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As filed with the Securities and Exchange Commission on August 8, 2023
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended June 30, 2023
Or
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from__________to__________ |
Commission File No. 001-38220
Angi Inc.
(Exact name of Registrant as specified in its charter) | | | | | | | | |
Delaware | | 82-1204801 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
3601 Walnut Street, Denver, CO 80205
(Address of Registrant’s principal executive offices)
(303) 963-7200
(Registrant’s telephone number, including area code)
| | | | | | | | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act: |
Title of each class | | Trading Symbol | | Name of exchange on which registered |
Class A Common Stock, par value $0.001 | | ANGI | | The Nasdaq Stock Market LLC |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 4, 2023, the following shares of the Registrant’s common stock were outstanding:
| | | | | |
Class A Common Stock | 84,264,278 | |
Class B Common Stock | 422,019,247 | |
Class C Common Stock | — | |
Total outstanding Common Stock | 506,283,525 | |
TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
| (In thousands, except par value amounts) |
ASSETS | | | |
Cash and cash equivalents | $ | 370,579 | | | $ | 321,155 | |
| | | |
Accounts receivable, net | 78,484 | | | 93,880 | |
Other current assets | 62,279 | | | 69,167 | |
Total current assets | 511,342 | | | 484,202 | |
| | | |
Capitalized software, leasehold improvements and equipment, net | 129,670 | | | 153,855 | |
Goodwill | 885,893 | | | 882,949 | |
Intangible assets, net | 173,388 | | | 178,105 | |
Deferred income taxes | 148,850 | | | 145,460 | |
Other non-current assets, net | 53,075 | | | 63,207 | |
TOTAL ASSETS | $ | 1,902,218 | | | $ | 1,907,778 | |
| | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
LIABILITIES: | | | |
| | | |
Accounts payable | $ | 36,925 | | | $ | 30,862 | |
Deferred revenue | 53,990 | | | 50,907 | |
Accrued expenses and other current liabilities | 212,493 | | | 200,015 | |
Total current liabilities | 303,408 | | | 281,784 | |
| | | |
Long-term debt, net | 495,660 | | | 495,284 | |
Deferred income taxes | 3,014 | | | 2,906 | |
Other long-term liabilities | 58,252 | | | 76,426 | |
| | | |
| | | |
| | | |
Commitments and contingencies | | | |
| | | |
SHAREHOLDERS’ EQUITY: | | | |
Class A common stock, $0.001 par value; authorized 2,000,000 shares; issued 105,273 and 102,810 shares, respectively, and outstanding 84,008 and 82,599, respectively | 105 | | | 103 | |
Class B convertible common stock, $0.001 par value; authorized 1,500,000 shares; 422,019 and 422,019 shares issued and outstanding | 422 | | | 422 | |
Class C common stock, $0.001 par value; authorized 1,500,000 shares; no shares issued and outstanding | — | | | — | |
Additional paid-in capital | 1,426,280 | | | 1,405,294 | |
Accumulated deficit | (220,103) | | | (190,079) | |
Accumulated other comprehensive income (loss) | 1,122 | | | (1,172) | |
Treasury stock, 21,265 and 20,211 shares, respectively | (169,581) | | | (166,184) | |
Total Angi Inc. shareholders’ equity | 1,038,245 | | | 1,048,384 | |
Noncontrolling interests | 3,639 | | | 2,994 | |
Total shareholders’ equity | 1,041,884 | | | 1,051,378 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,902,218 | | | $ | 1,907,778 | |
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 | | |
| (In thousands, except per share data) |
Revenue | $ | 375,068 | | | $ | 515,782 | | | $ | 767,475 | | | $ | 951,941 | | | |
Cost of revenue (exclusive of depreciation shown separately below) | 31,662 | | | 127,771 | | | 73,703 | | | 226,769 | | | |
Gross profit | 343,406 | | | 388,011 | | | 693,772 | | | 725,172 | | | |
Operating costs and expenses: | | | | | | | | | |
Selling and marketing expense | 212,713 | | | 251,159 | | | 417,622 | | | 476,960 | | | |
General and administrative expense | 96,985 | | | 119,626 | | | 199,503 | | | 229,281 | | | |
Product development expense | 25,549 | | | 20,954 | | | 50,861 | | | 38,813 | | | |
Depreciation | 22,179 | | | 13,354 | | | 47,614 | | | 27,353 | | | |
Amortization of intangibles | 2,663 | | | 3,804 | | | 5,325 | | | 7,608 | | | |
Total operating costs and expenses | 360,089 | | | 408,897 | | | 720,925 | | | 780,015 | | | |
Operating loss | (16,683) | | | (20,886) | | | (27,153) | | | (54,843) | | | |
Interest expense | (5,034) | | | (5,026) | | | (10,063) | | | (10,048) | | | |
Other income (expense),net | 5,188 | | | (1,750) | | | 8,999 | | | (2,141) | | | |
Loss before income taxes | (16,529) | | | (27,662) | | | (28,217) | | | (67,032) | | | |
Income tax benefit (provision) | 2,050 | | | 3,665 | | | (1,262) | | | 9,748 | | | |
Net loss | (14,479) | | | (23,997) | | | (29,479) | | | (57,284) | | | |
Net earnings attributable to noncontrolling interests | (220) | | | (235) | | | (545) | | | (338) | | | |
Net loss attributable to Angi Inc. shareholders | $ | (14,699) | | | $ | (24,232) | | | $ | (30,024) | | | $ | (57,622) | | | |
| | | | | | | | | |
Per share information attributable to Angi Inc. shareholders: | | |
Basic loss per share | $ | (0.03) | | | $ | (0.05) | | | $ | (0.06) | | | $ | (0.11) | | | |
Diluted loss per share | $ | (0.03) | | | $ | (0.05) | | | $ | (0.06) | | | $ | (0.11) | | | |
| | | | | | | | | |
Stock-based compensation expense by function: | | | | | | | | | |
| | | | | | | | | |
Selling and marketing expense | $ | 1,484 | | | $ | 1,891 | | | $ | 2,764 | | | $ | 3,130 | | | |
General and administrative expense | 6,236 | | | 8,662 | | | 15,134 | | | 18,297 | | | |
Product development expense | 2,410 | | | 2,864 | | | 5,109 | | | 4,975 | | | |
Total stock-based compensation expense | $ | 10,130 | | | $ | 13,417 | | | $ | 23,007 | | | $ | 26,402 | | | |
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 | | |
| (in thousands) |
Net loss | $ | (14,479) | | | $ | (23,997) | | | $ | (29,479) | | | $ | (57,284) | | | |
Other comprehensive income (loss): | | | | | | | | | |
Change in foreign currency translation adjustment | 1,916 | | | (3,225) | | | 2,418 | | | (3,971) | | | |
Change in unrealized gains on available-for-sale marketable debt securities | (2) | | | — | | | — | | | — | | | |
Total other comprehensive income (loss) | 1,914 | | | (3,225) | | | 2,418 | | | (3,971) | | | |
Comprehensive loss | (12,565) | | | (27,222) | | | (27,061) | | | (61,255) | | | |
Components of comprehensive (income) loss attributable to noncontrolling interests: | | | | | | | | | |
Net earnings attributable to noncontrolling interests | (220) | | | (235) | | | (545) | | | (338) | | | |
Change in foreign currency translation adjustment attributable to noncontrolling interests | (81) | | | 326 | | | (124) | | | 269 | | | |
Comprehensive (income) loss attributable to noncontrolling interests | (301) | | | 91 | | | (669) | | | (69) | | | |
Comprehensive loss attributable to Angi Inc. shareholders | $ | (12,866) | | | $ | (27,131) | | | $ | (27,730) | | | $ | (61,324) | | | |
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and Six Months Ended June 30, 2023
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Angi Inc. Shareholders’ Equity | | | | |
| | | | Class A Common Stock $0.001 Par Value | | Class B Convertible Common Stock $0.001 Par Value | | Class C Common Stock $0.001 Par Value | | | | | | | | | | Total Angi Inc. Shareholders' Equity | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | Accumulated Other Comprehensive (Loss) Income | | | | | | | Total Shareholders' Equity |
| | | | | | | | | | | | | | | | Additional Paid-in Capital | | Accumulated Deficit | | | Treasury Stock | | | Noncontrolling Interests | |
| | | $ | | Shares | | $ | | Shares | | $ | | Shares | | | | | | | |
| | | | (In thousands) | | |
Balance as of March 31, 2023 | | | | $ | 104 | | | 104,119 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,416,748 | | | $ | (205,404) | | | $ | (711) | | | $ | (166,184) | | | $ | 1,044,975 | | | $ | 3,362 | | | $ | 1,048,337 | |
Net (loss) earnings | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (14,699) | | | — | | | — | | | (14,699) | | | 220 | | | (14,479) | |
Other comprehensive income | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,833 | | | — | | | 1,833 | | | 81 | | | 1,914 | |
Stock-based compensation expense | | | | — | | | — | | | — | | | — | | | — | | | — | | | 11,268 | | | — | | | — | | | — | | | 11,268 | | | — | | | 11,268 | |
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | | | | 1 | | | 1,154 | | | — | | | — | | | — | | | — | | | (1,704) | | | — | | | — | | | — | | | (1,703) | | | — | | | (1,703) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (3,397) | | | (3,397) | | | — | | | (3,397) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | | — | | | | | — | | | — | | | — | | | — | | | (32) | | | — | | | — | | | — | | | (32) | | | (24) | | | (56) | |
Balance as of June 30, 2023 | | | | $ | 105 | | | 105,273 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,426,280 | | | $ | (220,103) | | | $ | 1,122 | | | $ | (169,581) | | | $ | 1,038,245 | | | $ | 3,639 | | | $ | 1,041,884 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2022 | | | | $ | 103 | | | 102,811 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,405,294 | | | $ | (190,079) | | | $ | (1,172) | | | $ | (166,184) | | | $ | 1,048,384 | | | $ | 2,994 | | | $ | 1,051,378 | |
Net (loss) earnings | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (30,024) | | | — | | | — | | | (30,024) | | | 545 | | | (29,479) | |
Other comprehensive income | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,294 | | | — | | | 2,294 | | | 124 | | | 2,418 | |
Stock-based compensation expense | | | | — | | | — | | | — | | | — | | | — | | | — | | | 25,138 | | | — | | | — | | | — | | | 25,138 | | | — | | | 25,138 | |
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | | | | 2 | | | 2,462 | | | — | | | — | | | — | | | — | | | (4,115) | | | — | | | — | | | — | | | (4,113) | | | — | | | (4,113) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (3,397) | | | (3,397) | | | — | | | (3,397) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | | — | | | — | | | — | | | — | | | — | | | — | | | (37) | | | — | | | — | | | — | | | (37) | | | (24) | | | (61) | |
Balance as of June 30, 2023 | | | | $ | 105 | | | 105,273 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,426,280 | | | $ | (220,103) | | | $ | 1,122 | | | $ | (169,581) | | | $ | 1,038,245 | | | $ | 3,639 | | | $ | 1,041,884 | |
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and Six Months Ended June 30, 2022
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | Class A Common Stock $0.001 Par Value | | Class B Convertible Common Stock $0.001 Par Value | | Class C Common Stock $0.001 Par Value | | | | | | | | | | Total Angi Inc. Shareholders' Equity | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | Accumulated Other Comprehensive Income (Loss) | | | | | | | Total Shareholders' Equity |
| | | | | | | | | | | | | | | | Additional Paid-in Capital | | Accumulated Deficit | | | Treasury Stock | | | Noncontrolling Interests | |
| | | $ | | Shares | | $ | | Shares | | $ | | Shares | | | | | | | |
| | | | (In thousands) | | |
Balance as of March 31, 2022 | | | | $ | 100 | | | 100,426 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,361,540 | | | $ | (95,019) | | | $ | 2,506 | | | $ | (166,184) | | | $ | 1,103,365 | | | $ | 11,068 | | | $ | 1,114,433 | |
Net (loss) earnings | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (24,232) | | | — | | | — | | | (24,232) | | | 235 | | | (23,997) | |
Other comprehensive loss | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (2,899) | | | — | | | (2,899) | | | (326) | | | (3,225) | |
Stock-based compensation expense | | | | — | | | — | | | — | | | — | | | — | | | — | | | 14,111 | | | — | | | — | | | — | | | 14,111 | | | — | | | 14,111 | |
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | | | | 1 | | | 471 | | | — | | | — | | | — | | | — | | | (1,451) | | | — | | | — | | | — | | | (1,450) | | | — | | | (1,450) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of June 30, 2022 | | | | $ | 101 | | | 100,897 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,374,200 | | | $ | (119,251) | | | $ | (393) | | | $ | (166,184) | | | $ | 1,088,895 | | | $ | 10,977 | | | $ | 1,099,872 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2021 | | | | $ | 100 | | | 99,745 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,350,457 | | | $ | (61,629) | | | $ | 3,309 | | | $ | (158,040) | | | $ | 1,134,619 | | | $ | 10,908 | | | $ | 1,145,527 | |
Net (loss) earnings | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (57,622) | | | — | | | — | | | (57,622) | | | 338 | | | (57,284) | |
Other comprehensive loss | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (3,702) | | | — | | | (3,702) | | | (269) | | | (3,971) | |
Stock-based compensation expense | | | | — | | | — | | | — | | | — | | | — | | | — | | | 27,667 | | | — | | | — | | | — | | | 27,667 | | | — | | | 27,667 | |
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | | | | 1 | | | 1,152 | | | — | | | — | | | — | | | — | | | (3,924) | | | — | | | — | | | — | | | (3,923) | | | — | | | (3,923) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (8,144) | | | (8,144) | | | — | | | (8,144) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of June 30, 2022 | | | | $ | 101 | | | 100,897 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,374,200 | | | $ | (119,251) | | | $ | (393) | | | $ | (166,184) | | | $ | 1,088,895 | | | $ | 10,977 | | | $ | 1,099,872 | |
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 | | |
| (In thousands) |
Cash flows from operating activities: | | | | | |
Net loss | $ | (29,479) | | | $ | (57,284) | | | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | |
Depreciation | 47,614 | | | 27,353 | | | |
Provision for credit losses | 46,876 | | | 47,926 | | | |
Stock-based compensation expense | 23,007 | | | 26,402 | | | |
Non-cash lease expense (including impairment of right-of-use assets) | 6,677 | | | 8,354 | | | |
Amortization of intangibles | 5,325 | | | 7,608 | | | |
Deferred income taxes | (3,326) | | | (12,095) | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Other adjustments, net | (1,830) | | | 2,429 | | | |
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | | | | | |
Accounts receivable | (31,184) | | | (84,105) | | | |
Other assets | 5,621 | | | (11,140) | | | |
Accounts payable and other liabilities | 16,131 | | | 55,541 | | | |
Operating lease liabilities | (12,913) | | | (8,624) | | | |
Income taxes payable and receivable | 2,258 | | | 1,571 | | | |
Deferred revenue | 3,002 | | | 3,143 | | | |
Net cash provided by operating activities | 77,779 | | | 7,079 | | | |
| | | | | |
Cash flows from investing activities: | | | | | |
| | | | | |
Capital expenditures | (22,315) | | | (62,138) | | | |
Purchases of marketable debt securities | (12,362) | | | — | | | |
Proceeds from maturities of marketable debt securities | 12,500 | | | — | | | |
| | | | | |
Proceeds from sales of fixed assets | 256 | | | 164 | | | |
| | | | | |
Net cash used in investing activities | (21,921) | | | (61,974) | | | |
| | | | | |
Cash flows from financing activities: | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Purchases of treasury stock | (3,397) | | | (8,144) | | | |
| | | | | |
Withholding taxes paid on behalf of employees on net settled stock-based awards | (4,124) | | | (3,513) | | | |
| | | | | |
| | | | | |
Other, net | (57) | | | — | | | |
Net cash used in financing activities | (7,578) | | | (11,657) | | | |
| | | | | |
Total cash provided (used) | 48,280 | | | (66,552) | | | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 543 | | | (983) | | | |
Net increase (decrease) in cash and cash equivalents and restricted cash | 48,823 | | | (67,535) | | | |
Cash and cash equivalents and restricted cash at beginning of period | 322,136 | | | 429,485 | | | |
Cash and cash equivalents and restricted cash at end of period | $ | 370,959 | | | $ | 361,950 | | | |
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Angi Inc. connects quality home service professionals with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. Over 207,000 transacting service professionals actively sought consumer matches, completed jobs, or advertised work through Angi Inc. platforms during the three months ended June 30, 2023. Additionally, consumers turned to at least one of our brands to find a service professional for approximately 27 million projects during the twelve months ended June 30, 2023.
The Company has four operating segments: (i) Ads and Leads; (ii) Services; (iii) Roofing; and (iv) International (consisting of businesses in Europe and Canada) and operates under multiple brands including Angi, HomeAdvisor, Handy, Total Home Roofing, and Angi Roofing.
Ads and Leads provides service professionals the capability to engage with potential customers, including quote and invoicing services, and provides consumers with tools and resources to help them find local, pre-screened and customer-rated service professionals nationwide for home repair, maintenance and improvement projects. Services consumers can request household services directly through the Angi platform and Angi fulfills the request through the use of independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. The matching and pre-priced booking services and related tools and directories are provided to consumers free of charge. Roofing provides roof replacement and repair services through its wholly-owned subsidiary Angi Roofing, LLC.
As used herein, “Angi,” the “Company,” “we,” “our,” “us,” and similar terms refer to Angi Inc. and its subsidiaries (unless the context requires otherwise).
At June 30, 2023, IAC Inc. (“IAC”), formerly known as IAC/InterActiveCorp, owned 83.9% and 98.1% of the economic and voting interests, respectively, of the Company.
Basis of Presentation and Consolidation
The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. All intercompany transactions and balances between and among the Company and its subsidiaries have been eliminated. See “Note 10—Related Party Transactions with IAC” for information on transactions between Angi and IAC. The Company is included within IAC’s tax group for purposes of federal and consolidated state income tax return filings. For the purpose of these financial statements, income taxes have been computed on an as if standalone, separate return basis. Any differences between taxes currently payable to or receivable from IAC under the tax sharing agreement between the Company and IAC and the current tax provision or benefit computed on an as if standalone, separate return basis for GAAP are reflected as adjustments to additional paid-in capital and as financing activities within the statement of cash flows.
In management's opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company's consolidated financial position, consolidated results of operations and consolidated cash flows for the periods presented. Interim results are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Segment Changes
In the fourth quarter of 2022, the Company’s segment presentation was changed to reflect the following operating segments: Ads and Leads, Services, Roofing and International. Our financial information for all prior periods, including the three and six months ended June 30, 2022 included herein, has been recast to reflect this four operating segment presentation.
Accounting Estimates
Management of the Company is required to make certain estimates, judgments, and assumptions during the preparation of its consolidated financial statements in accordance with GAAP. These estimates, judgments, and assumptions impact the reported amounts of assets, liabilities, revenue, and expenses and the related disclosure of assets and liabilities. Actual results could differ from these estimates.
On an ongoing basis, the Company evaluates its estimates and judgments, including those related to: the fair values of cash equivalents and marketable debt securities; the carrying value of accounts receivable, including the determination of the allowance for credit losses; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the recoverability of right-of-use assets (“ROU assets”); the useful lives and recoverability of definite-lived intangible assets and capitalized software, leasehold improvements, and equipment; the recoverability of goodwill and indefinite-lived intangible assets; unrecognized tax benefits; the liability for potential refunds and customer credits; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets, and other factors that the Company considers relevant.
General Revenue Recognition
The Company accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers and in the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.
From January 1, 2020 through December 31, 2022, Services recorded revenue on a gross basis. Effective January 1, 2023, we modified the Services terms and conditions so that the service professional, rather than Angi Inc., has the contractual relationship with the consumer to deliver the service and our performance obligation to the consumer is to connect them with the service professional. This change in contractual terms requires revenue to be reported as the net amount of what is received from the consumer after deducting the amounts owed to the service professional providing the service effective for all arrangements entered into after December 31, 2022. There is no impact to operating loss or Adjusted EBITDA from this change in revenue recognition. For the three and six months ended June 30, 2022, if Services revenue were recorded on a net basis, revenue would have been reduced by $71.1 million and $122.8 million, respectively.
Deferred Revenue
Deferred revenue consists of payments that are received or are contractually due in advance of the Company’s performance obligation. The Company’s deferred revenue is reported on a contract-by-contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the remaining term or expected completion of its performance obligation is one year or less. At December 31, 2022, the current and non-current deferred revenue balances were $50.9 million and $0.1 million, respectively, and during the six months ended June 30, 2023, the Company recognized $40.1 million of revenue that was included in the deferred revenue balance as of December 31, 2022. At December 31, 2021, the current and non-current deferred revenue balances were $53.8 million and $0.1 million, respectively, and during the six months ended June 30, 2022, the Company recognized $45.8 million of revenue that was included in the deferred revenue balance as of December 31, 2021.
The current and non-current deferred revenue balances at June 30, 2023 are $54.0 million and less than $0.1 million, respectively. Non-current deferred revenue is included in “Other long-term liabilities” in the accompanying consolidated balance sheet.
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Practical Expedients and Exemptions
For contracts that have an original duration of one year or less, the Company uses the practical expedient available under Accounting Standards Codification (“ASC”) ASC 606, applicable to such contracts and does not consider the time value of money.
In addition, as permitted under the practical expedient available under ASC 606, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which the Company has the right to invoice for services performed.
Fair Value Measurements
The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are:
•Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.
•Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company’s Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used.
•Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.
The Company’s non-financial assets, such as goodwill, intangible assets, ROU assets, capitalized software, leasehold improvements and equipment are adjusted to fair value only when an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs.
Recent Accounting Pronouncements
There are no recently issued accounting pronouncements adopted or that have not yet been adopted by the Company that are expected to have a material effect on the results of operations, financial condition, or cash flows of the Company.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation.
NOTE 2—FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Marketable Debt Securities
The Company did not hold any available-for-sale marketable debt securities at June 30, 2023 and December 31, 2022.
Fair Value Measurements
Instruments measured at fair value on a recurring basis
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Cash and cash equivalents are measured at fair value and classified within Level 1 and Level 2 in the fair value hierarchy, because we use quoted prices for identical assets in active markets.
The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:
| | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2023 |
| Quoted Market Prices for Identical Assets in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value Measurements |
| (In thousands) |
Assets: | | | | | | | |
Cash equivalents: | | | | | | | |
Money market funds | $ | 293,434 | | | $ | — | | | $ | — | | | $ | 293,434 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2022 |
| Quoted Market Prices for Identical Assets in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value Measurements |
| (In thousands) |
Assets: | | | | | | | |
Cash equivalents: | | | | | | | |
Money market funds | $ | 189,000 | | | $ | — | | | $ | — | | | $ | 189,000 | |
Treasury discount notes | — | | | 24,961 | | | — | | | 24,961 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total | $ | 189,000 | | | $ | 24,961 | | | $ | — | | | $ | 213,961 | |
Financial instruments measured at fair value only for disclosure purposes
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes:
| | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
| Carrying Value | | Fair Value | | Carrying Value | | Fair Value |
| (In thousands) |
| | | | | | | |
Long-term debt, net (a) | $ | (495,660) | | | $ | (405,000) | | | $ | (495,284) | | | $ | (368,750) | |
________________________
(a) At June 30, 2023 and December 31, 2022, the carrying value of long-term debt, net includes unamortized debt issuance costs of $4.3 million and $4.7 million, respectively.
The fair value of long-term debt is estimated using observable market prices or indices for similar liabilities, which are Level 2 inputs.
NOTE 3—LONG-TERM DEBT
Long-term debt consists of:
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
| (In thousands) |
3.875% ANGI Group Senior Notes due August 15, 2028 (“ANGI Group Senior Notes”); interest payable each February 15 and August 15 | $ | 500,000 | | | $ | 500,000 | |
| | | |
| | | |
| | | |
Less: unamortized debt issuance costs | 4,340 | | | 4,716 | |
Total long-term debt, net | $ | 495,660 | | | $ | 495,284 | |
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
ANGI Group Senior Notes
ANGI Group, LLC (“ANGI Group”), a direct wholly-owned subsidiary of Angi Inc., issued the ANGI Group Senior Notes on August 20, 2020. At any time prior to August 15, 2023, these notes may be redeemed at a redemption price equal to the sum of the principal amount thereof, plus accrued and unpaid interest and a make-whole premium. Thereafter, these notes may be redeemed at the redemption prices, plus accrued and unpaid interest thereon, if any, to the applicable redemption date set forth in the indenture governing the notes.
The indenture governing the ANGI Group Senior Notes contains a covenant that would limit ANGI Group’s ability to incur liens for borrowed money in the event a default has occurred or ANGI Group’s secured leverage ratio exceeds 3.75 to 1.0, provided that ANGI Group is permitted to incur such liens under certain permitted credit facilities indebtedness notwithstanding the ratio, all as defined in the indenture. At June 30, 2023, there were no limitations pursuant thereto.
NOTE 4—ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the components of accumulated other comprehensive income (loss). There were no items reclassified out of accumulated other comprehensive income (loss) into earnings during the three and six months ended June 30, 2023 and 2022.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, |
| 2023 | | 2022 |
| Foreign Currency Translation Adjustment | | Unrealized Gains on Available-For-Sale Debt Securities | | Accumulated Other Comprehensive (Loss) Income | | Foreign Currency Translation Adjustment | | Accumulated Other Comprehensive Income (Loss) |
| (In thousands) |
Balance at April 1 | $ | (713) | | | $ | 2 | | | $ | (711) | | | $ | 2,506 | | | $ | 2,506 | |
Other comprehensive income (loss) | 1,835 | | | (2) | | | 1,833 | | | (2,899) | | | (2,899) | |
Balance at June 30 | $ | 1,122 | | | $ | — | | | $ | 1,122 | | | $ | (393) | | | $ | (393) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 |
| Foreign Currency Translation Adjustment | | Unrealized Gains on Available-For-Sale Debt Securities | | Accumulated Other Comprehensive (Loss) Income | | Foreign Currency Translation Adjustment | | Accumulated Other Comprehensive Income (Loss) |
| (In thousands) |
Balance at January 1 | $ | (1,172) | | | $ | — | | | $ | (1,172) | | | $ | 3,309 | | | $ | 3,309 | |
Other comprehensive income (loss) | 2,294 | | | — | | | 2,294 | | | (3,702) | | | (3,702) | |
Balance at June 30 | $ | 1,122 | | | $ | — | | | $ | 1,122 | | | $ | (393) | | | $ | (393) | |
At June 30, 2023 and June 30, 2022 there was no tax benefit or provision on the accumulated other comprehensive loss.
