☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from__________to__________ |
Delaware | 82-1204801 | |||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
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 |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Class A Common Stock | 80,373,715 | ||||
Class B Common Stock | 422,019,247 | ||||
Class C Common Stock | — | ||||
Total outstanding Common Stock | 502,392,962 |
Page
Number |
||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Revenue | $ | 461,565 | $ | 389,913 | $ | 1,269,582 | $ | 1,108,624 | |||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | 99,467 | 48,253 | 222,999 | 122,524 | |||||||||||||||||||
Selling and marketing expense | 237,755 | 210,171 | 682,626 | 590,114 | |||||||||||||||||||
General and administrative expense | 103,086 | 90,122 | 298,734 | 270,129 | |||||||||||||||||||
Product development expense | 17,675 | 17,577 | 54,474 | 50,068 | |||||||||||||||||||
Depreciation | 14,701 | 13,921 | 45,728 | 38,614 | |||||||||||||||||||
Amortization of intangibles | 3,854 | 12,888 | 12,616 | 38,846 | |||||||||||||||||||
Total operating costs and expenses | 476,538 | 392,932 | 1,317,177 | 1,110,295 | |||||||||||||||||||
Operating loss | (14,973) | (3,019) | (47,595) | (1,671) | |||||||||||||||||||
Interest expense | (6,032) | (3,699) | (18,463) | (7,593) | |||||||||||||||||||
Other (expense) income, net | (479) | 223 | (1,882) | 856 | |||||||||||||||||||
Loss before income taxes | (21,484) | (6,495) | (67,940) | (8,408) | |||||||||||||||||||
Income tax benefit | 4,791 | 11,698 | 23,209 | 17,638 | |||||||||||||||||||
Net (loss) earnings | (16,693) | 5,203 | (44,731) | 9,230 | |||||||||||||||||||
Net earnings attributable to noncontrolling interests | (302) | (731) | (626) | (1,049) | |||||||||||||||||||
Net (loss) earnings attributable to Angi Inc. shareholders | $ | (16,995) | $ | 4,472 | $ | (45,357) | $ | 8,181 | |||||||||||||||
Per share information attributable to Angi Inc. shareholders: | |||||||||||||||||||||||
Basic (loss) earnings per share | $ | (0.03) | $ | 0.01 | $ | (0.09) | $ | 0.02 | |||||||||||||||
Diluted (loss) earnings per share | $ | (0.03) | $ | 0.01 | $ | (0.09) | $ | 0.02 | |||||||||||||||
Stock-based compensation expense by function: | |||||||||||||||||||||||
Selling and marketing expense | $ | 1,256 | $ | 2,346 | $ | 3,138 | $ | 4,069 | |||||||||||||||
General and administrative expense | 5,836 | 10,866 | 13,330 | 46,977 | |||||||||||||||||||
Product development expense | 1,721 | 1,485 | 3,922 | 3,985 | |||||||||||||||||||
Total stock-based compensation expense | $ | 8,813 | $ | 14,697 | $ | 20,390 | $ | 55,031 | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net (loss) earnings | $ | (16,693) | $ | 5,203 | $ | (44,731) | $ | 9,230 | |||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Change in foreign currency translation adjustment | (1,353) | 3,053 | 722 | 971 | |||||||||||||||||||
Comprehensive (loss) income | (18,046) | 8,256 | (44,009) | 10,201 | |||||||||||||||||||
Components of comprehensive loss (income) attributable to noncontrolling interests: | |||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | (302) | (731) | (626) | (1,049) | |||||||||||||||||||
Change in foreign currency translation adjustment attributable to noncontrolling interests | 313 | (1,298) | (426) | (577) | |||||||||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | 11 | (2,029) | (1,052) | (1,626) | |||||||||||||||||||
Comprehensive (loss) income attributable to Angi Inc. shareholders | $ | (18,035) | $ | 6,227 | $ | (45,061) | $ | 8,575 |
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 Income (Loss) |
Total
Shareholders' Equity |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable
Noncontrolling Interests |
Additional Paid-in Capital | (Accumulated Deficit) Retained Earnings |
Treasury
Stock |
Noncontrolling
Interests |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | Shares | $ | Shares | $ | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | 4,536 | $ | 99 | 99,111 | $ | 422 | 421,977 | $ | — | — | $ | 1,338,208 | $ | (18,613) | $ | 5,973 | $ | (127,718) | $ | 1,198,371 | $ | 11,054 | $ | 1,209,425 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) | 61 | — | — | — | — | — | — | — | (16,995) | — | — | (16,995) | 241 | (16,754) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (73) | — | — | — | — | — | — | — | — | (1,040) | — | (1,040) | (240) | (1,280) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | 8,817 | — | — | — | 8,817 | — | 8,817 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | — | — | 139 | — | — | — | — | (1,066) | — | — | — | (1,066) | — | (1,066) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to IAC pursuant to the employee matters agreement | — | — | 3 | — | 42 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | — | — | — | (29,766) | (29,766) | — | (29,766) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | — | — | — | — | — | — | — | — | — | — | — | (160) | (160) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (410) | — | — | — | (410) | — | (410) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | 4,524 | $ | 99 | 99,253 | $ | 422 | 422,019 | $ | — | — | $ | 1,345,549 | $ | (35,608) | $ | 4,933 | $ | (157,484) | $ | 1,157,911 | $ | 10,895 | $ | 1,168,806 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 26,364 | $ | 94 | 94,238 | $ | 422 | 421,862 | $ | — | — | $ | 1,379,469 | $ | 9,749 | $ | 4,637 | $ | (122,081) | $ | 1,272,290 | $ | 10,567 | $ | 1,282,857 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings (loss) | 49 | — | — | — | — | — | — | — | (45,357) | — | — | (45,357) | 577 | (44,780) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 515 | — | — | — | — | — | — | — | — | 296 | — | 296 | (89) | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | 22,836 | — | — | — | 22,836 | — | 22,836 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | — | 2 | 2,427 | — | — | — | — | (55,809) | — | — | — | (55,807) | — | (55,807) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to IAC pursuant to the employee matters agreement | — | 3 | 2,588 | — | 157 | — | — | (3) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | — | — | — | (35,403) | (35,403) | — | (35,403) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (22,938) | — | — | — | — | — | — | — | — | — | — | — | (160) | (160) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests to fair value | 534 | — | — | — | — | — | — | (534) | — | — | — | (534) | — | (534) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (410) | — | — | — | (410) | — | (410) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | 4,524 | $ | 99 | 99,253 | $ | 422 | 422,019 | $ | — | — | $ | 1,345,549 | $ | (35,608) | $ | 4,933 | $ | (157,484) | $ | 1,157,911 | $ | 10,895 | $ | 1,168,806 |
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) Income | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable
Noncontrolling Interests |
Additional Paid-in Capital | Retained Earnings |
Treasury
Stock |
Noncontrolling
Interests |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | Shares | $ | Shares | $ | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | 25,093 | $ | 89 | 89,076 | $ | 422 | 421,757 | $ | — | — | $ | 1,387,618 | $ | 19,741 | $ | (2,740) | $ | (112,808) | $ | 1,292,322 | $ | 9,604 | $ | 1,301,926 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 438 | — | — | — | — | — | — | — | 4,472 | — | — | 4,472 | 293 | 4,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 920 | — | — | — | — | — | — | — | — | 1,755 | — | 1,755 | 378 | 2,133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | 13,846 | — | — | — | 13,846 | — | 13,846 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | — | 4 | 3,584 | — | — | — | — | (37,842) | — | — | — | (37,838) | — | (37,838) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to IAC pursuant to the employee matters agreement | — | — | — | — | 102 | — | — | (632) | — | — | — | (632) | — | (632) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interests to fair value | (677) | — | — | — | — | — | — | 677 | — | — | — | 677 | — | 677 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | — | — | — | — | — | — | — | — | — | — | — | — | (1,115) | (1,115) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (690) | — | — | — | (690) | 689 | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | 25,774 | $ | 93 | 92,660 | $ | 422 | 421,859 | $ | — | — | $ | 1,362,977 | $ | 24,213 | $ | (985) | $ | (112,808) | $ | 1,273,912 | $ | 9,849 | $ | 1,283,761 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 26,663 | $ | 87 | 87,007 | $ | 422 | 421,570 | $ | — | — | $ | 1,357,075 | $ | 16,032 | $ | (1,379) | $ | (57,949) | $ | 1,314,288 | $ | 9,264 | $ | 1,323,552 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 