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First quarter revenues increased to $52.2 million, up 68% over the prior year quarter
First quarter service provider revenue increased to $37.5 million, up 78% over the prior year quarter
Cost per acquisition ("CPA") in the first quarter was $72, a decrease of 12% over the prior year period
Total paid memberships of 1,951,774 at March 31, 2013, up 60% year-over-year
First quarter cash provided by operations of $9.9 million
INDIANAPOLIS, April 24, 2013 (GLOBE NEWSWIRE) -- Angie's List, Inc. (Nasdaq:ANGI) announced today first quarter 2013 financial results for the quarter ended March 31, 2013.
"Our business grew very well in the first quarter, achieving new records for membership, service provider revenue and total revenue, due to continued strong and consistent operating metrics," said Angie's List CEO Bill Oesterle. "We continue to gain operating leverage and produced cash flow from our operations. Our first quarter performance demonstrates our ability to continue to rapidly grow our business and produce cash flow, while simultaneously, and significantly, increasing our investments in technology and products. These results reinforce our confidence in our strategy and the long-term operating and financial results we expect to produce."
Key Operating Metrics
Three months ended
Total paid memberships (end of period)
Gross paid memberships added (in period)
Marketing cost per paid membership acquisition (in period)
First-year membership renewal rate (in period)
Average membership renewal rate (in period)
Participating service providers (end of period)
Total service provider contract value (end of period, in thousands)
Market Cohort Analysis
"Our cohorts continued to perform very well in the first quarter," continued Oesterle. "Each cohort recorded significant membership growth with higher penetration rates and increasing total revenue per average paid member."
2003 - 2007
2008 - 2010
Cohort table presents financial and operational data for the twelve months ended 3/31/2013
* Demographic information used in penetration rate calculations is based on a third party study we commissioned in March, 2013.
According to the study, the number of U.S. households in our target demographic was 31 million.
** Not meaningful
First Quarter Results
First quarter 2013 total revenue was $52.2 million, an increase of 68 percent compared to $31.1 million in the prior year period. Membership revenue in the first quarter of 2013 was $14.6 million, an increase of 47 percent compared to the prior year period. Service provider revenue was the largest component of total revenue at $37.5 million and the fastest growing with a 78 percent growth rate year-over-year. Service provider revenue includes revenue from advertising contracts and fees from e-commerce transactions. Advertising revenue was $32.9 million in the first quarter of 2013, an increase of 89 percent compared to the prior year period and e-commerce revenue was $4.7 million, an increase of 24 percent year-over-year.