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Table of Contents
As filed with the Securities and Exchange Commission on November 5, 2021
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, 2021
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
https://cdn.kscope.io/a3d63d05e1e45d6622af0393200b5dea-angi-20210930_g1.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)

(Former name or former address, if changed since last report)
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 October 29, 2021, the following shares of the Registrant’s common stock were outstanding:
Class A Common Stock80,373,715 
Class B Common Stock422,019,247 
Class C Common Stock 
Total outstanding Common Stock502,392,962 



TABLE OF CONTENTS
  Page
Number



2

Table of Contents
PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
September 30, 2021December 31, 2020
(In thousands, except par value amounts)
ASSETS
Cash and cash equivalents $476,625 $812,705 
Marketable debt securities 49,995 
Accounts receivable, net of reserves of $40,276 and $27,839, respectively
98,538 43,148 
Other current assets 75,818 71,958 
Total current assets 650,981 977,806 
Capitalized software, leasehold improvements and equipment, net 116,825 108,842 
Goodwill917,081 891,797 
Intangible assets, net 198,024 209,717 
Other non-current assets, net192,127 180,020 
TOTAL ASSETS $2,075,038 $2,368,182 
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Accounts payable $39,491 $30,805 
Deferred revenue 60,025 54,654 
Accrued expenses and other current liabilities 203,752 148,219 
Total current liabilities 303,268 233,678 
Long-term debt, net 494,373 712,277 
Deferred income taxes 1,633 1,296 
Other long-term liabilities102,434 111,710 
Redeemable noncontrolling interests 4,524 26,364 
Commitments and contingencies
SHAREHOLDERS’ EQUITY:
Class A common stock, $0.001 par value; authorized 2,000,000 shares; issued 99,252 and 94,238 shares, respectively, and outstanding 80,146 and 78,333, respectively
99 94 
Class B convertible common stock, $0.001 par value; authorized 1,500,000 shares; 422,019 and 421,862 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 capital1,345,549 1,379,469 
(Accumulated deficit) retained earnings(35,608)9,749 
Accumulated other comprehensive income4,933 4,637 
Treasury stock, 19,107 and 15,905 shares, respectively
(157,484)(122,081)
Total Angi Inc. shareholders’ equity1,157,911 1,272,290 
Noncontrolling interests 10,895 10,567 
Total shareholders’ equity1,168,806 1,282,857 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $2,075,038 $2,368,182 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
3

