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Table of Contents
As filed with the Securities and Exchange Commission on November 12, 2024
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 September 30, 2024
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 Paint.gif
Angi Inc.
(Exact name of Registrant as specified in its charter)
Delaware82-1204801
(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 classTrading SymbolName of exchange on which registered
Class A Common Stock, par value $0.001ANGIThe 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 (§232.405 of this chapter) 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 November 8, 2024, the following shares of the registrant’s common stock were outstanding:
Class A Common Stock75,249,787 
Class B Common Stock422,019,247 
Class C Common Stock— 
Total outstanding Common Stock497,269,034 


TABLE OF CONTENTS
  Page
Number




2
Table of Contents
PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
September 30, 2024December 31, 2023
(In thousands, except par value amounts)
ASSETS
Cash and cash equivalents$395,230 $364,044 
Accounts receivable, net52,402 51,100 
Other current assets51,888 72,075 
Total current assets499,520 487,219 
Capitalized software, leasehold improvements and equipment, net 85,599 109,527 
Goodwill888,079 886,047 
Intangible assets, net 171,191 170,773 
Deferred income taxes172,031 148,183 
Other non-current assets, net39,587 54,466 
TOTAL ASSETS$1,856,007 $1,856,215 
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Accounts payable$33,147 $29,467 
Deferred revenue50,195 49,859 
Accrued expenses and other current liabilities160,260 179,329 
Total current liabilities243,602 258,655 
Long-term debt, net496,639 496,047 
Deferred income taxes2,047 2,739 
Other long-term liabilities44,217 54,266 
Commitments and contingencies
SHAREHOLDERS’ EQUITY:
Class A common stock, $0.001 par value; authorized 2,000,000 shares; issued 111,739 and 106,848 shares, respectively, and outstanding 75,710 and 82,208, respectively
112 107 
Class B convertible common stock, $0.001 par value; authorized 1,500,000 shares; 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 capital1,462,474 1,447,353 
Accumulated deficit(193,729)(231,019)
Accumulated other comprehensive income3,278 1,187 
Treasury stock, 36,029 and 24,640 shares, respectively
(203,055)(177,283)
Total Angi Inc. shareholders’ equity1,069,502 1,040,767 
Noncontrolling interests— 3,741 
Total shareholders’ equity1,069,502 1,044,508 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,856,007 $1,856,215 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands, except per share data)
Revenue$296,719 $351,231 $917,243 $1,058,315 
Cost of revenue (exclusive of depreciation shown separately below)14,750 13,663 41,399 45,308 
Gross profit281,969 337,568 875,844 1,013,007 
Operating costs and expenses:
Selling and marketing expense155,443 200,105 470,817 608,592 
General and administrative expense76,827 98,702 246,717 288,536 
Product development expense24,314 21,497 72,849 72,358 
Depreciation17,568 22,493 65,741 69,687 
Amortization of intangibles— 2,633 — 7,958 
Total operating costs and expenses274,152 345,430 856,124 1,047,131 
Operating income (loss)7,817 (7,862)19,720 (34,124)
Interest expense(5,045)(5,037)(15,124)(15,100)
Other income, net5,979 3,890 15,033 12,881 
Earnings (loss) from continuing operations before income taxes8,751 (9,009)19,629 (36,343)
Income tax benefit26,612 6,057 18,505 3,813 
Net earnings (loss) from continuing operations35,363 (2,952)38,134 (32,530)
Loss from discontinued operations, net of tax— (2,335)— (2,236)
Net earnings (loss)35,363 (5,287)38,134 (34,766)
Net earnings attributable to noncontrolling interests(202)(69)(844)(614)
Net earnings (loss) attributable to Angi Inc. shareholders$35,161 $(5,356)$37,290 $(35,380)
Per share information from continuing operations:
Basic earnings (loss) per share$0.07 $(0.01)$0.07 $(0.07)
Diluted earnings (loss) per share$0.07 $(0.01)$0.07 $(0.07)
Per share information attributable to Angi Inc. shareholders:
Basic earnings (loss) per share$0.07 $(0.01)$0.07 $(0.07)
Diluted earnings (loss) per share$0.07 $(0.01)$0.07 $(0.07)