NOTE 5—SEGMENT INFORMATION
The Company has determined its operating segments consistent with how the chief operating decision maker views the businesses. Additionally, the Company considers how the businesses are organized as to segment management and the focus of the businesses with regards to the types of services or products offered or the target market.
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following table presents revenue by reportable segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | |
| 2023 | | 2022 | | 2023 | | 2022 | | | | | | |
| (In thousands) |
Revenue: | | | | | | | | | | | | | |
Domestic | | | | | | | | | | | | | |
Ads and Leads | $ | 292,487 | | | $ | 341,862 | | | $ | 585,993 | | | $ | 636,608 | | | | | | | |
Services | 29,867 | | | 108,232 | | | 61,926 | | | 184,682 | | | | | | | |
Roofing | 24,482 | | | 42,650 | | | 62,854 | | | 79,337 | | | | | | | |
Intersegment eliminations(a) | (1,001) | | | (1,950) | | | (2,463) | | | (3,627) | | | | | | | |
Total Domestic | 345,835 | | | 490,794 | | | 708,310 | | | 897,000 | | | | | | | |
International | 29,233 | | | 24,988 | | | 59,165 | | | 54,941 | | | | | | | |
Total revenue | $ | 375,068 | | | $ | 515,782 | | | $ | 767,475 | | | $ | 951,941 | | | | | | | |
________________________
(a) Intersegment eliminations related to Ads and Leads revenue earned from sales to Roofing.
The following table presents the revenue of the Company’s segments disaggregated by type of service:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | |
| 2023 | | 2022 | | 2023 | | 2022 | | | | | | |
| (In thousands) |
Domestic: | | | | | | | | | | | | | |
Ads and Leads: | | | | | | | | | | | | | |
Consumer connection revenue | $ | 209,013 | | | $ | 260,896 | | | $ | 421,948 | | | $ | 475,243 | | | | | | | |
Advertising revenue | 70,047 | | | 65,189 | | | 137,228 | | | 129,091 | | | | | | | |
Membership subscription revenue | 13,231 | | | 15,554 | | | 26,430 | | | 31,791 | | | | | | | |
Other revenue | 196 | | | 223 | | | 387 | | | 483 | | | | | | | |
Total Ads and Leads revenue | 292,487 | | | 341,862 | | | 585,993 | | | 636,608 | | | | | | | |
Services revenue | 29,867 | | | 108,232 | | | 61,926 | | | 184,682 | | | | | | | |
Roofing revenue | 24,482 | | | 42,650 | | | 62,854 | | | 79,337 | | | | | | | |
Intersegment eliminations(a) | (1,001) | | | (1,950) | | | (2,463) | | | (3,627) | | | | | | | |
Total Domestic | 345,835 | | | 490,794 | | | 708,310 | | | 897,000 | | | | | | | |
International: | | | | | | | | | | | | | |
Consumer connection revenue | 23,371 | | | 16,941 | | | 48,116 | | | 38,744 | | | | | | | |
Service professional membership subscription revenue | 5,753 | | | 7,758 | | | 10,811 | | | 15,614 | | | | | | | |
Advertising and other revenue | 109 | | | 289 | | | 238 | | | 583 | | | | | | | |
Total International | 29,233 | | | 24,988 | | | 59,165 | | | 54,941 | | | | | | | |
Total revenue | $ | 375,068 | | | $ | 515,782 | | | $ | 767,475 | | | $ | 951,941 | | | | | | | |
________________________(a) Intersegment eliminations related to Ads and Leads revenue earned from sales to Roofing.
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Geographic information about revenue and long-lived assets is presented below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | |
| 2023 | | 2022 | | 2023 | | 2022 | | | | | | |
| (In thousands) |
Revenue: | | | | | | | | | | | | | |
United States | $ | 345,618 | | | $ | 490,049 | | | $ | 707,844 | | | $ | 895,557 | | | | | | | |
All other countries | 29,450 | | | 25,733 | | | 59,631 | | | 56,384 | | | | | | | |
Total | $ | 375,068 | | | $ | 515,782 | | | $ | 767,475 | | | $ | 951,941 | | | | | | | |
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
| (In thousands) |
Long-lived assets (excluding goodwill, intangible assets, and ROU assets): | | | |
United States | $ | 124,685 | | | $ | 147,322 | |
All other countries | 4,985 | | | 6,533 | |
Total | $ | 129,670 | | | $ | 153,855 | |
The following tables present operating income (loss) and Adjusted EBITDA by reportable segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | |
| 2023 | | 2022 | | 2023 | | 2022 | | | | | | |
| (In thousands) |
Operating income (loss): | | | | | | | | | | | | | |
Ads and Leads | $ | 4,791 | | | $ | 23,292 | | | $ | 18,271 | | | $ | 38,778 | | | | | | | |
Services | (5,175) | | | (21,051) | | | (17,627) | | | (46,801) | | | | | | | |
Roofing | (1,302) | | | (3,789) | | | (891) | | | (9,939) | | | | | | | |
Corporate | (16,568) | | | (18,091) | | | (31,507) | | | (31,113) | | | | | | | |
International | 1,571 | | | (1,247) | | | 4,601 | | | (5,768) | | | | | | | |
Total | $ | (16,683) | | | $ | (20,886) | | | $ | (27,153) | | | $ | (54,843) | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | |
| 2023 | | 2022 | | 2023 | | 2022 | | | | | | |
| (In thousands) |
Adjusted EBITDA(b): | | | | | | | | | | | | | |
Ads and Leads | $ | 28,155 | | | $ | 42,164 | | | $ | 68,006 | | | $ | 76,489 | | | | | | | |
Services | $ | 1,700 | | | $ | (13,913) | | | $ | (468) | | | $ | (32,480) | | | | | | | |
Roofing | $ | (1,294) | | | $ | (3,090) | | | $ | (473) | | | $ | (8,116) | | | | | | | |
Corporate | $ | (13,109) | | | $ | (15,102) | | | $ | (25,463) | | | $ | (25,552) | | | | | | | |
International | $ | 2,837 | | | $ | (370) | | | $ | 7,191 | | | $ | (3,821) | | | | | | | |
(b) The Company’s primary financial measure and GAAP segment measure is Adjusted EBITDA, which is defined as operating income (loss) excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of amortization of intangible assets and impairments of goodwill and intangible assets, if applicable.
The following tables reconcile operating income (loss) for the Company’s reportable segments and net loss attributable to Angi Inc. shareholders to Adjusted EBITDA:
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2023 |
| Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | Amortization of Intangibles | | Adjusted EBITDA(b) |
| (In thousands) |
Ads and Leads | $ | 4,791 | | | $ | 5,307 | | | $ | 15,394 | | | $ | 2,663 | | | $ | 28,155 | |
Services | (5,175) | | | $ | 1,192 | | | $ | 5,683 | | | $ | — | | | $ | 1,700 | |
Roofing | (1,302) | | | $ | (167) | | | $ | 175 | | | $ | — | | | $ | (1,294) | |
Corporate | (16,568) | | | $ | 3,459 | | | $ | — | | | $ | — | | | $ | (13,109) | |
International | 1,571 | | | $ | 339 | | | $ | 927 | | | $ | — | | | $ | 2,837 | |
Operating loss | (16,683) | | | | | | | | | |
Interest expense | (5,034) | | | | | | | | | |
Other income, net | 5,188 | | | | | | | | | |
Loss before income taxes | (16,529) | | | | | | | | | |
Income tax benefit | 2,050 | | | | | | | | | |
Net loss | (14,479) | | | | | | | | | |
Net earnings attributable to noncontrolling interests | (220) | | | | | | | | | |
Net loss attributable to Angi Inc. shareholders | $ | (14,699) | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2022 |
| Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | Amortization of Intangibles | | Adjusted EBITDA(b) |
| (In thousands) |
Ads and Leads | $ | 23,292 | | | $ | 5,404 | | | $ | 10,805 | | | $ | 2,663 | | | $ | 42,164 | |
Services | (21,051) | | | $ | 4,513 | | | $ | 1,650 | | | $ | 975 | | | $ | (13,913) | |
Roofing | (3,789) | | | $ | 385 | | | $ | 148 | | | $ | 166 | | | $ | (3,090) | |
Corporate | (18,091) | | | $ | 2,989 | | | $ | — | | | $ | — | | | $ | (15,102) | |
International | (1,247) | | | $ | 126 | | | $ | 751 | | | $ | — | | | $ | (370) | |
Operating loss | (20,886) | | | | | | | | | |
Interest expense | (5,026) | | | | | | | | | |
Other expense, net | (1,750) | | | | | | | | | |
Loss before income taxes | (27,662) | | | | | | | | | |
Income tax benefit | 3,665 | | | | | | | | | |
Net loss | (23,997) | | | | | | | | | |
Net earnings attributable to noncontrolling interests | (235) | | | | | | | | | |
Net loss attributable to Angi Inc. shareholders | $ | (24,232) | | | | | | | | | |
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2023 |
| Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | Amortization of Intangibles | | | | Adjusted EBITDA |
| (In thousands) |
Ads and Leads | $ | 18,271 | | | $ | 10,798 | | | $ | 33,612 | | | $ | 5,325 | | | | | $ | 68,006 | |
Services | (17,627) | | | $ | 5,401 | | | $ | 11,758 | | | $ | — | | | | | $ | (468) | |
Roofing | (891) | | | $ | (2) | | | $ | 420 | | | $ | — | | | | | $ | (473) | |
Corporate | (31,507) | | | $ | 6,044 | | | $ | — | | | $ | — | | | | | $ | (25,463) | |
International | 4,601 | | | $ | 766 | | | $ | 1,824 | | | $ | — | | | | | $ | 7,191 | |
Operating loss | (27,153) | | | | | | | | | | | |
Interest expense | (10,063) | | | | | | | | | | | |
Other income, net | 8,999 | | | | | | | | | | | |
Loss before income taxes | (28,217) | | | | | | | | | | | |
Income tax provision | (1,262) | | | | | | | | | | | |
Net loss | (29,479) | | | | | | | | | | | |
Net earnings attributable to noncontrolling interests | (545) | | | | | | | | | | | |
Net loss attributable to Angi Inc. shareholders | $ | (30,024) | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2022 |
| Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | | | Amortization of Intangibles | | Adjusted EBITDA |
| (In thousands) |
Ads and Leads | $ | 38,778 | | | $ | 10,324 | | | $ | 22,062 | | | | | $ | 5,325 | | | $ | 76,489 | |
Services | (46,801) | | | $ | 9,053 | | | $ | 3,318 | | | | | $ | 1,950 | | | $ | (32,480) | |
Roofing | (9,939) | | | $ | 1,215 | | | $ | 275 | | | | | $ | 333 | | | $ | (8,116) | |
Corporate | (31,113) | | | $ | 5,561 | | | $ | — | | | | | $ | — | | | $ | (25,552) | |
International | (5,768) | | | $ | 249 | | | $ | 1,698 | | | | | $ | — | | | $ | (3,821) | |
Operating loss | (54,843) | | | | | | | | | | | |
Interest expense | (10,048) | | | | | | | | | | | |
Other expense, net | (2,141) | | | | | | | | | | | |
Loss before income taxes | (67,032) | | | | | | | | | | | |
Income tax benefit | 9,748 | | | | | | | | | | | |
Net loss | (57,284) | | | | | | | | | | | |
Net earnings attributable to noncontrolling interests | (338) | | | | | | | | | | | |
Net loss attributable to Angi Inc. shareholders | $ | (57,622) | | | | | | | | | | | |
NOTE 6—INCOME TAXES
The Company is included within IAC’s tax group for purposes of federal and consolidated state income tax return filings. In all periods presented, the income tax provision and/or benefit has been computed for the Company on an as if standalone, separate return basis and payments to and refunds from IAC for the Company’s share of IAC’s consolidated federal and state tax return liabilities/receivables calculated on this basis have been reflected within cash flows from operating activities in the
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
accompanying consolidated statement of cash flows. The tax sharing agreement between the Company and IAC governs the parties’ respective rights, responsibilities and obligations with respect to tax matters, including responsibility for taxes attributable to the Company, entitlement to refunds, allocation of tax attributes and other matters and, therefore, ultimately governs the amount payable to or receivable from IAC with respect to income taxes. Any differences between taxes currently payable to or receivable from IAC under the tax sharing agreement and the current tax provision or benefit computed on an as if standalone, separate return basis for GAAP are reflected as adjustments to additional paid-in capital in the consolidated statement of shareholders’ equity and financing activities within the consolidated statement of cash flows.
At the end of each interim period, the Company estimates the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to significant, unusual, or extraordinary items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which they occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or unrecognized tax benefits is recognized in the interim period in which the change occurs.
The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences, and the likelihood of the realization of deferred tax assets generated in the current year. The accounting estimates used to compute the provision or benefit for income taxes may change as new events occur, more experience is acquired, additional information is obtained or the Company’s tax environment changes. To the extent that the expected annual effective income tax rate changes during a quarter, the effect of the change on prior quarters is included in income tax provision or benefit in the quarter in which the change occurs. Included in the income tax benefit for the three months ended June 30, 2023 was a benefit of $3.0 million due to a higher estimated annual effective tax rate from that applied to the first quarter’s ordinary loss from continuing operations. The higher estimated annual effective tax rate was primarily due to the reduced impact that forecasted nondeductible compensation expense and foreign and state taxes had on the increase in forecasted ordinary domestic pre-tax losses.
For the three months ended June 30, 2023, the Company recorded an income tax benefit of $2.1 million, which represents an effective income tax rate of 12%. The effective income tax rate is lower than the statutory rate of 21% due primarily to nondeductible stock-based compensation and foreign income taxed at different rates, partially offset by research credits and an adjustment to the forecasted annual effective tax rate. For the six months ended June 30, 2023, the Company recorded an income tax provision of $1.3 million, despite a pre-tax loss, due primarily to nondeductible stock-based compensation and foreign income taxed at different rates, partially offset by research credits. For the three and six months ended June 30, 2022, the Company recorded an income tax benefit of $3.7 million and $9.7 million, which represents an effective income tax rate of 13% and 15%, respectively. For the three and six months ended June 30, 2022, the effective income tax rate is lower than the statutory rate of 21% due primarily to unbenefited foreign losses and tax shortfalls generated by the exercise and vesting for stock-based awards.
The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in the income tax provision. Accruals for interest are not material and there are currently no accruals for penalties.
The Company’s income taxes are routinely under audit by federal, state, local and foreign authorities as a result of previously filed separate company and consolidated tax returns with IAC. These audits include questioning the timing and the amount of income and deductions and the allocation of income and deductions among various tax jurisdictions. On June 27, 2023 the Joint Committee of Taxation completed its review of the federal income tax returns for the years ended December 31, 2013 through 2019, which includes the operations of the Company, and approved the audit settlement previously agreed to with the Internal Revenue Service. The statutes of limitations for the years 2013 through 2019 have been extended to December 31, 2023. Returns filed in various other jurisdictions are open to examination for various tax years beginning with 2013. Income taxes payable include unrecognized tax benefits considered sufficient to pay assessments that may result from examination of prior year tax returns. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may not accurately anticipate actual outcomes and, therefore, may require periodic adjustment. Although management currently believes changes in unrecognized tax benefits from period to period and differences between amounts paid, if any, upon resolution of issues raised in audits and amounts previously provided will not have a material impact on liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
At June 30, 2023 and December 31, 2022, the Company has unrecognized tax benefits, including interest, of $7.0 million and $6.2 million, respectively; all of which are for tax positions included in IAC’s consolidated tax return filings. If unrecognized tax benefits at June 30, 2023 are subsequently recognized, the income tax provision would be reduced by $6.6 million. The comparable amount as of December 31, 2022 is $5.8 million. The Company believes it is reasonably possible that its unrecognized tax benefits could decrease by $0.2 million by June 30, 2024 due to settlements; $0.1 million of which would reduce the income tax provision.
The Company regularly assesses the realizability of deferred tax assets considering all available evidence including, to the extent applicable, the nature, frequency and severity of prior cumulative losses, forecasts of future taxable income, tax filing status, the duration of statutory carryforward periods, available tax planning and historical experience. At June 30, 2023, the Company has a U.S. gross deferred tax asset of $210.2 million that the Company expects to fully utilize on a more likely than not basis. Of this amount, $22.8 million will be utilized upon the future reversal of deferred tax liabilities and the remaining net deferred tax asset of $187.4 million will be utilized based on forecasts of future taxable income. The Company’s most significant net deferred tax asset relates to U.S. federal net operating loss (“NOL”) carryforwards of $108.1 million. The Company expects to generate sufficient future taxable income of at least $514.5 million prior to the expiration of these NOLs, the majority of which expire between 2032 and 2037, and a portion of which never expire, to fully realize this deferred tax asset.
NOTE 7—LOSS PER SHARE
The following table sets forth the computation of basic and diluted loss per share attributable to Angi Inc. Class A and Class B Common Stock shareholders:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, |
| 2023 | | 2022 |
| Basic | | Diluted | | Basic | | Diluted |
| (In thousands, except per share data) |
Numerator: | | | | | | | |
Net loss | $ | (14,479) | | | $ | (14,479) | | | $ | (23,997) | | | $ | (23,997) | |
Net earnings attributable to noncontrolling interests | (220) | | | (220) | | | (235) | | | (235) | |
Net loss attributable to Angi Inc. Class A and Class B Common Stock shareholders | $ | (14,699) | | | $ | (14,699) | | | $ | (24,232) | | | $ | (24,232) | |
| | | | | | | |
Denominator: | | | | | | | |
Weighted average basic Class A and Class B common stock shares outstanding | 506,086 | | | 506,086 | | | 502,453 | | | 502,453 | |
Dilutive securities (a) (b) | — | | | — | | | — | | | — | |
Denominator for loss per share—weighted average shares | 506,086 | | | 506,086 | | | 502,453 | | | 502,453 | |
| | | | | | | |
Loss per share attributable to Angi Inc. Class A and Class B Common Stock shareholders: | |
Loss per share | $ | (0.03) | | | $ | (0.03) | | | $ | (0.05) | | | $ | (0.05) | |
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 |
| Basic | | Diluted | | Basic | | Diluted |
| (In thousands, except per share data) |
Numerator: | | | | | | | |
Net loss | $ | (29,479) | | | $ | (29,479) | | | $ | (57,284) | | | $ | (57,284) | |
Net earnings attributable to noncontrolling interests | (545) | | | (545) | | | (338) | | | (338) | |
Net loss attributable to Angi Inc. Class A and Class B Common Stock shareholders | $ | (30,024) | | | $ | (30,024) | | | $ | (57,622) | | | $ | (57,622) | |
| | | | | | | |
Denominator: | | | | | | | |
Weighted average basic Class A and Class B common stock shares outstanding | 505,563 | | | 505,563 | | | 502,231 | | | 502,231 | |
Dilutive securities (a) (b) | — | | | — | | | — | | | — | |
Denominator for loss per share—weighted average shares | 505,563 | | | 505,563 | | | 502,231 | | | 502,231 | |
| | | | | | | |
Loss per share attributable to Angi Inc. Class A and Class B Common Stock shareholders: | |
Loss per share | $ | (0.06) | | | $ | (0.06) | | | $ | (0.11) | | | $ | (0.11) | |
________________________
(a) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and subsidiary denominated equity and vesting of restricted stock units (“RSUs”). For the three and six months ended June 30, 2023 and 2022, 28.1 million and 28.7 million of potentially dilutive securities, respectively, were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding were used to compute all earnings per share amounts.
(b) Market-based awards and performance-based stock units (“PSUs”) are considered contingently issuable shares. Shares issuable upon exercise or vesting of market-based awards and PSUs are included in the denominator for earnings per share if (i) the applicable market or performance condition(s) has been met and (ii) the inclusion of the market-based awards and PSUs is dilutive for the respective reporting periods. For the three and six months ended June 30, 2023 and 2022, 0.7 million and 4.4 million underlying market-based awards and PSUs, respectively, were excluded from the calculation of diluted earnings per share because the market or performance condition(s) had not been met.
NOTE 8—CONSOLIDATED FINANCIAL STATEMENT DETAILS
Cash and Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheet to the total amounts shown in the accompanying statement of cash flows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 | | June 30, 2022 | | December 31, 2021 | | | | |
| (In thousands) |
Cash and cash equivalents | $ | 370,579 | | | $ | 321,155 | | | $ | 360,950 | | | $ | 428,136 | | | | | |
Restricted cash included in other current assets | — | | | 107 | | | 130 | | | 156 | | | | | |
Restricted cash included in other non-current assets | 380 | | | 874 | | | 870 | | | 1,193 | | | | | |
Total cash and cash equivalents, and restricted cash as shown on the consolidated statement of cash flows | $ | 370,959 | | | $ | 322,136 | | | $ | 361,950 | | | $ | 429,485 | | | | | |
Restricted cash included in “Other non-current assets” in the accompanying consolidated balance sheet at June 30, 2023 primarily consisted of cash reserved to fund consumer claims.
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Restricted cash included in “Other current assets” in the accompanying consolidated balance sheets at December 31, 2022 and June 30, 2022 primarily consisted of cash reserved to fund insurance claims.
Restricted cash included in “Other current assets” in the accompanying consolidated balance sheet at December 31, 2021 primarily consisted of funds collected from service providers for disputed payments which were not settled as of the period end, in addition to cash reserved to fund insurance claims.
Restricted cash included in “Other non-current assets” in the accompanying consolidated balance sheets for all periods presented above except June 30, 2023 primarily consisted of deposits related to leases. Restricted cash included in “Other non-current assets” in the accompanying consolidated balance sheet at December 31, 2021 also included cash held related to a check endorsement guarantee for Roofing.
Credit Losses
The following table presents the changes in the allowance for credit losses for the six months ended June 30, 2023 and 2022:
| | | | | | | | | | | | | |
| 2023 | | 2022 | | |
| (In thousands) |
Balance at January 1 | $ | 43,160 | | | $ | 33,652 | | | |
Current period provision for credit losses | 46,876 | | | 47,926 | | | |
Write-offs charged against the allowance for credit losses | (52,874) | | | (40,764) | | | |
Recoveries collected | 2,966 | | | 2,709 | | | |
Balance at June 30 | $ | 40,128 | | | $ | 43,523 | | | |
Accumulated Amortization and Depreciation
The following table provides the accumulated amortization and depreciation within the consolidated balance sheet:
| | | | | | | | | | | | | | |
Asset Category | | June 30, 2023 | | December 31, 2022 |
| | (In thousands) |
Right-of-use assets (included in “other non-current assets”) | | $ | 68,186 | | | $ | 61,818 | |
Capitalized software, leasehold improvements, and equipment | | $ | 178,722 | | | $ | 146,608 | |
Intangible assets | | $ | 177,064 | | | $ | 172,341 | |
Other income (expense), net
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
Interest income | $ | 4,156 | | | $ | 515 | | | $ | 7,579 | | | $ | 579 | |
| | | | | | | |
Foreign exchange gains (losses) | 1,039 | | | (2,264) | | | 1,426 | | | (2,720) | |
| | | | | | | |
| | | | | | | |
Other | (7) | | | (1) | | | (6) | | | — | |
Other income (expense), net | $ | 5,188 | | | $ | (1,750) | | | $ | 8,999 | | | $ | (2,141) | |
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTE 9—CONTINGENCIES
In the ordinary course of business, the Company is a party to various lawsuits. The Company establishes accruals for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. The total accrual for legal matters is $9.8 million at June 30, 2023. Management has also identified certain other legal matters where we believe an unfavorable outcome is not probable and, therefore, no accrual is established. Although management currently believes that resolving claims against us, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. The Company also evaluates other contingent matters, including uncertain income tax positions and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. See “Note 6—Income Taxes” for additional information related to uncertain income tax positions. NOTE 10—RELATED PARTY TRANSACTIONS WITH IAC
Allocation of CEO Compensation and Certain Expenses
Joseph Levin, CEO of IAC and Chairman of Angi, was appointed CEO of Angi on October 10, 2022. As a result, for the three and six months ended June 30, 2023, IAC allocated $2.3 million and $4.6 million, respectively, in costs to Angi (including salary, benefits, stock-based compensation and costs related to the CEO’s office). These costs were allocated from IAC based upon time spent on Angi by Mr. Levin. Management considers the allocation method to be reasonable. The allocated costs also include costs directly attributable to the Company that were initially paid for by IAC and billed by IAC to the Company.
The Combination and Related Agreements
Additionally, in connection with the transaction resulting in the formation of the Company in 2017, which is referred to as the “Combination,” Angi and IAC entered into a contribution agreement; an investor rights agreement; a services agreement; a tax sharing agreement; and an employee matters agreement, which collectively govern the relationship between IAC and Angi Inc.
The Company was charged by IAC $1.5 million and $3.1 million for the three and six months ended June 30, 2023, respectively, and $0.9 million and $1.3 million for the three and six months ended June 30, 2022 for services rendered pursuant to the services agreement. There were no outstanding payables pursuant to the services agreement at June 30, 2023 and $0.8 million in outstanding payables pursuant to the services agreement at December 31, 2022.
At June 30, 2023 and December 31, 2022, the Company had outstanding payables of $2.4 million and $1.4 million, respectively, due to IAC pursuant to the tax sharing agreement, which are included in “Accrued expenses and other current liabilities,” in the accompanying consolidated balance sheet. There were no payments to or refunds from IAC pursuant to this agreement during the three and six months ended June 30, 2023 and 2022.
