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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): October 11, 2022

 

Angi Inc.

(Exact name of registrant as specified in charter)

 

Delaware   001-38220   82-1204801
(State or other jurisdiction
of incorporation)		   (Commission
File Number)		   (IRS Employer
Identification No.)

 

3601 Walnut Street, Suite 700

Denver, CO

   80205
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (303) 963-7200

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, par value $0.001 ANGI

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging 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. ¨

 

 

 

 

Item 2.02Results of Operations and Financial Condition.

Item 7.01Regulation FD Disclosure.

 

On October 11, 2022, the Registrant announced that IAC Inc. (the Registrant’s controlling shareholder (“IAC”)) had posted preliminary monthly trends for the Registrant through September 30, 2022 on the investor relations section of IAC’s website (https://ir.iac.com/quarterly-results). These monthly trends, together with related commentary, are set forth immediately below. Please note that these results reflect the impact of Hurricane Ian towards the end of September 2022, particularly at the Registrant’s Services business. The Registrant will provide further commentary on these results when it reports earnings for the quarter ended September 30, 2022 in November 2022.

 

   3/2022   4/2022   5/2022   6/2022   7/2022   8/2022   9/2022(1) 
Angi Inc.                            
Angi Ads and Leads (2)  -7%  -2%  8%  11%  7%  6%  6%
Angi Services (3)  102%  111%  108%  103%  18%  14%  5%
Total North America Revenue  10%  17%  26%  29%  10%  8%  6%
Europe Revenue  -8%  -7%  -6%  -1%  6%  3%  -2%
Total Revenue (2)  9%  16%  24%  27%  10%  8%  6%
                             
Angi Service Requests  -20%  -14%  -7%  -8%  -9%  -8%  -16%
Angi Monetized Transactions  -14%  -8%  -3%  -5%  -8%  -8%  -15%
Angi Transacting Service Professionals  -4%  -4%  -3%  -2%  -3%  -6%  -10%
Angi Advertising Service Professionals  -11%  -7%  -7%  -8%  -7%  -6%  -5%

 

 

 

(1)As of the date of this report, the Registrant has not yet completed its financial close process for the quarter ended September 30, 2022. As a result, the information set forth above is preliminary and based upon information available to the Registrant as of the date of this report. During the course of the Registrant’s financial close process for the quarter ended September 30, 2022, it may identify items that would require adjustments to the information set forth above, which may impact growth rates and may be material to the information set forth above.

(2)Revenue for August 2022 reflects an unfavorable adjustment related to revenue recognized in prior periods, primarily August 2021. Excluding these amounts from both periods, Ads and Leads revenue growth for August 2022 would have been 9% and total revenue growth would have been 10%.

(3)Includes revenue from Angi Roofing, which was acquired on July 1, 2021.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ANGI INC.  
   
     
  By:   /s/ Shannon Shaw
  Name: Shannon Shaw
  Title: Chief Legal Officer  

 

Date: October 11, 2022