Stock-based compensation expense by function:
Selling and marketing expense$1,151 $1,797 $3,528 $4,530 
General and administrative expense7,309 6,771 20,309 21,938 
Product development expense1,564 2,013 4,256 7,122 
Total stock-based compensation expense$10,024 $10,581 $28,093 $33,590 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)
Net earnings (loss)$35,363 $(5,287)$38,134 $(34,766)
Other comprehensive income (loss):
Change in foreign currency translation adjustment3,208 (2,182)2,229 236 
Total other comprehensive income (loss)3,208 (2,182)2,229 236 
Comprehensive income (loss)38,571 (7,469)40,363 (34,530)
Components of comprehensive (income) loss attributable to noncontrolling interests:
Net earnings attributable to noncontrolling interests(202)(69)(844)(614)
Change in foreign currency translation adjustment attributable to noncontrolling interests (189)123 (138)(1)
Comprehensive (income) loss attributable to noncontrolling interests(391)54 (982)(615)
Comprehensive income (loss) attributable to Angi Inc. shareholders$38,180 $(7,415)$39,381 $(35,145)
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and Nine Months Ended September 30, 2024
(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 IncomeTotal
Shareholders'
Equity
Additional Paid-in CapitalAccumulated DeficitTreasury
Stock		Noncontrolling
Interests
$Shares$Shares$Shares
(In thousands)
Balance as of June 30, 2024$111 111,015 $422 422,019 $— — $1,463,370 $(228,890)$259 $(195,467)$1,039,805 $4,332 $1,044,137 
Net earnings— — — — — — — 35,161 — — 35,161 202 35,363 
Other comprehensive income— — — — — — — — 3,019 — 3,019 189 3,208 
Stock-based compensation expense— — — — — — 11,336 — — — 11,336 — 11,336 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes1 724 — — — — (910)— — — (909)— (909)
Purchase of treasury stock— — — — — — — — — (7,588)(7,588)— (7,588)
Purchase of noncontrolling interests— — — — — — (11,296)— — — (11,296)(4,723)(16,019)
Other— — — — — (26)— — — (26)— (26)
Balance as of September 30, 2024$112 111,739 $422 422,019 $— — $1,462,474 $(193,729)$3,278 $(203,055)$1,069,502 $— $1,069,502 
Balance as of December 31, 2023$107 106,848 $422 422,019 $— — $1,447,353 $(231,019)$1,187 $(177,283)$1,040,767 $3,741 $1,044,508 
Net earnings— — — — — — — 37,290 — — 37,290 844 38,134 
Other comprehensive income— — — — — — — — 2,091 — 2,091 138 2,229 
Stock-based compensation expense— — — — — — 32,448 — — — 32,448 — 32,448 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes5 4,891 — — — — (5,657)— — — (5,652)— (5,652)
Purchase of treasury stock— — — — — — — — — (25,772)(25,772)— (25,772)
Purchase of noncontrolling interests— — — — — — (11,296)— — — (11,296)(4,723)(16,019)
Other— — — — — — (374)— — — (374)— (374)
Balance as of September 30, 2024$112 111,739 $422 422,019 $— — $1,462,474 $(193,729)$3,278 $(203,055)$1,069,502 $— $1,069,502 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and Nine Months Ended September 30, 2023
(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 CapitalAccumulated DeficitTreasury
Stock		Noncontrolling
Interests
$Shares$Shares$Shares
(In thousands)
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 
Net (loss) earnings— — — — — — — (5,356)— — (5,356)69 (5,287)
Other comprehensive loss— — — — — — — — (2,059)— (2,059)(123)(2,182)
Stock-based compensation expense— — — — — — 12,104 — — — 12,104 — 12,104 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes 1 753 — — — — (1,243)— — — (1,242)— (1,242)
Balance as of September 30, 2023$106 106,026 $422 422,019 $— — $1,437,141 $(225,459)$(937)$(169,581)$1,041,692 $3,585 $1,045,277 
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— — — — — — — (35,380)— — (35,380)614 (34,766)
Other comprehensive income— — — — — — — — 235 — 235 1 236 
Stock-based compensation expense— — — — — — 37,242 — — — 37,242 — 37,242 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes3 3,215 — — — — (5,358)— — — (5,355)— (5,355)
Purchase of treasury stock— — — — — — — — — (3,397)(3,397)— (3,397)
Other— — — — — — (37)— — — (37)(24)(61)
Balance as of September 30, 2023$106 106,026 $422 422,019 $— — $1,437,141 $(225,459)$(937)$(169,581)$1,041,692 $3,585 $1,045,277 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
