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Table of Contents
As filed with the Securities and Exchange Commission on August 8, 2023
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 June 30, 2023
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/86ba21698955821f330bfd9dc6a86741-Angi Paint.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 August 4, 2023, the following shares of the Registrant’s common stock were outstanding:
Class A Common Stock84,264,278 
Class B Common Stock422,019,247 
Class C Common Stock— 
Total outstanding Common Stock506,283,525 



TABLE OF CONTENTS
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Table of Contents
PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30, 2023December 31, 2022
(In thousands, except par value amounts)
ASSETS
Cash and cash equivalents$370,579 $321,155 
Accounts receivable, net78,484 93,880 
Other current assets62,279 69,167 
Total current assets511,342 484,202 
Capitalized software, leasehold improvements and equipment, net 129,670 153,855 
Goodwill885,893 882,949 
Intangible assets, net 173,388 178,105 
Deferred income taxes148,850 145,460 
Other non-current assets, net53,075 63,207 
TOTAL ASSETS$1,902,218 $1,907,778 
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Accounts payable$36,925 $30,862 
Deferred revenue53,990 50,907 
Accrued expenses and other current liabilities212,493 200,015 
Total current liabilities303,408 281,784 
Long-term debt, net495,660 495,284 
Deferred income taxes3,014 2,906 
Other long-term liabilities58,252 76,426 
Commitments and contingencies
SHAREHOLDERS’ EQUITY:
Class A common stock, $0.001 par value; authorized 2,000,000 shares; issued 105,273 and 102,810 shares, respectively, and outstanding 84,008 and 82,599, respectively
105 103 
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 capital1,426,280 1,405,294 
Accumulated deficit(220,103)(190,079)
Accumulated other comprehensive income (loss)1,122 (1,172)
Treasury stock, 21,265 and 20,211 shares, respectively
(169,581)(166,184)
Total Angi Inc. shareholders’ equity1,038,245 1,048,384 
Noncontrolling interests3,639 2,994 
Total shareholders’ equity1,041,884 1,051,378 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,902,218 $1,907,778 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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Table of Contents
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(In thousands, except per share data)
Revenue$375,068 $515,782 $767,475 $951,941 
Cost of revenue (exclusive of depreciation shown separately below)31,662 127,771 73,703 226,769 
Gross profit343,406 388,011 693,772 725,172 
Operating costs and expenses:
Selling and marketing expense212,713 251,159 417,622 476,960 
General and administrative expense96,985 119,626 199,503 229,281 
Product development expense25,549 20,954 50,861 38,813 
Depreciation22,179 13,354 47,614 27,353 
Amortization of intangibles2,663 3,804 5,325 7,608 
Total operating costs and expenses360,089 408,897 720,925 780,015 
Operating loss(16,683)(20,886)(27,153)(54,843)
Interest expense(5,034)(5,026)(10,063)(10,048)
Other income (expense),net5,188 (1,750)8,999 (2,141)
Loss before income taxes(16,529)(27,662)(28,217)(67,032)
Income tax benefit (provision)2,050 3,665 (1,262)9,748 
Net loss(14,479)(23,997)(29,479)(57,284)
Net earnings attributable to noncontrolling interests(220)(235)(545)(338)
Net loss attributable to Angi Inc. shareholders$(14,699)$(24,232)$(30,024)$(57,622)
Per share information attributable to Angi Inc. shareholders:
Basic loss per share$(0.03)$(0.05)$(0.06)$(0.11)
Diluted loss per share$(0.03)$(0.05)$(0.06)$(0.11)
Stock-based compensation expense by function:
Selling and marketing expense$1,484 $1,891 $2,764 $3,130 
General and administrative expense6,236 8,662 15,134 18,297 
Product development expense2,410 2,864 5,109 4,975 
Total stock-based compensation expense$10,130 $13,417 $23,007 $26,402 
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 June 30,Six Months Ended June 30,
2023202220232022
(in thousands)
Net loss$(14,479)$(23,997)$(29,479)$(57,284)
Other comprehensive income (loss):
Change in foreign currency translation adjustment1,916 (3,225)2,418 (3,971)
Change in unrealized gains on available-for-sale marketable debt securities(2)   
Total other comprehensive income (loss)1,914 (3,225)2,418 (3,971)
Comprehensive loss(12,565)(27,222)(27,061)(61,255)
Components of comprehensive (income) loss attributable to noncontrolling interests:
Net earnings attributable to noncontrolling interests(220)(235)(545)(338)
Change in foreign currency translation adjustment attributable to noncontrolling interests (81)326 (124)269 
Comprehensive (income) loss attributable to noncontrolling interests(301)91 (669)(69)
Comprehensive loss attributable to Angi Inc. shareholders$(12,866)$(27,131)$(27,730)$(61,324)
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 Six Months Ended June 30, 2023
(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
Additional Paid-in CapitalAccumulated DeficitTreasury
Stock
Noncontrolling
Interests
$Shares$Shares$Shares
(In thousands)
Balance as of March 31, 2023$104 104,119 $422 422,019 $— — $1,416,748 $(205,404)$(711)$(166,184)$1,044,975 $3,362 $1,048,337 
Net (loss) earnings— — — — — — — (14,699)— — (14,699)220 (14,479)
Other comprehensive income— — — — — — — — 1,833 — 1,833 81 1,914 
Stock-based compensation expense— — — — — — 11,268 — — — 11,268 — 11,268 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes1 1,154 — — — — (1,704)— — — (1,703)— (1,703)
Purchase of treasury stock— — — — — — — — — (3,397)(3,397)— (3,397)
Other— — — — — (32)— — — (32)(24)(56)
Balance as of June 30, 2023$105 105,273 $422 422,019 $— — $1,426,280 $(220,103)$1,122 $(169,581)$1,038,245 $3,639 $1,041,884 
Balance as of December 31, 2022$103 102,811 $422 422,019 $— — $1,405,294 $(190,079)$(1,172)$(166,184)$1,048,384 $2,994 $1,051,378 
Net (loss) earnings— — — — — — — (30,024)— — (30,024)545 (29,479)
Other comprehensive income— — — — — — — — 2,294 — 2,294 124 2,418 
Stock-based compensation expense— — — — — — 25,138 — — — 25,138 — 25,138 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes2 2,462 — — — — (4,115)— — — (4,113)— (4,113)
Purchase of treasury stock— — — — — — — — — (3,397)(3,397)— (3,397)
Other— — — — — — (37)— — — (37)(24)(61)
Balance as of June 30, 2023$105 105,273 $422 422,019 $— — $1,426,280 $(220,103)$1,122 $(169,581)$1,038,245 $3,639 $1,041,884 
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 Six Months Ended June 30, 2022
(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 Income (Loss)Total
Shareholders'
Equity
Additional Paid-in CapitalAccumulated DeficitTreasury
Stock
Noncontrolling
Interests
$Shares$Shares$Shares
(In thousands)
Balance as of March 31, 2022$100 100,426 $422 422,019 $— — $1,361,540 $(95,019)$2,506 $(166,184)$1,103,365 $11,068 $1,114,433 
Net (loss) earnings— — — — — — — (24,232)— — (24,232)235 (23,997)
Other comprehensive loss— — — — — — — — (2,899)— (2,899)(326)(3,225)
Stock-based compensation expense— — — — — — 14,111 — — — 14,111 — 14,111 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes1 471 — — — — (1,451)— — — (1,450)— (1,450)
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 
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— — — — — — — (57,622)— — (57,622)338 (57,284)
Other comprehensive loss— — — — — — — — (3,702)— (3,702)(269)(3,971)
Stock-based compensation expense— — — — — — 27,667 — — — 27,667 — 27,667 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes1 1,152 — — — — (3,924)— — — (3,923)— (3,923)
Purchase of treasury stock— — — — — — — — — (8,144)(8,144)— (8,144)
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 $1,099,872 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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Table of Contents
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
20232022
(In thousands)
Cash flows from operating activities:
Net loss$(29,479)$(57,284)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation47,614 27,353 
Provision for credit losses46,876 47,926 
Stock-based compensation expense23,007 26,402 
Non-cash lease expense (including impairment of right-of-use assets)6,677 8,354 
Amortization of intangibles5,325 7,608 
Deferred income taxes(3,326)(12,095)
Other adjustments, net(1,830)2,429 
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable(31,184)(84,105)
Other assets5,621 (11,140)
Accounts payable and other liabilities16,131 55,541 
Operating lease liabilities(12,913)(8,624)
Income taxes payable and receivable2,258 1,571 
Deferred revenue3,002 3,143 
Net cash provided by operating activities77,779 7,079 
Cash flows from investing activities:
Capital expenditures(22,315)(62,138)
Purchases of marketable debt securities(12,362) 
Proceeds from maturities of marketable debt securities12,500  
Proceeds from sales of fixed assets256 164 
