Attached files
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| 8-K - FORM 8-K - TRULIA, INC. | d627947d8k.htm |
Exhibit 99.1
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: |
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| 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 | — | ||||||||||||
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| 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 | ) | ||||||||||
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| Loss before provision for income taxes |
(10,089 | ) | (1,689 | ) | (14,141 | ) | (9,329 | ) | ||||||||
| Income tax benefit |
7,869 | — | 7,529 | — | ||||||||||||
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| Net loss attributable to common stockholders |
$ | (2,220 | ) | $ | (1,689 | ) | $ | (6,612 | ) | $ | (9,329 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted |
$ | (0.06 | ) | $ | (0.19 | ) | $ | (0.21 | ) | $ | (1.23 | ) | ||||
| Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
34,557,842 | 8,805,722 | 31,734,356 | 7,572,902 | ||||||||||||
| Reconciliation to adjusted net income (loss) and adjusted net income (loss) per share attributable to common stockholders, basic and diluted, adjusted for stock-based compensation and acquisition related costs: |
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| Net loss attributable to common stockholders |
(2,220 | ) | (1,689 | ) | (6,612 | ) | (9,329 | ) | ||||||||
| Stock-based compensation (Note A) |
7,290 | 793 | 10,668 | 1,809 | ||||||||||||
| Acquisition related costs |
4,060 | — | 6,065 | — | ||||||||||||
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| Adjusted net income (loss) per share attributable to common stockholders |
$ | 9,130 | $ | (896 | ) | $ | 10,121 | $ | (7,520 | ) | ||||||
| Adjusted net income (loss) per share attributable to common stockholders, basic |
0.26 | (0.10 | ) | 0.32 | (0.99 | ) | ||||||||||
| Adjusted net income (loss) per share attributable to common stockholders, diluted |
0.24 | (0.10 | ) | 0.30 | (0.99 | ) | ||||||||||
| Weighted average shares used in computing net income/(loss) per share attributable to common stockholders, diluted |
37,427,935 | 8,805,722 | 34,297,275 | 7,572,902 | ||||||||||||
| Reconciliation to Adjusted EBITDA: |
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| Net loss attributable to common stockholders |
$ | (2,220 | ) | $ | (1,689 | ) | $ | (6,612 | ) | $ | (9,329 | ) | ||||
| Non-GAAP adjustments: |
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| 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 |
(7,869 | ) | — | (7,529 | ) | — | ||||||||||
| Stock-based compensation (Note A) |
7,290 | 793 | 10,668 | 1,809 | ||||||||||||
| Acquisition related costs |
4,060 | — | 6,065 | — | ||||||||||||
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| Adjusted EBITDA |
$ | 4,811 | $ | 301 | $ | 9,423 | $ | (3,930 | ) | |||||||
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| Reconciliaton to pro forma net loss and Adjusted EBITDA, assuming a full quarter contribution from Market Leader: |
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| Net loss attributable to common stockholders |
$ | (2,220 | ) | |||||||||||||
| 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 | ) | ||||||||||||||
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| Pro forma net loss |
$ | (14,603 | ) | |||||||||||||
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| Reconciliation to Adjusted EBITDA: |
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| Non-GAAP adjustments: |
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| Interest income |
(35 | ) | ||||||||||||||
| Interest expense |
203 | |||||||||||||||
| Depreciation and amortization |
2,089 | |||||||||||||||
| Change in fair value of warrant liability |
3,814 | |||||||||||||||
| Income taxes |
(7,869 | ) | ||||||||||||||
| Stock-based compensation (Note A) |
11,486 | |||||||||||||||
| Acquisition related costs |
10,623 | |||||||||||||||
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| Adjusted EBITDA |
$ | 5,708 | ||||||||||||||
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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 | ||||||||||||
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| Total stock-based compensation |
$ | 7,290 | $ | 793 | $ | 10,668 | $ | 1,809 | ||||||||
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TRULIA, INC.
Condensed Balance Sheets
(In thousands)
(Unaudited)
| Sept 30, 2013 | December 31, 2012 | |||||||
| ASSETS |
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| CURRENT ASSETS |
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| Cash and cash equivalents |
$ | 43,417 | $ | 100,017 | ||||
| Accounts receivable |
13,679 | 6,095 | ||||||
| Prepaid expenses and other current assets |
5,853 | 1,413 | ||||||
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| 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 |
255,904 | 2,155 | ||||||
| Other assets |
622 | 1,385 | ||||||
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| TOTAL ASSETS |
$ | 455,583 | $ | 118,964 | ||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| 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 | ||||||
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| 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 | ||||||
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| Total liabilities |
44,274 | 32,430 | ||||||
| Total stockholders’ equity |
411,309 | 86,534 | ||||||
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| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ | 455,583 | $ | 118,964 | ||||
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TRULIA, INC.
Statements of Cash Flows
(In thousands)
(Unaudited)
| Nine Months Ended September 30, | ||||||||
| 2013 | 2012 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
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| Net loss |
$ | (6,612 | ) | $ | (9,329 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: |
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| 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 |
(7,923 | ) | — | |||||
| Amortization of debt discount |
105 | 131 | ||||||
| Amortization of debt issue cost |
21 | 23 | ||||||
| Changes in operating assets and liabilities: |
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| 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 | ) | ||||
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| Net cash used in operating activities |
(5,759 | ) | 2,352 | |||||
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| CASH FLOWS FROM INVESTING ACTIVITIES: |
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| 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 $9.7 million in 2013 and $0 in 2012 |
(160,813 | ) | — | |||||
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| Net cash used in investing activities |
(167,092 | ) | 828 | |||||
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| CASH FLOWS FROM FINANCING ACTIVITIES: |
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| 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 | ||||||
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| Net cash provided by financing activities |
116,251 | 91,369 | ||||||
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| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(56,600 | ) | 94,549 | |||||
| CASH AND CASH EQUIVALENTS — Beginning of period |
100,017 | 7,041 | ||||||
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| CASH AND CASH EQUIVALENTS — End of period |
$ | 43,417 | $ | 101,590 | ||||
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| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
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| Cash paid for interest |
$ | 544 | $ | 586 | ||||
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| Cash paid for income taxes |
$ | 395 | $ | 4 | ||||
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| NON-CASH INVESTING AND FINANCING ACTIVITIES: |
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| Unpaid deferred IPO/follow-on public offering costs |
$ | — | $ | 1,431 | ||||
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| Stock-based compensation capitalized in product development costs |
$ | 407 | $ | 30 | ||||
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| Conversion of preferred stock warrants to common stock warrants |
$ | — | $ | 666 | ||||
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| Purchase of equipment under capital leases |
$ | — | $ | 119 | ||||
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| Net change related to purchase of equipment in accounts payable and accrued liabilities |
$ | 136 | $ | (90 | ) | |||
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| Release of valuation allowance |
$ | 7,923 | $ | — | ||||
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| Shares issued and assumed related to acquisition |
5,340,271 | — | ||||||
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| Three Months Ended September 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 | ||||