20242023
(In thousands)
Cash flows from operating activities attributable to continuing operations:
Net earnings (loss)$38,134 $(34,766)
Loss from discontinued operations, net of tax— (2,236)
Net earnings (loss) attributable to continuing operations38,134 (32,530)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities attributable to continuing operations:
Depreciation65,741 69,687 
Provision for credit losses43,694 64,790 
Stock-based compensation expense28,093 33,590 
Non-cash lease expense (including impairment of right-of-use assets)13,813 9,136 
Deferred income taxes(24,595)(12,128)
Amortization of intangibles— 7,958 
Other adjustments, net373 (405)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable(44,665)(58,453)
Other assets21,094 (7,671)
Accounts payable and other liabilities(3,945)18,754 
Operating lease liabilities(13,870)(16,478)
Income taxes payable and receivable(8,307)4,862 
Deferred revenue344 4,129 
Net cash provided by operating activities attributable to continuing operations115,904 85,241 
Cash flows from investing activities attributable to continuing operations:
Capital expenditures(37,547)(36,105)
Purchases of marketable debt securities— (12,362)
Proceeds from maturities of marketable debt securities— 12,500 
Proceeds from sales of fixed assets6 11 
Net cash used in investing activities attributable to continuing operations(37,541)(35,956)
Cash flows from financing activities attributable to continuing operations:
Purchases of treasury stock(25,675)(3,397)
Purchase of noncontrolling interests(16,019)— 
Withholding taxes paid on behalf of employees on net settled stock-based awards(5,652)(4,780)
Distribution to IAC pursuant to the tax sharing agreement(198)— 
Other, net— (57)
Net cash used in financing activities attributable to continuing operations(47,544)(8,234)
Total cash provided by continuing operations30,819 41,051 
Net cash provided by operating activities attributable to discontinued operations— 3,557 
Net cash provided by investing activities attributable to discontinued operations— 325 
Total cash provided by discontinued operations— 3,882 
Effect of exchange rate changes on cash and cash equivalents and restricted cash448 127 
Net increase in cash and cash equivalents and restricted cash31,267 45,060 
Cash and cash equivalents and restricted cash at beginning of period364,301 322,136 
Cash and cash equivalents and restricted cash at end of period$395,568 $367,196 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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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 professionals with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. Approximately 178,000 transacting professionals actively sought consumer matches, completed jobs, or advertised work through Angi Inc. platforms during the three months ended September 30, 2024. Additionally, consumers turned to at least one of our businesses to find a professional for approximately 18 million projects during the twelve months ended September 30, 2024.
The Company has three operating segments: (i) Ads and Leads; (ii) Services; and (iii) International (consisting of businesses in Europe and Canada) and operates under multiple brands including Angi, HomeAdvisor, and Handy.
Ads and Leads provides professionals the capability to engage with potential customers, including quoting and invoicing services, and provides consumers with tools and resources to help them find local, pre-screened and customer-rated professionals nationwide for home repair, maintenance and improvement projects. Services consumers can request household services directly through the Angi platform, and such requests are fulfilled by independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. Matching service, booking of pre-priced services, and related tools and directories are provided to consumers free of charge upon registration.
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 September 30, 2024, IAC Inc. (“IAC”) owned 85.3% and 98.3% of the economic and voting interests, respectively, of the Company.