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Other Arrangements
Additionally, the Company subleases office space to IAC and charged rent pursuant to a lease agreement of $0.2 million and $0.6 million for the three and six months ended June 30, 2023, respectively, and $0.4 million and $0.8 million for the three and six months ended June 30, 2022, respectively. IAC subleases office space to the Company and charged rent pursuant to a lease agreement of $0.3 million and $0.6 million, respectively for both the three and six months ended June 30, 2023 and 2022. At June 30, 2023, the Company has an outstanding receivable of $0.2 million due from IAC pursuant to the sublease agreements. This amount is included in “Other non-current assets” in the accompanying consolidated balance sheet. At December 31, 2022, there were no outstanding receivables or payables pursuant to the sublease agreements.
The Company incurred advertising expense of $1.8 million and $3.6 million for the three and six months ended June 30, 2023, respectively, and $1.9 million and $3.5 million for the three and six months ended June 30, 2022, respectively, related to advertising and audience targeted advertising purchased from other IAC owned businesses. At June 30, 2023, there were related outstanding payables of $1.2 million included in “Accrued expenses and other current liabilities” in the accompanying consolidated balance sheet.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
GENERAL
Management Overview
Angi Inc. (“Angi,” the “Company,” “we,” “our,” or “us”) connects quality home service professionals with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. Approximately 207,000 transacting service professionals actively sought consumer matches, completed jobs, or advertised work through Angi Inc. platforms during the three months ended June 30, 2023. Additionally, consumers turned to at least one of our brands to find a professional for approximately 27 million projects during the twelve months ended June 30, 2023.
The Company has four operating segments: (i) Ads and Leads; (ii) Services; (iii) Roofing; and (iv) International (consisting of businesses in Europe and Canada) and operates under multiple brands including Angi, HomeAdvisor, Handy, Total Home Roofing, and Angi Roofing.
Ads and Leads provides service professionals the capability to engage with potential customers, including quote and invoicing services, and provides consumers with tools and resources to help them find local, pre-screened and customer-rated service professionals nationwide for home repair, maintenance and improvement projects. Services consumers can request household services directly through the Angi platform and Angi fulfills the request through the use of independently established home services providers engaged in a trade, occupation and/or businesses that customarily provides such services. The matching and pre-priced booking services and related tools and directories are provided to consumers free of charge. Roofing provides roof replacement and repair services through its wholly-owned subsidiary Angi Roofing, LLC.
For a more detailed description of the Company’s operating businesses, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Defined Terms and Operating Metrics:
Unless otherwise indicated or as the context otherwise requires, certain terms, which include the principal operating metrics we use in managing our business, are defined below:
•Ads and Leads Revenue primarily reflects domestic ads and leads revenue, including consumer connection revenue for consumer matches, revenue from service professionals under contract for advertising and membership subscription revenue from service professionals and consumers.
•Services Revenue primarily reflects domestic revenue from pre-priced offerings by which the consumer requests services through a Company platform and the Company connects them with a service professional to perform the service.
•Roofing Revenue primarily reflects revenue from the roof replacement business offering by which the consumer purchases services directly from the Company and the Company engages a service professional to perform the service.
•Corporate primarily reflects costs for corporate initiatives, shared costs, such as executive and public company costs, and other expenses not allocated to the operating segments.
•International Revenue primarily reflects revenue generated within the International segment (consisting of businesses in Europe and Canada), including consumer connection revenue for consumer matches and membership subscription revenue from service professionals and consumers.
•Service Requests are (i) fully completed and submitted domestic service requests for connections with Ads and Leads service professionals, (ii) contacts to Ads and Leads service professionals generated via the service professional directory from unique users in unique categories (such that multiple contacts from the same user in the same category in the same day are counted as one Service Request) and (iii) requests to book Services jobs in the period.
•Monetized Transactions are (i) Service Requests that are matched to a paying Ads and Leads service professional in the period and (ii) completed and in-process Services jobs in the period; a single Service Request can result in multiple
monetized transactions.
•Transacting Service Professionals (“Transacting SPs”) are the number of (i) Ads and Leads service professionals that paid for consumer matches or advertising and (ii) Services service professionals that performed a Services job, during the most recent quarter.
•ANGI Group Senior Notes - On August 20, 2020, ANGI Group, LLC (“ANGI Group”), a direct wholly-owned subsidiary of the Company, issued $500.0 million of its 3.875% Senior Notes due August 15, 2028, with interest payable February 15 and August 15 of each year.
Components of Results of Operations
Sources of Revenue
Ads and Leads Revenue is primarily derived from (i) consumer connection revenue, which is comprised of fees paid by service professionals for consumer matches (regardless of whether the service professional ultimately provides the requested service), (ii) advertising revenue, which includes revenue from service professionals under contract for advertising, and (iii) membership subscription revenue from service professionals and consumers. Consumer connection revenue varies based upon several factors including the service requested, product experience offered, and geographic location of service. Services is primarily comprised of revenue from jobs sourced directly through the platform and through retail partnerships and completed by a service professional assigned by our platform. Roofing consists of revenue from roofing projects. International is primarily comprised of revenue from consumer connection revenue for consumer matches and membership subscription from service professionals and consumers.
From January 1, 2020 through December 31, 2022, Services recorded revenue on a gross basis. Effective January 1, 2023, we modified the Services terms and conditions so that the service professional, rather than Angi Inc., has the contractual relationship with the consumer to deliver the service and our performance obligation to the consumer is to connect them with the service professional. This change in contractual terms requires revenue be reported as the net amount of what is received from the consumer after deducting the amounts owed to the service professional providing the service effective for all arrangements entered into after December 31, 2022. There is no impact to operating loss or Adjusted EBITDA from this change in revenue recognition. For the three and six months ended June 30, 2022, if Services revenue were recorded on a net basis, revenue would have been reduced by $71.1 million and $122.8 million, respectively.
Cost of Revenue and Gross Profit
Cost of revenue, which excludes depreciation, consists primarily of (i) roofing materials costs associated with Roofing, (ii) payments made to independent third-party service professionals who perform work contracted under Services arrangements that were entered into prior to January 1, 2023 and the change to net revenue reporting or Roofing arrangements, (iii) credit card processing fees, and (iv) hosting fees.
Gross profit is revenue less cost of revenue. Gross margin is gross profit expressed as a percentage of revenue.
Operating Costs and Expenses:
•Selling and marketing expense - consists primarily of (i) advertising expenditures, which include marketing fees to promote the brand to consumers and service professionals with (a) online marketing, including fees paid to search engines and other online marketing platforms, partners who direct traffic to our brands, and app platforms, (b) offline marketing, which is primarily television and radio advertising, (ii) compensation expense (including stock-based compensation expense) and other employee-related costs for our sales force and marketing personnel, (iii) service guarantee expense, (iv) software license and maintenance costs, and (v) outsourced personnel costs.
•General and administrative expense - consists primarily of (i) compensation expense (including stock-based compensation expense) and other employee-related costs for personnel engaged in executive management, finance, legal, tax, human resources and customer service functions, (ii) provision for credit losses, (iii) outsourced personnel costs for personnel engaged in assisting in customer service functions, (iv) software license and maintenance costs, (v) fees for professional services, and (vi) facilities costs. Our customer service function includes personnel who provide support to our service professionals and consumers.
•Product development expense - consists primarily of (i) compensation expense (including stock-based compensation expense) and other employee-related costs that are not capitalized for personnel engaged in the design, development, testing and enhancement of product offerings and related technology and (ii) software license and maintenance costs.
Non-GAAP financial measure
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) is a non-GAAP financial measure. See “Principles of Financial Reporting” for the definition of Adjusted EBITDA and a reconciliation of net loss attributable to Angi Inc. shareholders to operating loss to consolidated Adjusted EBITDA for the three and six months ended June 30, 2023 and 2022.
Results of Operations for the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (Dollars in thousands) |
Domestic | | | | | | | | | | | | | | | |
Ads and Leads: | | | | | | | | | | | | | | | |
Consumer connection revenue | $ | 209,013 | | | $ | (51,883) | | | (20)% | | $ | 260,896 | | | $ | 421,948 | | | $ | (53,295) | | | (11)% | | $ | 475,243 | |
Advertising revenue | 70,047 | | | 4,858 | | | 7% | | 65,189 | | | 137,228 | | | 8,137 | | | 6% | | 129,091 | |
Membership subscription revenue | 13,231 | | | (2,323) | | | (15)% | | 15,554 | | | 26,430 | | | (5,361) | | | (17)% | | 31,791 | |
Other revenue | 196 | | | (27) | | | (12)% | | 223 | | | 387 | | | (96) | | | (20)% | | 483 | |
Total Ads and Leads revenue | 292,487 | | | (49,375) | | | (14)% | | 341,862 | | | 585,993 | | | (50,615) | | | (8)% | | 636,608 | |
Services revenue | 29,867 | | | (78,365) | | | (72)% | | 108,232 | | | 61,926 | | | (122,756) | | | (66)% | | 184,682 | |
Roofing revenue | 24,482 | | | (18,168) | | | (43)% | | 42,650 | | | 62,854 | | | (16,483) | | | (21)% | | 79,337 | |
Intersegment eliminations | (1,001) | | | 949 | | | 49% | | (1,950) | | | (2,463) | | | 1,164 | | | 32% | | (3,627) | |
Total Domestic revenue | 345,835 | | | (144,959) | | | (30)% | | 490,794 | | | 708,310 | | | (188,690) | | | (21)% | | 897,000 | |
International revenue | 29,233 | | | 4,245 | | | 17% | | 24,988 | | | 59,165 | | | 4,224 | | | 8% | | 54,941 | |
Total revenue | $ | 375,068 | | | $ | (140,714) | | | (27)% | | $ | 515,782 | | | $ | 767,475 | | | $ | (184,466) | | | (19)% | | $ | 951,941 | |
| | | | | | | | | | | | | | | |
Percentage of Total Revenue: | | | | | | | | | | | | | | | |
Domestic | 92 | % | | | | | | 95 | % | | 92 | % | | | | | | 94 | % |
International | 8 | % | | | | | | 5 | % | | 8 | % | | | | | | 6 | % |
Total revenue | 100 | % | | | | | | 100 | % | | 100 | % | | | | | | 100 | % |
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | Change | | % Change | | 2022 | | 2023 | | Change | | % Change | | 2022 |
| (In thousands, rounding differences may occur) |
Operating metrics: | | | | | | | | | | | | | | | |
Service Requests | 6,862 | | | (1,769) | | | (21)% | | 8,631 | | | 12,866 | | | (2,583) | | | (17)% | | 15,449 | |
Monetized Transactions | 7,805 | | | (498) | | | (6)% | | 8,303 | | | 14,256 | | | (866) | | | (6)% | | 15,122 | |
Transacting SPs | 207 | | | (57) | | | (22)% | | 264 | | | | | | | | | |
_________________________________________________________
For the three months ended June 30, 2023 compared to the three months ended June 30, 2022
Ads and Leads revenue decreased $49.4 million, or 14%, due primarily to a decrease in consumer connection revenue of $51.9 million, or 20% and a decrease in membership subscription revenue of $2.3 million, or 15%, due to a decline in monetized transactions and a decline in service professionals in the Angi network, partially offset by an increase in advertising revenue of $4.9 million, or 7% primarily driven by continued growth in sales and improved retention. The decrease in Monetized Transactions was a result of an effort to rationalize sales to service professionals that are unprofitable as well as efforts to increase lead quality, including changes to certain demand channels, to enhance the user experience for both homeowners and service professionals.
Services revenue decreased $78.4 million, or 72%, due primarily to the change to net revenue reporting described above under “Sources of Revenue” and a decrease of $29.9 million due to the shift away from complex and less profitable offerings.
Roofing revenue decreased $18.2 million, or 43%, due primarily to a decline in projects and a strategic shift of operations to select markets.
International revenue increased $4.2 million, or 17%, due primarily to a larger professional network.
For the six months ended June 30, 2023 compared to the six months ended June 30, 2022
Ads and Leads revenue decreased $50.6 million, or 8%, due primarily to a decrease in consumer connection revenue of $53.3 million, or 11%, and a decrease in membership subscription revenue of $5.4 million, or 17%, due to a decline in
monetized transactions and a decline in service professionals in the Angi network, partially offset by an increase in advertising revenue of $8.1 million, or 6% primarily driven by growth in sales and improved retention. The decrease in Monetized Transactions was a result of an effort to rationalize sales to service professionals that are unprofitable as well as efforts to increase lead quality, including changes to certain demand channels, to enhance the user experience for both homeowners and service professionals.
Services revenue decreased $122.8 million, or 66%, due primarily to the change to net revenue reporting described above under “Sources of Revenue” and a decrease of $42.6 million due to the shift away from complex and less profitable offerings.
Roofing revenue decreased $16.5 million, or 21%, due primarily to factors described above in the three-month discussion.
International revenue increased $4.2 million, or 8%, due primarily to the factor described above in the three-month discussion.
Cost of revenue
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (Dollars in thousands) |
Cost of revenue (exclusive of depreciation shown separately below) | $ | 31,662 | | | $ | (96,109) | | | (75)% | | $ | 127,771 | | | $ | 73,703 | | | $ | (153,066) | | | (67)% | | $ | 226,769 | |
As a percentage of revenue | 8% | | | | | | 25% | | 10% | | | | | | 24% |
For the three months ended June 30, 2023 compared to the three months ended June 30, 2022
Ads and Leads cost of revenue decreased $1.5 million, or 15%, and stayed consistent as a percentage of revenue, due primarily to the decrease in revenue of $49.4 million.
Services cost of revenue decreased $80.4 million, or 94%, and decreased as a percentage of revenue, due primarily to a $73.0 million decrease in payments to third-party professional service providers due primarily to the change to net revenue reporting effective January 1, 2023, described above. Additionally, payments to third-party professional service providers decreased as a result of the shift away from complex and less profitable offerings.
Roofing cost of revenue decreased $14.4 million, or 46%, and decreased as a percentage of revenue, due primarily to the reduction of revenue discussed above that resulted in a $7.3 million decrease in roofing material costs and a $4.8 million decrease in third-party professional service providers.
For the six months ended June 30, 2023 compared to the six months ended June 30, 2022
Ads and Leads cost of revenue decreased $2.9 million, or 15%, and stayed consistent as a percentage of revenue, due primarily to the decrease in revenue of $50.6 million.
Services cost of revenue decreased $133.9 million, or 91%, and decreased as a percentage of revenue, due primarily to a $120.7 million decrease in payments to third-party professional service providers due primarily to the change to net revenue reporting effective January 1, 2023, described above. Additionally, payments to third-party professional service providers decreased as a result of the shift away from complex and less profitable offerings.
Roofing cost of revenue decreased $16.5 million, or 28%, and decreased as a percentage of revenue, due primarily to the reduction of revenue discussed above that resulted in a $8.7 million decrease in roofing material costs and a $5.0 million decrease in third-party professional service providers.
Gross profit
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (Dollars in thousands) |
Revenue | $ | 375,068 | | | $ | (140,714) | | | (27)% | | $ | 515,782 | | | $ | 767,475 | | | $ | (184,466) | | | (19)% | | $ | 951,941 | |
Cost of revenue (exclusive of depreciation shown separately below) | 31,662 | | | (96,109) | | | (75)% | | 127,771 | | | 73,703 | | | (153,066) | | | (67)% | | 226,769 | |
Gross profit | $ | 343,406 | | | $ | (44,605) | | | (11)% | | $ | 388,011 | | | $ | 693,772 | | | $ | (31,400) | | | (4)% | | $ | 725,172 | |
| | | | | | | | | | | | | | | |
Gross margin | 92% | | | | 17% | | 75% | | 90% | | | | 14% | | 76% |
For the three months ended June 30, 2023 compared to the three months ended June 30, 2022
Angi gross profit decreased $44.6 million, or 11%, due primarily to the decrease in revenue described in the revenue discussion above.
For the six months ended June 30, 2023 compared to the six months ended June 30, 2022
Angi gross profit decreased $31.4 million, or 4%, due primarily to the decrease in revenue described in the revenue discussion above.
Selling and marketing expense
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (Dollars in thousands) |
Selling and marketing expense | $ | 212,713 | | | $ | (38,446) | | | (15)% | | $ | 251,159 | | | $ | 417,622 | | | $ | (59,338) | | | (12)% | | $ | 476,960 | |
As a percentage of revenue | 57% | | | | | | 49% | | 54% | | | | | | 50% |
For the three months ended June 30, 2023 compared to the three months ended June 30, 2022
Ads and Leads selling and marketing expense decreased $23.8 million, or 11%, driven by decreases in advertising expense of $22.5 million and professional fees of $2.3 million. The decrease in advertising expense was primarily due to a $32.0 million decrease in online advertising spend due to increased efficiency partially offset by a $9.0 million increase in offline advertising spend due to efforts to build awareness of the Angi brand. The decrease in professional fees is primarily due to a decrease in marketing and branding consultancy fees.
Services selling and marketing expense decreased $10.7 million, or 50%, driven by decreases of $7.4 million in professional fees and third-party wages, $4.2 million in compensation expense, and $1.9 million in advertising expense, partially offset by an increase of $3.8 million in service guarantee expense. The decrease in third-party wages and professional fees is primarily due to $5.1 million less in phone-based sales wages primarily resulting from increased reliance on more profitable digital conversion channels and $1.1 million less due to streamlined fulfillment operations, partially driven by fewer complex services. The decrease in compensation expense is primarily due to a reduction in headcount. The decrease in advertising expense is primarily due to a decrease in service professional marketing spend. The increase in service guarantee expense is due to the aforementioned change in contractual terms and conditions resulting in the change to net revenue reporting such that this expense is no longer a component of cost of revenue, which is where the expense was recorded prior to January 1, 2023.
Roofing selling and marketing expense decreased $3.3 million, or 41%, primarily driven by a decrease of $2.2 million in compensation expense as a result of a reduction in headcount and a strategic shift of operations to select markets.
For the six months ended June 30, 2023 compared to the six months ended June 30, 2022
Ads and Leads selling and marketing expense decreased $28.1 million, or 7%, driven by decreases in advertising expense of $33.0 million and professional fees of $3.9 million, partially offset by an increase in compensation expense of $8.3 million. The decrease in advertising expense was primarily due to a $43.4 million decrease in online advertising spend due to increased
efficiency partially offset by a $8.9 million increase in offline advertising spend due to efforts to build awareness of the Angi brand. The decrease in professional fees is primarily due to a decrease in marketing and branding consultancy fees. The increase in compensation is primarily due to increased sales commissions due to the immediate expensing of commissions for certain transactions beginning October 1, 2022.
Services selling and marketing expense decreased $16.9 million, or 42%, driven by decreases of $12.3 million in professional fees and third-party wages, $7.1 million in compensation expense, and $2.9 million in advertising expense, partially offset by an increase of $7.2 million in service guarantee expense. The decrease in professional fees and third-party wages is primarily due to $8.7 million less in phone-based sales wages primarily resulting from increased reliance on more profitable digital conversion channels and $2.4 million less due to streamlined fulfillment operations, partially driven by fewer complex services. The decrease in compensation expense is primarily due to a reduction in headcount. The decrease in advertising expense is primarily due to a decrease in service professional marketing spend. The increase in service guarantee expense is due to the aforementioned change in contractual terms and conditions such that this expense is no longer a component of cost of revenue, which is where the expense was recorded prior to January 1, 2023.
Roofing selling and marketing expense decreased $4.4 million, or 28%, primarily driven by a decrease of $2.3 million in compensation expense as a result of a reduction in headcount and a strategic shift of operations to select markets.
International selling and marketing expense decreased $8.5 million, or 31%, driven by a decrease of $10.8 million in advertising expense. The decrease in advertising expense is primarily due to improved online efficiency and a decrease in television advertising expense.
General and administrative expense
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (Dollars in thousands) |
General and administrative expense | $ | 96,985 | | | $ | (22,641) | | | (19)% | | $ | 119,626 | | | $ | 199,503 | | | $ | (29,778) | | | (13)% | | $ | 229,281 | |
As a percentage of revenue | 26% | | | | | | 23% | | 26% | | | | | | 24% |
For the three months ended June 30, 2023 compared to the three months ended June 30, 2022
Ads and Leads general and administrative expense decreased $15.3 million, or 21%, due primarily to decreases of $4.0 million in compensation expense, $3.9 million in the provision for credit losses, $3.4 million in professional fees, and $2.3 million in third-party wages. The decrease in compensation expense is primarily due to a reduction in headcount. The decrease in the provision for credit losses is primarily due to lower revenue and improved collection rates. The decrease in professional fees is primarily due to a reduction in legal fees. The decrease in third-party wages is primarily due to a reduction in third-party providers.
Services general and administrative expense decreased $5.2 million, or 33%, due primarily to decreases of $3.6 million in compensation expense as a result of a reduction in headcount.
Roofing general and administrative expense decreased $2.8 million, or 42%, due primarily to decreases of $1.2 million in compensation expense as a result of a reduction in headcount.
For the six months ended June 30, 2023 compared to the six months ended June 30, 2022
Ads and Leads general and administrative expense decreased $22.0 million, or 16%, due primarily to decreases of $11.8 million in compensation expense, $3.4 million in third-party wages, and $2.1 million in professional fees. The decrease in compensation expense is primarily due to a reduction in headcount. The decrease in third-party wages is primarily due to a reduction in third-party providers. The decrease in professional fees is primarily due to a reduction in legal fees.
Services general and administrative expense decreased $7.2 million, or 24%, due primarily to decreases of $3.6 million in compensation expense and $2.4 million in the provision for credit losses. The decrease in compensation expense is primarily due to a reduction in headcount. The decrease in the provision for credit losses is primarily due to improved collection rates and lower revenue.
Roofing general and administrative expense decreased $4.4 million, or 31%, due primarily to a decrease of $2.3 million in compensation expense. The decrease in compensation expense is primarily due to a decrease in stock-based compensation and a reduction in headcount.
Corporate general and administrative expense increased $3.3 million, or 12%, due primarily to an increase of $1.8 million in termination fees for leases as a result of Angi Inc. reducing its real estate footprint in 2023.
Product development expense
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (Dollars in thousands) |
Product development expense | $ | 25,549 | | | $ | 4,595 | | | 22% | | $ | 20,954 | | | $ | 50,861 | | | $ | 12,048 | | | 31% | | $ | 38,813 | |
As a percentage of revenue | 7% | | | | | | 4% | | 7% | | | | | | 4% |
For the three months ended June 30, 2023 compared to the three months ended June 30, 2022
Product development expense increased $4.6 million, or 22%. This contrasts with a $24.8 million, or 70%, decrease in capital expenditures for the three months ended June 30, 2023 compared to the three months ended June 30, 2022, which is primarily comprised of internally developed software. The increase in product development expense was driven by a decrease in the percentage of internally developed software that was subject to capitalization in the second quarter of 2023 compared to the second quarter of 2022.
For the six months ended June 30, 2023 compared to the six months ended June 30, 2022
Product development expense increased $12.0 million, or 31%. This contrasts with a $39.8 million, or 64%, decrease in capital expenditures for the six months ended June 30, 2023 compared to the six months ended June 30, 2022, which is primarily comprised of internally developed software. The increase in product development expense was driven by a decrease in the percentage of internally developed software that was subject to capitalization in the six months ended June 30, 2023 compared to the six months ended June 30, 2022.
Depreciation
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (Dollars in thousands) |
Depreciation | $ | 22,179 | | | $ | 8,825 | | | 66% | | $ | 13,354 | | | $ | 47,614 | | | $ | 20,261 | | | 74% | | $ | 27,353 | |
As a percentage of revenue | 6% | | | | | | 3% | | 6% | | | | | | 3% |
For the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022
Depreciation increased primarily due to capitalized software placed in service after the second quarter of 2022.
Operating income (loss)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (Dollars in thousands) |
Ads and Leads | $ | 4,791 | | | $ | (18,501) | | | (79)% | | $ | 23,292 | | | $ | 18,271 | | | $ | (20,507) | | | (53)% | | $ | 38,778 | |
Services | (5,175) | | | 15,876 | | | 75% | | (21,051) | | | (17,627) | | | 29,174 | | | 62% | | (46,801) | |
Roofing | (1,302) | | | 2,487 | | | 66% | | (3,789) | | | (891) | | | 9,048 | | | 91% | | (9,939) | |
Corporate | (16,568) | | | 1,523 | | | 8% | | (18,091) | | | (31,507) | | | (394) | | | (1)% | | (31,113) | |
Total Domestic | (18,254) | | | 1,385 | | | 7% | | (19,639) | | | (31,754) | | | 17,321 | | | 35% | | (49,075) | |
International | 1,571 | | | 2,818 | | | NM | | (1,247) | | | 4,601 | | | 10,369 | | | NM | | (5,768) | |
Total | $ | (16,683) | | | $ | 4,203 | | | 20% | | $ | (20,886) | | | $ | (27,153) | | | $ | 27,690 | | | 50% | | $ | (54,843) | |
| | | | | | | | | | | | | | | |
As a percentage of revenue | (4)% | | | | | | (4)% | | (4)% | | | | | | (6)% |
________________________
NM = Not meaningful
For the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022
Operating losses decreased for the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022 due primarily to the factors described above in the revenue, cost of revenue, sales and marketing, general and administrative, product development, and depreciation expense discussions.
At June 30, 2023, there is $54.1 million of unrecognized compensation cost, net of estimated forfeitures, related to all equity-based awards, which is expected to be recognized over a weighted average period of approximately 2.51 years.