Net cash used in investing activities(21,921)(61,974)
Cash flows from financing activities:
Purchases of treasury stock(3,397)(8,144)
Withholding taxes paid on behalf of employees on net settled stock-based awards(4,124)(3,513)
Other, net(57) 
Net cash used in financing activities(7,578)(11,657)
Total cash provided (used)48,280 (66,552)
Effect of exchange rate changes on cash and cash equivalents and restricted cash543 (983)
Net increase (decrease) in cash and cash equivalents and restricted cash48,823 (67,535)
Cash and cash equivalents and restricted cash at beginning of period322,136 429,485 
Cash and cash equivalents and restricted cash at end of period$370,959 $361,950 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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Table of Contents
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. connects quality home service professionals with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. Over 207,000 transacting service professionals actively sought consumer matches, completed jobs, or advertised work through Angi Inc. platforms during the three months ended June 30, 2023. Additionally, consumers turned to at least one of our brands to find a service professional for approximately 27 million projects during the twelve months ended June 30, 2023.
The Company has four operating segments: (i) Ads and Leads; (ii) Services; (iii) Roofing; and (iv) International (consisting of businesses in Europe and Canada) and operates under multiple brands including Angi, HomeAdvisor, Handy, Total Home Roofing, and Angi Roofing.
Ads and Leads provides service professionals the capability to engage with potential customers, including quote and invoicing services, and provides consumers with tools and resources to help them find local, pre-screened and customer-rated service professionals nationwide for home repair, maintenance and improvement projects. Services consumers can request household services directly through the Angi platform and Angi fulfills the request through the use of independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. The matching and pre-priced booking services and related tools and directories are provided to consumers free of charge. Roofing provides roof replacement and repair services through its wholly-owned subsidiary Angi Roofing, LLC.
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 June 30, 2023, IAC Inc. (“IAC”), formerly known as IAC/InterActiveCorp, owned 83.9% and 98.1% of the economic and voting interests, 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, 2022.
9


ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Segment Changes
In the fourth quarter of 2022, the Company’s segment presentation was changed to reflect the following operating segments: Ads and Leads, Services, Roofing and International. Our financial information for all prior periods, including the three and six months ended June 30, 2022 included herein, has been recast to reflect this four operating segment presentation.

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 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; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the recoverability 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 liability for potential refunds and customer credits; 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
The Company accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. 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 5—Segment Information.”
From January 1, 2020 through December 31, 2022, Services recorded revenue on a gross basis. Effective January 1, 2023, we modified the Services terms and conditions so that the service professional, rather than Angi Inc., has the contractual relationship with the consumer to deliver the service and our performance obligation to the consumer is to connect them with the service professional. This change in contractual terms requires revenue to be reported as the net amount of what is received from the consumer after deducting the amounts owed to the service professional providing the service effective for all arrangements entered into after December 31, 2022. There is no impact to operating loss or Adjusted EBITDA from this change in revenue recognition. For the three and six months ended June 30, 2022, if Services revenue were recorded on a net basis, revenue would have been reduced by $71.1 million and $122.8 million, respectively.
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 or expected completion of its performance obligation is one year or less. At December 31, 2022, the current and non-current deferred revenue balances were $50.9 million and $0.1 million, respectively, and during the six months ended June 30, 2023, the Company recognized $40.1 million of revenue that was included in the deferred revenue balance as of December 31, 2022. At December 31, 2021, the current and non-current deferred revenue balances were $53.8 million and $0.1 million, respectively, and during the six months ended June 30, 2022, the Company recognized $45.8 million of revenue that was included in the deferred revenue balance as of December 31, 2021.
The current and non-current deferred revenue balances at June 30, 2023 are $54.0 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.
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

Practical Expedients and Exemptions
For contracts that have an original duration of one year or less, the Company uses the practical expedient available under Accounting Standards Codification (“ASC”) ASC 606, applicable to such contracts and does not consider the time value of money.
In addition, as permitted under the practical expedient available under ASC 606, 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.
Fair Value Measurements
The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are:
Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.
Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company’s Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used.
Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.
The Company’s non-financial assets, such as goodwill, intangible assets, ROU assets, capitalized software, leasehold improvements and equipment are adjusted to fair value only when an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs.
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—FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Marketable Debt Securities
The Company did not hold any available-for-sale marketable debt securities at June 30, 2023 and December 31, 2022.
Fair Value Measurements
Instruments measured at fair value on a recurring basis
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Cash and cash equivalents are measured at fair value and classified within Level 1 and Level 2 in the fair value hierarchy, because we use quoted prices for identical assets in active markets.
The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:
June 30, 2023
Quoted Market Prices for Identical Assets in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Fair Value
Measurements
(In thousands)
Assets:
Cash equivalents:
Money market funds$293,434 $ $ $293,434 
December 31, 2022
Quoted Market Prices for Identical Assets in Active Markets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Fair Value
Measurements
(In thousands)
Assets:
Cash equivalents:
Money market funds$189,000 $ $ $189,000 
Treasury discount notes 24,961  24,961 
Total$189,000 $24,961 $ $213,961 
Financial instruments measured at fair value only for disclosure purposes
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes:
June 30, 2023December 31, 2022
Carrying ValueFair ValueCarrying ValueFair Value
(In thousands)
Long-term debt, net (a)
$(495,660)$(405,000)$(495,284)$(368,750)
________________________
(a)    At June 30, 2023 and December 31, 2022, the carrying value of long-term debt, net includes unamortized debt issuance costs of $4.3 million and $4.7 million, respectively.

The fair value of long-term debt is estimated using observable market prices or indices for similar liabilities, which are Level 2 inputs.
NOTE 3—LONG-TERM DEBT
Long-term debt consists of:
 June 30, 2023December 31, 2022
 (In thousands)
3.875% ANGI Group Senior Notes due August 15, 2028 (“ANGI Group Senior Notes”); interest payable each February 15 and August 15
$500,000 $500,000 
Less: unamortized debt issuance costs4,340 4,716 
Total long-term debt, net $495,660 $495,284 
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
ANGI Group Senior Notes
ANGI Group, LLC (“ANGI Group”), a direct wholly-owned subsidiary of Angi Inc., issued the ANGI Group Senior Notes on August 20, 2020. At any time prior to August 15, 2023, these notes may be redeemed at a redemption price equal to the sum of the principal amount thereof, plus accrued and unpaid interest and a make-whole premium. Thereafter, these notes may be redeemed at the redemption prices, plus accrued and unpaid interest thereon, if any, to the applicable redemption date set forth in the indenture governing the notes.

The indenture governing the ANGI Group Senior Notes contains a covenant that would limit ANGI Group’s ability to incur liens for borrowed money in the event a default has occurred or ANGI Group’s secured leverage ratio exceeds 3.75 to 1.0, provided that ANGI Group is permitted to incur such liens under certain permitted credit facilities indebtedness notwithstanding the ratio, all as defined in the indenture. At June 30, 2023, there were no limitations pursuant thereto.
