Angie's List, Inc. (ANGI) has reported 36.76 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $8.95 million, or $0.15 a share in the quarter, compared with $14.15 million, or $0.24 a share for the same period last year.

Revenue during the quarter dropped 11.11 percent to $76.67 million from $86.26 million in the previous year period. Total expenses were 86.58 percent of quarterly revenues, up from 82.89 percent for the same period last year. That has resulted in a contraction of 369 basis points in operating margin to 13.42 percent.

Operating income for the quarter was $10.29 million, compared with $14.76 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $16.87 million compared with $19.61 million in the prior year period. At the same time, adjusted EBITDA margin contracted 73 basis points in the quarter to 22.01 percent from 22.74 percent in the last year period.

"2016 was a transformative year for Angie's List," said Scott Durchslag, president and chief executive officer of Angie's List. "We achieved a number of important objectives, including removing the reviews paywall, introducing freemium tiers, migrating our technology platform, strengthening our marketing and sales processes and delivering new products to our customers."

The company has spent $11.38 million cash to meet investing activities during the year as against cash outgo of $34.54 million in the last year.

The company has spent $0.45 million cash to carry out financing activities during the year as against cash inflow of $0.45 million in the last year period.

Cash and cash equivalents stood at $22.40 million as on Dec. 31, 2016, down 31.28 percent or $10.20 million from $32.60 million on Dec. 31, 2015.

Working capital remains negative
Working capital of Angie's List, Inc. was negative $20.70 million on Dec. 31, 2016 compared with negative $21.32 million on Dec. 31, 2015. Current ratio was at 0.78 as on Dec. 31, 2016, down from 0.81 on Dec. 31, 2015.