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Table of Contents
As filed with the Securities and Exchange Commission on November 8, 2022
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, 2022
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/38f84cb5895697e55efc83423d144674-angi-20220930_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)
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 November 4, 2022, the following shares of the Registrant’s common stock were outstanding:
Class A Common Stock82,452,237 
Class B Common Stock422,019,247 
Class C Common Stock— 
Total outstanding Common Stock504,471,484 



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, 2022December 31, 2021
(In thousands, except par value amounts)
ASSETS
Cash and cash equivalents $328,795 $428,136 
Accounts receivable, net of reserves of $50,790 and $36,360, respectively
102,947 84,387 
Other current assets 80,678 70,548 
Total current assets 512,420 583,071 
Capitalized software, leasehold improvements and equipment, net 167,302 118,267 
Goodwill903,134 916,039 
Intangible assets, net 179,989 193,826 
Deferred income taxes136,694 122,693 
Other non-current assets, net68,620 76,245 
TOTAL ASSETS $1,968,159 $2,010,141 
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Accounts payable $50,354 $38,860 
Deferred revenue 55,224 53,834 
Accrued expenses and other current liabilities 194,472 183,815 
Total current liabilities 300,050 276,509 
Long-term debt, net 495,098 494,552 
Deferred income taxes 1,660 1,883 
Other long-term liabilities82,868 91,670 
Commitments and contingencies
SHAREHOLDERS’ EQUITY:
Class A common stock, $0.001 par value; authorized 2,000,000 shares; issued 101,749 and 99,745 shares, respectively, and outstanding 81,538 and 80,578, respectively
102 100 
Class B convertible common stock, $0.001 par value; authorized 1,500,000 shares; 422,019 and 422,019 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 capital1,393,214 1,350,457 
Accumulated deficit(136,731)(61,629)
Accumulated other comprehensive (loss) income(5,212)3,309 
Treasury stock, 20,211 and 19,167 shares, respectively
(166,184)(158,040)
Total Angi Inc. shareholders’ equity1,085,611 1,134,619 
Noncontrolling interests 2,872 10,908 
Total shareholders’ equity1,088,483 1,145,527 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,968,159 $2,010,141 
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,
2022202120222021
(In thousands, except per share data)
Revenue$498,036 $461,565 $1,449,977 $1,269,582 
Cost of revenue (exclusive of depreciation shown separately below)109,057 99,467 335,826 222,999 
Gross profit388,979 362,098 1,114,151 1,046,583 
Operating costs and expenses:
Selling and marketing expense234,397 237,755 711,357 682,626 
General and administrative expense128,260 103,086 357,541 298,734 
Product development expense15,816 17,675 54,629 54,474 
Depreciation17,759 14,701 45,112 45,728 
Amortization of intangibles3,805 3,854 11,413 12,616 
Total operating costs and expenses400,037 377,071 1,180,052 1,094,178 
Operating loss(11,058)(14,973)(65,901)(47,595)
Interest expense(5,030)(6,032)(15,078)(18,463)
Other expense, net(2,296)(479)(4,437)(1,882)
Loss before income taxes(18,384)(21,484)(85,416)(67,940)
Income tax benefit945 4,791 10,693 23,209 
Net loss(17,439)(16,693)(74,723)(44,731)
Net earnings attributable to noncontrolling interests(40)(302)(379)(626)
Net loss attributable to Angi Inc. shareholders$(17,479)$(16,995)$(75,102)$(45,357)
Per share information attributable to Angi Inc. shareholders:
Basic loss per share$(0.03)$(0.03)$(0.15)$(0.09)
Diluted loss per share$(0.03)$(0.03)$(0.15)$(0.09)
Stock-based compensation expense by function:
Selling and marketing expense$1,544 $1,256 $4,674 $3,138 
General and administrative expense8,755 5,836 27,052 13,330 
Product development expense2,077 1,721 7,052 3,922 
Total stock-based compensation expense$12,376 $8,813 $38,778 $20,390 
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,
2022202120222021
(in thousands)
Net loss$(17,439)$(16,693)$(74,723)$(44,731)
Other comprehensive (loss) income:
Change in foreign currency translation adjustment (5,129)(1,353)(9,100)722 
Comprehensive loss(22,568)(18,046)(83,823)(44,009)
Components of comprehensive loss (income) attributable to noncontrolling interests:
Net earnings attributable to noncontrolling interests(40)(302)(379)(626)
Change in foreign currency translation adjustment attributable to noncontrolling interests 310 313 579 (426)
Comprehensive loss (income) attributable to noncontrolling interests270 11 200 (1,052)
Comprehensive loss attributable to Angi Inc. shareholders$(22,298)$(18,035)$(83,623)$(45,061)
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, 2022
(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 CapitalAccumulated DeficitTreasury
Stock
Noncontrolling
Interests
$Shares$Shares$Shares
(In thousands)
Balance as of June 30, 2022$ $101 100,897 $422 422,019 $— — $1,374,200 $(119,251)$(393)$(166,184)$1,088,895 $10,977 $1,099,872 
Net (loss) earnings— — — — — — — — (17,479)— — (17,479)40 (17,439)
Other comprehensive loss— — — — — — — — — (4,819)— (4,819)(310)(5,129)
Stock-based compensation expense— — — — — — — 13,304 — — — 13,304 — 13,304 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— 1 853 — — — — (2,121)— — — (2,120)— (2,120)
Adjustment to noncontrolling interests resulting from the reorganization of a foreign subsidiary— — — — — — — 7,835 — — — 7,835 (7,835) 
Other— — — — — — — (4)(1)— — (5)— (5)
Balance as of September 30, 2022$ $102 101,750 $422 422,019 $— — $1,393,214 $(136,731)$(5,212)$(166,184)$1,085,611 $2,872 $1,088,483 
Balance as of December 31, 2021$ $100 99,745 $422 422,019 $— — $1,350,457 $(61,629)$3,309 $(158,040)$1,134,619 $10,908 $1,145,527 
Net (loss) earnings— — — — — — — — (75,102)— — (75,102)378 (74,724)
Other comprehensive loss— — — — — — — — — (8,521)— (8,521)(579)(9,100)
Stock-based compensation expense— — — — — — — 40,971 — — — 40,971 — 40,971 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes— 2 2,005 — — — — (6,045)— — — (6,043)— (6,043)
Purchase of treasury stock— — — — — — — — — — (8,144)(8,144)— (8,144)
Adjustment to noncontrolling interests resulting from the reorganization of a foreign subsidiary— — — — — — — 7,835 — — — 7,835 (7,835) 
Other— — — — — — — (4)— — — (4)— (4)
Balance as of September 30, 2022$ $102 101,750 $422 422,019 $— — $1,393,214 $(136,731)$(5,212)$(166,184)$1,085,611 $2,872 $1,088,483 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and Nine Months Ended September 30, 2021
(Unaudited)