Table of Contents
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
(In thousands, except per share data)
Revenue$461,565 $389,913 $1,269,582 $1,108,624 
Operating costs and expenses:
Cost of revenue (exclusive of depreciation shown separately below)99,467 48,253 222,999 122,524 
Selling and marketing expense237,755 210,171 682,626 590,114 
General and administrative expense103,086 90,122 298,734 270,129 
Product development expense17,675 17,577 54,474 50,068 
Depreciation14,701 13,921 45,728 38,614 
Amortization of intangibles3,854 12,888 12,616 38,846 
Total operating costs and expenses476,538 392,932 1,317,177 1,110,295 
Operating loss(14,973)(3,019)(47,595)(1,671)
Interest expense(6,032)(3,699)(18,463)(7,593)
Other (expense) income, net(479)223 (1,882)856 
Loss before income taxes(21,484)(6,495)(67,940)(8,408)
Income tax benefit4,791 11,698 23,209 17,638 
Net (loss) earnings(16,693)5,203 (44,731)9,230 
Net earnings attributable to noncontrolling interests(302)(731)(626)(1,049)
Net (loss) earnings attributable to Angi Inc. shareholders$(16,995)$4,472 $(45,357)$8,181 
Per share information attributable to Angi Inc. shareholders:
Basic (loss) earnings per share$(0.03)$0.01 $(0.09)$0.02 
Diluted (loss) earnings per share$(0.03)$0.01 $(0.09)$0.02 
Stock-based compensation expense by function:
Selling and marketing expense$1,256 $2,346 $3,138 $4,069 
General and administrative expense5,836 10,866 13,330 46,977 
Product development expense1,721 1,485 3,922 3,985 
Total stock-based compensation expense$8,813 $14,697 $20,390 $55,031 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
(in thousands)
Net (loss) earnings$(16,693)$5,203 $(44,731)$9,230 
Other comprehensive (loss) income:
Change in foreign currency translation adjustment (1,353)3,053 722 971 
Comprehensive (loss) income(18,046)8,256 (44,009)10,201 
Components of comprehensive loss (income) attributable to noncontrolling interests:
Net earnings attributable to noncontrolling interests(302)(731)(626)(1,049)
Change in foreign currency translation adjustment attributable to noncontrolling interests 313 (1,298)(426)(577)
Comprehensive loss (income) attributable to noncontrolling interests11 (2,029)(1,052)(1,626)
Comprehensive (loss) income attributable to Angi Inc. shareholders$(18,035)$6,227 $(45,061)$8,575 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and Nine Months Ended September 30, 2021
(Unaudited)
Angi Inc. Shareholders’ Equity
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
Redeemable
Noncontrolling
Interests
Additional Paid-in Capital(Accumulated Deficit) Retained EarningsTreasury
Stock
Noncontrolling
Interests
$Shares$Shares$Shares
(In thousands)
Balance as of June 30, 2021$4,536 $99 99,111 $422 421,977 $— — $1,338,208 $(18,613)$5,973 $(127,718)$1,198,371 $11,054 $1,209,425 
Net earnings (loss)61 — — — — — — — (16,995)— — (16,995)241 (16,754)
Other comprehensive loss(73)— — — — — — — — (1,040)— (1,040)(240)(1,280)
Stock-based compensation expense— — — — — — — 8,817 — — — 8,817 — 8,817 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— — 139 — — — — (1,066)— — — (1,066)— (1,066)
Issuance of common stock to IAC pursuant to the employee matters agreement— — 3 — 42 — — — — — — — —  
Purchase of treasury stock— — — — — — — — — — (29,766)(29,766)— (29,766)
Purchase of noncontrolling interests— — — — — — — — — — — (160)(160)
Other— — — — — — — (410)— — — (410)— (410)
Balance as of September 30, 2021$4,524 $99 99,253 $422 422,019 $— — $1,345,549 $(35,608)$4,933 $(157,484)$1,157,911 $10,895 $1,168,806 
Balance as of December 31, 2020$26,364 $94 94,238 $422 421,862 $— — $1,379,469 $9,749 $4,637 $(122,081)$1,272,290 $10,567 $1,282,857 
Net earnings (loss)49 — — — — — — — (45,357)— — (45,357)577 (44,780)
Other comprehensive income (loss)515 — — — — — — — — 296 — 296 (89)207 
Stock-based compensation expense— — — — — — — 22,836 — — — 22,836 — 22,836 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— 2 2,427 — — — — (55,809)— — — (55,807)— (55,807)
Issuance of common stock to IAC pursuant to the employee matters agreement— 3 2,588 — 157 — — (3)— — — — —  
Purchase of treasury stock— — — — — — — — — — (35,403)(35,403)— (35,403)
Purchase of noncontrolling interests(22,938)— — — — — — — — — — — (160)(160)
Adjustment of noncontrolling interests to fair value534 — — — — — — (534)— — — (534)— (534)
Other— — — — — — — (410)— — — (410)— (410)
Balance as of September 30, 2021$4,524 $99 99,253 $422 422,019 $— — $1,345,549 $(35,608)$4,933 $(157,484)$1,157,911 $10,895 $1,168,806 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and Nine Months Ended September 30, 2020
(Unaudited)
Angi Inc. Shareholders’ Equity
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
Redeemable
Noncontrolling
Interests
Additional Paid-in CapitalRetained EarningsTreasury
Stock
Noncontrolling
Interests
$Shares$Shares$Shares
(In thousands)
Balance as of June 30, 2020$25,093 $89 89,076 $422 421,757 $— — $1,387,618 $19,741 $(2,740)$(112,808)$1,292,322 $9,604 $1,301,926 
Net earnings438 — — — — — — — 4,472 — — 4,472 293 4,765 
Other comprehensive income920 — — — — — — — — 1,755 — 1,755 378 2,133 
