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As filed with the Securities and Exchange Commission on August 7, 2024
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, 2024
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
Angi Inc.
(Exact name of Registrant as specified in its charter) | | | | | | | | |
Delaware | | 82-1204801 |
(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)
(303) 963-7200
(Registrant’s telephone number, including area code)
| | | | | | | | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act: |
Title of each class | | Trading Symbol | | Name of exchange on which registered |
Class A Common Stock, par value $0.001 | | ANGI | | The 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 (§232.405 of this chapter) 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 filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | 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 ☐
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 2, 2024, the following shares of the registrant’s common stock were outstanding:
| | | | | |
Class A Common Stock | 76,650,008 | |
Class B Common Stock | 422,019,247 | |
Class C Common Stock | — | |
Total outstanding Common Stock | 498,669,255 | |
TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
| (In thousands, except par value amounts) |
ASSETS | | | |
Cash and cash equivalents | $ | 384,895 | | | $ | 364,044 | |
| | | |
Accounts receivable, net | 66,325 | | | 51,100 | |
Other current assets | 64,861 | | | 72,075 | |
| | | |
Total current assets | 516,081 | | | 487,219 | |
| | | |
Capitalized software, leasehold improvements and equipment, net | 89,749 | | | 109,527 | |
Goodwill | 885,034 | | | 886,047 | |
Intangible assets, net | 170,582 | | | 170,773 | |
Deferred income taxes | 147,064 | | | 148,183 | |
Other non-current assets, net | 43,955 | | | 54,466 | |
| | | |
TOTAL ASSETS | $ | 1,852,465 | | | $ | 1,856,215 | |
| | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
LIABILITIES: | | | |
| | | |
Accounts payable | $ | 20,943 | | | $ | 29,467 | |
Deferred revenue | 51,295 | | | 49,859 | |
Accrued expenses and other current liabilities | 188,588 | | | 179,329 | |
| | | |
Total current liabilities | 260,826 | | | 258,655 | |
| | | |
Long-term debt, net | 496,439 | | | 496,047 | |
| | | |
Deferred income taxes | 3,297 | | | 2,739 | |
Other long-term liabilities | 47,766 | | | 54,266 | |
| | | |
| | | |
| | | |
| | | |
Commitments and contingencies | | | |
| | | |
SHAREHOLDERS’ EQUITY: | | | |
Class A common stock, $0.001 par value; authorized 2,000,000 shares; issued 111,015 and 106,848 shares, respectively, and outstanding 78,223 and 82,208, respectively | 111 | | | 107 | |
Class B convertible common stock, $0.001 par value; authorized 1,500,000 shares; 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 capital | 1,463,370 | | | 1,447,353 | |
Accumulated deficit | (228,890) | | | (231,019) | |
Accumulated other comprehensive income | 259 | | | 1,187 | |
Treasury stock, 32,792 and 24,640 shares, respectively | (195,467) | | | (177,283) | |
Total Angi Inc. shareholders’ equity | 1,039,805 | | | 1,040,767 | |
Noncontrolling interests | 4,332 | | | 3,741 | |
Total shareholders’ equity | 1,044,137 | | | 1,044,508 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,852,465 | | | $ | 1,856,215 | |
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | |
| 2024 | | 2023 | | 2024 | | 2023 | | | |
| (In thousands, except per share data) | |
Revenue | $ | 315,134 | | | $ | 351,587 | | | $ | 620,524 | | | $ | 707,084 | | | | |
Cost of revenue (exclusive of depreciation shown separately below) | 14,152 | | | 14,708 | | | 26,649 | | | 31,645 | | | | |
Gross profit | 300,982 | | | 336,879 | | | 593,875 | | | 675,439 | | | | |
Operating costs and expenses: | | | | | | | | | | |
Selling and marketing expense | 158,323 | | | 208,877 | | | 315,374 | | | 408,487 | | | | |
General and administrative expense | 84,369 | | | 93,167 | | | 169,890 | | | 189,834 | | | | |
Product development expense | 24,779 | | | 25,549 | | | 48,535 | | | 50,861 | | | | |
Depreciation | 24,324 | | | 22,004 | | | 48,173 | | | 47,194 | | | | |
Amortization of intangibles | — | | | 2,663 | | | — | | | 5,325 | | | | |
Total operating costs and expenses | 291,795 | | | 352,260 | | | 581,972 | | | 701,701 | | | | |
Operating income (loss) | 9,187 | | | (15,381) | | | 11,903 | | | (26,262) | | | | |
Interest expense | (5,041) | | | (5,034) | | | (10,079) | | | (10,063) | | | | |
Other income, net | 4,570 | | | 5,184 | | | 9,054 | | | 8,991 | | | | |
Earnings (loss) from continuing operations before income taxes | 8,716 | | | (15,231) | | | 10,878 | | | (27,334) | | | | |
Income tax provision | (4,628) | | | (360) | | | (8,107) | | | (2,244) | | | | |
Net earnings (loss) from continuing operations | 4,088 | | | (15,591) | | | 2,771 | | | (29,578) | | | | |
Earnings from discontinued operations, net of tax | — | | | 1,112 | | | — | | | 99 | | | | |
Net earnings (loss) | 4,088 | | | (14,479) | | | 2,771 | | | (29,479) | | | | |
Net earnings attributable to noncontrolling interests | (328) | | | (220) | | | (642) | | | (545) | | | | |
Net earnings (loss) attributable to Angi Inc. shareholders | $ | 3,760 | | | $ | (14,699) | | | $ | 2,129 | | | $ | (30,024) | | | | |
| | | | | | | | | | |
Per share information from continuing operations: | | | | | | | | | | |
Basic earnings (loss) per share | $ | 0.01 | | | $ | (0.03) | | | $ | 0.00 | | | $ | (0.06) | | | | |
Diluted earnings (loss) per share | $ | 0.01 | | | $ | (0.03) | | | $ | 0.00 | | | $ | (0.06) | | | | |
| | | | | | | | | | |
Per share information attributable to Angi Inc. shareholders: | | | | | | | | | | |
Basic earnings (loss) per share | $ | 0.01 | | | $ | (0.03) | | | $ | 0.00 | | | $ | (0.06) | | | | |
Diluted earnings (loss) per share | $ | 0.01 | | | $ | (0.03) | | | $ | 0.00 | | | $ | (0.06) | | | | |
| | | | | | | | | | |
Stock-based compensation expense by function: | | | | | | | | | | |
| | | | | | | | | | |
Selling and marketing expense | $ | 1,145 | | | $ | 1,481 | | | $ | 2,377 | | | $ | 2,733 | | | | |
General and administrative expense | 5,807 | | | 6,406 | | | 13,000 | | | 15,167 | | | | |
Product development expense | 1,720 | | | 2,410 | | | 2,692 | | | 5,109 | | | | |
Total stock-based compensation expense | $ | 8,672 | | | $ | 10,297 | | | $ | 18,069 | | | $ | 23,009 | | | | |
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 | | |
| (in thousands) |
Net earnings (loss) | $ | 4,088 | | | $ | (14,479) | | | $ | 2,771 | | | $ | (29,479) | | | |
Other comprehensive (loss) income: | | | | | | | | | |
Change in foreign currency translation adjustment | (198) | | | 1,916 | | | (979) | | | 2,418 | | | |
Change in unrealized gains on available-for-sale marketable debt securities | — | | | (2) | | | — | | | — | | | |
Total other comprehensive (loss) income | (198) | | | 1,914 | | | (979) | | | 2,418 | | | |
Comprehensive income (loss) | 3,890 | | | (12,565) | | | 1,792 | | | (27,061) | | | |
Components of comprehensive income attributable to noncontrolling interests: | | | | | | | | | |
Net earnings attributable to noncontrolling interests | (328) | | | (220) | | | (642) | | | (545) | | | |
Change in foreign currency translation adjustment attributable to noncontrolling interests | 15 | | | (81) | | | 51 | | | (124) | | | |
Comprehensive income attributable to noncontrolling interests | (313) | | | (301) | | | (591) | | | (669) | | | |
Comprehensive income (loss) attributable to Angi Inc. shareholders | $ | 3,577 | | | $ | (12,866) | | | $ | 1,201 | | | $ | (27,730) | | | |
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and Six Months Ended June 30, 2024
(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 | | | | | | | Total Shareholders' Equity |
| | | | | | | | | | | | | | | | Additional Paid-in Capital | | Accumulated Deficit | | | Treasury Stock | | | Noncontrolling Interests | |
| | | $ | | Shares | | $ | | Shares | | $ | | Shares | | | | | | | |
| | | (In thousands) | | |
Balance as of March 31, 2024 | | | | $ | 109 | | | 108,870 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,454,684 | | | $ | (232,650) | | | $ | 442 | | | $ | (183,983) | | | $ | 1,039,024 | | | $ | 4,019 | | | $ | 1,043,043 | |
Net earnings | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,760 | | | — | | | — | | | 3,760 | | | 328 | | | 4,088 | |
Other comprehensive loss | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (183) | | | — | | | (183) | | | (15) | | | (198) | |
Stock-based compensation expense | | | | — | | | — | | | — | | | — | | | — | | | — | | | 10,093 | | | — | | | — | | | — | | | 10,093 | | | — | | | 10,093 | |
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | | | | 2 | | | 2,145 | | | — | | | — | | | — | | | — | | | (1,481) | | | — | | | — | | | — | | | (1,479) | | | — | | | (1,479) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (11,484) | | | (11,484) | | | — | | | (11,484) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | | — | | | | | — | | | — | | | — | | | — | | | 74 | | | — | | | — | | | — | | | 74 | | | — | | | 74 | |
