In May, we priced a follow-on offering of stock that facilitated an orderly distribution of shares and helped increase our public float. We also issued an additional 703,235 new shares, raising $8 million in additional capital for future investments. We've had a busy, exciting quarter, with summertime being the most critical season for the Angie's List business.
I'll now turn the call over to Angie.
Angela R. Hicks Bowman
Thanks, Bill. Our marketing continued to perform really well in the second quarter. We sold more new members than ever before. And our CPA came in at $91, which is right in line with our expectations. Strong marginal CPAs allowed us to increase spend by 52%. And as you probably recall, our spend follows a bell curve, with Q2 and Q3 being the highest, as we capitalize on seasonality trends to continue to drive strong membership growth.During the second quarter, we had success testing sliding our spend. We slided by taking spend dollar out of the week leading into Memorial Day and redeployed them in other weeks. This allowed us to stretch our ad spend dollars and bring more efficiency to the buy. And now to Bob for a closer look at financials. Robert R. Millard Thank you, Bill and Angie, and good afternoon, everyone. A quick reminder, my comments on growth rates will refer to year-over-year changes, unless I indicate otherwise. We delivered a solid second quarter with strong revenue growth and consistent metrics. As you likely saw, we included a market cohort table in our press release today. We believe this table helps explain the growth and maturation of our markets. And therefore, we will be disclosing it on a quarterly basis. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV