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Table of Contents
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
https://cdn.kscope.io/30d8df2ed283797c46a355fe43ad6772-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 (§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 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 2, 2024, the following shares of the registrant’s common stock were outstanding:
Class A Common Stock76,650,008 
Class B Common Stock422,019,247 
Class C Common Stock— 
Total outstanding Common Stock498,669,255 



TABLE OF CONTENTS
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PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
ANGI INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30, 2024December 31, 2023
(In thousands, except par value amounts)
ASSETS
Cash and cash equivalents$384,895 $364,044 
Accounts receivable, net66,325 51,100 
Other current assets64,861 72,075 
Total current assets516,081 487,219 
Capitalized software, leasehold improvements and equipment, net 89,749 109,527 
Goodwill885,034 886,047 
Intangible assets, net 170,582 170,773 
Deferred income taxes147,064 148,183 
Other non-current assets, net43,955 54,466 
TOTAL ASSETS$1,852,465 $1,856,215 
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Accounts payable$20,943 $29,467 
Deferred revenue51,295 49,859 
Accrued expenses and other current liabilities188,588 179,329 
Total current liabilities260,826 258,655 
Long-term debt, net496,439 496,047 
Deferred income taxes3,297 2,739 
Other long-term liabilities47,766 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 capital1,463,370 1,447,353 
Accumulated deficit(228,890)(231,019)
Accumulated other comprehensive income259 1,187 
Treasury stock, 32,792 and 24,640 shares, respectively
(195,467)(177,283)
Total Angi Inc. shareholders’ equity1,039,805 1,040,767 
Noncontrolling interests4,332 3,741 
Total shareholders’ equity1,044,137 1,044,508 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,852,465 $1,856,215 
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 OPERATIONS
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(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 profit300,982 336,879 593,875 675,439 
Operating costs and expenses:
Selling and marketing expense158,323 208,877 315,374 408,487 
General and administrative expense84,369 93,167 169,890 189,834 
Product development expense24,779 25,549 48,535 50,861 
Depreciation24,324 22,004 48,173 47,194 
Amortization of intangibles 2,663  5,325 
Total operating costs and expenses291,795 352,260 581,972 701,701 
Operating income (loss)9,187 (15,381)11,903 (26,262)
Interest expense(5,041)(5,034)(10,079)(10,063)
Other income, net4,570 5,184 9,054 8,991 
Earnings (loss) from continuing operations before income taxes8,716 (15,231)10,878 (27,334)
Income tax provision(4,628)(360)(8,107)(2,244)
Net earnings (loss) from continuing operations4,088 (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 expense5,807 6,406 13,000 15,167 
Product development expense1,720 2,410 2,692 5,109 
Total stock-based compensation expense$8,672 $10,297 $18,069 $23,009 
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,
2024202320242023
(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)
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, 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 IncomeTotal
Shareholders'
Equity
Additional Paid-in CapitalAccumulated DeficitTreasury
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 taxes2 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 taxes4 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 
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)

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 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 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 CASH FLOWS
(Unaudited)
Six Months Ended June 30,
20242023
(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 operations2,771 (29,578)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities attributable to continuing operations:
Depreciation48,173 47,194 
Provision for credit losses28,883 44,962 
Stock-based compensation expense18,069 23,009 
Non-cash lease expense (including impairment of right-of-use assets)12,083 6,392 
Deferred income taxes1,735 (2,347)
Amortization of intangibles 5,325 
Other adjustments, net1,064 (1,577)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable(44,340)(36,810)
Other assets20,517 7,204 
Accounts payable and other liabilities2,461 20,236 
Operating lease liabilities(9,492)(12,282)
Income taxes payable and receivable1,574 2,262 
Deferred revenue1,490 3,041 
Net cash provided by operating activities attributable to continuing operations84,988 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 assets6 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 operations36,408 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 cash36,201 48,823 
Cash and cash equivalents and restricted cash at beginning of period364,301 322,136 
Cash and cash equivalents and restricted cash at end of period$400,502 $370,959 
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. 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 11Discontinued 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.
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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.
The Company’s disaggregated revenue disclosures are presented in “Note 5—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 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.
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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.

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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 1Level 2Level 3Total
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 1Level 2Level 3Total
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, 2024December 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 costs3,561 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.
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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,
20242023
Foreign Currency
Translation Adjustment
Foreign Currency
Translation Adjustment
Unrealized Gains on Available-For-Sale Debt SecuritiesAccumulated 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,
20242023
Foreign Currency
Translation Adjustment
Foreign Currency
Translation Adjustment
Unrealized Gains on Available-For-Sale Debt SecuritiesAccumulated 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.
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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,
2024202320242023
(In thousands)
Revenue:
Domestic
Ads and Leads$257,312 $292,487 $506,897 $585,993 
Services24,595 29,867 45,046 61,926 
Total Domestic281,907 322,354 551,943 647,919 
International33,227 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,
2024202320242023
(In thousands)
Domestic:
Ads and Leads:
Consumer connection revenue$167,624 $209,013 $328,155 $421,948 
Advertising revenue78,309 70,047 155,446 137,228 
Membership subscription revenue11,261 13,231 23,039 26,430 
Other revenue118 196 257 387 
Total Ads and Leads revenue257,312 292,487 506,897 585,993 
Services revenue24,595 29,867 45,046 61,926 
Total Domestic281,907 322,354 551,943 647,919 
International:
Consumer connection revenue27,018 23,371 56,687 48,116 
Service professional membership subscription revenue5,947 5,753 11,329 10,811 
Advertising and other revenue262 109 565 238 
Total International33,227 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,
2024202320242023
(In thousands)
Revenue:
United States$281,818 $322,354 $551,690 $647,919 
All other countries33,316 29,233 68,834 59,165 
Total$315,134 $351,587 $620,524 $707,084 

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ANGI INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
June 30, 2024December 31, 2023
(In thousands)
Long-lived assets (excluding goodwill and intangible assets):
United States$116,051 $145,710 
All other countries8,218 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,
2024202320242023
(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)
International4,060 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,
2024202320242023
(In thousands)
Adjusted EBITDA(a):
Ads and Leads$48,977 $28,155 $90,198 $68,006 
Services1,975 1,700 1,985 (468)
Corporate(13,904)(13,109)(25,825)(25,463)
International5,135 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:
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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)
International4,060 301 774 5,135 
Total9,187 $8,672 $24,324 $42,183 
Interest expense(5,041)
Other income, net4,570 
Earnings before income taxes8,716 
Income tax provision(4,628)
Net earnings4,088 
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
DepreciationAmortization
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)
International1,571 339 927  2,837 
Total(15,381)$10,297 $22,004 $2,663 $19,583 
Interest expense(5,034)
Other income, net5,184 
Loss from continuing operations before income taxes(15,231)
Income tax provision(360)
Net loss from continuing operations(15,591)