Balance as of June 30, 2024 | | | | $ | 111 | | | 111,015 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,463,370 | | | $ | (228,890) | | | $ | 259 | | | $ | (195,467) | | | $ | 1,039,805 | | | $ | 4,332 | | | $ | 1,044,137 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2023 | | | | $ | 107 | | | 106,848 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,447,353 | | | $ | (231,019) | | | $ | 1,187 | | | $ | (177,283) | | | $ | 1,040,767 | | | $ | 3,741 | | | $ | 1,044,508 | |
Net earnings | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,129 | | | — | | | — | | | 2,129 | | | 642 | | | 2,771 | |
Other comprehensive loss | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (928) | | | — | | | (928) | | | (51) | | | (979) | |
Stock-based compensation expense | | | | — | | | — | | | — | | | — | | | — | | | — | | | 21,112 | | | — | | | — | | | — | | | 21,112 | | | — | | | 21,112 | |
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | | | | 4 | | | 4,167 | | | — | | | — | | | — | | | — | | | (4,747) | | | — | | | — | | | — | | | (4,743) | | | — | | | (4,743) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of treasury stock | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (18,184) | | | (18,184) | | | — | | | (18,184) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other | | | | — | | | — | | | — | | | — | | | — | | | — | | | (348) | | | — | | | — | | | — | | | (348) | | | — | | | (348) | |
Balance as of June 30, 2024 | | | | $ | 111 | | | 111,015 | | | $ | 422 | | | 422,019 | | | $ | — | | | — | | | $ | 1,463,370 | | | $ | (228,890) | | | $ | 259 | | | $ | (195,467) | | | $ | 1,039,805 | | | $ | 4,332 | | | $ | 1,044,137 | |
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three and Six Months Ended June 30, 2023
(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 (Loss) Income | | | | | | | Total Shareholders' Equity | | | |
| | | | | | | | | | | | | | | | Additional Paid-in Capital | | Accumulated Deficit | | | Treasury 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 taxes | | | | 1 | | | 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 taxes | | | | 2 | | | 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 | | | | |
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 | | |
| (In thousands) |
Cash flows from operating activities attributable to continuing operations: | | | | | |
Net earnings (loss) | $ | 2,771 | | | $ | (29,479) | | | |
Less: Earnings from discontinued operations, net of tax | — | | | 99 | | | |
Net earnings (loss) attributable to continuing operations | 2,771 | | | (29,578) | | | |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities attributable to continuing operations: | | | | | |
Depreciation | 48,173 | | | 47,194 | | | |
Provision for credit losses | 28,883 | | | 44,962 | | | |
Stock-based compensation expense | 18,069 | | | 23,009 | | | |
Non-cash lease expense (including impairment of right-of-use assets) | 12,083 | | | 6,392 | | | |
Deferred income taxes | 1,735 | | | (2,347) | | | |
Amortization of intangibles | — | | | 5,325 | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Other adjustments, net | 1,064 | | | (1,577) | | | |
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | | | | | |
Accounts receivable | (44,340) | | | (36,810) | | | |
Other assets | 20,517 | | | 7,204 | | | |
Accounts payable and other liabilities | 2,461 | | | 20,236 | | | |
Operating lease liabilities | (9,492) | | | (12,282) | | | |
Income taxes payable and receivable | 1,574 | | | 2,262 | | | |
Deferred revenue | 1,490 | | | 3,041 | | | |
Net cash provided by operating activities attributable to continuing operations | 84,988 | | | 77,031 | | | |
| | | | | |
Cash flows from investing activities attributable to continuing operations: | | | | | |
| | | | | |
Capital expenditures | (25,444) | | | (22,315) | | | |
Purchases of marketable debt securities | — | | | (12,362) | | | |
Proceeds from maturities of marketable debt securities | — | | | 12,500 | | | |
| | | | | |
Proceeds from sales of fixed assets | 6 | | | 11 | | | |
| | | | | |
Net cash used in investing activities attributable to continuing operations | (25,438) | | | (22,166) | | | |
| | | | | |
Cash flows from financing activities attributable to continuing operations: | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Purchases of treasury stock | (18,201) | | | (3,397) | | | |
| | | | | |
Withholding taxes paid on behalf of employees on net settled stock-based awards | (4,743) | | | (4,124) | | | |
Distribution to IAC pursuant to the tax sharing agreement | (198) | | | — | | | |
| | | | | |
Other, net | — | | | (57) | | | |
Net cash used in financing activities attributable to continuing operations | (23,142) | | | (7,578) | | | |