Total Home Roofing, LLC Sale
On November 1, 2023, Angi Inc. completed the sale of 100% of its wholly-owned subsidiary, Total Home Roofing, LLC (“THR,” which comprised its Roofing segment), and which is reflected as a discontinued operation in its financial statements. See “Note 11—Discontinued Operations” for additional details. Prior period financial information has been recast to conform to this presentation.
Basis of Presentation and Consolidation
The Company prepares its consolidated financial statements (referred to herein as “financial statements”) in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The 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.
The unaudited interim financial statements have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. In the opinion of management, the unaudited interim financial statements include all normal recurring adjustments considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for the full year. The unaudited interim financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
Noncontrolling Interest
On August 28, 2024, the Company purchased the remaining noncontrolling interests of a foreign subsidiary for a total purchase price of $16.0 million in cash. As a result of this transaction, the Company recorded a net decrease to additional paid in capital of $11.3 million, representing the difference between the cash consideration related to the purchase of the remaining
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

noncontrolling interest and the carrying value of the noncontrolling interest at the date of the transaction. All consolidated entities are now wholly-owned by the Company, and no noncontrolling interest remains as of September 30, 2024.
Accounting Estimates
Management of the Company is required to make certain estimates, judgments, and assumptions during the preparation of its 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; 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 all long-lived assets, including goodwill and indefinite-lived intangible assets; contingencies; 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 authorized 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 services or goods is transferred to the Company’s customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or goods.
The Company’s disaggregated revenue disclosures are presented in “Note 5—Segment Information.”
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, 2023, the current and non-current deferred revenue balances were $49.9 million and $0.1 million, respectively, and during the nine months ended September 30, 2024, the Company recognized $43.1 million of revenue that was included in the deferred revenue balance as of December 31, 2023. At December 31, 2022, the current and non-current deferred revenue balances were $50.1 million and $0.1 million, respectively, and during the nine months ended September 30, 2023, the Company recognized $47.0 million of revenue that was included in the deferred revenue balance as of December 31, 2022.
The current and non-current deferred revenue balances at September 30, 2024 are $50.2 million and less than $0.1 million, respectively. Non-current deferred revenue is included in “Other long-term liabilities” in the 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”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers, 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 it has the right to invoice for services performed.
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The Company also applies the practical expedient to expense sales commissions as incurred where the anticipated customer relationship period is one year or less.
Recent Accounting Pronouncements
Recent Accounting Pronouncements Adopted by the Company
There were no recently issued accounting pronouncements adopted by the Company during the nine months ended September 30, 2024.
Recent Accounting Pronouncements Not Yet Adopted by the Company
Accounting Standards Update (“ASU”) No. 2023-07— Segment Reporting (Topic 280)— Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU No. 2023-07, which is intended to provide users of financial statements with more decision-useful information about reportable segments of a public business entity, primarily through enhanced disclosures of significant segment expenses. This ASU requires annual and interim disclosures of significant expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss and an amount and description of its composition of other segment items. The provisions of this ASU also require entities to include all annual disclosures required by Topic 280 in the interim periods and permits entities to include multiple measures of a segment's profit or loss if such measures are used by the CODM to assess segment performance and determine allocation of resources, provided that at least one of those measures is determined in a way that is consistent with the measurement principles under GAAP. The amendments in ASU No. 2023-07 apply retrospectively and are effective for fiscal years beginning after December 15, 2023 and interim periods after December 15, 2024. Early adoption is permitted. The Company, as required, will adopt ASU No. 2023-07 in its financial statements for the year ending December 31, 2024. ASU No. 2023-07 will not impact the Company’s results of operations, financial condition, or cash flows. The Company is assessing the form and content of the disclosure of its significant segment expenses as required by ASU No. 2023-07.
ASU No. 2023-09— Income Taxes (Topic 740)— Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU No. 2023-09, which establishes required categories and a quantitative threshold to the annual tabular rate reconciliation disclosure and disaggregated jurisdictional disclosures of income taxes paid. The guidance’s annual requirements are effective for the Company beginning with the December 31, 2025 reporting period. Early adoption is permitted and prospective disclosure should be applied. However, retrospective disclosure is permitted. The Company is currently assessing ASU No. 2023-09 and its impact on its income tax disclosures; ASU No. 2023-09 does not impact the Company’s results of operations, financial condition, or cash flows. The Company does not plan to early adopt ASU No. 2023-09.