Adjusted EBITDA
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (Dollars in thousands) |
Ads and Leads | $ | 28,155 | | | $ | (14,009) | | | (33)% | | $ | 42,164 | | | $ | 68,006 | | | $ | (8,483) | | | (11)% | | $ | 76,489 | |
Services | 1,700 | | | 15,613 | | | NM | | (13,913) | | | (468) | | | 32,012 | | | 99% | | (32,480) | |
Roofing | (1,294) | | | 1,796 | | | 58% | | (3,090) | | | (473) | | | 7,643 | | | 94% | | (8,116) | |
Corporate | (13,109) | | | 1,993 | | | 13% | | (15,102) | | | (25,463) | | | 89 | | | —% | | (25,552) | |
Total Domestic | 15,452 | | | 5,393 | | | 54% | | 10,059 | | | 41,602 | | | 31,261 | | | 302% | | 10,341 | |
International | 2,837 | | | 3,207 | | | NM | | (370) | | | 7,191 | | | 11,012 | | | NM | | (3,821) | |
Total | $ | 18,289 | | | $ | 8,600 | | | 89% | | $ | 9,689 | | | $ | 48,793 | | | $ | 42,273 | | | 648% | | $ | 6,520 | |
| | | | | | | | | | | | | | | |
As a percentage of revenue | 5% | | | | | | 2% | | 6% | | | | | | 1% |
For the three months ended June 30, 2023 compared to the three months ended June 30, 2022
Ads and Leads Adjusted EBITDA decreased $14.0 million, or 33%, to $28.2 million, and decreased as a percentage of revenue, driven by lower gross profit due to a decrease in revenue, partially offset by lower selling and marketing expense due to improved marketing efficiency and lower general and administrative expense due to lower compensation costs and other operating expenses.
Services Adjusted EBITDA increased $15.6 million, from a loss of $13.9 million to income of $1.7 million, and increased as a percentage of revenue, driven by higher gross profit due to pricing and fulfillment optimization efforts over the past year and lower operating expenses due to a reduced overall cost base as a result of exiting complex and less profitable offerings.
Roofing Adjusted EBITDA loss decreased $1.8 million, or 58% to $1.3 million, and decreased as a percentage of revenue, driven by a decrease in selling and marketing expense and general and administrative expense due to headcount rationalization and a strategic shift of operations to select markets.
Corporate Adjusted EBITDA loss decreased $2.0 million, or 13%, to $13.1 million, driven by a decrease in sales and marketing expense.
International Adjusted EBITDA increased $3.2 million, from a loss of $0.4 million to income of $2.8 million, driven by lower selling and marketing expense due to more efficient marketing spend.
For the six months ended June 30, 2023 compared to the six months ended June 30, 2022
Ads and Leads Adjusted EBITDA decreased $8.5 million, or 11%, to $68.0 million, and remained constant as a percentage of revenue, driven by lower gross profit due to a decrease in revenue, partially offset by lower selling and marketing expense due to improved marketing efficiency and lower general and administrative expense due to lower compensation costs and other operating expenses.
Services Adjusted EBITDA loss decreased $32.0 million, or 99%, to $0.5 million, and decreased as a percentage of revenue, driven by higher gross profit due to pricing and fulfillment optimization efforts over the past year and lower operating expenses due to a reduced overall cost base as a result of exiting complex and less profitable offerings.
Roofing Adjusted EBITDA loss decreased $7.6 million, or 94% to $0.5 million, and decreased as a percentage of revenue, driven by a decrease in selling and marketing expense and general and administrative expense due to headcount rationalization and a strategic shift of operations to select markets.
International Adjusted EBITDA increased $11.0 million, from a loss of $3.8 million to income of $7.2 million, driven by lower selling and marketing expense due to more efficient marketing spend.
Interest expense
Interest expense relates to interest on the ANGI Group Senior Notes.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (In thousands) |
Interest expense | $ | 5,034 | | | $ | 8 | | | —% | | $ | 5,026 | | | $ | 10,063 | | | $ | 15 | | | —% | | $ | 10,048 | |
For the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022
Interest expense was flat compared to the three months ended June 30, 2022.
Other income (expense), net
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (In thousands) |
Other income (expense), net | $ | 5,188 | | | $ | 6,938 | | | NM | | $ | (1,750) | | | $ | 8,999 | | | $ | 11,140 | | | NM | | $ | (2,141) | |
For the three months ended June 30, 2023 and 2022
Other income, net for the three months ended June 30, 2023 primarily includes interest income of $4.2 million, and a foreign currency exchange gain of $1.0 million.
Other expense, net for the three months ended June 30, 2022 primarily includes a foreign currency exchange loss of $2.3 million, partially offset by interest income of $0.5 million.
For the six months ended June 30, 2023 and 2022
Other income, net for the six months ended June 30, 2023 primarily includes interest income of $7.6 million and a foreign currency exchange gain of $1.4 million.
Other expense, net for the six months ended June 30, 2022 primarily includes foreign currency losses of $2.7 million, partially offset by interest income of $0.6 million.
Income tax benefit (provision)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | $ Change | | % Change | | 2022 | | 2023 | | $ Change | | % Change | | 2022 |
| (Dollars in thousands) |
Income tax benefit (provision) | $ | 2,050 | | | $ | (1,615) | | | (44)% | | $ | 3,665 | | | $ | (1,262) | | | $ | (11,010) | | | NM | | $ | 9,748 | |
Effective income tax rate | 12% | | | | | | 13% | | NM | | | | | | 15% |
For the three months ended June 30, 2023 compared to the three months ended June 30, 2022
In 2023, the Company recorded a benefit due primarily to nondeductible stock-based compensation and foreign income taxed at different rates, partially offset by research credits and an adjustment to the forecasted annual effective tax rate.
In 2022, the effective income tax rate was lower than the statutory rate of 21%, due primarily to unbenefited foreign losses and tax shortfalls generated by the exercise and vesting of stock-based awards.
For the six months ended June 30, 2023 compared to the six months ended June 30, 2022
In 2023, the Company recorded a provision despite a pre-tax loss due primarily to nondeductible stock-based compensation and foreign income taxed at different rates, partially offset by research credits.
In 2022, the effective income tax rate was lower than the statutory rate of 21% due primarily to tax shortfalls generated by the exercise and vesting of stock-based awards and unbenefited foreign losses.
PRINCIPLES OF FINANCIAL REPORTING
We report Adjusted EBITDA as a supplemental measure to U.S. generally accepted accounting principles (“GAAP”). This measure is one of the primary metrics by which we evaluate the performance of our businesses, and our internal budgets are based and may impact management compensation. We believe that investors should have access to, and we are obligated to provide, the same set of tools that we use in analyzing our results. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. We endeavor to compensate for the limitations of the non-GAAP measure presented by providing the comparable GAAP measure with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measure. We encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measure, which we discuss below.
Definition of Non-GAAP Measure
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of amortization of intangible assets and impairments of goodwill and intangible assets, if applicable. We believe this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA has certain limitations because it excludes the impact of these expenses.
The following table reconciles net loss attributable to Angi Inc. shareholders to operating loss to consolidated Adjusted EBITDA:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (In thousands) |
Net loss attributable to Angi Inc. shareholders | $ | (14,699) | | | $ | (24,232) | | | $ | (30,024) | | | $ | (57,622) | |
Add back: | | | | | | | |
Net earnings attributable to noncontrolling interests | 220 | | | 235 | | | 545 | | | 338 | |
Income tax (benefit) provision | (2,050) | | | (3,665) | | | 1,262 | | | (9,748) | |
Other (income) expense, net | (5,188) | | | 1,750 | | | (8,999) | | | 2,141 | |
Interest expense | 5,034 | | | 5,026 | | | 10,063 | | | 10,048 | |
Operating loss | (16,683) | | | (20,886) | | | (27,153) | | | (54,843) | |
Add back: | | | | | | | |
Stock-based compensation expense | 10,130 | | | 13,417 | | | 23,007 | | | 26,402 | |
Depreciation | 22,179 | | | 13,354 | | | 47,614 | | | 27,353 | |
Amortization of intangibles | 2,663 | | | 3,804 | | | 5,325 | | | 7,608 | |
Adjusted EBITDA | $ | 18,289 | | | $ | 9,689 | | | $ | 48,793 | | | $ | 6,520 | |
For a reconciliation of operating income (loss) to Adjusted EBITDA for the Company’s reportable segments, see “Note 5—Segment Information” to the consolidated financial statements included in “Item 1. Consolidated Financial Statements.” Non-Cash Expenses That Are Excluded from Our Non-GAAP Measure
Stock-based compensation expense consists of expense associated with the grants, including unvested grants assumed in acquisitions, of stock appreciation rights, restricted stock units (“RSUs”), stock options, performance-based RSUs (“PSUs”) and market-based awards. These expenses are not paid in cash and we view the economic costs of stock-based awards to be the dilution to our share base; we also include the related shares in our fully diluted shares outstanding for GAAP earnings per share using the treasury stock method. PSUs and market-based awards are included only to the extent the applicable performance or market condition(s) have been met (assuming the end of the reporting period is the end of the contingency period). The Company is currently settling all stock-based awards on a net basis and remits the required tax-withholding amounts from its current funds.
Depreciation is a non-cash expense relating to our capitalized software, leasehold improvements and equipment and is computed using the straight-line method to allocate the cost of depreciable assets to operations over their estimated useful lives, or, in the case of leasehold improvements, the lease term, if shorter.
Amortization of intangible assets and impairments of goodwill and intangible assets are non-cash expenses related primarily to acquisitions. At the time of an acquisition, the identifiable definite-lived intangible assets of the acquired company, such as service professional relationships, technology, and trade names, are valued and amortized over their estimated lives. Value is also assigned to acquired indefinite-lived intangible assets, which comprise trade names and trademarks, and goodwill that are not subject to amortization. An impairment is recorded when the carrying value of an intangible asset or goodwill exceeds its fair value. We believe that intangible assets represent costs incurred by the acquired company to build value prior to acquisition and the related amortization and impairments of intangible assets or goodwill, if applicable, are not ongoing costs of doing business.
FINANCIAL POSITION, LIQUIDITY, AND CAPITAL RESOURCES
Financial Position
| | | | | | | | | | | | | | |
| | June 30, 2023 | | December 31, 2022 |
| | (In thousands) |
Cash and cash equivalents: | | | | |
United States | | $ | 360,488 | | | $ | 311,422 | |
All other countries | | 10,091 | | | 9,733 | |
Total cash and cash equivalents | | 370,579 | | | 321,155 | |
| | | | |
| | | | |
| | | | |
Long-term debt: | | | | |
ANGI Group Senior Notes | | $ | 500,000 | | | $ | 500,000 | |
| | | | |
| | | | |
| | | | |
Less: unamortized debt issuance costs | | 4,340 | | | 4,716 | |
Total long-term debt, net | | $ | 495,660 | | | $ | 495,284 | |
At June 30, 2023, all of the Company’s international cash can be repatriated without significant consequences.
For a detailed description of long-term debt, see “Note 3—Long-term Debt” to the consolidated financial statements included in “Item 1. Consolidated Financial Statements.” Cash Flow Information
In summary, the Company’s cash flows are as follows:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 |
| (In thousands) |
Net cash provided by (used in): | | | |
Operating activities | $ | 77,779 | | | $ | 7,079 | |
Investing activities | $ | (21,921) | | | $ | (61,974) | |
Financing activities | $ | (7,578) | | | $ | (11,657) | |
Net cash provided by operating activities consists of earnings adjusted for non-cash items and the effect of changes in working capital. Non-cash adjustments include provision for credit losses, depreciation, stock-based compensation expense, non-cash lease expense (including impairment of right-of-use assets), amortization of intangibles, and deferred income taxes.
2023
Adjustments to earnings consist primarily of $47.6 million of depreciation, $46.9 million of provision for credit losses, $23.0 million of stock-based compensation expense, $6.7 million of non-cash lease expense, and $5.3 million of amortization of intangibles. The decrease from changes in working capital consists primarily of an increase of $31.2 million in accounts receivable, a decrease of $12.9 million in operating lease liabilities, and an increase of $16.1 million in accounts payable and other liabilities. The increase in accounts receivable is due primarily to timing of cash receipts. The decrease in operating lease liabilities is due to cash payments on leases net of interest accretion. The increase in accounts payable and other liabilities is due, in part, to timing of payments.
Net cash used in investing activities includes capital expenditures of $22.3 million primarily related to investments in capitalized software to support the Company’s products and services and purchases of marketable debt securities of $12.4 million, partially offset by proceeds from maturities of marketable debt securities of $12.5 million.
Net cash used in financing activities includes $4.1 million for the payment of withholding taxes on behalf of employees for stock-based awards that were net settled and $3.4 million for the repurchase of 1.1 million shares of Angi Inc. Class A common stock, on a settlement date basis, at an average price of $3.22 per share.
2022
Adjustments to earnings consist primarily of $47.9 million of provision for credit losses, $27.4 million of depreciation, $26.4 million of stock-based compensation expense, $8.4 million of non-cash lease expense (including impairment of right-of-use assets), and $7.6 million of amortization of intangibles, partially offset by deferred income taxes of $12.1 million. The decrease from changes in working capital consists primarily of an increase of $84.1 million in accounts receivable, an increase of $11.1 million in other assets, and a decrease of $8.6 million in operating lease liabilities, partially offset by increases of $55.5 million in accounts payable and other liabilities. The increase in accounts receivable is due primarily to revenue growth, primarily attributable to Services. The increase in other assets is primarily due to an increase in capitalized sales commissions. The decrease in operating lease liabilities is due to cash payments on leases net of interest accretion. The increase in accounts payable and other liabilities is primarily due to increases in accrued expenses related to the 2021 brand integration initiative and accrued roofing material costs related to Roofing.
Net cash used in investing activities includes $62.1 million of capital expenditures, primarily related to investments in capitalized software to support the Company’s products and services.
Net cash used in financing activities includes $8.1 million for the repurchase of 1.0 million shares of Angi Inc. Class A common stock, on a settlement date basis, at an average price of $7.80 per share and $3.5 million for the payment of withholding taxes on behalf of employees for stock-based awards that were net settled.
Liquidity and Capital Resources
Share Repurchase Authorizations and Activity
During the six months ended June 30, 2023, the Company repurchased 1.1 million shares, on a trade date basis, of its common stock at an average price of $3.22 per share, or $3.4 million in aggregate. The Company had 14.0 million shares remaining in its share repurchase authorization as of August 4, 2023. The Company may purchase its shares over an indefinite period of time on the open market and in privately negotiated transactions, depending on those factors Company’s management deems relevant at any particular time, including, without limitation, market conditions, share price and future outlook.
Outstanding Stock-based Awards
The Company may settle equity awards on a gross or a net basis depending upon factors deemed relevant at the time, and if settled on a net basis, Angi remits withholding taxes on behalf of the employee. At IAC’s option, certain Angi stock appreciation rights can be settled in either Class A shares of Angi or shares of IAC common stock. If settled in IAC common stock, the Company reimburses IAC in either cash or through the issuance of Class A shares to IAC. The Company currently settles all equity awards on a net basis.
Pursuant to the employee matters agreement, in the event of a distribution of Angi capital stock to IAC stockholders in a transaction intended to qualify as tax-free for U.S. federal income tax purposes, the Compensation Committee of the IAC Board of Directors has the exclusive authority to determine the treatment of outstanding IAC equity awards. Such authority includes (but is not limited to) the ability to convert all or part of IAC equity awards outstanding immediately prior to the distribution into equity awards denominated in shares of Angi Class A Common Stock for no compensation, which Angi would be obligated to assume and which would be dilutive to Angi’s stockholders.
The following table summarizes the aggregate intrinsic value of all awards outstanding as of August 4, 2023; assuming these awards were net settled on that date, the withholding taxes that would be paid by the Company on behalf of employees upon exercise or vesting that would be payable (assuming these equity awards are net settled with a 50% tax rate), and the shares that would have been issued are as follows:
| | | | | | | | | | | | | | | | | |
| Aggregate intrinsic value of awards outstanding | | Estimated withholding taxes payable | | Estimated shares to be issued |
| (In thousands) |
| | | | | |
| | | | | |
RSUs and other equity awards(a)(b) | 99,733 | | | 48,336 | | | 13,891 | |
Total outstanding employee stock-based awards | $ | 99,733 | | | $ | 48,336 | | | 13,891 | |
_______________(a)Includes stock options and subsidiary denominated equity.
(b)The number of shares ultimately needed to settle subsidiary denominated equity awards and the cash withholding tax obligation may vary significantly as a result of the determination of the fair value of the relevant award at the time of exercise. In addition, the number of shares required to settle these awards will be impacted by movement in the Company’s stock price.
Contractual Obligations
At June 30, 2023, there have been no material changes outside the ordinary course of business to the Company's contractual obligations since the disclosures for the year ended December 31, 2022, included in the Company's Annual Report on Form 10-K.
Capital Expenditures
The Company’s 2023 capital expenditures are expected to be lower than 2022 capital expenditures of $116.4 million by approximately 60%, due primarily to decreased investment in capitalized software.
Liquidity Assessment
The Company’s liquidity could be negatively affected by a decrease in demand for its products and services due to economic or other factors.
At June 30, 2023, IAC held all Class B shares of Angi Inc., which represent 83.9% of the economic interest and 98.1% of the voting interest of the Company. As a result, IAC has the ability to control Angi’s financing activities, including the issuance of additional debt and equity securities by Angi or any of its subsidiaries, or the incurrence of other indebtedness generally. While Angi is expected to have the ability to access debt and equity markets if needed, such transactions may require the approval of IAC due to its control of the majority of the outstanding voting power of Angi’s capital stock and its representation on the Angi board of directors.
The Company believes its existing cash, cash equivalents, and expected positive cash flows generated from operations will be sufficient to fund its normal operating requirements, including capital expenditures, debt service, the payment of withholding taxes paid on behalf of employees for net-settled stock-based awards, and investing and other commitments, for the next twelve months. We may elect to raise additional capital through the sale of additional equity or debt financing to fund business activities such as strategic acquisitions, share repurchases, or other purposes beyond the next twelve months.
Additional financing may not be available on terms favorable to the Company or at all, and may also be impacted by any disruptions in the financial markets. In addition, the Company’s existing indebtedness could limit its ability to obtain additional financing.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
During the six months ended June 30, 2023, there have been no material changes to the Company’s instruments or positions that are sensitive to market risk since the disclosure in our Annual Report on Form 10-K for the year ended December 31, 2022.
Item 4. Controls and Procedures
The Company monitors and evaluates on an ongoing basis its disclosure controls and procedures and internal control over financial reporting in order to improve their overall effectiveness. During the course of these evaluations, the Company modifies and refines its internal processes as conditions warrant.
As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company’s management, including our principal executive and principal financial officers, or persons performing similar functions, evaluated the effectiveness of the Company’s disclosure controls and procedures as defined by Rule 13a-15(e) under the Exchange Act. Based on this evaluation, management has concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report in providing reasonable assurance that information we are required to disclose in our filings with the Securities and Exchange Commission (the “Commission:) under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, and include controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
There were no changes to the Company’s internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
Overview
In the ordinary course of business, the Company and its subsidiaries are (or may become) parties to claims, suits, regulatory and government investigations, and other proceedings involving property, personal injury, intellectual property, privacy, tax, labor and employment, competition, commercial disputes, consumer protection and other claims, as well as stockholder derivative actions, class action lawsuits and other matters. Such claims, suits, regulatory and government investigations, and other proceedings could result in fines, civil or criminal penalties, or other adverse consequences. The amounts that may be recovered in such matters may be subject to insurance coverage. Although the results of legal proceedings and claims cannot be predicted with certainty, neither the Company nor any of its subsidiaries is currently a party to any legal proceedings the outcome of which, we believe, if determined adversely to us, would individually or in the aggregate have a material adverse effect on our business, financial condition or results of operations. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties.
Rules of the Commission require the description of material pending legal proceedings (other than ordinary, routine litigation incident to the registrant’s business) and advise that proceedings ordinarily need not be described if they primarily involve damages claims for amounts (exclusive of interest and costs) not exceeding 10% of the current assets of the registrant and its subsidiaries on a consolidated basis. In the judgment of Company management, none of the pending litigation matters which we are defending, including those described below, involves or is likely to involve amounts of that magnitude. The matters described below involve issues or claims that may be of particular interest to our stockholders, regardless of whether they may be material to our financial position or operations based upon the standard set forth in the rules of the Commission.
Service Professional Class Action Litigation against HomeAdvisor
In July 2016, a putative class action, Airquip, Inc. et al. v. HomeAdvisor, Inc. et al., No. 1:16-cv-1849, was filed in the U.S. District Court for the District of Colorado. The complaint, as amended in November 2016, alleged that HomeAdvisor engages in certain deceptive practices affecting the SPs who join its network, including charging them for substandard customer leads and failing to disclose certain charges. The complaint sought certification of a nationwide class consisting of all HomeAdvisor SPs since October 2012, asserted claims for fraud, breach of implied contract, unjust enrichment and violation of the federal RICO statute and the Colorado Consumer Protection Act (“CCPA”), and sought injunctive relief and damages in an unspecified amount.
In July 2018, plaintiffs’ counsel filed a separate putative class action in the U.S. District Court for the District of Colorado, Costello et al. v. HomeAdvisor, Inc. et al., No. 1:18-cv-1802, on behalf of the nine SPs also proposed as new plaintiffs in the Airquip case, naming as defendants HomeAdvisor, Angi and IAC (as well as an unrelated company), and asserting 45 claims largely duplicative of those asserted in a proposed second amended complaint in the Airquip case. In November 2018, the judge presiding over the Airquip case issued an order consolidating the two cases to proceed before him under the caption In re HomeAdvisor, Inc. Litigation.
In January 2019, the plaintiffs renewed their motion for leave to file a consolidated second amended complaint, naming as defendants, in addition to HomeAdvisor, Angi and IAC, CraftJack, Inc. (a wholly-owned subsidiary of the Company) and two unrelated entities. In February 2019, the defendants opposed the motion on various grounds. In September 2019, the court issued an order granting the plaintiffs’ motion. In October and December 2019, the four defendants affiliated with HomeAdvisor filed motions to dismiss certain claims in the amended complaint. In September 2020, the court issued an order granting in part and denying in part the defendants’ motions to dismiss. In May 2022, the plaintiffs filed a motion for class certification. In June 2022, the Company opposed the motion, which remains pending.
The Company believes that the allegations in this lawsuit are without merit and will continue to defend vigorously against them.
False Advertising Litigation against HomeAdvisor
In March 2018, the San Francisco District Attorney filed a lawsuit in the Superior Court of California, People of the State of California v. HomeAdvisor, Inc., No. CGC-18-565008, alleging that HomeAdvisor violated California’s Unfair Competition Law and False Advertising Law by misleading California consumers about the scope of its background check program. The claims focus on certain television commercials, radio advertisements, and website disclosures during the 2014-18 period. In May 2018, the court issued a preliminary injunction against the Company barring it from airing the then-current versions of the advertisements. In May 2020, the state Court of Appeals affirmed the preliminary injunction. The parties then engaged in
lengthy settlement negotiations with the assistance of a mediator. On May 18, 2023, the court approved the parties’ proposed consent judgement, pursuant to which the Company agreed to not to make certain representations concerning its background check program and to pay a civil money penalty in the amount of $6,820,000.
Item 1A. Risk Factors
This quarterly report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipates,” “estimates,” “expects,” “plans,” “intends,” “will continue,” “may”, “could” and “believes,” among similar expressions, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to our future business, financial condition, results of operations and financial performance, our business prospects and strategy, trends and prospects in home services industry and other similar matters. These forward-looking statements are based on Company management's expectations and assumptions about future events as of the date of this report, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict.
Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including, among others: (i) the continued migration of the home services market online, (ii) our ability to market our various products and services in a successful and cost-effective manner, (iii) the continued display of links to websites offering our products and services in a prominent manner in search results, (iv) our ability to successfully implement our brand initiative and expand Services (our pre-priced offerings), while balancing the overall mix of service requests and directory services on Angi platforms, (v) our ability to establish and maintain relationships with quality and trustworthy service professionals, (vi) our continued ability to develop and monetize versions of our products and services for mobile and other digital devices, (vii) our ability to access, share and use personal data about consumers, (viii) our continued ability to communicate with consumers and service professionals via e-mail (or other sufficient means), (xix) any challenge to the contractor classification or employment status of our service professionals, (x) our ability to compete, (xi) adverse economic events or trends (particularly those that impact consumer confidence and spending behavior), (xii) our ability to build, maintain and/or enhance our various brands, (xiii) the adverse impact of COVID-19 and other similar outbreaks on our businesses, (xiv) our ability to protect our systems, technology and infrastructure from cyberattacks and to protect personal and confidential user information (including credit card information), as well as the impact of cyberattacks experienced by third parties, (xv) the occurrence of data security breaches and/or fraud, (xvi) increased liabilities and costs related to the processing, storage, use and disclosure of personal and confidential user information, (xvii) the integrity, quality, efficiency and scalability of our systems, technology and infrastructures (and those of third parties with whom we do business), (xviii) changes in key personnel, (xix) various risks related to our relationship with IAC, (xx) our ability to generate sufficient cash to service our indebtedness and (xxi) certain risks related to ownership of our Class A common stock.
Certain of these and other risks and uncertainties are discussed in our filings with the SEC, including in Part I-Item 1A-Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Other unknown or unpredictable factors that could also adversely affect our business, financial condition and operating results may arise from time to time. In light of these risks and uncertainties, the forward-looking statements discussed in this quarterly report may not prove to be accurate. Accordingly, you should not place undue reliance on these forward-looking statements, which only reflect the views of Company management as of the date of this quarterly report. We do not undertake to update these forward-looking statements.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
The Company did not issue or sell any shares of its common stock or any other equity securities pursuant to unregistered transactions during the quarter ended June 30, 2023.
Issuer Purchases of Equity Securities
The following table sets forth purchases by the Company of its Class A common stock during the three months ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
Period | (a) Total Number of Shares Purchased | | (b) Average Price Paid Per Share | | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | | (d) Maximum Number of Shares that May Yet Be Purchased Under Publicly Announced Plans or Programs(2) |
April 2023 | — | | | $ | — | | | — | | | 15,025,714 | |
May 2023 | 806,143 | | | $ | 3.24 | | | 806,143 | | | 14,219,571 | |
June 2023 | 248,200 | | | $ | 3.15 | | | 248,200 | | | 13,971,371 | |
Total | 1,054,343 | | | $ | 3.22 | | | 1,054,343 | | | 13,971,371 | |
________________________________________
(1)Reflects repurchases made pursuant to the share repurchase authorizations previously announced in March 2020.
