensation, and certain other infrequently occurring items that Trulia does not believe are indicative of ongoing results (such as acquisition related costs). Adjusted EBITDA and adjusted net income/(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 Trulia and are used by Trulia’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 Trulia’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 similarly-titled non- GAAP measures used by other companies.

For future periods, Trulia is unable to provide a reconciliation of Adjusted EBITDA to net income/(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, stock-based compensation, and certain other infrequently occurring items, such as acquisition related costs, that are expected to be incurred in the future. For future periods, Trulia is also unable to provide a reconciliation of adjusted net income/(loss) attributable to common stockholders to net income/(loss) as a result of the uncertainty regarding, and the potential variability of, the amounts of stock-based compensation and certain other infrequently occurring items, such as acquisition related costs, that are expected to be incurred in the future.


In addition, Trulia’s stated results have been presented to include non-GAAP financial measures related to Trulia’s acquisition of Market Leader, which was completed on August 20, 2013. Trulia is presenting certain financial information on a pro forma basis as if the acquisition of Market Leader had been completed on July 1, 2013, and Market Leader’s standalone results for the three months ended September 30, 2013 have been added to Trulia’s standalone results for the same period. These pro forma results have not been prepared in accordance with Article 11 of Regulation S-X, and may differ materially from pro forma financial information prepared in accordance with Article 11 of Regulation S-X. In particular, these pro forma results assume that the acquisition of Market Leader closed on July 1, 2013, whereas pro forma financial information prepared in accordance with Article 11 of Regulation S-X would assume a closing date of January 1, 2012. This difference results in certain differences in presentation and purchase price accounting, including with respect to stock-based compensation expense, amortization, and taxes. These pro forma results have been prepared by management for illustrative purposes only and are not necessarily indicative of the consolidated results of operations or financial position of Trulia that would have been reported had the acquisition been completed as of July 1, 2013, or of pro forma financial information prepared in accordance with Article 11 of Regulation S-X. Trulia’s management has reviewed this information in analyzing its results for the three months ended September 30, 2013, and believes that this pro forma presentation provides useful information to investors in analyzing its financial statements for the quarter.

Source: Trulia, Inc.

Contacts:

Ian Lee, 415-400-7238 (Investor Relations)

ir@trulia.com

Ken Shuman, 415-517-7211 (Media)

pr@trulia.com


TRULIA, INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

     Three Months Ended Sept 30,     Nine Months Ended Sept 30,  
     2013     2012     2013     2012  

Revenues

   $ 40,283      $ 18,544      $ 93,998      $ 47,531   

Costs and expenses:

        

Cost of revenues (exclusive of amortization of product development cost)

     6,069        2,615        13,694        7,308   

Technology and development

     10,058        5,235        21,484        15,140   

Sales and marketing

     20,189        8,441        45,785        23,638   

General and administrative

     9,826        3,631        20,568        9,656   

Acquisition related costs

     4,060        —          6,065        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

     50,202        19,922        107,596        55,742   

Loss from operations

     (9,919     (1,378     (13,598     (8,211

Interest income

     33        3        112        10   

Interest expense

     (203     (268     (655     (759

Change in fair value of warrant liability

     —          (46     —          (369
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before provision for income taxes

     (10,089     (1,689     (14,141     (9,329

Income tax (provision)/benefit

     17,107        —          16,766        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to common stockholders

   $ 7,018      $ (1,689   $ 2,625      $ (9,329

Net income (loss) per share attributable to common stockholders, basic

   $ 0.20      $ (0.19   $ 0.08      $ (1.23

Weighted average shares used in computing net loss per share attributable to common stockholders, basic

     34,557,842        8,805,722        31,734,356        7,572,902   

Net income (loss) per share attributable to common stockholders, diluted

     0.19        (0.19     0.08        (1.23

Weighted average shares used in computing net loss per share attributable to common stockholders, diluted

     37,427,935        8,805,722        34,297,275        7,572,902   

Reconciliation to adjusted net loss and adjusted net loss per share attributable to common stockholders, basic and diluted, adjusted for stock-based compensation:

        

Net income (loss) attributable to common stockholders

     7,018        (1,689     2,625        (9,329

Stock-based compensation (Note A)

     7,290        793        10,668        1,809   

Acquisition related costs

     4,060        —          6,065        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net income/(loss) per share attributable to common stockholders