383 | — | — | — | — | — | — | — | 8,181 | — | — | 8,181 | 666 | 8,847 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 233 | — | — | — | — | — | — | — | — | 394 | — | 394 | 344 | 738 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 15 | — | — | — | — | — | — | 54,664 | — | — | — | 54,664 | — | 54,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | — | 6 | 5,653 | — | — | — | — | (48,615) | — | — | — | (48,609) | — | (48,609) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to IAC pursuant to the employee matters agreement | — | — | — | — | 289 | — | — | (1,423) | — | — | — | (1,423) | — | (1,423) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | — | — | — | (54,859) | (54,859) | — | (54,859) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of redeemable noncontrolling interests | (3,165) | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interests to fair value | 1,645 | — | — | — | — | — | — | (1,645) | — | — | — | (1,645) | — | (1,645) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | — | — | — | — | — | — | — | — | — | — | — | — | (1,115) | (1,115) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment pursuant to the tax sharing agreement | — | — | — | — | — | — | — | 3,613 | — | — | — | 3,613 | — | 3,613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | (692) | — | — | — | (692) | 690 | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | 25,774 | $ | 93 | 92,660 | $ | 422 | 421,859 | $ | — | — | $ | 1,362,977 | $ | 24,213 | $ | (985) | $ | (112,808) | $ | 1,273,912 | $ | 9,849 | $ | 1,283,761 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) earnings | $ | (44,731) | $ | 9,230 | |||||||
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | |||||||||||
Provision for credit losses | 66,081 | 60,090 | |||||||||
Stock-based compensation expense | 20,390 | 55,031 | |||||||||
Depreciation | 45,728 | 38,614 | |||||||||
Amortization of intangibles | 12,616 | 38,846 | |||||||||
Deferred income taxes | (25,435) | (18,081) | |||||||||
Impairment of long-lived and right-of-use assets | 12,280 | 188 | |||||||||
Non-cash lease expense | 9,587 | 10,166 | |||||||||
Revenue reserves | 6,392 | 6,998 | |||||||||
Other adjustments, net | 4,226 | 1,508 | |||||||||
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Accounts receivable | (106,234) | (70,705) | |||||||||
Other assets | (3,342) | (4,966) | |||||||||
Accounts payable and other liabilities | 23,271 | 46,941 | |||||||||
Income taxes payable and receivable | 499 | (570) | |||||||||
Deferred revenue | 4,560 | (105) | |||||||||
Net cash provided by operating activities | 25,888 | 173,185 | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisition, net of cash acquired | (25,357) | — | |||||||||
Capital expenditures | (52,056) | (37,637) | |||||||||
Purchases of marketable debt securities | — | (49,987) | |||||||||
Proceeds from maturities of marketable debt securities | 50,000 | — | |||||||||
Net proceeds from the sale of a business | 750 | 730 | |||||||||
Net cash used in investing activities | (26,663) | (86,894) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from the issuance of Senior Notes | — | 500,000 | |||||||||
Principal payments on Term Loan | (220,000) | (10,313) | |||||||||
Debt issuance costs | — | (5,635) | |||||||||
Purchase of treasury stock | (35,403) | (54,400) | |||||||||
Withholding taxes paid on behalf of employees on net settled stock-based awards | (56,135) | (49,993) | |||||||||
Distribution from IAC pursuant to the tax sharing agreement | — | 3,071 | |||||||||
Purchase of noncontrolling interests | (23,508) | (4,280) | |||||||||
Net cash (used in) provided by financing activities | (335,046) | 378,450 | |||||||||
Total cash (used) provided | (335,821) | 464,741 | |||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 373 | (354) | |||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (335,448) | 464,387 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 813,561 | 391,478 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 478,113 | $ | 855,865 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Treasury discount notes | $ | 49,995 | $ | — | $ | — | $ | 49,995 | |||||||||||||||
Total available-for-sale marketable debt securities | $ | 49,995 | $ | — | $ | — | $ | 49,995 |
September 30, 2021 | |||||||||||||||||||||||
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 | $ | 314,040 | $ | — | $ | — | $ | 314,040 | |||||||||||||||