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 IncomeTotal
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 Inc. 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 (loss) earnings49 — — — — — — — (45,357)— — (45,357)577 (44,780)
Other comprehensive income515 — — — — — — — — 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 Inc. pursuant to the employee matters agreement— 3 2,588 — 157 — — (3)— — —  —  
Purchase of treasury stock— — — — — — — — — — (35,403)(35,403)— (35,403)
Purchase of redeemable noncontrolling interests(22,938)— — — — — — — — — — — (160)(160)
Adjustment of redeemable 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 $1,168,806 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
20222021
(In thousands)
Cash flows from operating activities:
Net loss$(74,723)$(44,731)
Adjustments to reconcile net loss to net cash provided by operating activities:
Provision for credit losses82,216 66,081 
Stock-based compensation expense38,778 20,390 
Depreciation45,112 45,728 
Amortization of intangibles11,413 12,616 
Deferred income taxes (13,950)(25,435)
Foreign currency transaction loss6,520 983 
Impairment of long-lived and right-of-use assets2,343 12,280 
Non-cash lease expense9,793 9,587 
Revenue reserves5,560 6,392 
Other adjustments, net (793)3,243 
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable (102,562)(106,234)
Other assets (10,014)(3,342)
Accounts payable and other liabilities 21,283 35,706 
Operating lease liabilities(13,229)(12,435)
Income taxes payable and receivable2,014 499 
Deferred revenue 1,597 4,560 
Net cash provided by operating activities11,358 25,888 
Cash flows from investing activities:
Acquisitions, net of cash acquired  (25,357)
Capital expenditures(95,521)(52,056)
Proceeds from maturities of marketable debt securities 50,000 
Net proceeds from the sale of a business 750 
Proceeds from sale of fixed assets224  
Net cash used in investing activities(95,297)(26,663)
Cash flows from financing activities:
Principal payments on Term Loan (220,000)
Purchase of treasury stock(8,144)(35,403)
Withholding taxes paid on behalf of employees on net settled stock-based awards(5,587)(56,135)
Purchase of noncontrolling interests  (23,508)
Net cash used in financing activities(13,731)(335,046)
Total cash used(97,670)(335,821)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(2,079)373 
Net decrease in cash and cash equivalents and restricted cash(99,749)(335,448)
Cash and cash equivalents and restricted cash at beginning of period 429,485 813,561 
Cash and cash equivalents and restricted cash at end of period $329,736 $478,113 
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. (“Angi,” the “Company,” “we,” “our,” or “us”) connects quality home service professionals with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. Over 237,000 domestic service professionals actively sought consumer matches, completed jobs, or advertised work through Angi platforms during the three months ended September 30, 2022. Additionally, consumers turned to at least one of our brands to find a service professional for approximately 30 million projects during the twelve months ended September 30, 2022.
The Company has two operating segments: (i) North America (United States and Canada), which includes Angi Ads, Angi Leads, and Angi Services; and (ii) Europe. In March 2021, the Company rebranded its North American brands which operate as follows: Angi Ads operates under the Angi brand, Angi Leads operates primarily under the HomeAdvisor, powered by Angi brand, and Angi Services operates primarily under the Handy and Angi Roofing brands.
As used herein, “Angi,” the “Company,” “we,” “our,” “us,” and similar terms refer to Angi Inc. and its subsidiaries (unless the context requires otherwise).
At September 30, 2022, IAC Inc., formerly known as IAC/InterActiveCorp (“IAC”) owned 84.3% 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. See “Note 10—Related Party Transactions with IAC” for information on transactions between Angi 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 on an as if standalone, separate 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 or benefit 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.
In management's opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company's consolidated financial position, consolidated results of operations and consolidated cash flows for the periods presented. Interim results are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
COVID-19 Update
The impact on the Company from the COVID-19 pandemic and the measures designed to contain its spread continues to have a negative impact on our year-over-year financial performance.
As previously disclosed, the impact of COVID-19 initially 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 from mid-2020 through early 2021, service requests started to decline in May 2021 and have continued to decline during 2022 due, in part, to COVID-19 measures that were more widely in place in prior periods. Our ability to monetize service requests rebounded modestly in the second half of 2021 and the first half of 2022, however, that
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