ASU No. 2024-03— Income Statement-Reporting Comprehensive Income— Expense Disaggregation Disclosures (Subtopic 220-40)— Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU No. 2024-03, which is intended to provide users of financial statements with more decision-useful information about expenses of a public business entity, primarily through enhanced disclosures of certain components of expenses commonly presented within captions on the statement of operations, such as purchases of inventory, employee compensation, depreciation and amortization, as well as a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU No. 2024-03 also requires disclosure of the total amount of selling expenses and, in annual reporting periods, the definition of selling expenses. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027. Early adoption is permitted and may be applied either prospectively or retrospectively. The Company is currently assessing ASU No. 2024-03 and its impact on its disclosures; ASU No. 2024-03 does not impact the Company's results of operations, financial condition or cash flows.
NOTE 2—FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
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.
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:
September 30, 2024
Level 1Level 2Level 3Total
Fair Value
Measurements
(In thousands)
Assets:
Cash equivalents:
Money market funds$302,660 $— $— $302,660 
Treasury bills— 24,993 — 24,993 
Total$302,660 $24,993 $— $327,653 
December 31, 2023
Level 1Level 2Level 3Total
Fair Value
Measurements
(In thousands)
Assets:
Cash equivalents:
Money market funds$215,891 $— $— $215,891 
Treasury bills— 74,802 — 74,802 
Total$215,891 $74,802 $— $290,693 
Assets measured at fair value on a nonrecurring basis
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.
Financial instruments measured at fair value only for disclosure purposes
The total fair value of the outstanding long-term debt, including the current portion, is estimated using observable market prices or indices for similar liabilities, which are Level 2 inputs, and was approximately $458.7 million and $418.1 million at September 30, 2024 and December 31, 2023, respectively.
NOTE 3—LONG-TERM DEBT
Long-term debt consists of:
 September 30, 2024December 31, 2023
 (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 costs3,361 3,953 
Total long-term debt, net $496,639 $496,047 
ANGI Group, LLC (“ANGI Group”), a direct wholly-owned subsidiary of Angi Inc., issued the ANGI Group Senior Notes on August 20, 2020. These notes may be redeemed at the redemption prices, plus accrued and unpaid interest thereon, if any, as set forth in the indenture governing the notes.
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 September 30, 2024 and December 31, 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), which exclusively consists of foreign currency translation adjustment for the three and nine months ended September 30, 2024:
Three Months Ended September 30,
20242023
Foreign Currency
Translation Adjustment		Foreign Currency
Translation Adjustment
(In thousands)
Balance at July 1$259 $1,122 
Other comprehensive income (loss)3,019 (2,059)
Balance at September 30$3,278 $(937)
Nine Months Ended September 30,
20242023
Foreign Currency
Translation Adjustment		Foreign Currency
Translation Adjustment
(In thousands)
Balance at January 1$1,187 $(1,172)
Other comprehensive income2,091 235 
Balance at September 30$3,278 $(937)
At September 30, 2024 and 2023 there was no tax benefit or provision on the accumulated other comprehensive income.
NOTE 5—SEGMENT INFORMATION
Our reportable segments currently consist of Ads and Leads, Services, and International. Our CODM regularly reviews certain financial information by operating segment to determine allocation of resources and assess its performance. Segment profitability is determined by and presented on an Adjusted EBITDA basis consistent with the CODM’s view of profitability of its businesses, which excludes certain expenses that are required in accordance with GAAP.
