SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATIONThe 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,
	2023		2022		2023		2022
	(In thousands)
Revenue:
Domestic
Ads and Leads	$	292,487	$	341,862	$	585,993	$	636,608
Services	29,867		108,232		61,926		184,682
Roofing	24,482		42,650		62,854		79,337
Intersegment eliminations(a)	(1,001)		(1,950)		(2,463)		(3,627)
Total Domestic	345,835		490,794		708,310		897,000
International	29,233		24,988		59,165		54,941
Total revenue	$	375,068	$	515,782	$	767,475	$	951,941

________________________

(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:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Domestic:
Ads and Leads:
Consumer connection revenue	$	209,013	$	260,896	$	421,948	$	475,243
Advertising revenue	70,047		65,189		137,228		129,091
Membership subscription revenue	13,231		15,554		26,430		31,791
Other revenue	196		223		387		483
Total Ads and Leads revenue	292,487		341,862		585,993		636,608
Services revenue	29,867		108,232		61,926		184,682
Roofing revenue	24,482		42,650		62,854		79,337
Intersegment eliminations(a)	(1,001)		(1,950)		(2,463)		(3,627)
Total Domestic	345,835		490,794		708,310		897,000
International:
Consumer connection revenue	23,371		16,941		48,116		38,744
Service professional membership subscription revenue	5,753		7,758		10,811		15,614
Advertising and other revenue	109		289		238		583
Total International	29,233		24,988		59,165		54,941
Total revenue	$	375,068	$	515,782	$	767,475	$	951,941

________________________

(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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Revenue:
United States	$	345,618	$	490,049	$	707,844	$	895,557
All other countries	29,450		25,733		59,631		56,384
Total	$	375,068	$	515,782	$	767,475	$	951,941

	June 30, 2023		December 31, 2022
	(In thousands)
Long-lived assets (excluding goodwill, intangible assets, and ROU assets):
United States	$	124,685	$	147,322
All other countries	4,985		6,533
Total	$	129,670	$	153,855

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Operating income (loss):
Ads and Leads	$	4,791	$	23,292	$	18,271	$	38,778
Services	(5,175)		(21,051)		(17,627)		(46,801)
Roofing	(1,302)		(3,789)		(891)		(9,939)
Corporate	(16,568)		(18,091)		(31,507)		(31,113)
International	1,571		(1,247)		4,601		(5,768)
Total	$	(16,683)	$	(20,886)	$	(27,153)	$	(54,843)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Adjusted EBITDA(b):
Ads and Leads	$	28,155	$	42,164	$	68,006	$	76,489
Services	$	1,700	$	(13,913)	$	(468)	$	(32,480)
Roofing	$	(1,294)	$	(3,090)	$	(473)	$	(8,116)
Corporate	$	(13,109)	$	(15,102)	$	(25,463)	$	(25,552)
International	$	2,837	$	(370)	$	7,191	$	(3,821)

(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 June 30, 2023
	Operating Income (Loss)		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA(b)
	(In thousands)
Ads and Leads	$	4,791	$	5,307	$	15,394	$	2,663	$	28,155
Services	(5,175)		$	1,192	$	5,683	$	—	$	1,700
Roofing	(1,302)		$	(167)	$	175	$	—	$	(1,294)
Corporate	(16,568)		$	3,459	$	—	$	—	$	(13,109)
International	1,571		$	339	$	927	$	—	$	2,837
Operating loss	(16,683)
Interest expense	(5,034)
Other income, net	5,188
Loss before income taxes	(16,529)
Income tax benefit	2,050
Net loss	(14,479)
Net earnings attributable to noncontrolling interests	(220)
Net loss attributable to Angi Inc. shareholders	$	(14,699)

	Three Months Ended June 30, 2022
	Operating Income (Loss)		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA(b)
	(In thousands)
Ads and Leads	$	23,292	$	5,404	$	10,805	$	2,663	$	42,164
Services	(21,051)		$	4,513	$	1,650	$	975	$	(13,913)
Roofing	(3,789)		$	385	$	148	$	166	$	(3,090)
Corporate	(18,091)		$	2,989	$	—	$	—	$	(15,102)
International	(1,247)		$	126	$	751	$	—	$	(370)
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)

	Six Months Ended June 30, 2023
	Operating Income (Loss)		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
Ads and Leads	$	18,271	$	10,798	$	33,612	$	5,325	$	68,006
Services	(17,627)		$	5,401	$	11,758	$	—	$	(468)
Roofing	(891)		$	(2)	$	420	$	—	$	(473)
Corporate	(31,507)		$	6,044	$	—	$	—	$	(25,463)
International	4,601		$	766	$	1,824	$	—	$	7,191
Operating loss	(27,153)
Interest expense	(10,063)
Other income, net	8,999
Loss before income taxes	(28,217)
Income tax provision	(1,262)
Net loss	(29,479)
Net earnings attributable to noncontrolling interests	(545)
Net loss attributable to Angi Inc. shareholders	$	(30,024)

	Six Months Ended June 30, 2022
	Operating Income (Loss)		Stock-Based Compensation Expense		Depreciation		Amortization of Intangibles		Adjusted EBITDA
	(In thousands)
Ads and Leads	$	38,778	$	10,324	$	22,062	$	5,325	$	76,489
Services	(46,801)		$	9,053	$	3,318	$	1,950	$	(32,480)
Roofing	(9,939)		$	1,215	$	275	$	333	$	(8,116)
Corporate	(31,113)		$	5,561	$	—	$	—	$	(25,552)
International	(5,768)		$	249	$	1,698	$	—	$	(3,821)
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)