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Angie's List Management Discusses Q2 2012 Results - Earnings Call Transcript

In addition, starting this quarter, as we refer to earnings, we will also refer to adjusted EBITDA, which we defined as earnings before interest, income taxes, depreciation, amortization and noncash stock-based compensation. Adjusted EBITDA is a non-GAAP financial measure and you can find a reconciliation of adjusted EBITDA to the most directly comparable GAAP financial measure in our second quarter earnings release, which is posted on our website at investor.angieslist.com.

We believe that the use of adjusted EBITDA provides additional insight for investors to use in evaluation of ongoing operating results and trends. However, non-GAAP financial measures such as adjusted EBITDA should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

William S. Oesterle

Thank you, Brinlea. Good afternoon, everyone. We're going to attempt to keep our comments short, so we can get to questions. We appreciate you joining us. We had a very good quarter. It was both consistent and in line with our expectations. Paid membership continued its rapid growth. We ended the quarter with 1.4 million paid households, growing 74% over the prior year period. On more recent note, last week was the best member sales week in Angie's List history. In fact, just today, we sold -- or we finished the day with over 1.5 million paid households. In spite of all of this rapid membership growth, service provider revenue grew at an even faster rate, 94% over the prior year period. As you know, this performance is critical to the success of our long-term monetization.

Total revenue also reached a new record, matching household growth of 74% over the prior year period. We continued to make very targeted investments in technology in order to improve member experience and build e-commerce functionality, both on the website and via mobile. Our new Palo Alto team is fully engaged. And along with the Indianapolis engineering staff, they are working like busy beavers, chopping wood along the way.

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