Angie's List, Inc.

CIK:0001491778|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue
Membership	$ 10,193	$ 15,645	$ 21,717	$ 31,979
Service provider	62,557	67,415	124,165	134,937
Total revenue	72,750	83,060	145,882	166,916
Operating expenses
Operations and support	6,928	10,172	15,215	22,381
Selling	23,153	26,983	49,510	54,815
Marketing	20,618	14,432	30,441	33,547
Product and technology	14,905	13,323	29,218	23,357
General and administrative	13,729	12,135	24,595	30,820
Operating income (loss)	(6,583)	6,015	(3,097)	1,996
Interest expense, net	1,469	1,352	2,965	1,968
Income (loss) before income taxes	(8,052)	4,663	(6,062)	28
Income tax expense	10	6	20	13
Net income (loss)	$ (8,062)	$ 4,657	$ (6,082)	$ 15
Earnings per common share (in USD per share)	$ (0.13)	$ 0.08	$ (0.10)	$ 0.00
Income (loss) per common share (in USD per share)	$ (0.13)	$ 0.08	$ (0.10)	$ 0.00
Weighted-average number of common shares outstanding — basic	60,273,980	58,710,321	59,893,356	58,662,100
Weighted-average number of common shares outstanding — diluted	60,273,980	59,643,950	59,893,356	59,637,852

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net income (loss)	$ (6,082)	$ 15
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	8,211	5,254
Amortization of debt discount, deferred financing fees and bond premium	450	333
Non-cash stock-based compensation expense	6,030	7,496
Non-cash long-lived asset impairment charge	190	0
Non-cash loss on disposal of long-lived assets	3	171
Deferred income taxes	10	0
Changes in certain assets:
Accounts receivable, net	1,365	129
Prepaid expenses and other current assets	(3,249)	728
Changes in certain liabilities:
Accounts payable	318	(2,542)
Accrued liabilities	6,776	9,557
Net cash provided by operating activities	8,677	14,286
Investing activities
Purchases of investments	(5,960)	(11,274)
Sales of investments	12,021	11,320
Property, equipment and software	(199)	(3,208)
Capitalized website and software development costs	(2,854)	(8,973)
Intangible assets	(70)	(129)
Net cash provided by (used in) investing activities	2,938	(12,264)
Financing activities
Proceeds from exercise of stock options	5,919	500
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options	462	0
Taxes paid on behalf of employees related to net share settlement	(1,980)	(430)
Purchases of treasury stock	(15)	0
Payments on capital lease obligation	(41)	(116)
Net cash provided by (used in) financing activities	4,345	(46)
Net increase in cash and cash equivalents	15,960	1,976
Cash and cash equivalents, beginning of period	22,402	32,599
Cash and cash equivalents, end of period	38,362	34,575
Supplemental cash flow disclosures
Capital expenditures incurred but not yet paid	65	820
Deferred advertising revenue [Member]
Changes in certain liabilities:
Deferred revenue	(1,764)	(2,769)
Deferred membership revenue [Member]
Changes in certain liabilities:
Deferred revenue	$ (3,581)	$ (4,086)

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 38,362	$ 22,402
Short-term investments	10,480	16,541
Accounts receivable, net of allowance for doubtful accounts of $3,039 and $3,296 at June 30, 2017 and December 31, 2016, respectively	15,006	16,371
Prepaid expenses and other current assets	20,251	17,002
Total current assets	84,099	72,316
Property, equipment and software, net	77,459	82,714
Goodwill	1,145	1,145
Amortizable intangible assets, net	930	1,219
Total assets	163,633	157,394
Liabilities and stockholders’ equity
Accounts payable	2,953	2,886
Accrued liabilities	30,452	23,128
Less current maturities	3,000	1,500
Total current liabilities	97,321	93,019
Long-term debt, net	55,092	56,142
Other liabilities, noncurrent	654	1,245
Total liabilities	154,799	152,894
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.001 par value: 10,000,000 shares authorized, no shares issued or outstanding at June 30, 2017 and December 31, 2016	0	0
Common stock, $0.001 par value: 300,000,000 shares authorized, 69,437,866 and 67,979,486 shares issued and 60,877,344 and 59,420,774 shares outstanding at June 30, 2017 and December 31, 2016, respectively	69	68
Additional paid-in-capital	300,612	290,182
Treasury stock, at cost: 8,560,522 and 8,558,712 shares of common stock at June 30, 2017 and December 31, 2016, respectively	(23,734)	(23,719)
Accumulated deficit	(268,113)	(262,031)
Total stockholders’ equity	8,834	4,500
Total liabilities and stockholders’ equity	163,633	157,394
Deferred membership revenue [Member]
Liabilities and stockholders’ equity
Deferred revenue, current	20,255	23,208
Deferred revenue, noncurrent	1,404	2,032
Deferred advertising revenue [Member]
Liabilities and stockholders’ equity
Deferred revenue, current	40,661	42,297
Deferred revenue, noncurrent	$ 328	$ 456