Total | $ | 314,040 | $ | — | $ | — | $ | 314,040 |
December 31, 2020 | |||||||||||||||||||||||
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 | $ | 374,014 | $ | — | $ | — | $ | 374,014 | |||||||||||||||
Treasury discount notes | — | 324,995 | — | 324,995 | |||||||||||||||||||
Time deposits | — | 2,721 | — | 2,721 | |||||||||||||||||||
Marketable debt securities: | |||||||||||||||||||||||
Treasury discount notes | — | 49,995 | — | 49,995 | |||||||||||||||||||
Total | $ | 374,014 | $ | 377,711 | $ | — | $ | 751,725 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Long-term debt, net (a)
|
$ | (494,373) | $ | (495,625) | $ | (712,277) | $ | (725,700) |
September 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
3.875% ANGI Group Senior Notes due August 15, 2028 (“ANGI Group Senior Notes”); interest payable each February 15 and August 15, commencing February 15, 2021
|
$ | 500,000 | $ | 500,000 | |||||||
ANGI Group Term Loan due November 5, 2023 (“ANGI Group Term Loan”) | — | 220,000 | |||||||||
Total long-term debt | 500,000 | 720,000 | |||||||||
Less: unamortized debt issuance costs | 5,627 | 7,723 | |||||||||
Total long-term debt, net | $ | 494,373 | $ | 712,277 |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Foreign
Currency Translation Adjustment |
Accumulated Other Comprehensive Income |
Foreign
Currency Translation Adjustment |
Accumulated Other Comprehensive Loss | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance at July 1 | $ | 5,973 | $ | 5,973 | $ | (2,740) | $ | (2,740) | |||||||||||||||
Other comprehensive (loss) income | (1,040) | (1,040) | 1,755 | 1,755 | |||||||||||||||||||
Balance at September 30 | $ | 4,933 | $ | 4,933 | $ | (985) | $ | (985) |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Foreign
Currency Translation Adjustment |
Accumulated Other Comprehensive Income |
Foreign
Currency Translation Adjustment |
Accumulated Other Comprehensive Loss | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance at January 1 | $ | 4,637 | $ | 4,637 | $ | (1,379) | $ | (1,379) | |||||||||||||||
Other comprehensive income | 296 | 296 | 394 | 394 | |||||||||||||||||||
Balance at September 30 | $ | 4,933 | $ | 4,933 | $ | (985) | $ | (985) |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net (loss) earnings | $ | (16,693) | $ | (16,693) | $ | 5,203 | $ | 5,203 | |||||||||||||||
Net earnings attributable to noncontrolling interests | (302) | (302) | (731) | (731) | |||||||||||||||||||
Net (loss) earnings attributable to Angi Inc. Class A and Class B Common Stock shareholders | $ | (16,995) | $ | (16,995) | $ | 4,472 | $ | 4,472 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average basic Class A and Class B common stock shares outstanding | 503,416 | 503,416 | 497,501 | 497,501 | |||||||||||||||||||
Dilutive securities (a) (b) (c)
|
— | — | — | 17,218 | |||||||||||||||||||
Denominator for (loss) earnings per share—weighted average shares | 503,416 | 503,416 | 497,501 | 514,719 | |||||||||||||||||||
(Loss) earnings per share attributable to Angi Inc. Class A and Class B Common Stock shareholders: | |||||||||||||||||||||||
(Loss) earnings per share | $ | (0.03) | $ | (0.03) | $ | 0.01 | $ | 0.01 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
North America | $ | 443,531 | $ | 372,226 | $ | 1,204,517 | $ | 1,053,775 | |||||||||||||||
Europe | 18,034 | 17,687 | 65,065 | 54,849 | |||||||||||||||||||
Total
|
$ | 461,565 | $ | 389,913 | $ | 1,269,582 | $ | 1,108,624 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
North America | |||||||||||||||||||||||
Angi Ads and Leads: | |||||||||||||||||||||||
Consumer connection revenue(a)
|
$ | 238,421 | $ | 244,184 | $ | 699,867 | $ | 694,804 | |||||||||||||||
Advertising revenue(b)
|
63,953 | 56,217 | 187,308 | 166,732 | |||||||||||||||||||
Membership subscription revenue(c)
|
17,079 | 17,760 | 51,026 | 56,810 | |||||||||||||||||||
Other revenue | 6,703 | 8,922 | 21,412 | 25,144 | |||||||||||||||||||
Total Angi Ads and Leads revenue | 326,156 | 327,083 | 959,613 | 943,490 | |||||||||||||||||||
Angi Services revenue(d)
|
117,375 | 45,143 | 244,904 | 110,285 | |||||||||||||||||||
Total North America revenue | 443,531 | 372,226 | 1,204,517 | 1,053,775 | |||||||||||||||||||
Europe | |||||||||||||||||||||||
Consumer connection revenue(e)
|
14,530 | 14,006 | 54,226 | 43,640 | |||||||||||||||||||
