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SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2021

The overall concept that the Company employs in determining its operating segments is to present the financial information in a manner consistent with how the chief operating decision maker views the businesses. In addition, 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,
	2021		2020		2021		2020
	(In thousands)
Revenue:
North America	$	443,531	$	372,226	$	1,204,517	$	1,053,775
Europe	18,034		17,687		65,065		54,849
Total	$	461,565	$	389,913	$	1,269,582	$	1,108,624

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,
	2021		2020		2021		2020
	(In thousands)
North America
Angi Ads and Leads:
Consumer connection revenue(a)	$	238,421	$	244,184	$	699,867	$	694,804
Advertising revenue(b)	63,953		56,217		187,308		166,732
Membership subscription revenue(c)	17,079		17,760		51,026		56,810
Other revenue	6,703		8,922		21,412		25,144
Total Angi Ads and Leads revenue	326,156		327,083		959,613		943,490
Angi Services revenue(d)	117,375		45,143		244,904		110,285
Total North America revenue	443,531		372,226		1,204,517		1,053,775
Europe
Consumer connection revenue(e)	14,530		14,006		54,226		43,640
Service professional membership subscription revenue	3,215		3,278		9,874		9,792
Advertising and other revenue	289		403		965		1,417
Total Europe revenue	18,034		17,687		65,065		54,849
Total revenue	$	461,565	$	389,913	$	1,269,582	$	1,108,624

________________________

(a) Includes fees paid by service professionals for consumer matches through the Angi Ads and Leads platforms.

(b) Includes revenue from service professionals under contract for advertising.

(d) Includes revenue from pre-priced offerings and revenue from Angi Roofing

(e) Includes fees paid by service professionals for consumer matches.

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,
	2021		2020		2021		2020
	(In thousands)
Revenue
United States	$	437,872	$	368,082	$	1,188,854	$	1,041,903
All other countries	23,693		21,831		80,728		66,721
Total	$	461,565	$	389,913	$	1,269,582	$	1,108,624


	September 30, 2021		December 31, 2020
	(In thousands)
Long-lived assets (excluding goodwill and intangible assets):
United States	$	108,496	$	97,841
All other countries	8,329		11,001
Total	$	116,825	$	108,842

The following tables present operating (loss) income and Adjusted EBITDA by reportable segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In thousands)
Operating (loss) income:
North America	$	(14,719)	$	295	$	(37,269)	$	8,377
Europe	(254)		(3,314)		(10,326)		(10,048)
Total	$	(14,973)	$	(3,019)	$	(47,595)	$	(1,671)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In thousands)
Adjusted EBITDA(f):
North America	$	11,213	$	40,454	$	37,076	$	136,886
Europe	$	1,182	$	(1,967)	$	(5,937)	$	(6,066)

________________________

(f) The Company’s primary financial measure is Adjusted EBITDA, which is defined as operating (loss) 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. The Company believes this measure is useful for analysts and investors as this measure allows a more meaningful comparison between the Company’s performance and that of its competitors. Adjusted EBITDA has certain limitations because it excludes the impact of these expenses.

The following tables reconcile operating (loss) income for the Company’s reportable segments and net (loss) earnings attributable to Angi Inc. shareholders to Adjusted EBITDA:


	Three Months Ended September 30, 2021
	Operating Loss		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
North America	$	(14,719)	$	8,727	$	13,351	$	3,854	$	11,213
Europe	(254)		$	86	$	1,350	$	—	$	1,182
Operating loss	(14,973)
Interest expense	(6,032)
Other expense, net	(479)
Loss before income taxes	(21,484)
Income tax benefit	4,791
Net loss	(16,693)
Net earnings attributable to noncontrolling interests	(302)
Net loss attributable to Angi Inc. shareholders	$	(16,995)


	Three Months Ended September 30, 2020
	Operating Income (Loss)		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
North America	$	295	$	14,599	$	12,767	$	12,793	$	40,454
Europe	(3,314)		$	98	$	1,154	$	95	$	(1,967)
Operating loss	(3,019)
Interest expense	(3,699)
Other income, net	223
Loss before income taxes	(6,495)
Income tax benefit	11,698
Net earnings	5,203
Net earnings attributable to noncontrolling interests	(731)
Net earnings attributable to Angi Inc. shareholders	$	4,472


	Nine Months Ended September 30, 2021
	Operating Loss		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
North America	$	(37,269)	$	20,118	$	41,611	$	12,616	$	37,076
Europe	(10,326)		$	272	$	4,117	$	—	$	(5,937)
Operating loss	(47,595)
Interest expense	(18,463)
Other expense, net	(1,882)
Loss before income taxes	(67,940)
Income tax benefit	23,209
Net loss	(44,731)
Net earnings attributable to noncontrolling interests	(626)
Net loss attributable to Angi Inc. shareholders	$	(45,357)


	Nine Months Ended September 30, 2020
	Operating Income (Loss)		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
North America	$	8,377	$	54,406	$	35,531	$	38,572	$	136,886
Europe	(10,048)		$	625	$	3,083	$	274	$	(6,066)
Operating loss	(1,671)
Interest expense	(7,593)
Other income, net	856
Loss before income taxes	(8,408)
Income tax benefit	17,638
Net earnings	9,230
Net earnings attributable to noncontrolling interests	(1,049)
Net earnings attributable to Angi Inc. shareholders	$	8,181

- Definition

The 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.

+ References

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+ Details