The following table presents revenue by reportable segment:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands)
Revenue:
Domestic
Ads and Leads$241,231 $291,993 $748,128 $877,986 
Services23,702 29,964 68,748 91,890 
Total Domestic264,933 321,957 816,876 969,876 
International31,786 29,274 100,367 88,439 
Total$296,719 $351,231 $917,243 $1,058,315 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following table presents the revenue of the Company’s segments disaggregated by type of service:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands)
Domestic:
Ads and Leads:
Consumer connection revenue$151,893 $203,579 $480,048 $625,527 
Advertising revenue78,782 75,074 234,228 212,302 
Membership subscription revenue10,452 13,167 33,491 39,597 
Other revenue104 173 361 560 
Total Ads and Leads revenue241,231 291,993 748,128 877,986 
Services revenue23,702 29,964 68,748 91,890 
Total Domestic264,933 321,957 816,876 969,876 
International:
Consumer connection revenue26,024 23,144 82,711 71,260 
Membership subscription revenue5,562 6,023 16,891 16,834 
Advertising and other revenue200 107 765 345 
Total International31,786 29,274 100,367 88,439 
Total revenue$296,719 $351,231 $917,243 $1,058,315 
Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands)
Revenue:
United States$264,931 $321,957 $816,621 $969,876 
All other countries31,788 29,274 100,622 88,439 
Total$296,719 $351,231 $917,243 $1,058,315 

September 30, 2024December 31, 2023
(In thousands)
Long-lived assets (excluding goodwill and intangible assets):
United States$111,532 $145,710 
All other countries7,484 9,788 
Total$119,016 $155,498 


The following tables present operating income (loss) and Adjusted EBITDA by reportable segment:
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands)
Operating income (loss):
Ads and Leads$21,107 $8,115 $65,734 $26,386 
Services(324)(3,887)(12,313)(21,514)
Corporate(15,714)(14,854)(46,022)(46,361)
International2,748 2,764 12,321 7,365 
Total$7,817 $(7,862)$19,720 $(34,124)

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands)
Adjusted EBITDA(a):
Ads and Leads$42,248 $32,198 $132,446 $100,204 
Services3,883 3,534 5,868 3,066 
Corporate(14,388)(11,933)(40,213)(37,396)
International3,666 4,046 15,453 11,237 
Total$35,409 $27,845 $113,554 $77,111 
(a)    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.
We consider operating income (loss) to be the financial measure calculated and presented in accordance with GAAP that is most directly comparable to our segment reporting performance measure, Adjusted EBITDA. The following tables reconcile operating income (loss) for the Company’s reportable segments and net earnings (loss) attributable to Angi Inc. shareholders to Adjusted EBITDA:
Three Months Ended September 30, 2024
Operating Income (Loss)Stock-Based
Compensation Expense		Depreciation
Adjusted
EBITDA(a)
(In thousands)
Ads and Leads$21,107 $7,823 $13,318 $42,248 
Services(324)730 3,477 3,883 
Corporate(15,714)1,326 — (14,388)
International2,748 145 773 3,666 
Total7,817 $10,024 $17,568 $35,409 
Interest expense(5,045)
Other income, net5,979 
Earnings before income taxes8,751 
Income tax benefit26,612 
Net earnings35,363 
Net earnings attributable to noncontrolling interests(202)
Net earnings attributable to Angi Inc. shareholders$35,161 
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Three Months Ended September 30, 2023
Operating Income (Loss)Stock-Based
Compensation Expense		DepreciationAmortization
of Intangibles
Adjusted
EBITDA(a)
(In thousands)
Ads and Leads$8,115 $6,082 $15,368 $2,633 $32,198 
Services(3,887)1,096 6,325 — 3,534 
Corporate(14,854)2,921 — — (11,933)
International2,764 482 800 — 4,046 
Total(7,862)$10,581 $22,493 $2,633 $27,845 
Interest expense(5,037)
Other income, net3,890 
Loss from continuing operations before income taxes(9,009)
Income tax benefit6,057 
Net loss from continuing operations(2,952)
Loss from discontinued operations, net of tax(2,335)
Net loss(5,287)
Net earnings attributable to noncontrolling interests(69)
Net loss attributable to Angi Inc. shareholders$(5,356)
Nine Months Ended September 30, 2024
Operating Income (Loss)Stock-Based
Compensation Expense		Depreciation
Adjusted
EBITDA(a)
(In thousands)
Ads and Leads$65,734 $18,284 $48,428 $