Service professional membership subscription revenue | 3,215 | 3,278 | 9,874 | 9,792 | |||||||||||||||||||
Advertising and other revenue | 289 | 403 | 965 | 1,417 | |||||||||||||||||||
Total Europe revenue | 18,034 | 17,687 | 65,065 | 54,849 | |||||||||||||||||||
Total revenue | $ | 461,565 | $ | 389,913 | $ | 1,269,582 | $ | 1,108,624 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revenue
|
|||||||||||||||||||||||
United States | $ | 437,872 | $ | 368,082 | $ | 1,188,854 | $ | 1,041,903 | |||||||||||||||
All other countries | 23,693 | 21,831 | 80,728 | 66,721 | |||||||||||||||||||
Total | $ | 461,565 | $ | 389,913 | $ | 1,269,582 | $ | 1,108,624 |
September 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Long-lived assets (excluding goodwill and intangible assets): | |||||||||||
United States | $ | 108,496 | $ | 97,841 | |||||||
All other countries | 8,329 | 11,001 | |||||||||
Total | $ | 116,825 | $ | 108,842 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Operating (loss) income: | |||||||||||||||||||||||
North America | $ | (14,719) | $ | 295 | $ | (37,269) | $ | 8,377 | |||||||||||||||
Europe | (254) | (3,314) | (10,326) | (10,048) | |||||||||||||||||||
Total | $ | (14,973) | $ | (3,019) | $ | (47,595) | $ | (1,671) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Adjusted EBITDA(f):
|
|||||||||||||||||||||||
North America | $ | 11,213 | $ | 40,454 | $ | 37,076 | $ | 136,886 | |||||||||||||||
Europe | $ | 1,182 | $ | (1,967) | $ | (5,937) | $ | (6,066) |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Operating Loss |
Stock-Based
Compensation Expense |
Depreciation |
Amortization
of Intangibles |
Adjusted
EBITDA |
|||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
North America | $ | (14,719) | $ | 8,727 | $ | 13,351 | $ | 3,854 | $ | 11,213 | |||||||||||||||||||
Europe | (254) | $ | 86 | $ | 1,350 | $ | — | $ | 1,182 | ||||||||||||||||||||
Operating loss | (14,973) | ||||||||||||||||||||||||||||
Interest expense | (6,032) | ||||||||||||||||||||||||||||
Other expense, net | (479) | ||||||||||||||||||||||||||||
Loss before income taxes | (21,484) | ||||||||||||||||||||||||||||
Income tax benefit | 4,791 | ||||||||||||||||||||||||||||
Net loss | (16,693) | ||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | (302) | ||||||||||||||||||||||||||||
Net loss attributable to Angi Inc. shareholders | $ | (16,995) |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Operating Income (Loss) |
Stock-Based
Compensation Expense |
Depreciation |
Amortization
of Intangibles |
Adjusted
EBITDA |
|||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
North America | $ | 295 | $ | 14,599 | $ | 12,767 | $ | 12,793 | $ | 40,454 | |||||||||||||||||||
Europe | (3,314) | $ | 98 | $ | 1,154 | $ | 95 | $ | (1,967) | ||||||||||||||||||||
Operating loss | (3,019) | ||||||||||||||||||||||||||||
Interest expense | (3,699) | ||||||||||||||||||||||||||||
Other income, net | 223 | ||||||||||||||||||||||||||||
Loss before income taxes | (6,495) | ||||||||||||||||||||||||||||
Income tax benefit | 11,698 | ||||||||||||||||||||||||||||
Net earnings | 5,203 | ||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | (731) | ||||||||||||||||||||||||||||
Net earnings attributable to Angi Inc. shareholders | $ | 4,472 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Operating Loss |
Stock-Based
Compensation Expense |
Depreciation |
Amortization
of Intangibles |
Adjusted
EBITDA |
|||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
North America | $ | (37,269) | $ | 20,118 | $ | 41,611 | $ | 12,616 | $ | 37,076 | |||||||||||||||||||
Europe | (10,326) | $ | 272 | $ | 4,117 | $ | — | $ | (5,937) | ||||||||||||||||||||
Operating loss | (47,595) | ||||||||||||||||||||||||||||
Interest expense | (18,463) | ||||||||||||||||||||||||||||
Other expense, net | (1,882) | ||||||||||||||||||||||||||||
Loss before income taxes | (67,940) | ||||||||||||||||||||||||||||
Income tax benefit | 23,209 | ||||||||||||||||||||||||||||
Net loss | (44,731) | ||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | (626) | ||||||||||||||||||||||||||||
Net loss attributable to Angi Inc. shareholders | $ | (45,357) |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Operating Income (Loss) |
Stock-Based
Compensation Expense |
Depreciation |
Amortization
of Intangibles |
Adjusted
EBITDA |
|||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