   $ 18,368      $ (896   $ 19,358      $ (7,520

Adjusted net income/(loss) per share attributable to common stockholders, basic

     0.53        (0.10     0.61        (0.99

Adjusted net income/(loss) per share attributable to common stockholders, diluted

     0.49        —          0.56        —     

Weighted average shares used in computing net income/(loss) per share attributable to common stockholders, diluted

     37,427,935        —          34,297,275        —     

Reconciliation to Adjusted EBITDA:

        

Net income (loss) attributable to common stockholders

   $ 7,018      $ (1,689   $ 2,625      $ (9,329

Non-GAAP adjustments:

        

Interest income

     (33     (3     (112     (10

Interest expense

     203        268        655        759   

Depreciation and amortization

     3,380        886        6,288        2,472   

Change in fair value of warrant liability

     —          46        —          369   

Income taxes

     (17,107     —          (16,766     —     

Stock-based compensation (Note A)

     7,290        793        10,668        1,809   

Acquisition related costs

     4,060        —          6,065        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 4,811      $ 301      $ 9,423      $ (3,930
  

 

 

   

 

 

   

 

 

   

 

 

 


                                                                                                   

Reconciliation to pro forma net loss and Adjusted EBITDA,

assuming a full quarter contribution from Market Leader:

          

Net loss attributable to common stockholders

     7,018           

Market Leader net loss in Q3 ’13 pre-acquisition period

     (8,948        

Additional pro forma amortization

     (1,655        

Additional pro forma stock-based compensation

     (1,780        
  

 

 

         

Pro forma net loss

   $ (5,365 )         
  

 

 

         

Reconciliation to Adjusted EBITDA:

          

Non-GAAP adjustments:

          

Interest income

     (35        

Interest expense

     203           

Depreciation

     2,089           

Amortization

     3,814           

Income taxes

     (17,107        

Stock-based compensation

     11,486           

Acquisition related costs

     10,623           
  

 

 

         

Pro forma Adjusted EBITDA

   $ 5,708           
  

 

 

         

 

Note (A)

Stock-based compensation was allocated as follows:

 

     Three Months Ended Sept 30,      Nine Months Ended Sept 30,  
     2013      2012      2013      2012  

Cost of revenues

   $ 200       $ 6       $ 298       $ 20   

Technology and development

     2,039         253         3,028         629   

Sales and marketing

     1,526         97         2,348         276   

General and administrative

     3,525         437         4,994         884   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total stock-based compensation

   $ 7,290       $ 793       $ 10,668       $ 1,809   
  

 

 

    

 

 

    

 

 

    

 

 

 


TRULIA, INC.

Condensed Balance Sheets

(In thousands)

(Unaudited)

 

     Sept 30, 2013      December 31, 2012  

ASSETS

     

CURRENT ASSETS

     

Cash and cash equivalents

   $ 43,417       $ 100,017   

Accounts receivable

     13,679         6,095   

Prepaid expenses and other current assets

     5,853         1,413   
  

 

 

    

 

 

 

Total current assets

     62,949         107,525   

Restricted cash

     1,885         385   

Property and equipment, net

     12,524         7,069   

Intangible assets, net

     121,699         445   

Goodwill

     265,141         2,155   

Other assets

     622         1,385   
  

 

 

    

 

 

 

TOTAL ASSETS

   $ 464,820       $ 118,964   
  

 

 

    

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

Accounts payable

   $ 1,954       $ 525   

Accrued liabilities

     10,061         2,916   

Accrued compensation and benefits

     10,001         4,500   

Deferred revenue

     12,089         13,296   

Long-term debt, current portion

     3,748         2,665   

Other current liabilities

     601         991   
  

 

 

    

 

 

 

Total current liabilities

     38,454         24,893   

Long-term debt, net of current portion

     4,269         7,094   

Other long-term liabilities

     1,551         443   
  

 

 

    

 

 

 

Total liabilities

     44,274         32,430   

Commitments and contingencies

     

STOCKHOLDERS’ EQUITY

     

Total stockholders’ equity

     420,546         86,534   
  

 

 

    

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 464,820       $ 118,964   
  

 

 

    

 

 

 


TRULIA, INC.