| | | | | |
Total cash provided by continuing operations | 36,408 | | | 47,287 | | | |
Net cash provided by operating activities attributable to discontinued operations | — | | | 748 | | | |
Net cash provided by investing activities attributable to discontinued operations | — | | | 245 | | | |
| | | | | |
Total cash provided by discontinued operations | — | | | 993 | | | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (207) | | | 543 | | | |
Net increase in cash and cash equivalents and restricted cash | 36,201 | | | 48,823 | | | |
Cash and cash equivalents and restricted cash at beginning of period | 364,301 | | | 322,136 | | | |
Cash and cash equivalents and restricted cash at end of period | $ | 400,502 | | | $ | 370,959 | | | |
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. Approximately 187,000 transacting service professionals actively sought consumer matches, completed jobs, or advertised work through Angi Inc. platforms during the three months ended June 30, 2024. Additionally, consumers turned to at least one of our businesses to find a service professional for approximately 19 million projects during the twelve months ended June 30, 2024.
The Company has three operating segments: (i) Ads and Leads; (ii) Services; and (iii) International (consisting of businesses in Europe and Canada) and operates under multiple brands including Angi, HomeAdvisor, and Handy.
Ads and Leads provides service professionals the capability to engage with potential customers, including quoting 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, pre-priced booking services, and related tools and directories are provided to consumers free of charge.
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, 2024, IAC Inc. (“IAC”) owned 84.9% and 98.2% of the economic and voting interests, respectively, of the Company.
Total Home Roofing, LLC Sale
On November 1, 2023, Angi Inc. completed the sale of 100% of its wholly-owned subsidiary, Total Home Roofing, LLC (“THR,” which comprised its Roofing segment), and has reflected it as a discontinued operation in its financial statements. See “Note 11—Discontinued Operations” for additional details. The financial information for prior periods has been recast to conform to this presentation. Basis of Presentation and Consolidation
The Company prepares its consolidated financial statements (referred to herein as “financial statements”) in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The 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.
The unaudited interim 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 unaudited interim 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 unaudited interim financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
Accounting Estimates
Management of the Company is required to make certain estimates, judgments, and assumptions during the preparation of its 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.
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
On an ongoing basis, the Company evaluates its estimates and judgments, including those related to: the fair values of cash equivalents; 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 all long-lived assets, including goodwill and indefinite-lived intangible assets; contingencies; 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 authorized 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 services or goods is transferred to the Company’s customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or goods.
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, 2023, the current and non-current deferred revenue balances were $49.9 million and $0.1 million, respectively, and during the six months ended June 30, 2024, the Company recognized $39.2 million of revenue that was included in the deferred revenue balance as of December 31, 2023. At December 31, 2022, the current and non-current deferred revenue balances were $50.1 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.
The current and non-current deferred revenue balances at June 30, 2024 are $51.3 million and less than $0.1 million, respectively. Non-current deferred revenue is included in “Other long-term liabilities” in the balance sheet.
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”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers, 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 it has the right to invoice for services performed.
The Company also applies the practical expedient to expense sales commissions as incurred where the anticipated customer relationship period is one year or less.