Stock-based compensation expense— — — — — — — 13,846 — — — 13,846 — 13,846 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes — 4 3,584 — — — — (37,842)— — — (37,838)— (37,838)
Issuance of common stock to IAC pursuant to the employee matters agreement— — — — 102 — — (632)— — — (632)— (632)
Adjustment of redeemable noncontrolling interests to fair value(677)— — — — — — 677 — — — 677 — 677 
Purchase of noncontrolling interests— — — — — — — — — — — — (1,115)(1,115)
Other— — — — — — — (690)— — — (690)689 (1)
Balance as of September 30, 2020$25,774 $93 92,660 $422 421,859 $— — $1,362,977 $24,213 $(985)$(112,808)$1,273,912 $9,849 $1,283,761 
Balance as of December 31, 2019$26,663 $87 87,007 $422 421,570 $— — $1,357,075 $16,032 $(1,379)$(57,949)$1,314,288 $9,264 $1,323,552 
Net earnings383 — — — — — — — 8,181 — — 8,181 666 8,847 
Other comprehensive income233 — — — — — — — — 394 — 394 344 738 
Stock-based compensation expense15 — — — — — — 54,664 — — — 54,664 — 54,664 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— 6 5,653 — — — — (48,615)— — — (48,609)— (48,609)
Issuance of common stock to IAC pursuant to the employee matters agreement— — — — 289 — — (1,423)— — — (1,423)— (1,423)
Purchase of treasury stock— — — — — — — — — — (54,859)(54,859)— (54,859)
Purchase of redeemable noncontrolling interests(3,165)— — — — — — — — — — — — — 
Adjustment of redeemable noncontrolling interests to fair value1,645 — — — — — — (1,645)— — — (1,645)— (1,645)
Purchase of noncontrolling interests— — — — — — — — — — — — (1,115)(1,115)
Adjustment pursuant to the tax sharing agreement— — — — — — — 3,613 — — — 3,613 — 3,613 
Other— — — — — — — (692)— — — (692)690 (2)
Balance as of September 30, 2020$25,774 $93 92,660 $422 421,859 $— — $1,362,977 $24,213 $(985)$(112,808)$1,273,912 $9,849 $1,283,761 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
20212020
(In thousands)
Cash flows from operating activities:
Net (loss) earnings$(44,731)$9,230 
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Provision for credit losses66,081 60,090 
Stock-based compensation expense20,390 55,031 
Depreciation45,728 38,614 
Amortization of intangibles12,616 38,846 
Deferred income taxes (25,435)(18,081)
Impairment of long-lived and right-of-use assets12,280 188 
Non-cash lease expense9,587 10,166 
Revenue reserves6,392 6,998 
Other adjustments, net 4,226 1,508 
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable (106,234)(70,705)
Other assets (3,342)(4,966)
Accounts payable and other liabilities 23,271 46,941 
Income taxes payable and receivable499 (570)
Deferred revenue 4,560 (105)
Net cash provided by operating activities25,888 173,185 
Cash flows from investing activities:
Acquisition, net of cash acquired (25,357)— 
Capital expenditures(52,056)(37,637)
Purchases of marketable debt securities (49,987)
Proceeds from maturities of marketable debt securities50,000  
Net proceeds from the sale of a business750 730 
Net cash used in investing activities(26,663)(86,894)
Cash flows from financing activities:
Proceeds from the issuance of Senior Notes 500,000 
Principal payments on Term Loan(220,000)(10,313)
Debt issuance costs (5,635)
Purchase of treasury stock(35,403)(54,400)
Withholding taxes paid on behalf of employees on net settled stock-based awards(56,135)(49,993)
Distribution from IAC pursuant to the tax sharing agreement 3,071 
Purchase of noncontrolling interests (23,508)(4,280)
Net cash (used in) provided by financing activities(335,046)378,450 
Total cash (used) provided(335,821)464,741 
Effect of exchange rate changes on cash and cash equivalents and restricted cash373 (354)
Net (decrease) increase in cash and cash equivalents and restricted cash(335,448)464,387 
Cash and cash equivalents and restricted cash at beginning of period 813,561 391,478 
Cash and cash equivalents and restricted cash at end of period $478,113 $855,865 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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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., formerly ANGI Homeservices, Inc., (“Angi Inc.,” the “Company,” “we,” “our,” or “us”) connects quality home service professionals with consumers across 400 different categories, from repairing and remodeling homes to cleaning and landscaping. Over 260,000 domestic service professionals actively sought consumer matches, completed jobs, or advertised work through Angi Inc. platforms during the three months ended September 30, 2021. Additionally, consumers turned to at least one of our brands to find a professional for approximately 33 million projects during the twelve months ended September 30, 2021.
The Company has two operating segments: (i) North America (United States and Canada), which includes Angi Ads and Leads and Angi Services; and (ii) Europe. The brands for North America operate as follows: Angi Ads operates under the Angi (formerly Angie’s List) brand, Angi Leads operates primarily under the HomeAdvisor, powered by Angi brand, and Angi Services operates primarily under the Handy brand.
As used herein, “Angi Inc.,” the “Company,” “we,” “our,” “us,” and similar terms refer to Angi Inc. and its subsidiaries (unless the context requires otherwise).