(2)Represents the total number of shares of Class A common stock that remained available for repurchase as of June 30, 2023 pursuant to the March 2020 share repurchase authorization. The Company may repurchase shares pursuant to this share repurchase authorization over an indefinite period of time in the open market and in privately negotiated transactions, depending on those factors Company management deems relevant at any particular time, including, without limitation, market conditions, share price and future outlook.
Item 5. Other Information
Rule 10b5-1 Trading Plans
On June 5, 2023, Angela Hicks Bowman, a director and officer of the Company (Chief Customer Officer), adopted a Rule 10b5-1 trading plan that provides for the sale of up to 60,000 shares of the Company’s Class A common stock and all of the net shares of the Company’s Class A common stock acquired upon the exercise of up to 447,000 Company stock options (the “Plan”). Sales pursuant to the Plan are scheduled to occur (assuming the satisfaction of the applicable price and other conditions set forth in the Plan) during the period commencing on October 4, 2023 and ending on September 13, 2024, absent the earlier amendment or termination of the Plan in accordance with its terms. The Plan is intended to qualify for the affirmative defense of Rule 10b5-1.
No other director or officer of the Company adopted or terminated a Rule 10b5-1 trading plan or non-Rule 10b5-1 trading arrangement (as such term is defined in Item 408(a) of Regulation S-K) during the quarter ended June 30, 2023.
Item 6. Exhibits
The documents set forth below, numbered in accordance with Item 601 of Regulation S-K, are filed herewith, incorporated by reference to the location indicated or furnished herewith.
| | | | | | | | | | | | | | | | | |
Exhibit Number | | | Description | | Location |
3.1 | | | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Angi Inc.
| | |
3.2 | | | | Amended and Restated Bylaws of Angi Inc. | | |
| | | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(1) | | |
| | | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(1) | | |
| | | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(2) | | |
| | | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(2) | | |
101.INS | | | Inline XBRL Instance (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | | |
101.SCH | | | Inline XBRL Taxonomy Extension Schema(1) | | |
101.CAL | | | Inline XBRL Taxonomy Extension Calculation(1) | | |
101.DEF | | | Inline XBRL Taxonomy Extension Definition(1) | | |
101.LAB | | | Inline XBRL Taxonomy Extension Labels(1) | | |
101.PRE | | | Inline XBRL Taxonomy Extension Presentation(1) | | |
104 | | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | | |
________________________________________________
(1)Filed herewith.
(2)Furnished herewith.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | | | | | | | |
Dated: | August 8, 2023 | | | |
| | Angi Inc. |
| | | | |
| | By: | | /s/ ANDREW RUSSAKOFF |
| | | | Andrew Russakoff |
| | | | Chief Financial Officer |
| | | | | | | | |
| | |
Signature | Title | Date |
| | |
/s/ ANDREW RUSSAKOFF | Chief Financial Officer | August 8, 2023 |
Andrew Russakoff | | |
Exhibit 31.1
Certification
I, Joseph Levin, certify that:
1.I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2023 of Angi Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | | | | |
Dated: | August 8, 2023 | | /s/ JOSEPH LEVIN |
| | | Joseph Levin |
| | | Chief Executive Officer |
Exhibit 31.2
Certification
I, Andrew Russakoff, certify that:
1.I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2023 of Angi Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | | | | |
Dated: | August 8, 2023 | | /s/ ANDREW RUSSAKOFF |
| | | Andrew Russakoff |
| | | Chief Financial Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Joseph Levin, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to my knowledge:
(1) the Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of Angi Inc. (the "Report") which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Angi Inc.
| | | | | | | | | | | |
Dated: | August 8, 2023 | | /s/ JOSEPH LEVIN |
| | | Joseph Levin |
| | | Chief Executive Officer |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Andrew Russakoff, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that, to my knowledge:
(1) the Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of Angi Inc. (the "Report") which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Angi Inc.
| | | | | | | | | | | |
Dated: | August 8, 2023 | | /s/ ANDREW RUSSAKOFF |
| | | Andrew Russakoff |
| | | Chief Financial Officer |
v3.23.2
Cover Page - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 04, 2023 |
Document Information [Line Items] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-38220
|
|
Entity Registrant Name |
Angi Inc.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
82-1204801
|
|
Entity Address, Address Line One |
3601 Walnut Street
|
|
Entity Address, City or Town |
Denver
|
|
Entity Address, State or Province |
CO
|
|
Entity Address, Postal Zip Code |
80205
|
|
City Area Code |
303
|
|
Local Phone Number |
963-7200
|
|
Title of 12(b) Security |
Class A Common Stock, par value $0.001
|
|
Trading Symbol |
ANGI
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
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Entity Shell Company |
false
|
|
Entity Central Index Key |
0001705110
|
|
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2023
|
|
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Q2
|
|
Amendment Flag |
false
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|
Class A Common Stock |
|
|
Document Information [Line Items] |
|
|
Entity Common Stock, Shares Outstanding |
|
84,264,278
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v3.23.2
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
ASSETS |
|
|
Cash and cash equivalents |
$ 370,579
|
$ 321,155
|
Accounts receivable, net |
78,484
|
93,880
|
Other current assets |
62,279
|
69,167
|
Total current assets |
511,342
|
484,202
|
Capitalized software, leasehold improvements and equipment, net |
129,670
|
153,855
|
Goodwill |
885,893
|
882,949
|
Intangible assets, net |
173,388
|
178,105
|
Deferred income taxes |
148,850
|
145,460
|
Other non-current assets, net |
53,075
|
63,207
|
TOTAL ASSETS |
1,902,218
|
1,907,778
|
LIABILITIES: |
|
|
Accounts payable |
36,925
|
30,862
|
Deferred revenue |
53,990
|
50,907
|
Accrued expenses and other current liabilities |
212,493
|
200,015
|
Total current liabilities |
303,408
|
281,784
|
Long-term debt, net |
495,660
|
495,284
|
Deferred income taxes |
3,014
|
2,906
|
Other long-term liabilities |
58,252
|
76,426
|
Commitments and contingencies |
|
|
SHAREHOLDERS’ EQUITY: |
|
|
Additional paid-in capital |
1,426,280
|
1,405,294
|
Accumulated deficit |
(220,103)
|
(190,079)
|
Accumulated other comprehensive income (loss) |
1,122
|
(1,172)
|
Treasury stock, 21,265 and 20,211 shares, respectively |
(169,581)
|
(166,184)
|
Total Angi Inc. shareholders’ equity |
1,038,245
|
1,048,384
|
Noncontrolling interests |
3,639
|
2,994
|
Total shareholders’ equity |
1,041,884
|
1,051,378
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
1,902,218
|
1,907,778
|
Class A Common Stock |
|
|
SHAREHOLDERS’ EQUITY: |
|
|
Common stock, value |
105
|
103
|
Class B Common Stock |
|
|
SHAREHOLDERS’ EQUITY: |
|
|
Common stock, value |
422
|
422
|
Class C Common Stock |
|
|
SHAREHOLDERS’ EQUITY: |
|
|
Common stock, value |
$ 0
|
$ 0
|
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v3.23.2
CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Treasury stock (in shares) |
21,265,000
|
20,211,000
|
Class A Common Stock |
|
|
Common stock, par value (USD per share) |
$ 0.001
|
$ 0.001
|
Common stock authorized (in shares) |
2,000,000,000
|
2,000,000,000
|
Common stock issued (in shares) |
105,273,000
|
102,810,000
|
Common stock outstanding (in shares) |
84,008,000
|
82,599,000
|
Class B Common Stock |
|
|
Common stock, par value (USD per share) |
$ 0.001
|
$ 0.001
|
Common stock authorized (in shares) |
1,500,000,000
|
1,500,000,000
|
Common stock issued (in shares) |
422,019,000
|
422,019,000
|
Common stock outstanding (in shares) |
422,019,000
|
422,019,000
|
Class C Common Stock |
|
|
Common stock, par value (USD per share) |
$ 0.001
|
$ 0.001
|
Common stock authorized (in shares) |
1,500,000,000
|
1,500,000,000
|
Common stock issued (in shares) |
0
|
0
|
Common stock outstanding (in shares) |
0
|
0
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenue |
$ 375,068
|
$ 515,782
|
$ 767,475
|
$ 951,941
|
Cost of revenue (exclusive of depreciation shown separately below) |
31,662
|
127,771
|
73,703
|
226,769
|
Gross profit |
343,406
|
388,011
|
693,772
|
725,172
|
Operating costs and expenses: |
|
|
|
|
Selling and marketing expense |
212,713
|
251,159
|
417,622
|
476,960
|
General and administrative expense |
96,985
|
119,626
|
199,503
|
229,281
|
Product development expense |
25,549
|
20,954
|
50,861
|
38,813
|
Depreciation |
22,179
|
13,354
|
47,614
|
27,353
|
Amortization of intangibles |
2,663
|
3,804
|
5,325
|
7,608
|
Total operating costs and expenses |
360,089
|
408,897
|
720,925
|
780,015
|
Operating loss |
(16,683)
|
(20,886)
|
(27,153)
|
(54,843)
|
Interest expense |
(5,034)
|
(5,026)
|
(10,063)
|
(10,048)
|
Other income (expense),net |
5,188
|
(1,750)
|
8,999
|
(2,141)
|
Loss before income taxes |
(16,529)
|
(27,662)
|
(28,217)
|
(67,032)
|
Income tax benefit (provision) |
2,050
|
3,665
|
(1,262)
|
9,748
|
Net loss |
(14,479)
|
(23,997)
|
(29,479)
|
(57,284)
|
Net earnings attributable to noncontrolling interests |
(220)
|
(235)
|
(545)
|
(338)
|
Net loss attributable to Angi Inc. shareholders |
$ (14,699)
|
$ (24,232)
|
$ (30,024)
|
$ (57,622)
|
Per share information attributable to Angi Inc. shareholders: |
|
|
|
|
Basic loss per share (USD per share) |
$ (0.03)
|
$ (0.05)
|
$ (0.06)
|
$ (0.11)
|
Diluted loss per share (USD per share) |
$ (0.03)
|
$ (0.05)
|
$ (0.06)
|
$ (0.11)
|
Stock-based compensation expense by function: |
|
|
|
|
Total stock-based compensation expense |
$ 10,130
|
$ 13,417
|
$ 23,007
|
$ 26,402
|
Selling and marketing expense |
|
|
|
|
Stock-based compensation expense by function: |
|
|
|
|
Total stock-based compensation expense |
1,484
|
1,891
|
2,764
|
3,130
|
General and administrative expense |
|
|
|
|
Stock-based compensation expense by function: |
|
|
|
|
Total stock-based compensation expense |
6,236
|
8,662
|
15,134
|
18,297
|
Product development expense |
|
|
|
|
Stock-based compensation expense by function: |
|
|
|
|
Total stock-based compensation expense |
$ 2,410
|
$ 2,864
|
$ 5,109
|
$ 4,975
|
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v3.23.2
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net loss |
$ (14,479)
|
$ (23,997)
|
$ (29,479)
|
$ (57,284)
|
Other comprehensive income (loss): |
|
|
|
|
Change in foreign currency translation adjustment |
1,916
|
(3,225)
|
2,418
|
(3,971)
|
Change in unrealized gains on available-for-sale marketable debt securities |
(2)
|
0
|
0
|
0
|
Total other comprehensive income (loss) |
1,914
|
(3,225)
|
2,418
|
(3,971)
|
Comprehensive loss |
(12,565)
|
(27,222)
|
(27,061)
|
(61,255)
|
Components of comprehensive (income) loss attributable to noncontrolling interests: |
|
|
|
|
Net earnings attributable to noncontrolling interests |
(220)
|
(235)
|
(545)
|
(338)
|
Change in foreign currency translation adjustment attributable to noncontrolling interests |
(81)
|
326
|
(124)
|
269
|
Comprehensive (income) loss attributable to noncontrolling interests |
(301)
|
91
|
(669)
|
(69)
|
Comprehensive loss attributable to Angi Inc. shareholders |
$ (12,866)
|
$ (27,131)
|
$ (27,730)
|
$ (61,324)
|
X |
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v3.23.2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands |
Total |
Total Angi Inc. Shareholders' Equity |
Common Stock
Class A Common Stock $0.001 Par Value
|
Common Stock
Class B Convertible Common Stock $0.001 Par Value
|
Additional Paid-in Capital |
Accumulated Deficit |
Accumulated Other Comprehensive (Loss) Income |
Treasury Stock |
Noncontrolling Interests |
Balance at beginning of period at Dec. 31, 2021 |
$ 1,145,527
|
$ 1,134,619
|
$ 100
|
$ 422
|
$ 1,350,457
|
$ (61,629)
|
$ 3,309
|
$ (158,040)
|
$ 10,908
|
Balance at beginning of period (in shares) at Dec. 31, 2021 |
|
|
99,745
|
422,019
|
|
|
|
|
|
Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Net (loss) earnings |
(57,284)
|
(57,622)
|
|
|
|
(57,622)
|
|
|
338
|
Other comprehensive income (loss) |
(3,971)
|
(3,702)
|
|
|
|
|
(3,702)
|
|
(269)
|
Stock-based compensation expense |
27,667
|
27,667
|
|
|
27,667
|
|
|
|
|
Issuance of common stock pursuant to stock-based awards, net of withholding taxes |
(3,923)
|
(3,923)
|
$ 1
|
|
(3,924)
|
|
|
|
|
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares) |
|
|
1,152
|
|
|
|
|
|
|
Purchase of treasury stock |
(8,144)
|
(8,144)
|
|
|
|
|
|
(8,144)
|
|
Balance at end of period at Jun. 30, 2022 |
1,099,872
|
1,088,895
|
$ 101
|
$ 422
|
1,374,200
|
(119,251)
|
(393)
|
(166,184)
|
10,977
|
Balance at end of period (in shares) at Jun. 30, 2022 |
|
|
100,897
|
422,019
|
|
|
|
|
|
Balance at beginning of period at Mar. 31, 2022 |
1,114,433
|
1,103,365
|
$ 100
|
$ 422
|
1,361,540
|
(95,019)
|
2,506
|
(166,184)
|
11,068
|
Balance at beginning of period (in shares) at Mar. 31, 2022 |
|
|
100,426
|
422,019
|
|
|
|
|
|
Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Net (loss) earnings |
(23,997)
|
(24,232)
|
|
|
|
(24,232)
|
|
|
235
|
Other comprehensive income (loss) |
(3,225)
|
(2,899)
|
|
|
|
|
(2,899)
|
|
(326)
|
Stock-based compensation expense |
14,111
|
14,111
|
|
|
14,111
|
|
|
|
|
Issuance of common stock pursuant to stock-based awards, net of withholding taxes |
(1,450)
|
(1,450)
|
$ 1
|
|
(1,451)
|
|
|
|
|
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares) |
|
|
471
|
|
|
|
|
|
|
Balance at end of period at Jun. 30, 2022 |
1,099,872
|
1,088,895
|
$ 101
|
$ 422
|
1,374,200
|
(119,251)
|
(393)
|
(166,184)
|
10,977
|
Balance at end of period (in shares) at Jun. 30, 2022 |
|
|
100,897
|
422,019
|
|
|
|
|
|
Balance at beginning of period at Dec. 31, 2022 |
1,051,378
|
1,048,384
|
$ 103
|
$ 422
|
1,405,294
|
(190,079)
|
(1,172)
|
(166,184)
|
2,994
|
Balance at beginning of period (in shares) at Dec. 31, 2022 |
|
|
102,811
|
422,019
|
|
|
|
|
|
Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Net (loss) earnings |
(29,479)
|
(30,024)
|
|
|
|
(30,024)
|
|
|
545
|
Other comprehensive income (loss) |
2,418
|
2,294
|
|
|
|
|
2,294
|
|
124
|
Stock-based compensation expense |
25,138
|
25,138
|
|
|
25,138
|
|
|
|
|
Issuance of common stock pursuant to stock-based awards, net of withholding taxes |
(4,113)
|
(4,113)
|
$ 2
|
|
(4,115)
|
|
|
|
|
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares) |
|
|
2,462
|
|
|
|
|
|
|
Purchase of treasury stock |
(3,397)
|
(3,397)
|
|
|
|
|
|
(3,397)
|
|
Other |
(61)
|
(37)
|
|
|
(37)
|
|
|
|
(24)
|
Balance at end of period at Jun. 30, 2023 |
1,041,884
|
1,038,245
|
$ 105
|
$ 422
|
1,426,280
|
(220,103)
|
1,122
|
(169,581)
|
3,639
|
Balance at end of period (in shares) at Jun. 30, 2023 |
|
|
105,273
|
422,019
|
|
|
|
|
|
Balance at beginning of period at Mar. 31, 2023 |
1,048,337
|
1,044,975
|
$ 104
|
$ 422
|
1,416,748
|
(205,404)
|
(711)
|
(166,184)
|
3,362
|
Balance at beginning of period (in shares) at Mar. 31, 2023 |
|
|
104,119
|
422,019
|
|
|
|
|
|
Increase (Decrease) in Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Net (loss) earnings |
(14,479)
|
(14,699)
|
|
|
|
(14,699)
|
|
|
220
|
Other comprehensive income (loss) |
1,914
|
1,833
|
|
|
|
|
1,833
|
|
81
|
Stock-based compensation expense |
11,268
|
11,268
|
|
|
11,268
|
|
|
|
|
Issuance of common stock pursuant to stock-based awards, net of withholding taxes |
(1,703)
|
(1,703)
|
$ 1
|
|
(1,704)
|
|
|
|
|
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares) |
|
|
1,154
|
|
|
|
|
|
|
Purchase of treasury stock |
(3,397)
|
(3,397)
|
|
|
|
|
|
(3,397)
|
|
Other |
(56)
|
(32)
|
|
|
(32)
|
|
|
|
(24)
|
Balance at end of period at Jun. 30, 2023 |
$ 1,041,884
|
$ 1,038,245
|
$ 105
|
$ 422
|
$ 1,426,280
|
$ (220,103)
|
$ 1,122
|
$ (169,581)
|
$ 3,639
|
Balance at end of period (in shares) at Jun. 30, 2023 |
|
|
105,273
|
422,019
|
|
|
|
|
|
X |
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v3.23.2
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (29,479)
|
$ (57,284)
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
Depreciation |
47,614
|
27,353
|
Provision for credit losses |
46,876
|
47,926
|
Stock-based compensation expense |
23,007
|
26,402
|
Non-cash lease expense (including impairment of right-of-use assets) |
6,677
|
8,354
|
Amortization of Intangibles |
5,325
|
7,608
|
Deferred income taxes |
(3,326)
|
(12,095)
|
Other adjustments, net |
(1,830)
|
2,429
|
Changes in assets and liabilities, net of effects of acquisitions and dispositions: |
|
|
Accounts receivable |
(31,184)
|
(84,105)
|
Other assets |
5,621
|
(11,140)
|
Accounts payable and other liabilities |
16,131
|
55,541
|
Operating lease liabilities |
(12,913)
|
(8,624)
|
Income taxes payable and receivable |
2,258
|
1,571
|
Deferred revenue |
3,002
|
3,143
|
Net cash provided by operating activities |
77,779
|
7,079
|
Cash flows from investing activities: |
|
|
Capital expenditures |
(22,315)
|
(62,138)
|
Purchases of marketable debt securities |
(12,362)
|
0
|
Proceeds from maturities of marketable debt securities |
12,500
|
0
|
Proceeds from sales of fixed assets |
256
|
164
|
Net cash used in investing activities |
(21,921)
|
(61,974)
|
Cash flows from financing activities: |
|
|
Purchases of treasury stock |
(3,397)
|
(8,144)
|
Withholding taxes paid on behalf of employees on net settled stock-based awards |
(4,124)
|
(3,513)
|
Other, net |
(57)
|
0
|
Net cash used in financing activities |
(7,578)
|
(11,657)
|
Total cash provided (used) |
48,280
|
(66,552)
|
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
543
|
(983)
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
48,823
|
(67,535)
|
Cash and cash equivalents and restricted cash at beginning of period |
322,136
|
429,485
|
Cash and cash equivalents and restricted cash at end of period |
$ 370,959
|
$ 361,950
|
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v3.23.2
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Angi Inc. connects quality home service professionals with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. Over 207,000 transacting service professionals actively sought consumer matches, completed jobs, or advertised work through Angi Inc. platforms during the three months ended June 30, 2023. Additionally, consumers turned to at least one of our brands to find a service professional for approximately 27 million projects during the twelve months ended June 30, 2023. The Company has four operating segments: (i) Ads and Leads; (ii) Services; (iii) Roofing; and (iv) International (consisting of businesses in Europe and Canada) and operates under multiple brands including Angi, HomeAdvisor, Handy, Total Home Roofing, and Angi Roofing. Ads and Leads provides service professionals the capability to engage with potential customers, including quote and invoicing services, and provides consumers with tools and resources to help them find local, pre-screened and customer-rated service professionals nationwide for home repair, maintenance and improvement projects. Services consumers can request household services directly through the Angi platform and Angi fulfills the request through the use of independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. The matching and pre-priced booking services and related tools and directories are provided to consumers free of charge. Roofing provides roof replacement and repair services through its wholly-owned subsidiary Angi Roofing, LLC. As used herein, “Angi,” the “Company,” “we,” “our,” “us,” and similar terms refer to Angi Inc. and its subsidiaries (unless the context requires otherwise). At June 30, 2023, IAC Inc. (“IAC”), formerly known as IAC/InterActiveCorp, owned 83.9% and 98.1% of the economic and voting interests, respectively, of the Company. Basis of Presentation and Consolidation The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. All intercompany transactions and balances between and among the Company and its subsidiaries have been eliminated. See “Note 10—Related Party Transactions with IAC” for information on transactions between Angi and IAC. The Company is included within IAC’s tax group for purposes of federal and consolidated state income tax return filings. For the purpose of these financial statements, income taxes have been computed on an as if standalone, separate return basis. Any differences between taxes currently payable to or receivable from IAC under the tax sharing agreement between the Company and IAC and the current tax provision or benefit computed on an as if standalone, separate return basis for GAAP are reflected as adjustments to additional paid-in capital and as financing activities within the statement of cash flows. In management's opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company's consolidated financial position, consolidated results of operations and consolidated cash flows for the periods presented. Interim results are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Segment Changes In the fourth quarter of 2022, the Company’s segment presentation was changed to reflect the following operating segments: Ads and Leads, Services, Roofing and International. Our financial information for all prior periods, including the three and six months ended June 30, 2022 included herein, has been recast to reflect this four operating segment presentation. Accounting Estimates Management of the Company is required to make certain estimates, judgments, and assumptions during the preparation of its consolidated financial statements in accordance with GAAP. These estimates, judgments, and assumptions impact the reported amounts of assets, liabilities, revenue, and expenses and the related disclosure of assets and liabilities. Actual results could differ from these estimates. On an ongoing basis, the Company evaluates its estimates and judgments, including those related to: the fair values of cash equivalents and marketable debt securities; the carrying value of accounts receivable, including the determination of the allowance for credit losses; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the recoverability of right-of-use assets (“ROU assets”); the useful lives and recoverability of definite-lived intangible assets and capitalized software, leasehold improvements, and equipment; the recoverability of goodwill and indefinite-lived intangible assets; unrecognized tax benefits; the liability for potential refunds and customer credits; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets, and other factors that the Company considers relevant. General Revenue Recognition The Company accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers and in the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. From January 1, 2020 through December 31, 2022, Services recorded revenue on a gross basis. Effective January 1, 2023, we modified the Services terms and conditions so that the service professional, rather than Angi Inc., has the contractual relationship with the consumer to deliver the service and our performance obligation to the consumer is to connect them with the service professional. This change in contractual terms requires revenue to be reported as the net amount of what is received from the consumer after deducting the amounts owed to the service professional providing the service effective for all arrangements entered into after December 31, 2022. There is no impact to operating loss or Adjusted EBITDA from this change in revenue recognition. For the three and six months ended June 30, 2022, if Services revenue were recorded on a net basis, revenue would have been reduced by $71.1 million and $122.8 million, respectively. Deferred Revenue Deferred revenue consists of payments that are received or are contractually due in advance of the Company’s performance obligation. The Company’s deferred revenue is reported on a contract-by-contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the remaining term or expected completion of its performance obligation is one year or less. At December 31, 2022, the current and non-current deferred revenue balances were $50.9 million and $0.1 million, respectively, and during the six months ended June 30, 2023, the Company recognized $40.1 million of revenue that was included in the deferred revenue balance as of December 31, 2022. At December 31, 2021, the current and non-current deferred revenue balances were $53.8 million and $0.1 million, respectively, and during the six months ended June 30, 2022, the Company recognized $45.8 million of revenue that was included in the deferred revenue balance as of December 31, 2021. The current and non-current deferred revenue balances at June 30, 2023 are $54.0 million and less than $0.1 million, respectively. Non-current deferred revenue is included in “Other long-term liabilities” in the accompanying consolidated balance sheet. Practical Expedients and Exemptions For contracts that have an original duration of one year or less, the Company uses the practical expedient available under Accounting Standards Codification (“ASC”) ASC 606, applicable to such contracts and does not consider the time value of money. In addition, as permitted under the practical expedient available under ASC 606, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which the Company has the right to invoice for services performed. Fair Value Measurements The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are: •Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets. •Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company’s Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used. •Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities. The Company’s non-financial assets, such as goodwill, intangible assets, ROU assets, capitalized software, leasehold improvements and equipment are adjusted to fair value only when an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs. Recent Accounting Pronouncements There are no recently issued accounting pronouncements adopted or that have not yet been adopted by the Company that are expected to have a material effect on the results of operations, financial condition, or cash flows of the Company. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.