Recent Accounting Pronouncements
Recent Accounting Pronouncements Adopted by the Company
There were no recently issued accounting pronouncements adopted by the Company during the six months ended June 30, 2024.
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
Recent Accounting Pronouncements Not Yet Adopted by the Company
Accounting Standards Update (“ASU”) 2023-07— Segment Reporting (Topic 280)— Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU No. 2023-07, which is intended to provide users of financial statements with more decision-useful information about reportable segments of a public business entity, primarily through enhanced disclosures of significant segment expenses. This ASU requires annual and interim disclosures of significant expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss and an amount and description of its composition of other segment items. The provisions of this ASU also require entities to include all annual disclosures required by Topic 280 in the interim periods and permits entities to include multiple measures of a segment's profit or loss if such measures are used by the CODM to assess segment performance and determine allocation of resources, provided that at least one of those measures is determined in a way that is consistent with the measurement principles under GAAP. The amendments in ASU 2023-07 apply retrospectively and are effective for fiscal years beginning after December 15, 2023 and interim periods after December 15, 2024. Early adoption is permitted. The Company does not plan to early adopt and is currently assessing the impact of adopting the updated guidance on the financial statements.
ASU 2023-09— Income Taxes (Topic 740)— Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU No. 2023-09, which establishes required categories and a quantitative threshold to the annual tabular rate reconciliation disclosure and disaggregated jurisdictional disclosures of income taxes paid. The guidance’s annual requirements are effective for the Company beginning with the December 31, 2025 reporting period. Early adoption is permitted and prospective disclosure should be applied. However, retrospective disclosure is permitted. The Company is currently assessing the pronouncement and its impact on its income tax disclosures, but it does not impact the Company’s results of operations, financial condition, or cash flows.
NOTE 2—FINANCIAL INSTRUMENTS AND 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.
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:
| | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 |
| Level 1 | | Level 2 | | Level 3 | | Total Fair Value Measurements |
| (In thousands) |
Assets: | | | | | | | |
Cash equivalents: | | | | | | | |
Money market funds | $ | 243,433 | | | $ | — | | | $ | — | | | $ | 243,433 | |
Treasury discount notes | — | | | 74,486 | | | — | | | 74,486 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total | $ | 243,433 | | | $ | 74,486 | | | $ | — | | | $ | 317,919 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2023 |
| Level 1 | | Level 2 | | Level 3 | | Total Fair Value Measurements |
| (In thousands) |
Assets: | | | | | | | |
Cash equivalents: | | | | | | | |
Money market funds | $ | 215,891 | | | $ | — | | | $ | — | | | $ | 215,891 | |
Treasury discount notes | — | | | 74,802 | | | — | | | 74,802 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total | $ | 215,891 | | | $ | 74,802 | | | $ | — | | | $ | 290,693 | |
Assets measured at fair value on a nonrecurring basis
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.
Financial instruments measured at fair value only for disclosure purposes
The total fair value of the outstanding long-term debt, including the current portion, is estimated using observable market prices or indices for similar liabilities, which are Level 2 inputs, and was approximately $429.2 million and $418.1 million at June 30, 2024 and December 31, 2023, respectively.
NOTE 3—LONG-TERM DEBT
Long-term debt consists of:
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
| (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 costs | 3,561 | | | 3,953 | |
Total long-term debt, net | $ | 496,439 | | | $ | 496,047 | |
ANGI Group, LLC (“ANGI Group”), a direct wholly-owned subsidiary of Angi Inc., issued the ANGI Group Senior Notes on August 20, 2020. These notes may be redeemed at the redemption prices, plus accrued and unpaid interest thereon, if any, as set forth in the indenture governing the notes.
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
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, 2024, there were no limitations pursuant thereto.