North America | $ | 8,377 | $ | 54,406 | $ | 35,531 | $ | 38,572 | $ | 136,886 | |||||||||||||||||||
Europe | (10,048) | $ | 625 | $ | 3,083 | $ | 274 | $ | (6,066) | ||||||||||||||||||||
Operating loss | (1,671) | ||||||||||||||||||||||||||||
Interest expense | (7,593) | ||||||||||||||||||||||||||||
Other income, net | 856 | ||||||||||||||||||||||||||||
Loss before income taxes | (8,408) | ||||||||||||||||||||||||||||
Income tax benefit | 17,638 | ||||||||||||||||||||||||||||
Net earnings | 9,230 | ||||||||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | (1,049) | ||||||||||||||||||||||||||||
Net earnings attributable to Angi Inc. shareholders | $ | 8,181 |
September 30, 2021 | December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Cash and cash equivalents | $ | 476,625 | $ | 812,705 | $ | 855,044 | $ | 390,565 | |||||||||||||||
Restricted cash included in other current assets | 272 | 407 | 392 | 504 | |||||||||||||||||||
Restricted cash included in other non-current assets | 1,216 | 449 | 429 | 409 | |||||||||||||||||||
Total cash and cash equivalents, and restricted cash as shown on the consolidated statement of cash flows | $ | 478,113 | $ | 813,561 | $ | 855,865 | $ | 391,478 |
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Balance at January 1
|
$ | 26,046 | $ | 19,066 | |||||||
Current period provision for credit losses | 66,081 | 60,090 | |||||||||
Write-offs charged against the credit loss reserve | (56,102) | (53,208) | |||||||||
Recoveries collected
|
1,896 | 1,883 | |||||||||
Balance at September 30 | $ | 37,921 | $ | 27,831 |
Asset Category | September 30, 2021 | December 31, 2020 | ||||||||||||
(In thousands) | ||||||||||||||
Right-of-use assets (included in “other non-current assets”) | $ | 55,284 | $ | 40,800 | ||||||||||
Capitalized software, leasehold improvements, and equipment | $ | 96,956 | $ | 95,438 | ||||||||||
Intangible assets | $ | 155,820 | $ | 162,627 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Interest income | $ | 31 | $ | 129 | $ | 178 | $ | 1,561 | |||||||||||||||
Gain (loss) on the sale of a business(a)
|
18 | — | 31 | (454) | |||||||||||||||||||
Foreign exchange (losses) gains | (515) | 88 | (968) | (256) | |||||||||||||||||||
Loss on extinguishment of debt(b)
|
— | — | (1,110) | — | |||||||||||||||||||
Other | (13) | 6 | (13) | 5 | |||||||||||||||||||
Other (expense) income, net | $ | (479) | $ | 223 | $ | (1,882) | $ | 856 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||||||||||||||||
Angi Ads and Leads: | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer connection revenue | $ | 238,421 | $ | (5,763) | (2)% | $ | 244,184 | $ | 699,867 | $ | 5,063 | 1% | $ | 694,804 | |||||||||||||||||||||||||||||||||
Advertising revenue | 63,953 | 7,736 | 14% | 56,217 | 187,308 | 20,576 | 12% | 166,732 | |||||||||||||||||||||||||||||||||||||||
Membership revenue | 17,079 | (681) | (4)% | 17,760 | 51,026 | (5,784) | (10)% | 56,810 | |||||||||||||||||||||||||||||||||||||||
Other revenue | 6,703 | (2,219) | (25)% | 8,922 | 21,412 | (3,732) | (15)% | 25,144 | |||||||||||||||||||||||||||||||||||||||
Total Angi Ads and Leads revenue | 326,156 | (927) | —% | 327,083 | 959,613 | 16,123 | 2% | 943,490 | |||||||||||||||||||||||||||||||||||||||
Angi Services revenue | 117,375 | 72,232 | NM | 45,143 | 244,904 | 134,619 | NM | 110,285 | |||||||||||||||||||||||||||||||||||||||
Total North America revenue | 443,531 | 71,305 | 19% | 372,226 | 1,204,517 | 150,742 | 14% | 1,053,775 | |||||||||||||||||||||||||||||||||||||||
Europe | 18,034 | 347 | 2% | 17,687 | 65,065 | 10,216 | 19% | 54,849 | |||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 461,565 | $ | 71,652 | 18% | $ | 389,913 | $ | 1,269,582 | $ | 160,958 | 15% | $ | 1,108,624 | |||||||||||||||||||||||||||||||||
Percentage of Total Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
North America | 96 | % | 95 | % | 95 | % | 95 | % | |||||||||||||||||||||||||||||||||||||||
Europe | 4 | % | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||||||||||||||||||||
Total revenue | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | Change | % Change | 2020 | 2021 | Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(In thousands, rounding differences may occur) | |||||||||||||||||||||||||||||||||||||||||||||||
Operating metrics: | |||||||||||||||||||||||||||||||||||||||||||||||
Service Requests | 8,707 | (1,130) | (11)% | 9,837 | 25,835 | 649 | 3% | 25,186 | |||||||||||||||||||||||||||||||||||||||