improved monetization plateaued in the third quarter of 2022 and is now in line with monetization rates experienced pre-COVID-19.
Future Outlook
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, 2021, the current and non-current deferred revenue balances were $53.8 million and $0.1 million, respectively, and during the nine months ended September 30, 2022, the Company recognized $51.9 million of revenue that was included in the deferred revenue balance as of December 31, 2021. 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.
The current and non-current deferred revenue balances at September 30, 2022 are $55.2 million and less than $0.1 million, respectively. Non-current deferred revenue is included in “Other long-term liabilities” in the accompanying consolidated balance sheet.

Practical Expedients and Exemptions
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
As permitted under the practical expedient available under Accounting Standard Codification (“ASC”) 606, Revenue from Contracts with Customers, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which the Company has the right to invoice for services performed.
Commissions Paid to Employees Pursuant to Sales Incentive Programs
The Company has determined that commissions paid to employees pursuant to certain sales incentive programs meet the requirements to be capitalized as the incremental costs to obtain a contract with a customer. When customer renewals are expected and the renewal commission is not commensurate with the initial commission, the average customer life includes renewal periods. Capitalized commissions paid to employees pursuant to these sales incentive programs are amortized over the estimated customer relationship period and are included in “Selling and marketing expense” in the accompanying statement of operations. The Company calculates the anticipated customer relationship period as the average customer life, which is based on historical data.

For sales incentive programs where the anticipated customer relationship period is one year or less, the Company has elected the practical expedient to expense the commissions as incurred.
Assets Recognized from the Costs to Obtain a Contract with a Customer
The Company uses a portfolio approach to assess the accounting treatment of the incremental costs to obtain a contract with a customer. The Company recognizes an asset for these costs if we expect to recover those costs. To the extent that these costs are capitalized, the resultant asset is amortized on a systematic basis consistent with the pattern of the transfer of the services to which the asset relates. The current contract assets are $47.2 million and $38.0 million at September 30, 2022 and December 31, 2021, respectively. The non-current assets are $0.8 million and $1.1 million at September 30, 2022 and December 31, 2021, respectively. The current and non-current capitalized costs to obtain a contract with a customer are included in “Other current assets” and “Other non-current assets” in the accompanying balance sheet.
Recent Accounting Pronouncements
There are no recently issued accounting pronouncements adopted or that have not yet been adopted by the Company that are expected to have a material effect on the results of operations, financial condition, or cash flows of the Company.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation.
NOTE 2—INCOME TAXES
The Company is included within IAC’s tax group for purposes of federal and consolidated state income tax return filings. In all periods presented, the income tax benefit and/or provision has been computed for the Company on an as if standalone, separate return basis and payments to and refunds from IAC for the Company’s share of IAC’s consolidated federal and state tax return liabilities/receivables calculated on this basis have been reflected within cash flows from operating activities in the accompanying consolidated statement of cash flows. The tax sharing agreement between the Company and IAC governs the parties’ respective rights, responsibilities and obligations with respect to tax matters, including responsibility for taxes attributable to the Company, entitlement to refunds, allocation of tax attributes and other matters and, therefore, ultimately governs the amount payable to or receivable from IAC with respect to income taxes. Any differences between taxes currently payable to or receivable from IAC under the tax sharing agreement and the current tax provision or benefit computed on an as if standalone, separate return basis for GAAP are reflected as adjustments to additional paid-in capital in the consolidated statement of shareholders’ equity and financing activities within the consolidated statement of cash flows.
At the end of each interim period, the Company estimates the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to significant, unusual, or
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
extraordinary items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which they occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or unrecognized tax benefits is recognized in the interim period in which the change occurs.
The computation of the annual expected effective income tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income (or loss) for the year, projections of the proportion of income (and/or loss) earned and taxed in foreign jurisdictions, permanent and temporary differences, and the likelihood of the realization of deferred tax assets generated in the current year. The accounting estimates used to compute the provision or benefit for income taxes may change as new events