At September 30, 2021, IAC/InterActiveCorp (“IAC”) owned 84.6% and 98.2% of the economic interest and voting interest, respectively, of the Company.

Basis of Presentation and Consolidation
The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated 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. All intercompany transactions between (i) Angi Inc. and (ii) IAC and its subsidiaries are considered to be effectively settled for cash at the time the transaction is recorded. See “Note 10—Related Party Transactions with IAC” for additional information on transactions between Angi Inc. 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 as if Angi Inc. filed tax returns on a standalone, separate tax 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 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.

The accompanying unaudited financial statements have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. In the opinion of management, the accompanying unaudited financial statements include all normal recurring adjustments considered necessary for a fair presentation. 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 for the year ended December 31, 2020.

COVID-19 Update
The impact on the Company from the COVID-19 pandemic and the measures designed to contain its spread has been varied and volatile.

As previously disclosed, the initial impact of COVID-19 on the Company resulted in a decline in demand for service requests, driven primarily by decreases in demand in certain categories of jobs (particularly discretionary indoor projects). While we experienced a rebound in service requests in the second half of 2020 and through early 2021, service requests did start to decline in May 2021 compared to the comparable months of 2020 as a result of the surge in 2020 and due to impacts of
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
the brand integration initiative launched on March 17, 2021. Moreover, many service professionals’ businesses had been adversely impacted by labor and material constraints and many service professionals had limited capacity to take on new business, which negatively impacted our ability to monetize this increased level of service requests through the first quarter of 2021. Although our ability to monetize service requests rebounded modestly in the second and third quarters of 2021, we still have not returned back to levels we experienced pre-COVID-19. No assurances can be provided that we will continue to be able to improve monetization, or that service professionals’ businesses will not be adversely impacted in the future.
The extent to which developments related to the COVID-19 pandemic and measures designed to curb its spread continue to impact the Company’s business, financial condition and results of operations will depend on future developments, all of which are highly uncertain and many of which are beyond the Company’s control, including the continuing spread of COVID-19, the severity of resurgences of COVID-19 caused by variant strains of the virus, the effectiveness of vaccines and attitudes toward receiving them, materials and supply chain constraints, labor shortages, the scope of governmental and other restrictions on travel, discretionary services and other activity, and public reactions to these developments.
Accounting Estimates
Management of the Company is required to make certain estimates, judgments, and assumptions during the preparation of its consolidated 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 contingent 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 and the determination of revenue reserves; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the carrying value 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 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
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.

The Company’s disaggregated revenue disclosures are presented in “Note 7—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 of the applicable subscription period or expected completion of its performance obligation is one year or less. At December 31, 2020, the current and non-current deferred revenue balances were $54.7 million and $0.2 million, respectively, and during the nine months ended September 30, 2021, the Company recognized $52.3 million of revenue that was included in the deferred revenue balance as of December 31, 2020. At December 31, 2019, the current and non-current deferred revenue balances were $58.2 million and $0.2 million, respectively, and during the nine months ended September 30, 2020, the Company recognized $55.7 million of revenue that was included in the deferred revenue balance as of December 31, 2019.

The current and non-current deferred revenue balances at September 30, 2021 are $