Monetized Transactions | 4,783 | 67 | 1% | 4,716 | 13,982 | 1,161 | 9% | 12,821 | |||||||||||||||||||||||||||||||||||||||
Transacting SPs | 222 | 15 | 7% | 207 | |||||||||||||||||||||||||||||||||||||||||||
Advertising SPs | 39 | — | 1% | 39 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue (exclusive of depreciation shown separately below) | $ | 99,467 | $ | 51,214 | NM | $ | 48,253 | $ | 222,999 | $ | 100,475 | 82% | $ | 122,524 | |||||||||||||||||||||||||||||||||
As a percentage of revenue | 22% | 12% | 18% | 11% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Selling and marketing expense | $ | 237,755 | $ | 27,584 | 13% | $ | 210,171 | $ | 682,626 | $ | 92,512 | 16% | $ | 590,114 | |||||||||||||||||||||||||||||||||
As a percentage of revenue | 52% | 54% | 54% | 53% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expense | $ | 103,086 | $ | 12,964 | 14% | $ | 90,122 | $ | 298,734 | $ | 28,605 | 11% | $ | 270,129 | |||||||||||||||||||||||||||||||||
As a percentage of revenue | 22% | 23% | 24% | 24% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Product development expense | $ | 17,675 | $ | 98 | 1% | $ | 17,577 | $ | 54,474 | $ | 4,406 | 9% | $ | 50,068 | |||||||||||||||||||||||||||||||||
As a percentage of revenue | 4% | 5% | 4% | 5% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | $ | 14,701 | $ | 780 | 6% | $ | 13,921 | $ | 45,728 | $ | 7,114 | 18% | $ | 38,614 | |||||||||||||||||||||||||||||||||
As a percentage of revenue | 3% | 4% | 4% | 3% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | (14,719) | $ | (15,014) | NM | $ | 295 | $ | (37,269) | $ | (45,646) | NM | $ | 8,377 | |||||||||||||||||||||||||||||||||
Europe | (254) | 3,060 | 92% | (3,314) | (10,326) | (278) | (3)% | (10,048) | |||||||||||||||||||||||||||||||||||||||
Total | $ | (14,973) | $ | (11,954) | NM | $ | (3,019) | $ | (47,595) | $ | (45,924) | NM | $ | (1,671) | |||||||||||||||||||||||||||||||||
As a percentage of revenue | (3)% | (1)% | (4)% | —% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 11,213 | $ | (29,241) | (72)% | $ | 40,454 | $ | 37,076 | $ | (99,810) | (73)% | $ | 136,886 | |||||||||||||||||||||||||||||||||
Europe | 1,182 | 3,149 | NM | (1,967) | (5,937) | 129 | 2% | (6,066) | |||||||||||||||||||||||||||||||||||||||
Total | $ | 12,395 | $ | (26,092) | (68)% | $ | 38,487 | $ | 31,139 | $ | (99,681) | (76)% | $ | 130,820 | |||||||||||||||||||||||||||||||||
As a percentage of revenue | 3% | 10% | 2% | 12% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | 6,032 | $ | 2,333 | 63% | $ | 3,699 | $ | 18,463 | $ | 10,870 | NM | $ | 7,593 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Other (expense) income, net | $ | (479) | $ | (702) | NM | $ | 223 | $ | (1,882) | $ | (2,738) | NM | $ | 856 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit | $ | 4,791 | $ | (6,907) | (59)% | $ | 11,698 | $ | 23,209 | $ | 5,571 | 32% | $ | 17,638 | |||||||||||||||||||||||||||||||||
Effective income tax rate | 22% | NM | 34% | NM |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net (loss) earnings attributable to Angi Inc. shareholders | $ | (16,995) | $ | 4,472 | $ | (45,357) | $ | 8,181 | |||||||||||||||
Add back: | |||||||||||||||||||||||
Net earnings attributable to noncontrolling interests | 302 | 731 | 626 | 1,049 | |||||||||||||||||||
Income tax benefit | (4,791) | (11,698) | (23,209) | (17,638) | |||||||||||||||||||
Other expense (income), net | 479 | (223) | 1,882 | (856) | |||||||||||||||||||
Interest expense | 6,032 | 3,699 | 18,463 | 7,593 | |||||||||||||||||||
Operating loss | (14,973) | (3,019) | (47,595) | (1,671) | |||||||||||||||||||
Add back: | |||||||||||||||||||||||
Stock-based compensation expense | 8,813 | 14,697 | 20,390 | 55,031 | |||||||||||||||||||
Depreciation | 14,701 | 13,921 | 45,728 | 38,614 | |||||||||||||||||||
Amortization of intangibles | 3,854 | 12,888 | 12,616 | 38,846 | |||||||||||||||||||
Adjusted EBITDA | $ | 12,395 | $ | 38,487 | $ | 31,139 | $ | 130,820 |
September 30, 2021 | December 31, 2020 | |||||||||||||
(In thousands) | ||||||||||||||
Cash and cash equivalents and marketable debt securities: | ||||||||||||||
United States | $ | 449,687 | $ | 793,679 | ||||||||||
All other countries | 26,938 | 19,026 | ||||||||||||
Total cash and cash equivalents | 476,625 | 812,705 | ||||||||||||
Marketable debt securities (United States) | — | 49,995 | ||||||||||||