Statements of Cash Flows

(In thousands)

(Unaudited)

 

     Nine Months Ended September 30,  
     2013     2012  

CASH FLOWS FROM OPERATING ACTIVITIES:

    

Net income (loss)

   $ 2,625      $ (9,329

Adjustments to reconcile net loss to net cash provided by operating activities:

    

Depreciation and amortization

     6,288        2,472   

Stock-based compensation

     10,551        1,809   

Provision for doubtful accounts

     325        53   

Change in fair value of warrant liability

     —          369   

Increase in stock appreciation rights liability

     117     

Release of valuation allowance

     (17,160  

Amortization of debt discount

     79        131   

Amortization of debt issue cost

     47        23   

Changes in operating assets and liabilities:

    

Accounts receivable

     (6,961     (2,691

Prepaid expenses and other current assets

     (1,802     (809

Other assets

     —          (533

Accounts payable

     (5,334     (1,061

Accrued liabilities

     3,609        2,385   

Accrued compensation and benefits

     3,248        1,382   

Deferred revenue

     (1,207     8,416   

Other long-term liabilities

     (184     (265
  

 

 

   

 

 

 

Net cash provided (used) in operating activities

     (5,759     2,352   
  

 

 

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

    

Increase in restricted cash and deposits

     (1,500     —     

Decrease in restricted cash and deposits

     413        —     

Reclass from cash equivalents to short-term investments

     —          (85

Maturities of short-term investments

     2,999        4,300   

Purchases of property and equipment

     (8,191     (3,387

Acquisition, net of cash acquired of $12.7 million in 2013 and $0 in 2012

     (160,813     —     
  

 

 

   

 

 

 

Net cash provided (used) in investing activities

     (167,092     828   
  

 

 

   

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

    

Proceeds from follow-on offering, net of underwriting discounts

     114,056        93,279   

Payments of costs related to public offerings

     (1,034     (2,401

Repayments on long-term debt

     (1,848  

Value of equity awards withheld for tax liability

     (201     —     

Repayments on capital lease liability

     (167     (250

Proceeds from exercise of stock options

     5,445        741   
  

 

 

   

 

 

 

Net cash provided by financing activities

     116,249        91,369   
  

 

 

   

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

     (56,602     94,549   

CASH AND CASH EQUIVALENTS — Beginning of period

     100,017        7,041   
  

 

 

   

 

 

 

CASH AND CASH EQUIVALENTS — End of period

   $ 43,417      $ 101,590   
  

 

 

   

 

 

 


SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

     

Cash paid for interest

   $ 544       $ 586   
  

 

 

    

 

 

 

Cash paid for income taxes

   $ 395       $ 4   
  

 

 

    

 

 

 

NON-CASH INVESTING AND FINANCING ACTIVITIES:

     

Unpaid deferred IPO/follow-on public offering costs

   $ —         $ 1,431   
  

 

 

    

 

 

 

Stock-based compensation capitalized in product development costs

   $ 407       $ 30   
  

 

 

    

 

 

 

Conversion of preferred stock warrants to common stock warrants

   $ —         $ 666   
  

 

 

    

 

 

 

Purchase of equipment under capital leases

   $ —         $ 119   
  

 

 

    

 

 

 

Net change related to purchase of equipment in accounts payable and accrued liabilities

   $ 136       $ (90
  

 

 

    

 

 

 

Release of valuation allowance

   $ 17,160       $ —     
  

 

 

    

 

 

 

Shares issued and assumed related to acquisition

     5,340,271         —     
  

 

 

    

 

 

 

 

Footnote (1)

Reclassification of Trulia revenue:

In the third quarter of 2013, we reclassified how we report Trulia standalone Marketplace revenue and Media revenue. The reclassification relates primarily to products and services sold to mortgage lenders. The change in classification did not change the total revenue reported in any period. Trulia’s standalone Marketplace revenue and Media revenue for the third quarter of 2012 and 2013 has been recast to conform with this reclassification of revenue.

 

     Three Months Ended Sept 30,  
     2013      2012  

Marketplace revenue—reclassified ($ millions)

   $ 24.8       $ 12.7   

Marketplace revenue—prior classification ($ millions)

   $ 22.9       $ 11.9   
  

 

 

    

 

 

 

Media revenue—reclassified ($ millions)

   $ 9.0       $ 5.9   

Media revenue—prior classification ($ millions)

   $ 10.9       $ 6.7