NOTE 4—ACCUMULATED OTHER COMPREHENSIVE INCOME
The following tables present the components of accumulated other comprehensive income, which exclusively consists of foreign currency translation adjustment for the three and six months ended June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, |
| 2024 | | 2023 |
| Foreign Currency Translation Adjustment | | | | | | Foreign Currency Translation Adjustment | | Unrealized Gains on Available-For-Sale Debt Securities | | Accumulated Other Comprehensive (Loss) Income |
| (In thousands) |
Balance at April 1 | $ | 442 | | | | | | | $ | (713) | | | $ | 2 | | | $ | (711) | |
Other comprehensive (loss) income | (183) | | | | | | | 1,835 | | | (2) | | | 1,833 | |
Balance at June 30 | $ | 259 | | | | | | | $ | 1,122 | | | $ | — | | | $ | 1,122 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
| Foreign Currency Translation Adjustment | | | | | | Foreign Currency Translation Adjustment | | Unrealized Gains on Available-For-Sale Debt Securities | | Accumulated Other Comprehensive (Loss) Income |
| (In thousands) |
Balance at January 1 | $ | 1,187 | | | | | | | $ | (1,172) | | | $ | — | | | $ | (1,172) | |
Other comprehensive (loss) income | (928) | | | | | | | 2,294 | | | — | | | 2,294 | |
Balance at June 30 | $ | 259 | | | | | | | $ | 1,122 | | | $ | — | | | $ | 1,122 | |
At June 30, 2024 and 2023 there was no tax benefit or provision on the accumulated other comprehensive income.
NOTE 5—SEGMENT INFORMATION
Our reportable segments currently consist of Ads and Leads, Services, and International. Our CODM regularly reviews certain financial information by operating segment to determine allocation of resources and assess its performance. Segment profitability is determined by and presented on an Adjusted EBITDA basis consistent with the CODM’s view of profitability of its businesses, which excludes certain expenses that are required in accordance with GAAP.
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, | | |
| 2024 | | 2023 | | 2024 | | 2023 | | | | | | |
| (In thousands) |
Revenue: | | | | | | | | | | | | | |
Domestic | | | | | | | | | | | | | |
Ads and Leads | $ | 257,312 | | | $ | 292,487 | | | $ | 506,897 | | | $ | 585,993 | | | | | | | |
Services | 24,595 | | | 29,867 | | | 45,046 | | | 61,926 | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Domestic | 281,907 | | | 322,354 | | | 551,943 | | | 647,919 | | | | | | | |
International | 33,227 | | | 29,233 | | | 68,581 | | | 59,165 | | | | | | | |
Total | $ | 315,134 | | | $ | 351,587 | | | $ | 620,524 | | | $ | 707,084 | | | | | | | |
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, | | |
| 2024 | | 2023 | | 2024 | | 2023 | | | | | | |
| (In thousands) |
Domestic: | | | | | | | | | | | | | |
Ads and Leads: | | | | | | | | | | | | | |
Consumer connection revenue | $ | 167,624 | | | $ | 209,013 | | | $ | 328,155 | | | $ | 421,948 | | | | | | | |
Advertising revenue | 78,309 | | | 70,047 | | | 155,446 | | | 137,228 | | | | | | | |
Membership subscription revenue | 11,261 | | | 13,231 | | | 23,039 | | | 26,430 | | | | | | | |
Other revenue | 118 | | | 196 | | | 257 | | | 387 | | | | | | | |
Total Ads and Leads revenue | 257,312 | | | 292,487 | | | 506,897 | | | 585,993 | | | | | | | |
Services revenue | 24,595 | | | 29,867 | | | 45,046 | | | 61,926 | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Domestic | 281,907 | | | 322,354 | | | 551,943 | | | 647,919 | | | | | | | |
International: | | | | | | | | | | | | | |
Consumer connection revenue | 27,018 | | | 23,371 | | | 56,687 | | | 48,116 | | | | | | | |
Service professional membership subscription revenue | 5,947 | | | 5,753 | | | 11,329 | | | 10,811 | | | | | | | |
Advertising and other revenue | 262 | | | 109 | | | 565 | | | 238 | | | | | | | |
Total International | 33,227 | | | 29,233 | | | 68,581 | | | 59,165 | | | | | | | |
Total revenue | $ | 315,134 | | | $ | 351,587 | | | $ | 620,524 | | | $ | 707,084 | | | | | | | |
Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | |
| 2024 | | 2023 | | 2024 | | 2023 | | | | | | |
| (In thousands) |
Revenue: | | | | | | | | | | | | | |