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v3.23.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTSMarketable Debt SecuritiesThe Company did not hold any available-for-sale marketable debt securities at June 30, 2023 and December 31, 2022. Fair Value Measurements Instruments measured at fair value on a recurring basis Cash and cash equivalents are measured at fair value and classified within Level 1 and Level 2 in the fair value hierarchy, because we use quoted prices for identical assets in active markets. The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value Measurements | | (In thousands) | Assets: | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 293,434 | | | $ | — | | | $ | — | | | $ | 293,434 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value Measurements | | (In thousands) | Assets: | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 189,000 | | | $ | — | | | $ | — | | | $ | 189,000 | | Treasury discount notes | — | | | 24,961 | | | — | | | 24,961 | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | 189,000 | | | $ | 24,961 | | | $ | — | | | $ | 213,961 | |
Financial instruments measured at fair value only for disclosure purposes The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | (In thousands) | | | | | | | | | Long-term debt, net (a) | $ | (495,660) | | | $ | (405,000) | | | $ | (495,284) | | | $ | (368,750) | |
________________________ (a) At June 30, 2023 and December 31, 2022, the carrying value of long-term debt, net includes unamortized debt issuance costs of $4.3 million and $4.7 million, respectively.
The fair value of long-term debt is estimated using observable market prices or indices for similar liabilities, which are Level 2 inputs.
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v3.23.2
LONG-TERM DEBT
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
LONG-TERM DEBT |
LONG-TERM DEBT Long-term debt consists of: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | (In thousands) | 3.875% ANGI Group Senior Notes due August 15, 2028 (“ANGI Group Senior Notes”); interest payable each February 15 and August 15 | $ | 500,000 | | | $ | 500,000 | | | | | | | | | | | | | | Less: unamortized debt issuance costs | 4,340 | | | 4,716 | | Total long-term debt, net | $ | 495,660 | | | $ | 495,284 | |
ANGI Group Senior Notes ANGI Group, LLC (“ANGI Group”), a direct wholly-owned subsidiary of Angi Inc., issued the ANGI Group Senior Notes on August 20, 2020. At any time prior to August 15, 2023, these notes may be redeemed at a redemption price equal to the sum of the principal amount thereof, plus accrued and unpaid interest and a make-whole premium. Thereafter, these notes may be redeemed at the redemption prices, plus accrued and unpaid interest thereon, if any, to the applicable redemption date set forth in the indenture governing the notes. The indenture governing the ANGI Group Senior Notes contains a covenant that would limit ANGI Group’s ability to incur liens for borrowed money in the event a default has occurred or ANGI Group’s secured leverage ratio exceeds 3.75 to 1.0, provided that ANGI Group is permitted to incur such liens under certain permitted credit facilities indebtedness notwithstanding the ratio, all as defined in the indenture. At June 30, 2023, there were no limitations pursuant thereto.
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- DefinitionThe entire disclosure for long-term debt.
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v3.23.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)The following tables present the components of accumulated other comprehensive income (loss). There were no items reclassified out of accumulated other comprehensive income (loss) into earnings during the three and six months ended June 30, 2023 and 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | | Foreign Currency Translation Adjustment | | Unrealized Gains on Available-For-Sale Debt Securities | | Accumulated Other Comprehensive (Loss) Income | | Foreign Currency Translation Adjustment | | Accumulated Other Comprehensive Income (Loss) | | (In thousands) | Balance at April 1 | $ | (713) | | | $ | 2 | | | $ | (711) | | | $ | 2,506 | | | $ | 2,506 | | Other comprehensive income (loss) | 1,835 | | | (2) | | | 1,833 | | | (2,899) | | | (2,899) | | Balance at June 30 | $ | 1,122 | | | $ | — | | | $ | 1,122 | | | $ | (393) | | | $ | (393) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | 2023 | | 2022 | | Foreign Currency Translation Adjustment | | Unrealized Gains on Available-For-Sale Debt Securities | | Accumulated Other Comprehensive (Loss) Income | | Foreign Currency Translation Adjustment | | Accumulated Other Comprehensive Income (Loss) | | (In thousands) | Balance at January 1 | $ | (1,172) | | | $ | — | | | $ | (1,172) | | | $ | 3,309 | | | $ | 3,309 | | Other comprehensive income (loss) | 2,294 | | | — | | | 2,294 | | | (3,702) | | | (3,702) | | Balance at June 30 | $ | 1,122 | | | $ | — | | | $ | 1,122 | | | $ | (393) | | | $ | (393) | |
At June 30, 2023 and June 30, 2022 there was no tax benefit or provision on the accumulated other comprehensive loss.
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
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v3.23.2
SEGMENT INFORMATION
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT INFORMATION |
SEGMENT INFORMATIONThe Company has determined its operating segments consistent with how the chief operating decision maker views the businesses. Additionally, the Company considers how the businesses are organized as to segment management and the focus of the businesses with regards to the types of services or products offered or the target market. The following table presents revenue by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | (In thousands) | Revenue: | | | | | | | | | | | | | | Domestic | | | | | | | | | | | | | | Ads and Leads | $ | 292,487 | | | $ | 341,862 | | | $ | 585,993 | | | $ | 636,608 | | | | | | | | Services | 29,867 | | | 108,232 | | | 61,926 | | | 184,682 | | | | | | | | Roofing | 24,482 | | | 42,650 | | | 62,854 | | | 79,337 | | | | | | | | Intersegment eliminations(a) | (1,001) | | | (1,950) | | | (2,463) | | | (3,627) | | | | | | | | Total Domestic | 345,835 | | | 490,794 | | | 708,310 | | | 897,000 | | | | | | | | International | 29,233 | | | 24,988 | | | 59,165 | | | 54,941 | | | | | | | | Total revenue | $ | 375,068 | | | $ | 515,782 | | | $ | 767,475 | | | $ | 951,941 | | | | | | | |
________________________ (a) Intersegment eliminations related to Ads and Leads revenue earned from sales to Roofing. The following table presents the revenue of the Company’s segments disaggregated by type of service: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | (In thousands) | Domestic: | | | | | | | | | | | | | | Ads and Leads: | | | | | | | | | | | | | | Consumer connection revenue | $ | 209,013 | | | $ | 260,896 | | | $ | 421,948 | | | $ | 475,243 | | | | | | | | Advertising revenue | 70,047 | | | 65,189 | | | 137,228 | | | 129,091 | | | | | | | | Membership subscription revenue | 13,231 | | | 15,554 | | | 26,430 | | | 31,791 | | | | | | | | Other revenue | 196 | | | 223 | | | 387 | | | 483 | | | | | | | | Total Ads and Leads revenue | 292,487 | | | 341,862 | | | 585,993 | | | 636,608 | | | | | | | | Services revenue | 29,867 | | | 108,232 | | | 61,926 | | | 184,682 | | | | | | | | Roofing revenue | 24,482 | | | 42,650 | | | 62,854 | | | 79,337 | | | | | | | | Intersegment eliminations(a) | (1,001) | | | (1,950) | | | (2,463) | | | (3,627) | | | | | | | | Total Domestic | 345,835 | | | 490,794 | | | 708,310 | | | 897,000 | | | | | | | | International: | | | | | | | | | | | | | | Consumer connection revenue | 23,371 | | | 16,941 | | | 48,116 | | | 38,744 | | | | | | | | Service professional membership subscription revenue | 5,753 | | | 7,758 | | | 10,811 | | | 15,614 | | | | | | | | Advertising and other revenue | 109 | | | 289 | | | 238 | | | 583 | | | | | | | | Total International | 29,233 | | | 24,988 | | | 59,165 | | | 54,941 | | | | | | | | Total revenue | $ | 375,068 | | | $ | 515,782 | | | $ | 767,475 | | | $ | 951,941 | | | | | | | | ________________________(a) Intersegment eliminations related to Ads and Leads revenue earned from sales to Roofing. Geographic information about revenue and long-lived assets is presented below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | (In thousands) | Revenue: | | | | | | | | | | | | | | United States | $ | 345,618 | | | $ | 490,049 | | | $ | 707,844 | | | $ | 895,557 | | | | | | | | All other countries | 29,450 | | | 25,733 | | | 59,631 | | | 56,384 | | | | | | | | Total | $ | 375,068 | | | $ | 515,782 | | | $ | 767,475 | | | $ | 951,941 | | | | | | | |
| | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | (In thousands) | Long-lived assets (excluding goodwill, intangible assets, and ROU assets): | | | | United States | $ | 124,685 | | | $ | 147,322 | | All other countries | 4,985 | | | 6,533 | | Total | $ | 129,670 | | | $ | 153,855 | |
The following tables present operating income (loss) and Adjusted EBITDA by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | (In thousands) | Operating income (loss): | | | | | | | | | | | | | | Ads and Leads | $ | 4,791 | | | $ | 23,292 | | | $ | 18,271 | | | $ | 38,778 | | | | | | | | Services | (5,175) | | | (21,051) | | | (17,627) | | | (46,801) | | | | | | | | Roofing | (1,302) | | | (3,789) | | | (891) | | | (9,939) | | | | | | | | Corporate | (16,568) | | | (18,091) | | | (31,507) | | | (31,113) | | | | | | | | International | 1,571 | | | (1,247) | | | 4,601 | | | (5,768) | | | | | | | | Total | $ | (16,683) | | | $ | (20,886) | | | $ | (27,153) | | | $ | (54,843) | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | (In thousands) | Adjusted EBITDA(b): | | | | | | | | | | | | | | Ads and Leads | $ | 28,155 | | | $ | 42,164 | | | $ | 68,006 | | | $ | 76,489 | | | | | | | | Services | $ | 1,700 | | | $ | (13,913) | | | $ | (468) | | | $ | (32,480) | | | | | | | | Roofing | $ | (1,294) | | | $ | (3,090) | | | $ | (473) | | | $ | (8,116) | | | | | | | | Corporate | $ | (13,109) | | | $ | (15,102) | | | $ | (25,463) | | | $ | (25,552) | | | | | | | | International | $ | 2,837 | | | $ | (370) | | | $ | 7,191 | | | $ | (3,821) | | | | | | | |
(b) The Company’s primary financial measure and GAAP segment measure is Adjusted EBITDA, which is defined as operating income (loss) excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of amortization of intangible assets and impairments of goodwill and intangible assets, if applicable. The following tables reconcile operating income (loss) for the Company’s reportable segments and net loss attributable to Angi Inc. shareholders to Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | Amortization of Intangibles | | Adjusted EBITDA(b) | | (In thousands) | Ads and Leads | $ | 4,791 | | | $ | 5,307 | | | $ | 15,394 | | | $ | 2,663 | | | $ | 28,155 | | Services | (5,175) | | | $ | 1,192 | | | $ | 5,683 | | | $ | — | | | $ | 1,700 | | Roofing | (1,302) | | | $ | (167) | | | $ | 175 | | | $ | — | | | $ | (1,294) | | Corporate | (16,568) | | | $ | 3,459 | | | $ | — | | | $ | — | | | $ | (13,109) | | International | 1,571 | | | $ | 339 | | | $ | 927 | | | $ | — | | | $ | 2,837 | | Operating loss | (16,683) | | | | | | | | | | Interest expense | (5,034) | | | | | | | | | | Other income, net | 5,188 | | | | | | | | | | Loss before income taxes | (16,529) | | | | | | | | | | Income tax benefit | 2,050 | | | | | | | | | | Net loss | (14,479) | | | | | | | | | | Net earnings attributable to noncontrolling interests | (220) | | | | | | | | | | Net loss attributable to Angi Inc. shareholders | $ | (14,699) | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2022 | | Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | Amortization of Intangibles | | Adjusted EBITDA(b) | | (In thousands) | Ads and Leads | $ | 23,292 | | | $ | 5,404 | | | $ | 10,805 | | | $ | 2,663 | | | $ | 42,164 | | Services | (21,051) | | | $ | 4,513 | | | $ | 1,650 | | | $ | 975 | | | $ | (13,913) | | Roofing | (3,789) | | | $ | 385 | | | $ | 148 | | | $ | 166 | | | $ | (3,090) | | Corporate | (18,091) | | | $ | 2,989 | | | $ | — | | | $ | — | | | $ | (15,102) | | International | (1,247) | | | $ | 126 | | | $ | 751 | | | $ | — | | | $ | (370) | | Operating loss | (20,886) | | | | | | | | | | Interest expense | (5,026) | | | | | | | | | | Other expense, net | (1,750) | | | | | | | | | | Loss before income taxes | (27,662) | | | | | | | | | | Income tax benefit | 3,665 | | | | | | | | | | Net loss | (23,997) | | | | | | | | | | Net earnings attributable to noncontrolling interests | (235) | | | | | | | | | | Net loss attributable to Angi Inc. shareholders | $ | (24,232) | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | Amortization of Intangibles | | | | Adjusted EBITDA | | (In thousands) | Ads and Leads | $ | 18,271 | | | $ | 10,798 | | | $ | 33,612 | | | $ | 5,325 | | | | | $ | 68,006 | | Services | (17,627) | | | $ | 5,401 | | | $ | 11,758 | | | $ | — | | | | | $ | (468) | | Roofing | (891) | | | $ | (2) | | | $ | 420 | | | $ | — | | | | | $ | (473) | | Corporate | (31,507) | | | $ | 6,044 | | | $ | — | | | $ | — | | | | | $ | (25,463) | | International | 4,601 | | | $ | 766 | | | $ | 1,824 | | | $ | — | | | | | $ | 7,191 | | Operating loss | (27,153) | | | | | | | | | | | | Interest expense | (10,063) | | | | | | | | | | | | Other income, net | 8,999 | | | | | | | | | | | | Loss before income taxes | (28,217) | | | | | | | | | | | | Income tax provision | (1,262) | | | | | | | | | | | | Net loss | (29,479) | | | | | | | | | | | | Net earnings attributable to noncontrolling interests | (545) | | | | | | | | | | | | Net loss attributable to Angi Inc. shareholders | $ | (30,024) | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2022 | | Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | | | Amortization of Intangibles | | Adjusted EBITDA | | (In thousands) | Ads and Leads | $ | 38,778 | | | $ | 10,324 | | | $ | 22,062 | | | | | $ | 5,325 | | | $ | 76,489 | | Services | (46,801) | | | $ | 9,053 | | | $ | 3,318 | | | | | $ | 1,950 | | | $ | (32,480) | | Roofing | (9,939) | | | $ | 1,215 | | | $ | 275 | | | | | $ | 333 | | | $ | (8,116) | | Corporate | (31,113) | | | $ | 5,561 | | | $ | — | | | | | $ | — | | | $ | (25,552) | | International | (5,768) | | | $ | 249 | | | $ | 1,698 | | | | | $ | — | | | $ | (3,821) | | Operating loss | (54,843) | | | | | | | | | | | | Interest expense | (10,048) | | | | | | | | | | | | Other expense, net | (2,141) | | | | | | | | | | | | Loss before income taxes | (67,032) | | | | | | | | | | | | Income tax benefit | 9,748 | | | | | | | | | | | | Net loss | (57,284) | | | | | | | | | | | | Net earnings attributable to noncontrolling interests | (338) | | | | | | | | | | | | Net loss attributable to Angi Inc. shareholders | $ | (57,622) | | | | | | | | | | | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
INCOME TAXESThe Company is included within IAC’s tax group for purposes of federal and consolidated state income tax return filings. In all periods presented, the income tax provision and/or benefit has been computed for the Company on an as if standalone, separate return basis and payments to and refunds from IAC for the Company’s share of IAC’s consolidated federal and state tax return liabilities/receivables calculated on this basis have been reflected within cash flows from operating activities in the accompanying consolidated statement of cash flows. The tax sharing agreement between the Company and IAC governs the parties’ respective rights, responsibilities and obligations with respect to tax matters, including responsibility for taxes attributable to the Company, entitlement to refunds, allocation of tax attributes and other matters and, therefore, ultimately governs the amount payable to or receivable from IAC with respect to income taxes. Any differences between taxes currently payable to or receivable from IAC under the tax sharing agreement and the current tax provision or benefit computed on an as if standalone, separate return basis for GAAP are reflected as adjustments to additional paid-in capital in the consolidated statement of shareholders’ equity and financing activities within the consolidated statement of cash flows. At the end of each interim period, the Company estimates the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to significant, unusual, or extraordinary items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which they occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or unrecognized tax benefits is recognized in the interim period in which the change occurs. The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences, and the likelihood of the realization of deferred tax assets generated in the current year. The accounting estimates used to compute the provision or benefit for income taxes may change as new events occur, more experience is acquired, additional information is obtained or the Company’s tax environment changes. To the extent that the expected annual effective income tax rate changes during a quarter, the effect of the change on prior quarters is included in income tax provision or benefit in the quarter in which the change occurs. Included in the income tax benefit for the three months ended June 30, 2023 was a benefit of $3.0 million due to a higher estimated annual effective tax rate from that applied to the first quarter’s ordinary loss from continuing operations. The higher estimated annual effective tax rate was primarily due to the reduced impact that forecasted nondeductible compensation expense and foreign and state taxes had on the increase in forecasted ordinary domestic pre-tax losses. For the three months ended June 30, 2023, the Company recorded an income tax benefit of $2.1 million, which represents an effective income tax rate of 12%. The effective income tax rate is lower than the statutory rate of 21% due primarily to nondeductible stock-based compensation and foreign income taxed at different rates, partially offset by research credits and an adjustment to the forecasted annual effective tax rate. For the six months ended June 30, 2023, the Company recorded an income tax provision of $1.3 million, despite a pre-tax loss, due primarily to nondeductible stock-based compensation and foreign income taxed at different rates, partially offset by research credits. For the three and six months ended June 30, 2022, the Company recorded an income tax benefit of $3.7 million and $9.7 million, which represents an effective income tax rate of 13% and 15%, respectively. For the three and six months ended June 30, 2022, the effective income tax rate is lower than the statutory rate of 21% due primarily to unbenefited foreign losses and tax shortfalls generated by the exercise and vesting for stock-based awards. The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in the income tax provision. Accruals for interest are not material and there are currently no accruals for penalties. The Company’s income taxes are routinely under audit by federal, state, local and foreign authorities as a result of previously filed separate company and consolidated tax returns with IAC. These audits include questioning the timing and the amount of income and deductions and the allocation of income and deductions among various tax jurisdictions. On June 27, 2023 the Joint Committee of Taxation completed its review of the federal income tax returns for the years ended December 31, 2013 through 2019, which includes the operations of the Company, and approved the audit settlement previously agreed to with the Internal Revenue Service. The statutes of limitations for the years 2013 through 2019 have been extended to December 31, 2023. Returns filed in various other jurisdictions are open to examination for various tax years beginning with 2013. Income taxes payable include unrecognized tax benefits considered sufficient to pay assessments that may result from examination of prior year tax returns. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may not accurately anticipate actual outcomes and, therefore, may require periodic adjustment. Although management currently believes changes in unrecognized tax benefits from period to period and differences between amounts paid, if any, upon resolution of issues raised in audits and amounts previously provided will not have a material impact on liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.At June 30, 2023 and December 31, 2022, the Company has unrecognized tax benefits, including interest, of $7.0 million and $6.2 million, respectively; all of which are for tax positions included in IAC’s consolidated tax return filings. If unrecognized tax benefits at June 30, 2023 are subsequently recognized, the income tax provision would be reduced by $6.6 million. The comparable amount as of December 31, 2022 is $5.8 million. The Company believes it is reasonably possible that its unrecognized tax benefits could decrease by $0.2 million by June 30, 2024 due to settlements; $0.1 million of which would reduce the income tax provision. The Company regularly assesses the realizability of deferred tax assets considering all available evidence including, to the extent applicable, the nature, frequency and severity of prior cumulative losses, forecasts of future taxable income, tax filing status, the duration of statutory carryforward periods, available tax planning and historical experience. At June 30, 2023, the Company has a U.S. gross deferred tax asset of $210.2 million that the Company expects to fully utilize on a more likely than not basis. Of this amount, $22.8 million will be utilized upon the future reversal of deferred tax liabilities and the remaining net deferred tax asset of $187.4 million will be utilized based on forecasts of future taxable income. The Company’s most significant net deferred tax asset relates to U.S. federal net operating loss (“NOL”) carryforwards of $108.1 million. The Company expects to generate sufficient future taxable income of at least $514.5 million prior to the expiration of these NOLs, the majority of which expire between 2032 and 2037, and a portion of which never expire, to fully realize this deferred tax asset.
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v3.23.2
LOSS PER SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
LOSS PER SHARE |
LOSS PER SHAREThe following table sets forth the computation of basic and diluted loss per share attributable to Angi Inc. Class A and Class B Common Stock shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | | Basic | | Diluted | | Basic | | Diluted | | (In thousands, except per share data) | Numerator: | | | | | | | | Net loss | $ | (14,479) | | | $ | (14,479) | | | $ | (23,997) | | | $ | (23,997) | | Net earnings attributable to noncontrolling interests | (220) | | | (220) | | | (235) | | | (235) | | Net loss attributable to Angi Inc. Class A and Class B Common Stock shareholders | $ | (14,699) | | | $ | (14,699) | | | $ | (24,232) | | | $ | (24,232) | | | | | | | | | | Denominator: | | | | | | | | Weighted average basic Class A and Class B common stock shares outstanding | 506,086 | | | 506,086 | | | 502,453 | | | 502,453 | | Dilutive securities (a) (b) | — | | | — | | | — | | | — | | Denominator for loss per share—weighted average shares | 506,086 | | | 506,086 | | | 502,453 | | | 502,453 | | | | | | | | | | Loss per share attributable to Angi Inc. Class A and Class B Common Stock shareholders: | | Loss per share | $ | (0.03) | | | $ | (0.03) | | | $ | (0.05) | | | $ | (0.05) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | 2023 | | 2022 | | Basic | | Diluted | | Basic | | Diluted | | (In thousands, except per share data) | Numerator: | | | | | | | | Net loss | $ | (29,479) | | | $ | (29,479) | | | $ | (57,284) | | | $ | (57,284) | | Net earnings attributable to noncontrolling interests | (545) | | | (545) | | | (338) | | | (338) | | Net loss attributable to Angi Inc. Class A and Class B Common Stock shareholders | $ | (30,024) | | | $ | (30,024) | | | $ | (57,622) | | | $ | (57,622) | | | | | | | | | | Denominator: | | | | | | | | Weighted average basic Class A and Class B common stock shares outstanding | 505,563 | | | 505,563 | | | 502,231 | | | 502,231 | | Dilutive securities (a) (b) | — | | | — | | | — | | | — | | Denominator for loss per share—weighted average shares | 505,563 | | | 505,563 | | | 502,231 | | | 502,231 | | | | | | | | | | Loss per share attributable to Angi Inc. Class A and Class B Common Stock shareholders: | | Loss per share | $ | (0.06) | | | $ | (0.06) | | | $ | (0.11) | | | $ | (0.11) | |
________________________ (a) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and subsidiary denominated equity and vesting of restricted stock units (“RSUs”). For the three and six months ended June 30, 2023 and 2022, 28.1 million and 28.7 million of potentially dilutive securities, respectively, were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding were used to compute all earnings per share amounts. (b) Market-based awards and performance-based stock units (“PSUs”) are considered contingently issuable shares. Shares issuable upon exercise or vesting of market-based awards and PSUs are included in the denominator for earnings per share if (i) the applicable market or performance condition(s) has been met and (ii) the inclusion of the market-based awards and PSUs is dilutive for the respective reporting periods. For the three and six months ended June 30, 2023 and 2022, 0.7 million and 4.4 million underlying market-based awards and PSUs, respectively, were excluded from the calculation of diluted earnings per share because the market or performance condition(s) had not been met.
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v3.23.2
CONSOLIDATED FINANCIAL STATEMENT DETAILS
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
CONSOLIDATED FINANCIAL STATEMENT DETAILS |
CONSOLIDATED FINANCIAL STATEMENT DETAILS Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheet to the total amounts shown in the accompanying statement of cash flows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | June 30, 2022 | | December 31, 2021 | | | | | | (In thousands) | Cash and cash equivalents | $ | 370,579 | | | $ | 321,155 | | | $ | 360,950 | | | $ | 428,136 | | | | | | Restricted cash included in other current assets | — | | | 107 | | | 130 | | | 156 | | | | | | Restricted cash included in other non-current assets | 380 | | | 874 | | | 870 | | | 1,193 | | | | | | Total cash and cash equivalents, and restricted cash as shown on the consolidated statement of cash flows | $ | 370,959 | | | $ | 322,136 | | | $ | 361,950 | | | $ | 429,485 | | | | | |
Restricted cash included in “Other non-current assets” in the accompanying consolidated balance sheet at June 30, 2023 primarily consisted of cash reserved to fund consumer claims. Restricted cash included in “Other current assets” in the accompanying consolidated balance sheets at December 31, 2022 and June 30, 2022 primarily consisted of cash reserved to fund insurance claims. Restricted cash included in “Other current assets” in the accompanying consolidated balance sheet at December 31, 2021 primarily consisted of funds collected from service providers for disputed payments which were not settled as of the period end, in addition to cash reserved to fund insurance claims. Restricted cash included in “Other non-current assets” in the accompanying consolidated balance sheets for all periods presented above except June 30, 2023 primarily consisted of deposits related to leases. Restricted cash included in “Other non-current assets” in the accompanying consolidated balance sheet at December 31, 2021 also included cash held related to a check endorsement guarantee for Roofing. Credit Losses The following table presents the changes in the allowance for credit losses for the six months ended June 30, 2023 and 2022: | | | | | | | | | | | | | | | 2023 | | 2022 | | | | (In thousands) | Balance at January 1 | $ | 43,160 | | | $ | 33,652 | | | | Current period provision for credit losses | 46,876 | | | 47,926 | | | | Write-offs charged against the allowance for credit losses | (52,874) | | | (40,764) | | | | Recoveries collected | 2,966 | | | 2,709 | | | | Balance at June 30 | $ | 40,128 | | | $ | 43,523 | | | |
Accumulated Amortization and Depreciation The following table provides the accumulated amortization and depreciation within the consolidated balance sheet: | | | | | | | | | | | | | | | Asset Category | | June 30, 2023 | | December 31, 2022 | | | (In thousands) | Right-of-use assets (included in “other non-current assets”) | | $ | 68,186 | | | $ | 61,818 | | Capitalized software, leasehold improvements, and equipment | | $ | 178,722 | | | $ | 146,608 | | Intangible assets | | $ | 177,064 | | | $ | 172,341 | |
Other income (expense), net | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | Interest income | $ | 4,156 | | | $ | 515 | | | $ | 7,579 | | | $ | 579 | | | | | | | | | | Foreign exchange gains (losses) | 1,039 | | | (2,264) | | | 1,426 | | | (2,720) | | | | | | | | | | | | | | | | | | Other | (7) | | | (1) | | | (6) | | | — | | Other income (expense), net | $ | 5,188 | | | $ | (1,750) | | | $ | 8,999 | | | $ | (2,141) | |
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v3.23.2
CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
CONTINGENCIES |
CONTINGENCIESIn the ordinary course of business, the Company is a party to various lawsuits. The Company establishes accruals for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. The total accrual for legal matters is $9.8 million at June 30, 2023. Management has also identified certain other legal matters where we believe an unfavorable outcome is not probable and, therefore, no accrual is established. Although management currently believes that resolving claims against us, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. The Company also evaluates other contingent matters, including uncertain income tax positions and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. See “Note 6—Income Taxes” for additional information related to uncertain income tax positions.
