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02.05.2017 22:30
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Angie's List Reports First Quarter 2017 Results and Merger with IAC's HomeAdvisor
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PR Newswire
INDIANAPOLIS, May 2, 2017
INDIANAPOLIS, May 2, 2017 /PRNewswire/ --
- Angie's List and IAC announced they have entered into a definitive agreement to combine Angie's List and IAC's HomeAdvisor into a new, publicly traded company; a separate release announcing the transaction was issued yesterday
- Revenue of $73.1 million as compared to $83.9 million for the first quarter of 2016
- Net income of $2.0 million as compared to a net loss of $4.6 million for the first quarter of 2016
- Adjusted EBITDA1 of $10.7 million as compared to $4.8 million for the first quarter of 2016
- Gross member additions of 860,000, up 357% from 188,000 in the first quarter of 2016, bringing our total membership count to 5.7 million as of the end of the quarter
- Positive net participating service provider additions, bringing the total number of participating service providers to 55,673 as of the end of the quarter
Angie's List, Inc. (NASDAQ: ANGI) today announced financial results for the quarter ended March 31, 2017.
"This is an exciting day for Angie's List." said Scott Durchslag, President and Chief Executive Officer of Angie's List. "We look forward to joining forces with HomeAdvisor and believe this merger will create compelling value for our shareholders."
"In terms of our results, the year is off to a good start, with key leading indicators moving in the right direction. We added 860,000 gross members in the quarter on significantly lower year over year marketing spend, and in March, we had the highest month of traffic to our website in company history. Member engagement, service provider backlog and sales productivity all improved sequentially as our freemium model continued to gain traction with our customers."
"We also made great progress realizing the cost improvements we put in place at the end of last year," continued Durchslag. "As a result, we improved to profitability from a net loss in the year ago quarter. While it will take time to reignite organic revenue growth, we are seeing the positive changes in new member growth, member engagement, originations bookings and service provider contract value backlog that we anticipated from our freemium strategy."
Angie's List and IAC announced they have entered into a definitive agreement to combine Angie's List and IAC's HomeAdvisor into a new, publicly traded company, to be called ANGI Homeservices Inc. Under the terms of the agreement, Angie's List stockholders will have the right to elect to receive either one share of Class A common stock of the new company or $8.50 per share in cash, for each share of Angie's List stock that they own, with the total amount of cash available in the transaction capped at $130 million. IAC will own between approximately 87% and 90% of the new company at closing, which is expected to take place in the fourth quarter of 2017.
In light of the pending merger, Angie's List will not be hosting a conference call for its first quarter 2017 results. More details on the pending merger can be found on the IAC website http://www.iac.com/Investors.
1 Adjusted EBITDA is a non-GAAP financial measure.
| Key Operating Metrics | |||||||||||
| | |||||||||||
| Three months ended | | March 31, | | March 31, | | Change | |||||
| Total free memberships (end of period)1 | | 3,372,551 | | | — | | | N/A | | ||
| Total paid memberships (end of period) | | 2,347,480 | | | 3,309,166 | | | (29) | % | ||
| Total memberships (end of period) | | 5,720,031 | | | 3,309,166 | | | 73 | % | ||
| | | | | | | | |||||
| Gross free memberships added (in period)2 | | 849,865 | | | — | | | N/A | | ||
| Gross paid memberships added (in period) | | 10,356 | | | 188,242 | | | (94) | % | ||
| Gross memberships added (in period) | | 860,221 | | | 188,242 | | | 357 | % | ||
| | | | | | | | |||||
| Average paid membership renewal rate (in period)3 | | 66 | % | | 75 | % | | (9) | pts | ||
| | | | | | | | |||||
| Participating service providers (end of period)4 | | 55,673 | | | 54,864 | | | 1 | % | ||
| Total service provider contract value (end of period, in thousands) | | $ | 246,830 | | | $ | 267,302 | | | (8) | % |
| Total service provider contract value backlog (end of period, in thousands) | | $ | 154,434 | | | $ | 165,360 | | | (7) | % |
| |
| (1) Total free memberships reflects the number of free members as of the end of the period who joined subsequent to us dropping our ratings and reviews paywall in June 2016, as well as the number of former paid members who requested a change in membership status from paid to free over the same time period. |
| |
| (2) Gross free memberships added represents the total number of new free members added during the reporting period. This figure does not include former paid members who requested a change in membership status from paid to free. |
| |
| (3) Average paid membership renewal rate reflects the percentage of all paid memberships expiring in the reporting period that are renewed as paid members. |
| |
| (4) We include in participating service providers the total number of service providers under contract for advertising, e-commerce or both at the end of the period. |
First Quarter Results
Total revenue for the first quarter of 2017 was $73.1 million, compared to $83.9 million in the year-ago quarter, driven by declines in service provider and membership revenue.
Service provider revenue was $61.6 million, a decline of approximately 9% compared to a year ago, due in part to the challenges we experienced in the prior year in connection with the migration to our new technology platform. These challenges resulted in lower originations and renewals bookings in 2016 that continued to have an impact on service provider revenue in the first quarter of 2017 given the 12-month average duration of our service provider contracts.
Membership revenue was $11.5 million, down approximately 29% from the year-ago quarter, due largely to the impact of our removal of the ratings and reviews paywall in June 2016.
Operations and support expense was $8.3 million, a decrease from $12.2 million in the year-ago quarter, primarily due to a decline in publication costs associated with our implementation of a digital content distribution strategy as well as lower compensation and personnel-related costs.
Selling expense was $26.4 million, down from $27.8 million in the year-ago period, largely related to a decline in compensation and personnel-related costs.
Marketing expense was $9.8 million, a decrease from $19.1 million in the year-ago quarter, due to a reduction in advertising spend as we adjusted the level and timing of such spend in the first quarter of 2017 as compared to the first quarter of 2016.
Product and technology expense was $14.3 million, an increase from $10.0 million in the year-ago period, largely attributable to depreciation and amortization expense on our technology platform, which we placed in service as of the end of the first quarter of 2016, and higher compensation and personnel-related costs.
General and administrative expense was $10.9 million, a decrease from $18.7 million in the year-ago quarter, driven primarily by a period over period decrease in outsourced services expenditures and professional fees and lower compensation and personnel-related costs, as well as the impact of a $3.5 million contingent legal liability recorded during the first quarter of 2016 that did not recur in the first quarter of 2017.
Net income for the quarter was $2.0 million as compared to a net loss of $4.6 million in the year-ago quarter. Adjusted EBITDA1 was $10.7 million for the period as compared to adjusted EBITDA1 of $4.8 million in the year-ago period.
Cash provided by operations was $4.2 million. At March 31, 2017, the balance of cash, cash equivalents and investments was $41.0 million. Capital expenditures declined to $2.0 million in the quarter as compared to $6.4 million in the year-ago quarter, due in large part to lower capitalized website and software development costs associated with our technology platform.
1 Adjusted EBITDA is a non-GAAP financial measure.
| Angie's List, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
| | ||||||||
| | | March 31, | | December 31, | ||||
| | | | | | ||||
| | | (Unaudited) | ||||||
| Assets | | | | | ||||
| Cash and cash equivalents | | $ | 28,789 | | | $ | 22,402 | |
| Short-term investments | | 12,200 | | | 16,541 Werbung Mehr Nachrichten zur Angie's List Aktie kostenlos abonnieren
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