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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 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 June 30, |  | Six Months Ended June 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |
| (In thousands)
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  |  |  |  |  |  |  |  |  |  |  |
Ads and Leads | $ | 257,312 |  |  | $ | 292,487 |  |  | $ | 506,897 |  |  | $ | 585,993 |  |  |  |  |  |  |
Services | 24,595 |  |  | 29,867 |  |  | 45,046 |  |  | 61,926 |  |  |  |  |  |  |
Total Domestic | 281,907 |  |  | 322,354 |  |  | 551,943 |  |  | 647,919 |  |  |  |  |  |  |
International | 33,227 |  |  | 29,233 |  |  | 68,581 |  |  | 59,165 |  |  |  |  |  |  |
Total | $ | 315,134 |  |  | $ | 351,587 |  |  | $ | 620,524 |  |  | $ | 707,084 |  |  |  |  |  |  |
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, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |
| (In thousands)
Domestic: |  |  |  |  |  |  |  |  |  |  |  |  |
Ads and Leads: |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer connection revenue | $ | 167,624 |  |  | $ | 209,013 |  |  | $ | 328,155 |  |  | $ | 421,948 |  |  |  |  |  |  |
Advertising revenue | 78,309 |  |  | 70,047 |  |  | 155,446 |  |  | 137,228 |  |  |  |  |  |  |
Membership subscription revenue | 11,261 |  |  | 13,231 |  |  | 23,039 |  |  | 26,430 |  |  |  |  |  |  |
Other revenue | 118 |  |  | 196 |  |  | 257 |  |  | 387 |  |  |  |  |  |  |
Total Ads and Leads revenue | 257,312 |  |  | 292,487 |  |  | 506,897 |  |  | 585,993 |  |  |  |  |  |  |
Services revenue | 24,595 |  |  | 29,867 |  |  | 45,046 |  |  | 61,926 |  |  |  |  |  |  |
Total Domestic | 281,907 |  |  | 322,354 |  |  | 551,943 |  |  | 647,919 |  |  |  |  |  |  |
International: |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer connection revenue | 27,018 |  |  | 23,371 |  |  | 56,687 |  |  | 48,116 |  |  |  |  |  |  |
Service professional membership subscription revenue | 5,947 |  |  | 5,753 |  |  | 11,329 |  |  | 10,811 |  |  |  |  |  |  |
Advertising and other revenue | 262 |  |  | 109 |  |  | 565 |  |  | 238 |  |  |  |  |  |  |
Total International | 33,227 |  |  | 29,233 |  |  | 68,581 |  |  | 59,165 |  |  |  |  |  |  |
Total revenue | $ | 315,134 |  |  | $ | 351,587 |  |  | $ | 620,524 |  |  | $ | 707,084 |  |  |  |  |  |  |
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 June 30, |  | Six Months Ended June 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |
| (In thousands)
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 281,818 |  |  | $ | 322,354 |  |  | $ | 551,690 |  |  | $ | 647,919 |  |  |  |  |  |  |
All other countries | 33,316 |  |  | 29,233 |  |  | 68,834 |  |  | 59,165 |  |  |  |  |  |  |
Total | $ | 315,134 |  |  | $ | 351,587 |  |  | $ | 620,524 |  |  | $ | 707,084 |  |  |  |  |  |  |
| June 30, 2024 |  | December 31, 2023
| (In thousands)
Long-lived assets (excluding goodwill and intangible assets): |  |  |
United States | $ | 116,051 |  |  | $ | 145,710 |