NOTE 4—ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the components of accumulated other comprehensive income (loss). There were no items reclassified out of accumulated other comprehensive income (loss) into earnings during the three and six months ended June 30, 2023 and 2022.
Three Months Ended June 30,
20232022
Foreign
Currency
Translation
Adjustment
Unrealized Gains on Available-For-Sale Debt SecuritiesAccumulated Other Comprehensive (Loss) IncomeForeign
Currency
Translation
Adjustment
Accumulated Other Comprehensive Income (Loss)
(In thousands)
Balance at April 1$(713)$2 $(711)$2,506 $2,506 
Other comprehensive income (loss)1,835 (2)1,833 (2,899)(2,899)
Balance at June 30$1,122 $ $1,122 $(393)$(393)
Six Months Ended June 30,
20232022
Foreign
Currency
Translation
Adjustment
Unrealized Gains on Available-For-Sale Debt SecuritiesAccumulated Other Comprehensive (Loss) IncomeForeign
Currency
Translation
Adjustment
Accumulated Other Comprehensive Income (Loss)
(In thousands)
Balance at January 1$(1,172)$ $(1,172)$3,309 $3,309 
Other comprehensive income (loss)2,294  2,294 (3,702)(3,702)
Balance at June 30$1,122 $ $1,122 $(393)$(393)
At June 30, 2023 and June 30, 2022 there was no tax benefit or provision on the accumulated other comprehensive loss.
NOTE 5—SEGMENT INFORMATION
The 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.
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following table presents revenue by reportable segment:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(In thousands)
Revenue:
Domestic
Ads and Leads$292,487 $341,862 $585,993 $636,608 
Services29,867 108,232 61,926 184,682 
Roofing24,482 42,650 62,854 79,337 
Intersegment eliminations(a)
(1,001)(1,950)(2,463)(3,627)
Total Domestic345,835 490,794 708,310 897,000 
International29,233 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,
2023202220232022
(In thousands)
Domestic:
Ads and Leads:
Consumer connection revenue$209,013 $260,896 $421,948 $475,243 
Advertising revenue70,047 65,189 137,228 129,091 
Membership subscription revenue13,231 15,554 26,430 31,791 
Other revenue196 223 387 483 
Total Ads and Leads revenue292,487 341,862 585,993 636,608 
Services revenue29,867 108,232 61,926 184,682 
Roofing revenue24,482 42,650 62,854 79,337 
Intersegment eliminations(a)
(1,001)(1,950)(2,463)(3,627)
Total Domestic345,835 490,794 708,310 897,000 
International:
Consumer connection revenue23,371 16,941 48,116 38,744 
Service professional membership subscription revenue5,753 7,758 10,811 15,614 
Advertising and other revenue109 289 238 583 
Total International29,233 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.
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

Geographic information about revenue and long-lived assets is presented below.
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(In thousands)
Revenue:
United States$345,618 $490,049 $707,844 $895,557 
All other countries29,450 25,733 59,631 56,384 
Total$375,068 $515,782 $767,475 $951,941 
June 30, 2023December 31, 2022
(In thousands)
Long-lived assets (excluding goodwill, intangible assets, and ROU assets):
United States$124,685 $147,322 
All other countries4,985 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,
2023202220232022
(In thousands)
Operating income (loss):
Ads and Leads$4,791 $23,292 $18,271 $38,778 
Services(5,175)(21,051)(17,627)(46,801)
Roofing(1,302)(3,789)(891)(9,939)
Corporate(16,568)(18,091)(31,507)(31,113)
International1,571 (1,247)4,601 (5,768)
Total$(16,683)$(20,886)$(27,153)$(54,843)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(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:
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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Three Months Ended June 30, 2023
Operating Income (Loss)Stock-Based
Compensation Expense
DepreciationAmortization
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