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As filed with the Securities and Exchange Commission on November 7, 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 September 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 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)
(303963-7200
(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 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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 3, 2023, the following shares of the Registrant’s common stock were outstanding:
Class A Common Stock85,136,000 
Class B Common Stock422,019,247 
Class C Common Stock— 
Total outstanding Common Stock507,155,247 



TABLE OF CONTENTS
  Page
Number




2

PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
September 30, 2023December 31, 2022
(In thousands, except par value amounts)
ASSETS
Cash and cash equivalents$366,825 $321,155 
Accounts receivable, net77,269 93,880 
Other current assets71,702 69,167 
Total current assets515,796 484,202 
Capitalized software, leasehold improvements and equipment, net 121,244 153,855 
Goodwill883,468 882,949 
Intangible assets, net 170,263 178,105 
Deferred income taxes158,495 145,460 
Other non-current assets, net56,493 63,207 
TOTAL ASSETS$1,905,759 $1,907,778 
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Accounts payable$52,790 $30,862 
Deferred revenue55,162 50,907 
Accrued expenses and other current liabilities195,765 200,015 
Total current liabilities303,717 281,784 
Long-term debt, net495,853 495,284 
Deferred income taxes2,923 2,906 
Other long-term liabilities57,989 76,426 
Commitments and contingencies
SHAREHOLDERS’ EQUITY:
Class A common stock, $0.001 par value; authorized 2,000,000 shares; issued 106,026 and 102,811 shares, respectively, and outstanding 84,760 and 82,600, respectively
106 103 
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 capital1,437,141 1,405,294 
Accumulated deficit(225,459)(190,079)
Accumulated other comprehensive loss(937)(1,172)
Treasury stock, 21,266 and 20,211 shares, respectively
(169,581)(166,184)
Total Angi Inc. shareholders’ equity1,041,692 1,048,384 
Noncontrolling interests3,585 2,994 
Total shareholders’ equity1,045,277 1,051,378 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,905,759 $1,907,778 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

3

ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In thousands, except per share data)
Revenue$371,837 $498,036 $1,139,312 $1,449,977 
Cost of revenue (exclusive of depreciation shown separately below)28,737 109,057 102,440 335,826 
Gross profit343,100 388,979 1,036,872 1,114,151 
Operating costs and expenses:
Selling and marketing expense204,006 234,397 621,628 711,357 
General and administrative expense102,476 128,260 301,979 357,541 
Product development expense21,497 15,816 72,358 54,629 
Depreciation22,596 17,759 70,210 45,112 
Amortization of intangibles2,633 3,805 7,958 11,413 
Total operating costs and expenses353,208 400,037 1,074,133 1,180,052 
Operating loss(10,108)(11,058)(37,261)(65,901)
Interest expense(5,037)(5,030)(15,100)(15,078)
Other income (expense),net3,891 (2,296)12,890 (4,437)
Loss before income taxes(11,254)(18,384)(39,471)(85,416)
Income tax benefit5,967 945 4,705 10,693 
Net loss(5,287)(17,439)(34,766)(74,723)
Net earnings attributable to noncontrolling interests(69)(40)(614)(379)
Net loss attributable to Angi Inc. shareholders$(5,356)$(17,479)$(35,380)$(75,102)
Per share information attributable to Angi Inc. shareholders:
Basic loss per share$(0.01)$(0.03)$(0.07)$(0.15)
Diluted loss per share$(0.01)$(0.03)$(0.07)$(0.15)
Stock-based compensation expense by function:
Selling and marketing expense$1,822 $1,544 $4,586 $4,674 
General and administrative expense6,906 8,755 22,040 27,052 
Product development expense2,013 2,077 7,122 7,052 
Total stock-based compensation expense$10,741 $12,376 $33,748 $38,778 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

4

ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in thousands)
Net loss$(5,287)$(17,439)$(34,766)$(74,723)
Other comprehensive (loss) income:
Change in foreign currency translation adjustment(2,182)(5,129)236 (9,100)
Total other comprehensive (loss) income(2,182)(5,129)236 (9,100)
Comprehensive loss(7,469)(22,568)(34,530)(83,823)
Components of comprehensive (income) loss attributable to noncontrolling interests:
Net earnings attributable to noncontrolling interests(69)(40)(614)(379)
Change in foreign currency translation adjustment attributable to noncontrolling interests 123 310 (1)579 
Comprehensive loss (income) attributable to noncontrolling interests54 270 (615)200 
Comprehensive loss attributable to Angi Inc. shareholders$(7,415)$(22,298)$(35,145)$(83,623)
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

5

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 taxes1 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.
6

ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and Nine Months Ended September 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 (Loss) IncomeTotal
Shareholders'
Equity
Additional Paid-in CapitalAccumulated DeficitTreasury
Stock
Noncontrolling
Interests
$Shares$Shares$Shares
(In thousands)
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 
Net (loss) earnings— — — — — — — (17,479)— — (17,479)40 (17,439)
Other comprehensive loss— — — — — — — — (4,819)— (4,819)(310)(5,129)
Stock-based compensation expense— — — — — — 13,304 — — — 13,304 — 13,304 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes1 853 — — — — (2,121)— — — (2,120)— (2,120)
Adjustment to noncontrolling interests resulting from the reorganization of a foreign subsidiary7,835 7,835 (7,835) 
Other— — — — — — (4)(1)— — (5) (5)
Balance as of September 30, 2022$102 101,750 $422 422,019 $— — $1,393,214 $(136,731)$(5,212)$(166,184)$1,085,611 $2,872 $1,088,483 
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— — — — — — — (75,102)— — (75,102)379 (74,723)
Other comprehensive loss— — — — — — — — (8,521)— (8,521)(579)(9,100)
Stock-based compensation expense— — — — — — 40,971 — — — 40,971 — 40,971 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes2 2,005 — — — — (6,045)— — — (6,043)— (6,043)
Purchase of treasury stock— — — — — — — — — (8,144)(8,144)— (8,144)
Adjustment to noncontrolling interests resulting from the reorganization of a foreign subsidiary— — 7,835 7,835 (7,835) 
Other— — — — — — (4)— — — (4)(1)(5)
Balance as of September 30, 2022$102 101,750 $422 422,019 $— — $1,393,214 $(136,731)$(5,212)$(166,184)$1,085,611 $2,872 $1,088,483 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
7

ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
20232022
(In thousands)
Cash flows from operating activities:
Net loss$(34,766)$(74,723)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation70,210 45,112 
Provision for credit losses67,288 82,216 
Stock-based compensation expense33,748 38,778 
Non-cash lease expense (including impairment of right-of-use assets)9,571 11,535 
Amortization of intangibles7,958 11,413 
Deferred income taxes(13,015)(13,950)
Foreign currency transaction (gain) loss(510)6,520 
Other adjustments, net(100)(192)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable(50,669)(102,411)
Other assets(6,068)(10,014)
Accounts payable and other liabilities13,450 26,692 
Operating lease liabilities(17,375)(13,229)
Income taxes payable and receivable4,856 2,014 
Deferred revenue4,220 1,597 
Net cash provided by operating activities88,798 11,358 
Cash flows from investing activities:
Capital expenditures(36,105)(95,521)
Purchases of marketable debt securities(12,362) 
Proceeds from maturities of marketable debt securities12,500  
Proceeds from sales of fixed assets336 224 
Net cash used in investing activities(35,631)(95,297)
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(4,780)(5,587)
Other, net(57) 
Net cash used in financing activities(8,234)(13,731)
Total cash provided (used)44,933 (97,670)
Effect of exchange rate changes on cash and cash equivalents and restricted cash127 (2,079)
Net increase (decrease) in cash and cash equivalents and restricted cash45,060 (99,749)
Cash and cash equivalents and restricted cash at beginning of period322,136 429,485 
Cash and cash equivalents and restricted cash at end of period$367,196 $329,736 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
8

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 202,000 transacting service professionals actively sought consumer matches, completed jobs, or advertised work through Angi Inc. platforms during the three months ended September 30, 2023. Additionally, consumers turned to at least one of our brands to find a service professional for approximately 25 million projects during the twelve months ended September 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 September 30, 2023, IAC Inc. (“IAC”) owned 83.8% 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 (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. 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 financial statements have been prepared on the same basis as the annual financial statements and reflect all normal 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 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, 2022.
Segment Changes
In the fourth quarter of 2022, the Company’s segment presentation was changed and our financial information for all prior periods, including the three and nine months ended September 30, 2022, has been recast to reflect the following operating segments: Ads and Leads, Services, Roofing, and International.
9

ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


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 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 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 nine months ended September 30, 2022, if Services revenue were recorded on a net basis, revenue would have been reduced by $64.8 million and $187.5 million, respectively.
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, 2022, the current and non-current deferred revenue balances were $50.9 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. At December 31, 2021, the current and non-current deferred revenue balances were $53.8 million and $0.1 million, respectively, and during the nine months ended September 30, 2022, the Company recognized $51.9 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 September 30, 2023 are $55.2 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
10

ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
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
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:
11

ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
September 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$196,679 $ $ $196,679 
Treasury discount notes 99,522  99,522 
Total$196,679 $99,522 $ $296,201 
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 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 $390.0 million and $368.8 million at September 30, 2023 and December 31, 2022, respectively.
NOTE 3—LONG-TERM DEBT
Long-term debt consists of:
 September 30, 2023December 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 costs4,147 4,716 
Total long-term debt, net $495,853 $495,284 
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.