All other countries | 8,218 |  |  | 9,788 |
Total | $ | 124,269 |  |  | $ | 155,498 |
The following tables present operating income (loss) and Adjusted EBITDA by reportable segment:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |
| (In thousands)
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |
Ads and Leads | $ | 24,806 |  |  | $ | 4,791 |  |  | $ | 44,627 |  |  | $ | 18,271 |  |  |  |  |  |  |
Services | (4,488) |  |  | (5,175) |  |  | (11,989) |  |  | (17,627) |  |  |  |  |  |  |
Corporate | (15,191) |  |  | (16,568) |  |  | (30,308) |  |  | (31,507) |  |  |  |  |  |  |
International | 4,060 |  |  | 1,571 |  |  | 9,573 |  |  | 4,601 |  |  |  |  |  |  |
Total | $ | 9,187 |  |  | $ | (15,381) |  |  | $ | 11,903 |  |  | $ | (26,262) |  |  |  |  |  |  |
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |
| (In thousands)
Adjusted EBITDA(a): |  |  |  |  |  |  |  |  |  |  |  |  |
Ads and Leads | $ | 48,977 |  |  | $ | 28,155 |  |  | $ | 90,198 |  |  | $ | 68,006 |  |  |  |  |  |  |
Services | 1,975 |  |  | 1,700 |  |  | 1,985 |  |  | (468) |  |  |  |  |  |  |
Corporate | (13,904) |  |  | (13,109) |  |  | (25,825) |  |  | (25,463) |  |  |  |  |  |  |
International | 5,135 |  |  | 2,837 |  |  | 11,787 |  |  | 7,191 |  |  |  |  |  |  |
Total | $ | 42,183 |  |  | $ | 19,583 |  |  | $ | 78,145 |  |  | $ | 49,266 |  |  |  |  |  |  |
(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 June 30, 2024
| Operating Income (Loss) |  | Stock-Based Compensation Expense |  | Depreciation |  |  |  | Adjusted EBITDA(a)
| (In thousands)
Ads and Leads | $ | 24,806 |  |  | $ | 5,996 |  |  | $ | 18,175 |  |  |  |  | $ | 48,977 |
Services | (4,488) |  |  | 1,088 |  |  | 5,375 |  |  |  |  | 1,975 |
Corporate | (15,191) |  |  | 1,287 |  |  | — |  |  |  |  | (13,904) |
International | 4,060 |  |  | 301 |  |  | 774 |  |  |  |  | 5,135 |
Total | 9,187 |  |  | $ | 8,672 |  |  | $ | 24,324 |  |  |  |  | $ | 42,183 |
Interest expense | (5,041) |  |  |  |  |  |  |  |  |
Other income, net | 4,570 |  |  |  |  |  |  |  |  |
Earnings before income taxes | 8,716 |  |  |  |  |  |  |  |  |
Income tax provision | (4,628) |  |  |  |  |  |  |  |  |
Net earnings | 4,088 |  |  |  |  |  |  |  |  |
Net earnings attributable to noncontrolling interests | (328) |  |  |  |  |  |  |  |  |
Net earnings attributable to Angi Inc. shareholders | $ | 3,760 |  |  |  |  |  |  |  |  |
| Three Months Ended June 30, 2023
| Operating Income (Loss) |  | Stock-Based Compensation Expense |  | Depreciation |  | Amortization of Intangibles |  | Adjusted EBITDA(a)
| (In thousands)
Ads and Leads | $ | 4,791 |  |  | $ | 5,307 |  |  | $ | 15,394 |  |  | $ | 2,663 |  |  | $ | 28,155 |
Services | (5,175) |  |  | 1,192 |  |  | 5,683 |  |  | — |  |  | 1,700 |
Corporate | (16,568) |  |  | 3,459 |  |  | — |  |  | — |  |  | (13,109) |
International | 1,571 |  |  | 339 |  |  | 927 |  |  | — |  |  | 2,837 |
Total | (15,381) |  |  | $ | 10,297 |  |  | $ | 22,004 |  |  | $ | 2,663 |  |  | $ | 19,583 |
Interest expense | (5,034) |  |  |  |  |  |  |  |  |
