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Angie List : Posts 2nd Quarter 2015 Results

07/29/2015 | 04:01am US/Eastern

Angie's List reported financial results for the quarter ended June 30.

"We continued to execute on our strategy to grow revenue, increase margins and invest for growth," said Angie's List Interim CEO Mark Howell. "Our efforts manifested in the proliferation of e- commerce, operating efficiency and the continued development of our technology platform and product roadmap."

"We continue to attract new members and consumers to our Search, Shop and SnapFix products, contributing to the long-term profitability of our model," continued Howell. "Aided by improvements in mobile capabilities and technology, we expect to continue to enhance our customers' experience with Angie's List, enabling more and better interactions between consumers and service providers."

According to a release from the Company, total revenue for the second quarter of 2015 was $87.3 million, an increase of 11 percent compared to the prior year period. Membership revenue in the second quarter of 2015 was $16.9 million, a decrease of 9 percent compared to the prior year period. Service provider revenue was $70.4 million for the second quarter, representing a 17 percent growth rate year over year.

Marketing expense decreased 29 percent, or $10.4 million, compared to the year-ago period. Net loss for the second quarter was $8.3 million, with selling expense of $31.8 million and marketing expense of $25.5 million, compared to a net loss of $18.4 million, with selling expense of $30.3 million and marketing expense of $35.9 million, in the year-ago period. Adjusted EBITDA loss, a non-GAAP financial measure, was $3.5 million for the period as compared to a loss of $14.9 million in the year-ago period.

Cash provided by operations for the second quarter was approximately $2.0 million. At June 30, the balance of cash, cash equivalents and investments was $69.8 million.

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(c) 2015 ProQuest Information and Learning Company; All Rights Reserved., source Trade Publications

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