United States | $ | 281,818 | | | $ | 322,354 | | | $ | 551,690 | | | $ | 647,919 | | | | | | | |
All other countries | 33,316 | | | 29,233 | | | 68,834 | | | 59,165 | | | | | | | |
Total | $ | 315,134 | | | $ | 351,587 | | | $ | 620,524 | | | $ | 707,084 | | | | | | | |
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
| (In thousands) |
Long-lived assets (excluding goodwill and intangible assets): | | | |
United States | $ | 116,051 | | | $ | 145,710 | |
All other countries | 8,218 | | | 9,788 | |
Total | $ | 124,269 | | | $ | 155,498 | |
The following tables present operating income (loss) and Adjusted EBITDA by reportable segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | |
| 2024 | | 2023 | | 2024 | | 2023 | | | | | | |
| (In thousands) |
Operating income (loss): | | | | | | | | | | | | | |
Ads and Leads | $ | 24,806 | | | $ | 4,791 | | | $ | 44,627 | | | $ | 18,271 | | | | | | | |
Services | (4,488) | | | (5,175) | | | (11,989) | | | (17,627) | | | | | | | |
| | | | | | | | | | | | | |
Corporate | (15,191) | | | (16,568) | | | (30,308) | | | (31,507) | | | | | | | |
International | 4,060 | | | 1,571 | | | 9,573 | | | 4,601 | | | | | | | |
Total | $ | 9,187 | | | $ | (15,381) | | | $ | 11,903 | | | $ | (26,262) | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, | | |
| 2024 | | 2023 | | 2024 | | 2023 | | | | | | |
| (In thousands) |
Adjusted EBITDA(a): | | | | | | | | | | | | | |
Ads and Leads | $ | 48,977 | | | $ | 28,155 | | | $ | 90,198 | | | $ | 68,006 | | | | | | | |
Services | 1,975 | | | 1,700 | | | 1,985 | | | (468) | | | | | | | |
| | | | | | | | | | | | | |
Corporate | (13,904) | | | (13,109) | | | (25,825) | | | (25,463) | | | | | | | |
International | 5,135 | | | 2,837 | | | 11,787 | | | 7,191 | | | | | | | |
Total | $ | 42,183 | | | $ | 19,583 | | | $ | 78,145 | | | $ | 49,266 | | | | | | | |
(a) 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.
We consider operating income (loss) to be the financial measure calculated and presented in accordance with GAAP that is most directly comparable to our segment reporting performance measure, Adjusted EBITDA. The following tables reconcile operating income (loss) for the Company’s reportable segments and net earnings (loss) attributable to Angi Inc. shareholders to Adjusted EBITDA:
ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2024 |
| Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | | | Adjusted EBITDA(a) |
| (In thousands) |
Ads and Leads | $ | 24,806 | | | $ | 5,996 | | | $ | 18,175 | | | | | $ | 48,977 | |
Services | (4,488) | | | 1,088 | | | 5,375 | | | | | 1,975 | |
Corporate | (15,191) | | | 1,287 | | | — | | | | | (13,904) | |
International | 4,060 | | | 301 | | | 774 | | | | | 5,135 | |
Total | 9,187 | | | $ | 8,672 | | | $ | 24,324 | | | | | $ | 42,183 | |
Interest expense | (5,041) | | | | | | | | | |
Other income, net | 4,570 | | | | | | | | | |
Earnings before income taxes | 8,716 | | | | | | | | | |
Income tax provision | (4,628) | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Net earnings | 4,088 | | | | | | | | | |
Net earnings attributable to noncontrolling interests | (328) | | | | | | | | | |
Net earnings attributable to Angi Inc. shareholders | $ | 3,760 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2023 |
| Operating Income (Loss) | | Stock-Based Compensation Expense | | Depreciation | | Amortization of Intangibles | | Adjusted EBITDA(a) |
| (In thousands) |
Ads and Leads | $ | 4,791 | | | $ | 5,307 | | | $ | 15,394 | | | $ | 2,663 | | | $ | 28,155 | |
Services | (5,175) | | | 1,192 | | | 5,683 | | | — | | | 1,700 | |
Corporate | (16,568) | | | 3,459 | | | — | | | — | | | (13,109) | |
International | 1,571 | | | 339 | | | 927 | | | — | | | 2,837 | |
Total | (15,381) | | | $ | 10,297 | | | $ | 22,004 | | | $ | 2,663 | | | $ | 19,583 | |
Interest expense | (5,034) | | | | | | | | | |
Other income, net | 5,184 | | | | | | | | | |
Loss from continuing operations before income taxes | (15,231) | | | | | | | | | |
Income tax provision | (360) | | | | | | | | | |
Net loss from continuing operations | (15,591) | | | | | |