Other income, net | 5,184 |  |  |  |  |  |  |  |  |
Loss from continuing operations before income taxes | (15,231) |  |  |  |  |  |  |  |  |
Income tax provision | (360) |  |  |  |  |  |  |  |  |
Net loss from continuing operations | (15,591) |  |  |  |  |  |  |  |  |
Earnings from discontinued operations, net of tax | 1,112 |  |  |  |  |  |  |  |  |
Net loss | (14,479) |  |  |  |  |  |  |  |  |
Net earnings attributable to noncontrolling interests | (220) |  |  |  |  |  |  |  |  |
Net loss attributable to Angi Inc. shareholders | $ | (14,699) |  |  |  |  |  |  |  |  |
| Six Months Ended June 30, 2024
| Operating Income (Loss) |  | Stock-Based Compensation Expense |  | Depreciation |  |  |  |  |  | Adjusted EBITDA(a)
| (In thousands)
Ads and Leads | $ | 44,627 |  |  | $ | 10,461 |  |  | $ | 35,110 |  |  |  |  |  |  | $ | 90,198 |
Services | (11,989) |  |  | 2,469 |  |  | 11,505 |  |  |  |  |  |  | 1,985 |
Corporate | (30,308) |  |  | 4,483 |  |  | — |  |  |  |  |  |  | (25,825) |
International | 9,573 |  |  | 656 |  |  | 1,558 |  |  |  |  |  |  | 11,787 |
Total | 11,903 |  |  | $ | 18,069 |  |  | $ | 48,173 |  |  |  |  |  |  | $ | 78,145 |
Interest expense | (10,079) |  |  |  |  |  |  |  |  |  |  |
Other income, net | 9,054 |  |  |  |  |  |  |  |  |  |  |
Earnings before income taxes | 10,878 |  |  |  |  |  |  |  |  |  |  |
Income tax provision | (8,107) |  |  |  |  |  |  |  |  |  |  |
Net earnings | 2,771 |  |  |  |  |  |  |  |  |  |  |
Net earnings attributable to noncontrolling interests | (642) |  |  |  |  |  |  |  |  |  |  |
Net earnings attributable to Angi Inc. shareholders | $ | 2,129 |  |  |  |  |  |  |  |  |  |  |
| Six Months Ended June 30, 2023
| Operating Income (Loss) |  | Stock-Based Compensation Expense |  | Depreciation |  |  |  | Amortization of Intangibles |  | Adjusted EBITDA(a)
| (In thousands)
Ads and Leads | $ | 18,271 |  |  | $ | 10,798 |  |  | $ | 33,612 |  |  |  |  | $ | 5,325 |  |  | $ | 68,006 |
Services | (17,627) |  |  | 5,401 |  |  | 11,758 |  |  |  |  | — |  |  | (468) |
Corporate | (31,507) |  |  | 6,044 |  |  | — |  |  |  |  | — |  |  | (25,463) |
International | 4,601 |  |  | 766 |  |  | 1,824 |  |  |  |  | — |  |  | 7,191 |
Total | (26,262) |  |  | $ | 23,009 |  |  | $ | 47,194 |  |  |  |  | $ | 5,325 |  |  | $ | 49,266 |
Interest expense | (10,063) |  |  |  |  |  |  |  |  |  |  |
Other income, net | 8,991 |  |  |  |  |  |  |  |  |  |  |
Loss from continuing operations before income taxes | (27,334) |  |  |  |  |  |  |  |  |  |  |
Income tax provision | (2,244) |  |  |  |  |  |  |  |  |  |  |
Net loss from continuing operations | (29,578) |  |  |  |  |  |  |  |  |  |  |
Earnings from discontinued operations, net of tax | 99 |  |  |  |  |  |  |  |  |  |  |
Net loss | (29,479) |  |  |  |  |  |  |  |  |  |  |
Net earnings attributable to noncontrolling interests | (545) |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to Angi Inc. shareholders | $ | (30,024) |  |  |  |  |  |  |  |  |  |  |

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