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, 2023, there were no limitations pursuant thereto.
NOTE 4—ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
12

ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following tables present the components of accumulated other comprehensive (loss) income. There were no items reclassified out of accumulated other comprehensive (loss) income into earnings during both the three and nine months ended September 30, 2023 and 2022.
Three Months Ended September 30,
20232022
Foreign Currency
Translation Adjustment
Foreign Currency
Translation Adjustment
(In thousands)
Balance at July 1$1,122 $(393)
Other comprehensive loss(2,059)(4,819)
Balance at September 30$(937)$(5,212)
Nine Months Ended September 30,
20232022
Foreign Currency
Translation Adjustment
Foreign Currency
Translation Adjustment
(In thousands)
Balance at January 1$(1,172)$3,309 
Other comprehensive income (loss)235 (8,521)
Balance at September 30$(937)$(5,212)
At September 30, 2023 and 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.
The following table presents revenue by reportable segment:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In thousands)
Revenue:
Domestic
Ads and Leads$291,993 $345,529 $877,986 $982,137 
Services29,964 105,892 91,890 290,574 
Roofing21,400 25,993 84,254 105,330 
Intersegment eliminations(a)
(794)(2,825)(3,257)(6,452)
Total Domestic342,563 474,589 1,050,873 1,371,589 
International29,274 23,447 88,439 78,388 
Total revenue$371,837 $498,036 $1,139,312 $1,449,977 
________________________
(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:
13

ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In thousands)
Domestic:
Ads and Leads:
Consumer connection revenue$203,579 $262,934 $625,527 $738,177 
Advertising revenue75,074 67,165 212,302 196,256 
Membership subscription revenue13,167 14,795 39,597 46,586 
Other revenue173 635 560 1,118 
Total Ads and Leads revenue291,993 345,529 877,986 982,137 
Services revenue29,964 105,892 91,890 290,574 
Roofing revenue21,400 25,993 84,254 105,330 
Intersegment eliminations(a)
(794)(2,825)(3,257)(6,452)
Total Domestic342,563 474,589 1,050,873 1,371,589 
International:
Consumer connection revenue23,144 15,567 71,260 54,311 
Service professional membership subscription revenue6,023 7,597 16,834 23,211 
Advertising and other revenue107 283 345 866 
Total International29,274 23,447 88,439 78,388 
Total revenue$371,837 $498,036 $1,139,312 $1,449,977 
________________________
(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 September 30,Nine Months Ended September 30,
2023202220232022
(In thousands)
Revenue:
United States$342,342 $473,835 $1,050,186 $1,369,392 
All other countries29,495 24,201 89,126 80,585 
Total$371,837 $498,036 $1,139,312 $1,449,977 
September 30, 2023December 31, 2022
(In thousands)
Long-lived assets (excluding goodwill, intangible assets, and ROU assets):
United States$116,942 $147,322 
All other countries4,302 6,533 
Total$121,244 $153,855 
The following tables present operating income (loss) and Adjusted EBITDA by reportable segment:
14

ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In thousands)
Operating income (loss):
Ads and Leads$8,115 $22,754 $26,386 $61,532 
Services(3,887)(10,780)(21,514)(57,581)
Roofing(2,246)(8,545)(3,137)(18,484)
Corporate(14,854)(15,542)(46,361)(46,655)
International2,764 1,055 7,365 (4,713)
Total$(10,108)$(11,058)$(37,261)$(65,901)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In thousands)
Adjusted EBITDA(b):
Ads and Leads$32,198 $43,344 $100,204 $119,833 
Services$3,534 $(1,942)$3,066 $(34,422)
Roofing$(1,983)$(7,871)$(2,456)$(15,987)
Corporate$(11,933)$(12,550)$(37,396)$(38,102)
International$4,046 $1,901 $11,237 $(1,920)
(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 September 30, 2023
Operating Income (Loss)Stock-Based
Compensation Expense
DepreciationAmortization
of Intangibles
Adjusted
EBITDA(b)
(In thousands)
Ads and Leads$8,115 $6,082 $15,368 $2,633 $32,198 
Services(3,887)$1,096 $6,325 $ $3,534 
Roofing(2,246)$160 $103 $ $(1,983)
Corporate(14,854)$2,921 $ $ $(11,933)
International2,764 $482 $800 $ $4,046 
Total(10,108)
Interest expense(5,037)
Other income, net3,891 
Loss before income taxes(11,254)
Income tax benefit5,967 
Net loss(5,287)
Net earnings attributable to noncontrolling interests(69)
Net loss attributable to Angi Inc. shareholders$(5,356)
15

ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Three Months Ended September 30, 2022
Operating Income (Loss)Stock-Based
Compensation Expense
DepreciationAmortization
of Intangibles
Adjusted
EBITDA(b)
(In thousands)
Ads and Leads$