Fiscal Year 2012 Results
Our total 2012 revenue was $155.8 million, an increase of 73% from $90.0 million in the prior year period. Membership revenue of $47.7 million increased 41% year-over-year and service provider revenue of $108.1 million increased 92% compared to the prior year period. We increased our marketing expense 43%, or $24.1 million, over the prior year period while decreasing our CPA to $73 from $78. We added a total of 1,092,935 new gross paid memberships in 2012, compared to adding 716,350 in 2011.
Net loss was $52.9 million for fiscal year 2012, with selling expense of $58.6 million and marketing expense of $80.2 million, compared to a net loss of $49.0 million with selling expense of $33.8 million and marketing expense of $56.1 million in the prior year period.
Adjusted EBITDA, a non-GAAP financial measure, was a loss of $45.3 million, compared to a loss of $38.7 million in the prior year period. The cash and investments balance at December 31, 2012 was $53.1 million. In addition, we have $15.0 million of unused capacity on our line of credit."In 2012 we made broad investments across the company that resulted in strong membership and service provider growth, greater efficiency in cost per member acquisition and additional tools to further enhance our member and service provider experiences," stated Bob Millard, Angie's List CFO. "We look forward to building upon those investments with a keen focus on managing the business to deliver strong unit economics." Business Outlook The Company's financial and operating expectations for the first quarter of 2013 are as follows:
- Total revenue in the range of $51.0 million to $52.0 million for the first quarter of 2013.
- Marketing expense in the range of $19.0 million to $20.0 million for the first quarter of 2013.