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- DefinitionThe entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.
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v3.23.2
RELATED PARTY TRANSACTIONS WITH IAC
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS WITH IAC |
RELATED PARTY TRANSACTIONS WITH IAC Allocation of CEO Compensation and Certain Expenses Joseph Levin, CEO of IAC and Chairman of Angi, was appointed CEO of Angi on October 10, 2022. As a result, for the three and six months ended June 30, 2023, IAC allocated $2.3 million and $4.6 million, respectively, in costs to Angi (including salary, benefits, stock-based compensation and costs related to the CEO’s office). These costs were allocated from IAC based upon time spent on Angi by Mr. Levin. Management considers the allocation method to be reasonable. The allocated costs also include costs directly attributable to the Company that were initially paid for by IAC and billed by IAC to the Company. The Combination and Related Agreements Additionally, in connection with the transaction resulting in the formation of the Company in 2017, which is referred to as the “Combination,” Angi and IAC entered into a contribution agreement; an investor rights agreement; a services agreement; a tax sharing agreement; and an employee matters agreement, which collectively govern the relationship between IAC and Angi Inc. The Company was charged by IAC $1.5 million and $3.1 million for the three and six months ended June 30, 2023, respectively, and $0.9 million and $1.3 million for the three and six months ended June 30, 2022 for services rendered pursuant to the services agreement. There were no outstanding payables pursuant to the services agreement at June 30, 2023 and $0.8 million in outstanding payables pursuant to the services agreement at December 31, 2022.At June 30, 2023 and December 31, 2022, the Company had outstanding payables of $2.4 million and $1.4 million, respectively, due to IAC pursuant to the tax sharing agreement, which are included in “Accrued expenses and other current liabilities,” in the accompanying consolidated balance sheet. There were no payments to or refunds from IAC pursuant to this agreement during the three and six months ended June 30, 2023 and 2022.Other Arrangements Additionally, the Company subleases office space to IAC and charged rent pursuant to a lease agreement of $0.2 million and $0.6 million for the three and six months ended June 30, 2023, respectively, and $0.4 million and $0.8 million for the three and six months ended June 30, 2022, respectively. IAC subleases office space to the Company and charged rent pursuant to a lease agreement of $0.3 million and $0.6 million, respectively for both the three and six months ended June 30, 2023 and 2022. At June 30, 2023, the Company has an outstanding receivable of $0.2 million due from IAC pursuant to the sublease agreements. This amount is included in “Other non-current assets” in the accompanying consolidated balance sheet. At December 31, 2022, there were no outstanding receivables or payables pursuant to the sublease agreements. The Company incurred advertising expense of $1.8 million and $3.6 million for the three and six months ended June 30, 2023, respectively, and $1.9 million and $3.5 million for the three and six months ended June 30, 2022, respectively, related to advertising and audience targeted advertising purchased from other IAC owned businesses. At June 30, 2023, there were related outstanding payables of $1.2 million included in “Accrued expenses and other current liabilities” in the accompanying consolidated balance sheet.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
Insider Trading Arrangements
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023
shares
|
Jun. 30, 2023
shares
|
Trading Arrangements, by Individual |
|
|
Material Terms of Trading Arrangement |
|
On June 5, 2023, Angela Hicks Bowman, a director and officer of the Company (Chief Customer Officer), adopted a Rule 10b5-1 trading plan that provides for the sale of up to 60,000 shares of the Company’s Class A common stock and all of the net shares of the Company’s Class A common stock acquired upon the exercise of up to 447,000 Company stock options (the “Plan”). Sales pursuant to the Plan are scheduled to occur (assuming the satisfaction of the applicable price and other conditions set forth in the Plan) during the period commencing on October 4, 2023 and ending on September 13, 2024, absent the earlier amendment or termination of the Plan in accordance with its terms. The Plan is intended to qualify for the affirmative defense of Rule 10b5-1.
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Chief Customer Officer
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Rule 10b5-1 Arrangement Adopted |
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|
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|
Adoption Date |
June 5, 2023
|
|
Rule 10b5-1 Arrangement Terminated |
false
|
|
Non-Rule 10b5-1 Arrangement Terminated |
false
|
|
Arrangement Duration |
345 days
|
|
Angela Hicks Bowman Plan, Class A Common Stock [Member] |
|
|
Trading Arrangements, by Individual |
|
|
Aggregate Available |
60,000
|
60,000
|
Angela Hicks Bowman Plan, Stock Options [Member] |
|
|
Trading Arrangements, by Individual |
|
|
Aggregate Available |
447,000
|
447,000
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v3.23.2
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations |
Nature of Operations Angi Inc. connects quality home service professionals with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. Over 207,000 transacting service professionals actively sought consumer matches, completed jobs, or advertised work through Angi Inc. platforms during the three months ended June 30, 2023. Additionally, consumers turned to at least one of our brands to find a service professional for approximately 27 million projects during the twelve months ended June 30, 2023. The Company has four operating segments: (i) Ads and Leads; (ii) Services; (iii) Roofing; and (iv) International (consisting of businesses in Europe and Canada) and operates under multiple brands including Angi, HomeAdvisor, Handy, Total Home Roofing, and Angi Roofing. Ads and Leads provides service professionals the capability to engage with potential customers, including quote and invoicing services, and provides consumers with tools and resources to help them find local, pre-screened and customer-rated service professionals nationwide for home repair, maintenance and improvement projects. Services consumers can request household services directly through the Angi platform and Angi fulfills the request through the use of independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. The matching and pre-priced booking services and related tools and directories are provided to consumers free of charge. Roofing provides roof replacement and repair services through its wholly-owned subsidiary Angi Roofing, LLC. As used herein, “Angi,” the “Company,” “we,” “our,” “us,” and similar terms refer to Angi Inc. and its subsidiaries (unless the context requires otherwise). At June 30, 2023, IAC Inc. (“IAC”), formerly known as IAC/InterActiveCorp, owned 83.9% and 98.1% of the economic and voting interests, respectively, of the Company.
|
Basis of Presentation and Consolidation |
Basis of Presentation and Consolidation The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. All intercompany transactions and balances between and among the Company and its subsidiaries have been eliminated. See “Note 10—Related Party Transactions with IAC” for information on transactions between Angi and IAC. The Company is included within IAC’s tax group for purposes of federal and consolidated state income tax return filings. For the purpose of these financial statements, income taxes have been computed on an as if standalone, separate return basis. Any differences between taxes currently payable to or receivable from IAC under the tax sharing agreement between the Company and IAC and the current tax provision or benefit computed on an as if standalone, separate return basis for GAAP are reflected as adjustments to additional paid-in capital and as financing activities within the statement of cash flows. In management's opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company's consolidated financial position, consolidated results of operations and consolidated cash flows for the periods presented. Interim results are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
|
Accounting Estimates |
Accounting Estimates Management of the Company is required to make certain estimates, judgments, and assumptions during the preparation of its consolidated financial statements in accordance with GAAP. These estimates, judgments, and assumptions impact the reported amounts of assets, liabilities, revenue, and expenses and the related disclosure of assets and liabilities. Actual results could differ from these estimates. On an ongoing basis, the Company evaluates its estimates and judgments, including those related to: the fair values of cash equivalents and marketable debt securities; the carrying value of accounts receivable, including the determination of the allowance for credit losses; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the recoverability of right-of-use assets (“ROU assets”); the useful lives and recoverability of definite-lived intangible assets and capitalized software, leasehold improvements, and equipment; the recoverability of goodwill and indefinite-lived intangible assets; unrecognized tax benefits; the liability for potential refunds and customer credits; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets, and other factors that the Company considers relevant.
|
General Revenue Recognition |
General Revenue Recognition The Company accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers and in the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. From January 1, 2020 through December 31, 2022, Services recorded revenue on a gross basis. Effective January 1, 2023, we modified the Services terms and conditions so that the service professional, rather than Angi Inc., has the contractual relationship with the consumer to deliver the service and our performance obligation to the consumer is to connect them with the service professional. This change in contractual terms requires revenue to be reported as the net amount of what is received from the consumer after deducting the amounts owed to the service professional providing the service effective for all arrangements entered into after December 31, 2022.Deferred Revenue Deferred revenue consists of payments that are received or are contractually due in advance of the Company’s performance obligation. The Company’s deferred revenue is reported on a contract-by-contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the remaining term or expected completion of its performance obligation is one year or less. At December 31, 2022, the current and non-current deferred revenue balances were $50.9 million and $0.1 million, respectively, and during the six months ended June 30, 2023, the Company recognized $40.1 million of revenue that was included in the deferred revenue balance as of December 31, 2022. At December 31, 2021, the current and non-current deferred revenue balances were $53.8 million and $0.1 million, respectively, and during the six months ended June 30, 2022, the Company recognized $45.8 million of revenue that was included in the deferred revenue balance as of December 31, 2021. The current and non-current deferred revenue balances at June 30, 2023 are $54.0 million and less than $0.1 million, respectively. Non-current deferred revenue is included in “Other long-term liabilities” in the accompanying consolidated balance sheet. Practical Expedients and Exemptions For contracts that have an original duration of one year or less, the Company uses the practical expedient available under Accounting Standards Codification (“ASC”) ASC 606, applicable to such contracts and does not consider the time value of money. In addition, as permitted under the practical expedient available under ASC 606, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which the Company has the right to invoice for services performed.
|
Fair Value Measurements |
Fair Value Measurements The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are: •Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets. •Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company’s Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used. •Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities. The Company’s non-financial assets, such as goodwill, intangible assets, ROU assets, capitalized software, leasehold improvements and equipment are adjusted to fair value only when an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements There are no recently issued accounting pronouncements adopted or that have not yet been adopted by the Company that are expected to have a material effect on the results of operations, financial condition, or cash flows of the Company.
|
Reclassifications |
Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.
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v3.23.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value Measurements | | (In thousands) | Assets: | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 293,434 | | | $ | — | | | $ | — | | | $ | 293,434 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value Measurements | | (In thousands) | Assets: | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 189,000 | | | $ | — | | | $ | — | | | $ | 189,000 | | Treasury discount notes | — | | | 24,961 | | | — | | | 24,961 | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | 189,000 | | | $ | 24,961 | | | $ | — | | | $ | 213,961 | |
|
Schedule of Carrying Value and Fair Value of Financial Instruments |
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | (In thousands) | | | | | | | | | Long-term debt, net (a) | $ | (495,660) | | | $ | (405,000) | | | $ | (495,284) | | | $ | (368,750) | |
________________________ (a) At June 30, 2023 and December 31, 2022, the carrying value of long-term debt, net includes unamortized debt issuance costs of $4.3 million and $4.7 million, respectively.
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v3.23.2
LONG-TERM DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Long-term Debt |
Long-term debt consists of: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | (In thousands) | 3.875% ANGI Group Senior Notes due August 15, 2028 (“ANGI Group Senior Notes”); interest payable each February 15 and August 15 | $ | 500,000 | | | $ | 500,000 | | | | | | | | | | | | | | Less: unamortized debt issuance costs | 4,340 | | | 4,716 | | Total long-term debt, net | $ | 495,660 | | | $ | 495,284 | |
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v3.23.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of Accumulated Other Comprehensive Income |
The following tables present the components of accumulated other comprehensive income (loss). There were no items reclassified out of accumulated other comprehensive income (loss) into earnings during the three and six months ended June 30, 2023 and 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | | Foreign Currency Translation Adjustment | | Unrealized Gains on Available-For-Sale Debt Securities | | Accumulated Other Comprehensive (Loss) Income | | Foreign Currency Translation Adjustment | | Accumulated Other Comprehensive Income (Loss) | | (In thousands) | Balance at April 1 | $ | (713) | | | $ | 2 | | | $ | (711) | | | $ | 2,506 | | | $ | 2,506 | | Other comprehensive income (loss) | 1,835 | | | (2) | | | 1,833 | | | (2,899) | | | (2,899) | | Balance at June 30 | $ | 1,122 | | | $ | — | | | $ | 1,122 | | | $ | (393) | | | $ | (393) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | 2023 | | 2022 | | Foreign Currency Translation Adjustment | | Unrealized Gains on Available-For-Sale Debt Securities | | Accumulated Other Comprehensive (Loss) Income | | Foreign Currency Translation Adjustment | | Accumulated Other Comprehensive Income (Loss) | | (In thousands) | Balance at January 1 | $ | (1,172) | | | $ | — | | | $ | (1,172) | | | $ | 3,309 | | | $ | 3,309 | | Other comprehensive income (loss) | 2,294 | | | — | | | 2,294 | | | (3,702) | | | (3,702) | | Balance at June 30 | $ | 1,122 | | | $ | — | | | $ | 1,122 | | | $ | (393) | | | $ | (393) | |
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v3.23.2
SEGMENT INFORMATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information |
The following table presents revenue by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | (In thousands) | Revenue: | | | | | | | | | | | | | | Domestic | | | | | | | | | | | | | | Ads and Leads | $ | 292,487 | | | $ | 341,862 | | | $ | 585,993 | | | $ | 636,608 | | | | | | | | Services | 29,867 | | | 108,232 | | | 61,926 | | | 184,682 | | | | | | | | Roofing | 24,482 | | | 42,650 | | | 62,854 | | | 79,337 | | | | | | | | Intersegment eliminations(a) | (1,001) | | | (1,950) | | | (2,463) | | | (3,627) | | | | | | | | Total Domestic | 345,835 | | | 490,794 | | | 708,310 | | | 897,000 | | | | | | | | International | 29,233 | | | 24,988 | | | 59,165 | | | 54,941 | | | | | | | | Total revenue | $ | 375,068 | | | $ | 515,782 | | | $ | 767,475 | | | $ | 951,941 | | | | | | | |
________________________ (a) Intersegment eliminations related to Ads and Leads revenue earned from sales to Roofing. The following tables present operating income (loss) and Adjusted EBITDA by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | (In thousands) | Operating income (loss): | | | | | | | | | | | | | | Ads and Leads | $ | 4,791 | | | $ | 23,292 | | | $ | 18,271 | | | $ | 38,778 | | | | | | | | Services | (5,175) | | | (21,051) | | | (17,627) | | | (46,801) | | | | | | | | Roofing | (1,302) | | | (3,789) | | | (891) | | | (9,939) | | | | | | | | Corporate | (16,568) | | | (18,091) | | | (31,507) | | | (31,113) | | | | | | | | International | 1,571 | | | (1,247) | | | 4,601 | | | (5,768) | | | | | | | | Total | $ | (16,683) | | | $ | (20,886) | | | $ | (27,153) | | | $ | (54,843) | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | (In thousands) | Adjusted EBITDA(b): | | | | | | | | | | | | | | Ads and Leads | $ | 28,155 | | | $ | 42,164 | | | $ | 68,006 | | | $ | 76,489 | | | | | | | | Services | $ | 1,700 | | | $ | (13,913) | | | $ | (468) | | | $ | (32,480) | | | | | | | | Roofing | $ | (1,294) | | | $ | (3,090) | | | $ | (473) | | | $ | (8,116) | | | | | | | | Corporate | $ | (13,109) | | | $ | (15,102) | | | $ | (25,463) | | | $ | (25,552) | | | | | | | | International | $ | 2,837 | | | $ | (370) | | | $ | 7,191 | | | $ | (3,821) | | | | | | | |
(b) The Company’s primary financial measure and GAAP segment measure is Adjusted EBITDA, which is defined as operating income (loss) excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of amortization of intangible assets and impairments of goodwill and intangible assets, if applicable.
|
Schedule of Segmented Revenue Disaggregated by Service |
The following table presents the revenue of the Company’s segments disaggregated by type of service: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | (In thousands) | Domestic: | | | | | | | | | | | | | | Ads and Leads: | | | | | | | | | | | | | | Consumer connection revenue | $ | 209,013 | | | $ | 260,896 | | | $ | 421,948 | | | $ | 475,243 | | | | | | | | Advertising revenue | 70,047 | | | 65,189 | | | 137,228 | | | 129,091 | | | | | | | | Membership subscription revenue | 13,231 | | | 15,554 | | | 26,430 | | | 31,791 | | | | | | | | Other revenue | 196 | | | 223 | | | 387 | | | 483 | | | | | | | | Total Ads and Leads revenue | 292,487 | | | 341,862 | | | 585,993 | | | 636,608 | | | | | | | | Services revenue | 29,867 | | | 108,232 | | | 61,926 | | | 184,682 | | | | | | | | Roofing revenue | 24,482 | | | 42,650 | | | 62,854 | | | 79,337 | | | | | | | | Intersegment eliminations(a) | (1,001) | | | (1,950) | | | (2,463) | | | (3,627) | | | | | | | | Total Domestic | 345,835 | | | 490,794 | | | 708,310 | | | 897,000 | | | | | | | | International: | | | | | | | | | | | | | | Consumer connection revenue | 23,371 | | | 16,941 | | | 48,116 | | | 38,744 | | | | | | | | Service professional membership subscription revenue | 5,753 | | | 7,758 | | | 10,811 | | | 15,614 | | | | | | | | Advertising and other revenue | 109 | | | 289 | | | 238 | | | 583 | | | | | | | | Total International | 29,233 | | | 24,988 | | | 59,165 | | | 54,941 | | | | | | | | Total revenue | $ | 375,068 | | | $ | 515,782 | | | $ | 767,475 | | | $ | 951,941 | | | | | | | | ________________________ (a) Intersegment eliminations related to Ads and Leads revenue earned from sales to Roofing.
|
Schedule of Revenue by Geographic Areas |
Geographic information about revenue and long-lived assets is presented below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | (In thousands) | Revenue: | | | | | | | | | | | | | | United States | $ | 345,618 | | | $ | 490,049 | | | $ | 707,844 | | | $ | 895,557 | | | | | | | | All other countries | 29,450 | | | 25,733 | | | 59,631 | | | 56,384 | | | | | | | | Total | $ | 375,068 | | | $ | 515,782 | | | $ | 767,475 | | | $ | 951,941 | | | | | | | |
|
Schedule of Long-lived Assets by Geographic Areas |
| | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | (In thousands) | Long-lived assets (excluding goodwill, intangible assets, and ROU assets): | | | | United States | $ | 124,685 | | | $ | 147,322 | | All other countries | 4,985 | | | 6,533 | | Total | $ | 129,670 | | | $ | 153,855 | |
|
Schedule of Reconciliation of Adjusted EBITDA to Operating Income (Loss) |
The following tables reconcile operating income (loss) for the Company’s reportable segments and net loss attributable to Angi Inc. shareholders to Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | Amortization of Intangibles | | Adjusted EBITDA(b) | | (In thousands) | Ads and Leads | $ | 4,791 | | | $ | 5,307 | | | $ | 15,394 | | | $ | 2,663 | | | $ | 28,155 | | Services | (5,175) | | | $ | 1,192 | | | $ | 5,683 | | | $ | — | | | $ | 1,700 | | Roofing | (1,302) | | | $ | (167) | | | $ | 175 | | | $ | — | | | $ | (1,294) | | Corporate | (16,568) | | | $ | 3,459 | | | $ | — | | | $ | — | | | $ | (13,109) | | International | 1,571 | | | $ | 339 | | | $ | 927 | | | $ | — | | | $ | 2,837 | | Operating loss | (16,683) | | | | | | | | | | Interest expense | (5,034) | | | | | | | | | | Other income, net | 5,188 | | | | | | | | | | Loss before income taxes | (16,529) | | | | | | | | | | Income tax benefit | 2,050 | | | | | | | | | | Net loss | (14,479) | | | | | | | | | | Net earnings attributable to noncontrolling interests | (220) | | | | | | | | | | Net loss attributable to Angi Inc. shareholders | $ | (14,699) | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2022 | | Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | Amortization of Intangibles | | Adjusted EBITDA(b) | | (In thousands) | Ads and Leads | $ | 23,292 | | | $ | 5,404 | | | $ | 10,805 | | | $ | 2,663 | | | $ | 42,164 | | Services | (21,051) | | | $ | 4,513 | | | $ | 1,650 | | | $ | 975 | | | $ | (13,913) | | Roofing | (3,789) | | | $ | 385 | | | $ | 148 | | | $ | 166 | | | $ | (3,090) | | Corporate | (18,091) | | | $ | 2,989 | | | $ | — | | | $ | — | | | $ | (15,102) | | International | (1,247) | | | $ | 126 | | | $ | 751 | | | $ | — | | | $ | (370) | | Operating loss | (20,886) | | | | | | | | | | Interest expense | (5,026) | | | | | | | | | | Other expense, net | (1,750) | | | | | | | | | | Loss before income taxes | (27,662) | | | | | | | | | | Income tax benefit | 3,665 | | | | | | | | | | Net loss | (23,997) | | | | | | | | | | Net earnings attributable to noncontrolling interests | (235) | | | | | | | | | | Net loss attributable to Angi Inc. shareholders | $ | (24,232) | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | Amortization of Intangibles | | | | Adjusted EBITDA | | (In thousands) | Ads and Leads | $ | 18,271 | | | $ | 10,798 | | | $ | 33,612 | | | $ | 5,325 | | | | | $ | 68,006 | | Services | (17,627) | | | $ | 5,401 | | | $ | 11,758 | | | $ | — | | | | | $ | (468) | | Roofing | (891) | | | $ | (2) | | | $ | 420 | | | $ | — | | | | | $ | (473) | | Corporate | (31,507) | | | $ | 6,044 | | | $ | — | | | $ | — | | | | | $ | (25,463) | | International | 4,601 | | | $ | 766 | | | $ | 1,824 | | | $ | — | | | | | $ | 7,191 | | Operating loss | (27,153) | | | | | | | | | | | | Interest expense | (10,063) | | | | | | | | | | | | Other income, net | 8,999 | | | | | | | | | | | | Loss before income taxes | (28,217) | | | | | | | | | | | | Income tax provision | (1,262) | | | | | | | | | | | | Net loss | (29,479) | | | | | | | | | | | | Net earnings attributable to noncontrolling interests | (545) | | | | | | | | | | | | Net loss attributable to Angi Inc. shareholders | $ | (30,024) | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2022 | | Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | | | Amortization of Intangibles | | Adjusted EBITDA | | (In thousands) | Ads and Leads | $ | 38,778 | | | $ | 10,324 | | | $ | 22,062 | | | | | $ | 5,325 | | | $ | 76,489 | | Services | (46,801) | | | $ | 9,053 | | | $ | 3,318 | | | | | $ | 1,950 | | | $ | (32,480) | | Roofing | (9,939) | | | $ | 1,215 | | | $ | 275 | | | | | $ | 333 | | | $ | (8,116) | | Corporate | (31,113) | | | $ | 5,561 | | | $ | — | | | | | $ | — | | | $ | (25,552) | | International | (5,768) | | | $ | 249 | | | $ | 1,698 | | | | | $ | — | | | $ | (3,821) | | Operating loss | (54,843) | | | | | | | | | | | | Interest expense | (10,048) | | | | | | | | | | | | Other expense, net | (2,141) | | | | | | | | | | | | Loss before income taxes | (67,032) | | | | | | | | | | | | Income tax benefit | 9,748 | | | | | | | | | | | | Net loss | (57,284) | | | | | | | | | | | | Net earnings attributable to noncontrolling interests | (338) | | | | | | | | | | | | Net loss attributable to Angi Inc. shareholders | $ | (57,622) | | | | | | | | | | | |
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v3.23.2
LOSS PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Computation of Basic and Diluted (Loss) Earnings per Share |
The following table sets forth the computation of basic and diluted loss per share attributable to Angi Inc. Class A and Class B Common Stock shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | | Basic | | Diluted | | Basic | | Diluted | | (In thousands, except per share data) | Numerator: | | | | | | | | Net loss | $ | (14,479) | | | $ | (14,479) | | | $ | (23,997) | | | $ | (23,997) | | Net earnings attributable to noncontrolling interests | (220) | | | (220) | | | (235) | | | (235) | | Net loss attributable to Angi Inc. Class A and Class B Common Stock shareholders | $ | (14,699) | | | $ | (14,699) | | | $ | (24,232) | | | $ | (24,232) | | | | | | | | | | Denominator: | | | | | | | | Weighted average basic Class A and Class B common stock shares outstanding | 506,086 | | | 506,086 | | | 502,453 | | | 502,453 | | Dilutive securities (a) (b) | — | | | — | | | — | | | — | | Denominator for loss per share—weighted average shares | 506,086 | | | 506,086 | | | 502,453 | | | 502,453 | | | | | | | | | | Loss per share attributable to Angi Inc. Class A and Class B Common Stock shareholders: | | Loss per share | $ | (0.03) | | | $ | (0.03) | | | $ | (0.05) | | | $ | (0.05) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | 2023 | | 2022 | | Basic | | Diluted | | Basic | | Diluted | | (In thousands, except per share data) | Numerator: | | | | | | | | Net loss | $ | (29,479) | | | $ | (29,479) | | | $ | (57,284) | | | $ | (57,284) | | Net earnings attributable to noncontrolling interests | (545) | | | (545) | | | (338) | | | (338) | | Net loss attributable to Angi Inc. Class A and Class B Common Stock shareholders | $ | (30,024) | | | $ | (30,024) | | | $ | (57,622) | | | $ | (57,622) | | | | | | | | | | Denominator: | | | | | | | | Weighted average basic Class A and Class B common stock shares outstanding | 505,563 | | | 505,563 | | | 502,231 | | | 502,231 | | Dilutive securities (a) (b) | — | | | — | | | — | | | — | | Denominator for loss per share—weighted average shares | 505,563 | | | 505,563 | | | 502,231 | | | 502,231 | | | | | | | | | | Loss per share attributable to Angi Inc. Class A and Class B Common Stock shareholders: | | Loss per share | $ | (0.06) | | | $ | (0.06) | | | $ | (0.11) | | | $ | (0.11) | |
________________________ (a) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and subsidiary denominated equity and vesting of restricted stock units (“RSUs”). For the three and six months ended June 30, 2023 and 2022, 28.1 million and 28.7 million of potentially dilutive securities, respectively, were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding were used to compute all earnings per share amounts. (b) Market-based awards and performance-based stock units (“PSUs”) are considered contingently issuable shares. Shares issuable upon exercise or vesting of market-based awards and PSUs are included in the denominator for earnings per share if (i) the applicable market or performance condition(s) has been met and (ii) the inclusion of the market-based awards and PSUs is dilutive for the respective reporting periods. For the three and six months ended June 30, 2023 and 2022, 0.7 million and 4.4 million underlying market-based awards and PSUs, respectively, were excluded from the calculation of diluted earnings per share because the market or performance condition(s) had not been met.
