Angi Inc (ANGI)

[Chicago Bankroll]

Angie's List Reports First Quarter 2016 Results (Exhibit 99.1)

Full report here: http://edgar.sec.gov/Archives/edgar/data/1491778/000149177816000231/angi2016331-8kexhibit991.htm


•Company on track to remove reviews paywall by summer of 2016

•Revenue of $83.9 million for the first quarter of 2016 as compared to $83.5 million for the first quarter of 2015

•Adjusted EBITDA1 of $4.8 million for the first quarter of 2016 as compared to $8.6 million for the first quarter of 2015

•Net loss of $4.0 million2 for the first quarter of 2016 as compared to net income of $4.4 million for the first quarter of 2015

•Year over year growth in participating service providers, total contract value, traffic and first-year membership renewal rates


INDIANAPOLIS — April 20, 2016 — Angie’s List, Inc. (NASDAQ: ANGI) today announced financial results for the quarter ended March 31, 2016.

“We made good progress preparing for the strategic and operational shift in our business,” said Scott Durchslag, President and Chief Executive Officer of Angie's List. “The rollout of our technology platform, AL 4.0, is on schedule, and we are on track to remove the reviews paywall by this summer.”

“Our freemium offering, which is being piloted in some top markets, continues to perform robustly, with logins, searches, contract value and reviews each up compared with our control markets,” Durchslag continued. “These encouraging results give us confidence that our upcoming nationwide freemium rollout will drive a re-acceleration of our business.”

“We are also focused on stabilizing our core business during this time of change,” continued Durchslag. “Our overall first quarter revenue was flat year over year as we continued to face headwinds on member and advertising revenue. Adjusted EBITDA1 declined from a year ago due largely to non-recurring expenses and investments in our initiatives to reignite revenue growth. On a more positive note, we sequentially grew our total number of service providers and our backlog of contract value, and our total site traffic increased approximately 25% in the first quarter of 2016 from the year-ago quarter.”

“While turnarounds take time, we are approaching a key inflection point in our business as we make major progress toward introducing our new freemium business model.”


1 Adjusted EBITDA is a non-GAAP financial measure.

2 Includes a $3.5 million contingent liability recorded during the quarter related to pending litigation.