SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Revenue:
North America	$	495,814	$	399,945	$	906,986	$	760,986
Europe	19,968		21,043		44,955		47,031
Total	$	515,782	$	420,988	$	951,941	$	808,017

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,
	2022		2021		2022		2021
	(In thousands)
North America
Angi Ads and Leads:
Consumer connection revenue(a)	$	259,037	$	240,016	$	471,833	$	461,446
Advertising revenue(b)	65,085		62,608		128,861		123,355
Membership subscription revenue(c)	15,554		17,065		31,791		33,947
Other revenue	5,243		7,431		10,469		14,709
Total Angi Ads and Leads revenue	344,919		327,120		642,954		633,457
Angi Services revenue(d)	150,895		72,825		264,032		127,529
Total North America revenue	495,814		399,945		906,986		760,986
Europe
Consumer connection revenue(e)	16,941		17,345		38,744		39,696
Service professional membership subscription revenue	2,738		3,331		5,628		6,659
Advertising and other revenue	289		367		583		676
Total Europe revenue	19,968		21,043		44,955		47,031
Total revenue	$	515,782	$	420,988	$	951,941	$	808,017

________________________

(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.

(c)    Includes membership subscription revenue from service professionals and consumers.

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

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

Geographic information about revenue and long-lived assets is presented below.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Revenue
United States	$	490,049	$	394,538	$	895,557	$	750,982
All other countries	25,733		26,450		56,384		57,035
Total	$	515,782	$	420,988	$	951,941	$	808,017

	June 30, 2022		December 31, 2021
	(In thousands)
Long-lived assets (excluding goodwill and intangible assets):
United States	$	149,232	$	111,136
All other countries	6,998		7,131
Total	$	156,230	$	118,267

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Operating loss:
North America	$	(20,056)	$	(32,127)	$	(49,710)	$	(22,550)
Europe	(830)		(604)		(5,133)		(10,072)
Total	$	(20,886)	$	(32,731)	$	(54,843)	$	(32,622)

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Adjusted EBITDA(f):
North America	$	10,019	$	(5,302)	$	10,360	$	25,863
Europe	$	(330)	$	860	$	(3,840)	$	(7,119)

(f)    The Company’s primary financial measure is Adjusted EBITDA, which is defined as operating 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 loss for the Company’s reportable segments and net loss attributable to Angi Inc. shareholders to Adjusted EBITDA:

	Three Months Ended June 30, 2022
	Operating Loss		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
North America	$	(20,056)	$	13,439	$	12,832	$	3,804	$	10,019
Europe	(830)		$	(22)	$	522	$	—	$	(330)
Operating loss	(20,886)
Interest expense	(5,026)
Other expense, net	(1,750)
Loss before income taxes	(27,662)
Income tax benefit	3,665
Net loss	(23,997)
Net earnings attributable to noncontrolling interests	(235)
Net loss attributable to Angi Inc. shareholders	$	(24,232)

	Three Months Ended June 30, 2021
	Operating Loss		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
North America	$	(32,127)	$	9,455	$	13,682	$	3,688	$	(5,302)
Europe	(604)		$	88	$	1,376	$	—	$	860
Operating loss	(32,731)
Interest expense	(5,814)
Other income, net	(636)
Loss before income taxes	(39,181)
Income tax benefit	9,129
Net earnings	(30,052)
Net earnings attributable to noncontrolling interests	(241)
Net earnings attributable to Angi Inc. shareholders	$	(30,293)

	Six Months Ended June 30, 2022
	Operating Loss		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
North America	$	(49,710)	$	26,433	$	26,029	$	7,608	$	10,360
Europe	(5,133)		$	(31)	$	1,324	$	—	$	(3,840)
Operating loss	(54,843)
Interest expense	(10,048)
Other expense, net	(2,141)
Loss before income taxes	(67,032)
Income tax benefit	9,748
Net loss	(57,284)
Net earnings attributable to noncontrolling interests	(338)
Net loss attributable to Angi Inc. shareholders	$	(57,622)

	Six Months Ended June 30, 2021
	Operating Loss		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
North America	$	(22,550)	$	11,391	$	28,260	$	8,762	$	25,863
Europe	(10,072)		$	186	$	2,767	$	—	$	(7,119)
Operating loss	(32,622)
Interest expense	(12,431)
Other income, net	(1,403)
Loss before income taxes	(46,456)
Income tax benefit	18,418
Net earnings	(28,038)
Net earnings attributable to noncontrolling interests	(324)
Net earnings attributable to Angi Inc. shareholders	$	(28,362)