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v3.23.2
CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Restricted Cash |
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheet to the total amounts shown in the accompanying statement of cash flows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | June 30, 2022 | | December 31, 2021 | | | | | | (In thousands) | Cash and cash equivalents | $ | 370,579 | | | $ | 321,155 | | | $ | 360,950 | | | $ | 428,136 | | | | | | Restricted cash included in other current assets | — | | | 107 | | | 130 | | | 156 | | | | | | Restricted cash included in other non-current assets | 380 | | | 874 | | | 870 | | | 1,193 | | | | | | Total cash and cash equivalents, and restricted cash as shown on the consolidated statement of cash flows | $ | 370,959 | | | $ | 322,136 | | | $ | 361,950 | | | $ | 429,485 | | | | | |
|
Schedule of Cash and Cash Equivalents |
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheet to the total amounts shown in the accompanying statement of cash flows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | June 30, 2022 | | December 31, 2021 | | | | | | (In thousands) | Cash and cash equivalents | $ | 370,579 | | | $ | 321,155 | | | $ | 360,950 | | | $ | 428,136 | | | | | | Restricted cash included in other current assets | — | | | 107 | | | 130 | | | 156 | | | | | | Restricted cash included in other non-current assets | 380 | | | 874 | | | 870 | | | 1,193 | | | | | | Total cash and cash equivalents, and restricted cash as shown on the consolidated statement of cash flows | $ | 370,959 | | | $ | 322,136 | | | $ | 361,950 | | | $ | 429,485 | | | | | |
|
Schedule of Allowance for Credit Loss |
The following table presents the changes in the allowance for credit losses for the six months ended June 30, 2023 and 2022: | | | | | | | | | | | | | | | 2023 | | 2022 | | | | (In thousands) | Balance at January 1 | $ | 43,160 | | | $ | 33,652 | | | | Current period provision for credit losses | 46,876 | | | 47,926 | | | | Write-offs charged against the allowance for credit losses | (52,874) | | | (40,764) | | | | Recoveries collected | 2,966 | | | 2,709 | | | | Balance at June 30 | $ | 40,128 | | | $ | 43,523 | | | |
|
Schedule of Accumulated Amortization and Depreciation |
The following table provides the accumulated amortization and depreciation within the consolidated balance sheet: | | | | | | | | | | | | | | | Asset Category | | June 30, 2023 | | December 31, 2022 | | | (In thousands) | Right-of-use assets (included in “other non-current assets”) | | $ | 68,186 | | | $ | 61,818 | | Capitalized software, leasehold improvements, and equipment | | $ | 178,722 | | | $ | 146,608 | | Intangible assets | | $ | 177,064 | | | $ | 172,341 | |
|
Schedule of Other Expense, Net |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | | | | | | | | Interest income | $ | 4,156 | | | $ | 515 | | | $ | 7,579 | | | $ | 579 | | | | | | | | | | Foreign exchange gains (losses) | 1,039 | | | (2,264) | | | 1,426 | | | (2,720) | | | | | | | | | | | | | | | | | | Other | (7) | | | (1) | | | (6) | | | — | | Other income (expense), net | $ | 5,188 | | | $ | (1,750) | | | $ | 8,999 | | | $ | (2,141) | |
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v3.23.2
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands, project in Millions |
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2023
USD ($)
project
professional
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
category
project
segment
professional
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
Number of service categories (more than) | category |
|
|
500
|
|
|
|
Number of domestic service professionals (over) | professional |
207,000
|
|
207,000
|
|
|
|
Number of projects | project |
27
|
|
27
|
|
|
|
Number of operating segments | segment |
|
|
4
|
|
|
|
Revenue |
$ 375,068
|
$ 515,782
|
$ 767,475
|
$ 951,941
|
|
|
Current deferred revenue |
53,990
|
|
53,990
|
|
$ 50,907
|
$ 53,800
|
Non-current deferred revenue |
100
|
|
100
|
|
$ 100
|
$ 100
|
Deferred revenue recognized |
|
|
40,100
|
$ 45,800
|
|
|
Change In Accounting Principle, Recording Revenue On Net Basis |
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
Revenue |
$ (71,100)
|
|
$ (122,800)
|
|
|
|
Angi | IAC |
|
|
|
|
|
|
Noncontrolling Interest [Line Items] |
|
|
|
|
|
|
Economic interest (as a percent) |
83.90%
|
|
83.90%
|
|
|
|
Voting interest (as a percent) |
98.10%
|
|
98.10%
|
|
|
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v3.23.2
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v3.23.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Assets: |
|
|
Total |
|
$ 213,961
|
Quoted Market Prices for Identical Assets in Active Markets (Level 1) |
|
|
Assets: |
|
|
Total |
|
189,000
|
Significant Other Observable Inputs (Level 2) |
|
|
Assets: |
|
|
Total |
|
24,961
|
Significant Unobservable Inputs (Level 3) |
|
|
Assets: |
|
|
Total |
|
0
|
Money market funds |
|
|
Assets: |
|
|
Cash equivalents |
$ 293,434
|
189,000
|
Money market funds | Quoted Market Prices for Identical Assets in Active Markets (Level 1) |
|
|
Assets: |
|
|
Cash equivalents |
293,434
|
189,000
|
Money market funds | Significant Other Observable Inputs (Level 2) |
|
|
Assets: |
|
|
Cash equivalents |
0
|
0
|
Money market funds | Significant Unobservable Inputs (Level 3) |
|
|
Assets: |
|
|
Cash equivalents |
$ 0
|
0
|
Treasury discount notes |
|
|
Assets: |
|
|
Cash equivalents |
|
24,961
|
Treasury discount notes | Quoted Market Prices for Identical Assets in Active Markets (Level 1) |
|
|
Assets: |
|
|
Cash equivalents |
|
0
|
Treasury discount notes | Significant Other Observable Inputs (Level 2) |
|
|
Assets: |
|
|
Cash equivalents |
|
24,961
|
Treasury discount notes | Significant Unobservable Inputs (Level 3) |
|
|
Assets: |
|
|
Cash equivalents |
|
$ 0
|
X |
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v3.23.2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Carrying Value |
|
|
Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Long-term debt, net |
$ (495,660)
|
$ (495,284)
|
Unamortized debt issuance costs |
4,300
|
4,700
|
Fair Value |
|
|
Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Long-term debt, net |
$ (405,000)
|
$ (368,750)
|
X |
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Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument |
|
|
Less: unamortized debt issuance costs |
$ 4,340
|
$ 4,716
|
Total long-term debt, net |
495,660
|
495,284
|
3.875% Senior Notes | Senior Notes |
|
|
Debt Instrument |
|
|
Total long-term debt |
$ 500,000
|
$ 500,000
|
Interest rate, stated percentage |
3.875%
|
|
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v3.23.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accumulated Other Comprehensive Income (Loss) |
|
|
|
|
Balance at beginning of period |
|
|
$ 1,048,384,000
|
|
Other comprehensive income (loss) |
$ 1,914,000
|
$ (3,225,000)
|
2,418,000
|
$ (3,971,000)
|
Balance at end of period |
1,038,245,000
|
|
1,038,245,000
|
|
Tax benefit or provision on accumulated other comprehensive loss |
0
|
0
|
0
|
0
|
Foreign Currency Translation Adjustment |
|
|
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
|
|
Balance at beginning of period |
(713,000)
|
2,506,000
|
(1,172,000)
|
3,309,000
|
Other comprehensive income (loss) |
1,835,000
|
(2,899,000)
|
2,294,000
|
(3,702,000)
|
Balance at end of period |
1,122,000
|
(393,000)
|
1,122,000
|
(393,000)
|
Unrealized Gains on Available-For-Sale Debt Securities |
|
|
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
|
|
Balance at beginning of period |
2,000
|
|
0
|
|
Other comprehensive income (loss) |
(2,000)
|
|
0
|
|
Balance at end of period |
0
|
|
0
|
|
Accumulated Other Comprehensive (Loss) Income |
|
|
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
|
|
Balance at beginning of period |
(711,000)
|
2,506,000
|
(1,172,000)
|
3,309,000
|
Other comprehensive income (loss) |
1,833,000
|
(2,899,000)
|
2,294,000
|
(3,702,000)
|
Balance at end of period |
$ 1,122,000
|
$ (393,000)
|
$ 1,122,000
|
$ (393,000)
|
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v3.23.2
SEGMENT INFORMATION - Revenue by Reportable Segment (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
$ 375,068
|
$ 515,782
|
$ 767,475
|
$ 951,941
|
Operating Income (Loss) |
(16,683)
|
(20,886)
|
(27,153)
|
(54,843)
|
Ads and Leads |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Operating Income (Loss) |
4,791
|
23,292
|
18,271
|
38,778
|
Services |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Operating Income (Loss) |
(5,175)
|
(21,051)
|
(17,627)
|
(46,801)
|
Roofing |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Operating Income (Loss) |
(1,302)
|
(3,789)
|
(891)
|
(9,939)
|
Corporate |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Operating Income (Loss) |
(16,568)
|
(18,091)
|
(31,507)
|
(31,113)
|
International |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Operating Income (Loss) |
1,571
|
(1,247)
|
4,601
|
(5,768)
|
Domestic |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
345,835
|
490,794
|
708,310
|
897,000
|
Domestic | Operating Segments | Ads and Leads |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
292,487
|
341,862
|
585,993
|
636,608
|
Domestic | Operating Segments | Services |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
29,867
|
108,232
|
61,926
|
184,682
|
Domestic | Operating Segments | Roofing |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
24,482
|
42,650
|
62,854
|
79,337
|
Domestic | Intersegment Eliminations |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
(1,001)
|
(1,950)
|
(2,463)
|
(3,627)
|
International |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
$ 29,233
|
$ 24,988
|
$ 59,165
|
$ 54,941
|
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v3.23.2
SEGMENT INFORMATION - Revenue Disaggregated by Service (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
$ 375,068
|
$ 515,782
|
$ 767,475
|
$ 951,941
|
Domestic |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
345,835
|
490,794
|
708,310
|
897,000
|
Domestic | Operating Segments | Ads and Leads |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
292,487
|
341,862
|
585,993
|
636,608
|
Domestic | Operating Segments | Services |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
29,867
|
108,232
|
61,926
|
184,682
|
Domestic | Operating Segments | Roofing |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
24,482
|
42,650
|
62,854
|
79,337
|
Domestic | Intersegment Eliminations |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
(1,001)
|
(1,950)
|
(2,463)
|
(3,627)
|
Domestic | Ads and Leads | Operating Segments | Ads and Leads |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
292,487
|
341,862
|
585,993
|
636,608
|
Domestic | Consumer connection revenue | Operating Segments | Ads and Leads |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
209,013
|
260,896
|
421,948
|
475,243
|
Domestic | Advertising revenue | Operating Segments | Ads and Leads |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
70,047
|
65,189
|
137,228
|
129,091
|
Domestic | Membership subscription revenue | Operating Segments | Ads and Leads |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
13,231
|
15,554
|
26,430
|
31,791
|
Domestic | Other revenue | Operating Segments | Ads and Leads |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
196
|
223
|
387
|
483
|
Domestic | Services revenue | Operating Segments | Services |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
29,867
|
108,232
|
61,926
|
184,682
|
Domestic | Roofing revenue | Operating Segments | Roofing |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
24,482
|
42,650
|
62,854
|
79,337
|
International |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
29,233
|
24,988
|
59,165
|
54,941
|
International | Consumer connection revenue |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
23,371
|
16,941
|
48,116
|
38,744
|
International | Service professional membership subscription revenue |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
5,753
|
7,758
|
10,811
|
15,614
|
International | Advertising and other revenue |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
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$ 109
|
$ 289
|
$ 238
|
$ 583
|
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SEGMENT INFORMATION - Revenue and Long-Lived Assets (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Revenue and Long-lived Assets by Geography |
|
|
|
|
|
Revenue |
$ 375,068
|
$ 515,782
|
$ 767,475
|
$ 951,941
|
|
Long-lived assets (excluding goodwill and intangible assets) |
129,670
|
|
129,670
|
|
$ 153,855
|
United States |
|
|
|
|
|
Revenue and Long-lived Assets by Geography |
|
|
|
|
|
Revenue |
345,618
|
490,049
|
707,844
|
895,557
|
|
Long-lived assets (excluding goodwill and intangible assets) |
124,685
|
|
124,685
|
|
147,322
|
All other countries |
|
|
|
|
|
Revenue and Long-lived Assets by Geography |
|
|
|
|
|
Revenue |
29,450
|
$ 25,733
|
59,631
|
$ 56,384
|
|
Long-lived assets (excluding goodwill and intangible assets) |
$ 4,985
|
|
$ 4,985
|
|
$ 6,533
|
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v3.23.2
SEGMENT INFORMATION - Operating Income (loss) and Adjusted EBITDA by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Operating Income (Loss) |
$ (16,683)
|
$ (20,886)
|
$ (27,153)
|
$ (54,843)
|
Ads and Leads |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Operating Income (Loss) |
4,791
|
23,292
|
18,271
|
38,778
|
Adjusted EBITDA |
28,155
|
42,164
|
68,006
|
76,489
|
Services |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Operating Income (Loss) |
(5,175)
|
(21,051)
|
(17,627)
|
(46,801)
|
Adjusted EBITDA |
1,700
|
(13,913)
|
(468)
|
(32,480)
|
Roofing |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Operating Income (Loss) |
(1,302)
|
(3,789)
|
(891)
|
(9,939)
|
Adjusted EBITDA |
(1,294)
|
(3,090)
|
(473)
|
(8,116)
|
Corporate |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Operating Income (Loss) |
(16,568)
|
(18,091)
|
(31,507)
|
(31,113)
|
Adjusted EBITDA |
(13,109)
|
(15,102)
|
(25,463)
|
(25,552)
|
International |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Operating Income (Loss) |
1,571
|
(1,247)
|
4,601
|
(5,768)
|
Adjusted EBITDA |
$ 2,837
|
$ (370)
|
$ 7,191
|
$ (3,821)
|
X |
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v3.23.2
SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Operating Income (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting, Other Significant Reconciling Item |
|
|
|
|
Operating Income (Loss) |
$ (16,683)
|
$ (20,886)
|
$ (27,153)
|
$ (54,843)
|
Stock-Based Compensation Expense |
10,130
|
13,417
|
23,007
|
26,402
|
Amortization of Intangibles |
2,663
|
3,804
|
5,325
|
7,608
|
Interest expense |
(5,034)
|
(5,026)
|
(10,063)
|
(10,048)
|
Other income (expense), net |
5,188
|
(1,750)
|
8,999
|
(2,141)
|
Loss before income taxes |
(16,529)
|
(27,662)
|
(28,217)
|
(67,032)
|
Income tax benefit (provision) |
2,050
|
3,665
|
(1,262)
|
9,748
|
Net loss |
(14,479)
|
(23,997)
|
(29,479)
|
(57,284)
|
Net earnings attributable to noncontrolling interests |
(220)
|
(235)
|
(545)
|
(338)
|
Net loss attributable to Angi Inc. shareholders |
(14,699)
|
(24,232)
|
(30,024)
|
(57,622)
|
Ads and Leads |
|
|
|
|
Segment Reporting, Other Significant Reconciling Item |
|
|
|
|
Operating Income (Loss) |
4,791
|
23,292
|
18,271
|
38,778
|
Stock-Based Compensation Expense |
5,307
|
5,404
|
10,798
|
10,324
|
Depreciation |
15,394
|
10,805
|
33,612
|
22,062
|
Amortization of Intangibles |
2,663
|
2,663
|
5,325
|
5,325
|
Adjusted EBITDA |
28,155
|
42,164
|
68,006
|
76,489
|
Services |
|
|
|
|
Segment Reporting, Other Significant Reconciling Item |
|
|
|
|
Operating Income (Loss) |
(5,175)
|
(21,051)
|
(17,627)
|
(46,801)
|
Stock-Based Compensation Expense |
1,192
|
4,513
|
5,401
|
9,053
|
Depreciation |
5,683
|
1,650
|
11,758
|
3,318
|
Amortization of Intangibles |
0
|
975
|
0
|
1,950
|
Adjusted EBITDA |
1,700
|
(13,913)
|
(468)
|
(32,480)
|
Roofing |
|
|
|
|
Segment Reporting, Other Significant Reconciling Item |
|
|
|
|
Operating Income (Loss) |
(1,302)
|
(3,789)
|
(891)
|
(9,939)
|
Stock-Based Compensation Expense |
(167)
|
385
|
(2)
|
1,215
|
Depreciation |
175
|
148
|
420
|
275
|
Amortization of Intangibles |
0
|
166
|
0
|
333
|
Adjusted EBITDA |
(1,294)
|
(3,090)
|
(473)
|
(8,116)
|
Corporate |
|
|
|
|
Segment Reporting, Other Significant Reconciling Item |
|
|
|
|
Operating Income (Loss) |
(16,568)
|
(18,091)
|
(31,507)
|
(31,113)
|
Stock-Based Compensation Expense |
3,459
|
2,989
|
6,044
|
5,561
|
Depreciation |
0
|
0
|
0
|
0
|
Amortization of Intangibles |
0
|
0
|
0
|
0
|
Adjusted EBITDA |
(13,109)
|
(15,102)
|
(25,463)
|
(25,552)
|
International |
|
|
|
|
Segment Reporting, Other Significant Reconciling Item |
|
|
|
|
Operating Income (Loss) |
1,571
|
(1,247)
|
4,601
|
(5,768)
|
Stock-Based Compensation Expense |
339
|
126
|
766
|
249
|
Depreciation |
927
|
751
|
1,824
|
1,698
|
Amortization of Intangibles |
0
|
0
|
0
|
0
|
Adjusted EBITDA |
$ 2,837
|
$ (370)
|
$ 7,191
|
$ (3,821)
|
X |
- DefinitionThe Company's primary financial measure is Adjusted EBITDA, which is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements. The Company believes this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Moreover, our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments, and this measure is one of the primary metrics by which our internal budgets are based and by which management is compensated. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, and we believe that by excluding these items, Adjusted EBITDA corresponds more closely to the cash operating income generated from our business, from which capital investments are made and debt is serviced. Adjusted EBITDA has certain limitations in that it does not take into account the impact to IAC's statement of operations of certain expenses.
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INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
|
|
|
|
Income tax benefit due to higher estimated effective tax rate |
$ 3,000
|
|
|
|
|
Income tax benefit (provision) |
$ 2,050
|
$ 3,665
|
$ (1,262)
|
$ 9,748
|
|
Effective income tax rate (as a percent) |
12.00%
|
13.00%
|
|
15.00%
|
|
Unrecognized tax benefits including tax interest accrued |
$ 7,000
|
|
7,000
|
|
$ 6,200
|
Unrecognized tax benefits that if subsequently recognized would reduce income tax expense |
6,600
|
|
6,600
|
|
$ 5,800
|
Decrease in unrecognized tax benefits is reasonably possible |
200
|
|
200
|
|
|
Unrecognized tax benefits that would reduce income tax provision |
100
|
|
100
|
|
|
Deferred tax assets |
210,200
|
|
210,200
|
|
|
Portion of deferred tax assets that will be utilized upon future reversal of deferred tax liabilities |
22,800
|
|
22,800
|
|
|
Portion of deferred tax assets that will be utilized based on forecasts of future taxable income |
187,400
|
|
187,400
|
|
|
Deferred tax assets, U.S. federal operating loss carryforwards |
$ 108,100
|
|
108,100
|
|
|
Future taxable income |
|
|
$ 514,500
|
|
|
X |
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v3.23.2
LOSS PER SHARE - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
Net loss |
$ (14,479)
|
$ (23,997)
|
$ (29,479)
|
$ (57,284)
|
Net earnings attributable to noncontrolling interests |
(220)
|
(235)
|
(545)
|
(338)
|
Net loss attributable to Angi Inc. shareholders |
$ (14,699)
|
$ (24,232)
|
$ (30,024)
|
$ (57,622)
|
Weighted average basic Class A and Class B common stock shares outstanding, basic (in shares) |
506,086
|
502,453
|
505,563
|
502,231
|
Dilutive securities (in shares) |
0
|
0
|
0
|
0
|
Denominator for loss per share - weighted average shares, diluted (shares) |
506,086
|
502,453
|
505,563
|
502,231
|
Loss per share attributable to Angi Inc. shareholders: |
|
|
|
|
Loss per share, basic (USD per share) |
$ (0.03)
|
$ (0.05)
|
$ (0.06)
|
$ (0.11)
|
Loss per share, diluted (USD per share) |
$ (0.03)
|
$ (0.05)
|
$ (0.06)
|
$ (0.11)
|
Stock Options and Subsidiary Denominated Equity and Vesting of Restricted Common Stock, Restricted Stock Units (RSU's) |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Potentially dilutive securities excluded from calculation of diluted earnings per share (shares) |
|
|
28,100
|
28,700
|
Market-based Awards and PSUs |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Potentially dilutive securities excluded from calculation of diluted earnings per share (shares) |
|
|
700
|
4,400
|
X |
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v3.23.2
CONSOLIDATED FINANCIAL STATEMENT DETAILS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Cash and cash equivalents |
$ 370,579
|
$ 321,155
|
$ 360,950
|
$ 428,136
|
Restricted cash included in other current assets |
0
|
107
|
130
|
156
|
Restricted cash included in other non-current assets |
380
|
874
|
870
|
1,193
|
Total cash and cash equivalents, and restricted cash as shown on the consolidated statement of cash flows |
$ 370,959
|
$ 322,136
|
$ 361,950
|
$ 429,485
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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v3.23.2
CONSOLIDATED FINANCIAL STATEMENT DETAILS - Allowance for Credit Loss (Details) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
Balance at January 1 |
$ 43,160
|
$ 33,652
|
Current period provision for credit losses |
46,876
|
47,926
|
Write-offs charged against the allowance for credit losses |
(52,874)
|
(40,764)
|
Recoveries collected |
2,966
|
2,709
|
Balance at June 30 |
$ 40,128
|
$ 43,523
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
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v3.23.2
CONSOLIDATED FINANCIAL STATEMENT DETAILS - Accumulated Amortization and Depreciation (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Depreciation, Depletion and Amortization [Abstract] |
|
|
Right-of-use assets (included in “other non-current assets”) |
$ 68,186
|
$ 61,818
|
Capitalized software, leasehold improvements, and equipment |
178,722
|
146,608
|
Intangible assets |
$ 177,064
|
$ 172,341
|
X |
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v3.23.2
CONSOLIDATED FINANCIAL STATEMENT DETAILS - Other Income (Expense), Net (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Interest income |
$ 4,156
|
$ 515
|
$ 7,579
|
$ 579
|
Foreign exchange gains (losses) |
1,039
|
(2,264)
|
1,426
|
(2,720)
|
Other |
(7)
|
(1)
|
(6)
|
0
|
Other income (expense), net |
$ 5,188
|
$ (1,750)
|
$ 8,999
|
$ (2,141)
|
X |
- DefinitionAmount, before tax, of realized gain (loss) from foreign currency transaction.
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v3.23.2
RELATED PARTY TRANSACTIONS WITH IAC - Narrative (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts payable |
$ 36,925,000
|
|
$ 36,925,000
|
|
$ 30,862,000
|
Revenue |
375,068,000
|
$ 515,782,000
|
767,475,000
|
$ 951,941,000
|
|
Other non-current assets, net |
53,075,000
|
|
53,075,000
|
|
63,207,000
|
Accounts receivable, net |
78,484,000
|
|
78,484,000
|
|
93,880,000
|
Chief Executive Officer |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Expenses from related party transactions |
2,300,000
|
|
4,600,000
|
|
|
IAC |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Other non-current assets, net |
200,000
|
|
200,000
|
|
|
IAC | Services Agreement |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Expenses from related party transactions |
1,500,000
|
900,000
|
3,100,000
|
1,300,000
|
|
Accounts payable |
0
|
|
0
|
|
800,000
|
IAC | Tax Sharing Agreement |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Expenses from related party transactions |
0
|
0
|
0
|
0
|
|
Accounts payable |
2,400,000
|
|
2,400,000
|
|
1,400,000
|
IAC | Sublease Agreement |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Expenses from related party transactions |
300,000
|
300,000
|
600,000
|
600,000
|
|
Accounts payable |
0
|
|
0
|
|
0
|
Revenue |
200,000
|
400,000
|
600,000
|
800,000
|
|
Accounts receivable, net |
0
|
|
0
|
|
$ 0
|
Related Party |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts payable |
1,200,000
|
|
1,200,000
|
|
|
Advertising expense |
$ 1,800,000
|
$ 1,900,000
|
$ 3,600,000
|
$ 3,500,000
|
|
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