DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

On November 1, 2023, Angi Inc. completed the sale of 100% of its wholly-owned subsidiary, THR, and has reflected it as a discontinued operation in its financial statements. The financial information for prior periods has been recast to conform to the current year presentation.

The components of assets and liabilities of discontinued operations in the balance sheet at December 31, 2022 consisted of the following:

	December 31, 2022
	(In thousands)
Current assets
Accounts receivable, net	$	21,913
Other current assets	4,837
Total current assets of discontinued operations	$	26,750
Non-current assets
Capitalized software, leasehold improvements and equipment, net	$	1,296
Deferred income taxes	7,082
Other non-current assets, net	1,680
Total non-current assets of discontinued operations	$	10,058
Current liabilities
Accounts payable	$	469
Deferred revenue	778
Accrued expenses and other current liabilities	17,221
Total current liabilities of discontinued operations	$	18,468
Non-current liabilities
Lease liability	$	919
Total non-current liabilities of discontinued operations	$	919

The components of the loss from discontinued operations for the periods January 1, 2023 through November 1, 2023, and the years ended December 31, 2022 and 2021 in the statement of operations consisted of the following:

	January 1 through November 1,		Years Ended December 31,
	2023		2022		2021
	(in thousands)
Revenue	$	90,557	$	137,509	$	68,028
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)	61,476		100,664		51,219
Selling and marketing expense	17,667		33,041		14,006
General and administrative expense	14,516		27,070		10,845
Depreciation	555		747		221
Amortization of intangibles	—		667		333
Goodwill impairment	—		26,005		—
Total operating costs and expenses	94,214		188,194		76,624
Operating loss from discontinued operations	(3,657)		(50,685)		(8,596)
Interest income	9		9		1
Loss on sale of discontinued operations	(1,213)		—		—
Loss from discontinued operations before tax	(4,861)		(50,676)		(8,595)
Income tax (provision) benefit	(5,403)		11,862		2,119
Loss from discontinued operations, net of tax	$	(10,264)	$	(38,814)	$	(6,476)

During the period in which Angi owned the Roofing segment, the Ads & Leads segment provided services totaling $3.5 million, $10.3 million, and $1.9 million to the Roofing segment for the period January 1, 2023 through November 1, 2023, and the years ended December 31, 2022 and 2021, respectively. Such services have and will continue in periods subsequent to the disposition of the Roofing segment on November 1, 2023.