RELATED PARTY TRANSACTIONS WITH IAC

3 Months Ended

Mar. 31, 2020

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS WITH IAC

RELATED PARTY TRANSACTIONS WITH IAC

The Company and IAC entered into certain agreements to govern our relationship with IAC following the combination of IAC's HomeAdvisor business and Angie's List, Inc. on September 29, 2017 (the "Combination"). These agreements include: a contribution agreement; an investor rights agreement; a services agreement; a tax sharing agreement; and an employee matters agreement.

For the three months ended March 31, 2020 and 2019, the Company was charged $1.2 million and $1.4 million, respectively, by IAC for services rendered pursuant to the services agreement, which were paid in full by the Company at March 31, 2020 and 2019, respectively.

Separately, the Company subleases office space to IAC and charged IAC $0.4 million of rent for the three months ended March 31, 2020, which was paid in full by IAC at March 31, 2020. There were no subleases for office space between the Company and IAC for the three months ended March 31, 2019.

At March 31, 2020 and December 31, 2019, the Company had outstanding receivables of $3.0 million due from IAC and outstanding payables of $0.2 million due to IAC pursuant to the tax sharing agreement, which are included in "Other current assets" and "Accrued expenses and other current liabilities," respectively, in the accompanying consolidated balance sheet. There were no payments to or refunds from IAC pursuant to this agreement during the three months ended March 31, 2020. During the three months ended March 31, 2019, $11.4 million was paid to IAC pursuant to this agreement.

For the three months ended March 31, 2020 and 2019, 0.2 million and 0.3 million shares, respectively, of ANGI Homeservices Class B common stock were issued to IAC pursuant to the employee matters agreement as reimbursement for shares of IAC common stock issued in connection with the exercise and vesting of IAC equity awards held by ANGI Homeservices employees.