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TRLA > SEC Filings for TRLA > Form 8-K on 14-Nov-2013All Recent SEC Filings

Show all filings for TRULIA, INC.

Form 8-K for TRULIA, INC.


14-Nov-2013

Results of Operations and Financial Condition, Financial Statements and Exhibits


Item 2.02. Results of Operations and Financial Condition.

On October 29, 2013, Trulia, Inc. (the "Company") issued a press release announcing financial results for the third quarter ended September 30, 2013 (the "Press Release"). The Press Release reported GAAP net income of $7.0 million, or $0.20 per share, for the quarter ended September 30, 2013, and GAAP net income of $2.6 million, or $0.08 per share, for the nine months ended September 30, 2013.

As previously reported, during the quarter ended September 30, 2013, the Company completed its acquisition of Market Leader, Inc. ("Market Leader"). In the transaction, the Company acquired net deferred tax liabilities of Market Leader. The assumption of these net deferred tax liabilities led the Company to release a portion of its valuation allowance for deferred tax assets as of September 30, 2013, resulting in an income tax benefit that was reported in the Press Release.

Following the Press Release, the Company completed further review of the net deferred tax liabilities assumed from Market Leader. In accordance with the accounting guidance for business combinations, the Company updated the purchase price allocation attributed to these assumed deferred tax assets and liabilities, resulting in a decrease of $9.2 million to the net deferred tax liabilities assumed. As a result of the decrease to net deferred tax liabilities, the Company revised the release of its valuation allowance for deferred tax assets as of September 30, 2013, which in turn reduced the income tax benefit previously presented in the the Press Release by $9.2 million.

As a result of this non-cash purchase accounting update to the income tax benefit previously reported in the Press Release, the Company is now reporting a GAAP net loss of $2.2 million, or $0.06 per share, for the quarter ended September 30, 2013, and GAAP net loss of $6.6 million, or $0.21 per share, for the nine months ended September 30, 2013.

This update has no impact to non-GAAP Adjusted EBITDA, pre-tax GAAP operating results or the statements of cash flows for the quarter ended September 30, 2013, or the nine months ended September 30, 2013 as reported in the Press Release. This update also does not impact Trulia's key business metrics or its outlook for the fourth quarter of 2013 as reported in the Press Release.

The Company's unaudited condensed consolidated statements of operations, condensed balance sheets and statements of cash flows, including reconciliations between GAAP and non-GAAP financial measures and reconciliations to pro-forma net loss and Adjusted EBITDA assuming a full quarter contribution from Market Leader, are attached as Exhibit 99.1. These financial statements should be read in conjunction with the unaudited consolidated financial statements and notes set forth in the Company's quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2013, when available.

The information in this Item 2.02 of Form 8-K is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.       Description

99.1              Revised unaudited condensed consolidated statements of
                  operations, condensed balance sheets and statements of cash flows
                  of Trulia, Inc.


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