Total cash and cash equivalents and marketable debt securities | $ | 476,625 | $ | 862,700 | ||||||||||
Long-term debt: | ||||||||||||||
Senior Notes | $ | 500,000 | $ | 500,000 | ||||||||||
Term Loan | — | 220,000 | ||||||||||||
Total long-term debt | 500,000 | 720,000 | ||||||||||||
Less: unamortized debt issuance costs | 5,627 | 7,723 | ||||||||||||
Total long-term debt, net | $ | 494,373 | $ | 712,277 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Net cash provided (used in) by: | |||||||||||
Operating activities
|
$ | 25,888 | $ | 173,185 | |||||||
Investing activities
|
$ | (26,663) | $ | (86,894) | |||||||
Financing activities
|
$ | (335,046) | $ | 378,450 |
Aggregate intrinsic value of awards outstanding
|
Estimated withholding taxes payable
|
Estimated shares to be issued
|
|||||||||||||||
(In thousands)
|
|||||||||||||||||
Stock appreciation rights | $ | 9,375 | $ | 4,687 | 374 | ||||||||||||
Other equity awards(a)(b)
|
190,775 | 94,491 | 7,684 | ||||||||||||||
Total outstanding employee stock-based awards | $ | 200,150 | $ | 99,178 | 8,058 |
Exhibit Number | Description | Location | ||||||||||||
3.1 | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Angi Inc. |
|
||||||||||||
3.2 | Amended and Restated Certificate of Incorporation |
|
||||||||||||
3.3 | Amended and Restated Bylaws of Angi Inc. |
|
||||||||||||
4.1 |
Form of Angi Inc. Common Stock Certificate.
|
|
||||||||||||
Employment Agreement between Dhanusha Sivajee and Angi Inc., dated as of July 30, 2021. (1)(2)
|
||||||||||||||
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (1)
|
||||||||||||||
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (1)
|
||||||||||||||
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (3) | ||||||||||||||
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (3)
|
||||||||||||||
101.INS | Inline XBRL Instance (1) |
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
|
||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema (1) | |||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation (1) | |||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition (1) | |||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Labels (1) | |||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation (1) | |||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Dated: | November 5, 2021 | |||||||||||||
Angi Inc. | ||||||||||||||
By: | /s/ JEFFREY W. PEDERSEN | |||||||||||||
Jeffrey W. Pedersen | ||||||||||||||
Chief Financial Officer |
Signature | Title | Date | |||||||||
/s/ JEFFREY W. PEDERSEN | Chief Financial Officer | November 5, 2021 | |||||||||
Jeffrey W. Pedersen |
Award Holder | Dhanusha Sivajee | ||||
Award Amount |
$4,500,000 value of restricted stock units (“RSUs”) under the Angi Inc. 2017 Stock and Annual Incentive Plan (the “Plan”), with the number of RSUs to be calculated by dividing $4,500,000 by the closing sale price for a share of the Company’s Class A common stock on the Award Date (rounded down to the nearest whole share).
Capitalized terms used (but not defined) in this Award Notice shall have the meanings set forth in the Plan.
|
||||
Award Date | The date approved by the Executive Compensation Committee (the date on which the last director executes the written consent) or the Date of Hire, whichever is later. | ||||
Vest Start Date | Date of Hire | ||||
Vesting Schedule | Subject to Award Holder’s continued employment with Angi Inc. or its subsidiaries, RSU award shall, subject to the provisions of the Plan, vest and become exercisable in four equal installments, with 1/4 vesting on each of the first, second, third and fourth anniversaries of your Vest Start Date. | ||||
Termination |
Except as may be provided in Employment Agreement, all unvested RSUs shall be forfeited and canceled in their entirety upon such termination for any reason.
In addition, upon termination for Cause or resignation in anticipation of being terminated for Cause, all RSUs shall be forfeited and canceled in their entirety upon such termination or resignation. In addition, if following any termination of employment for any reason, the Company becomes aware that during the two-year period prior to such termination there was an event or circumstance that constituted fraud (financial or otherwise) or that would have been grounds for termination for Cause that caused, or is reasonably likely to cause, meaningful damage (economic, reputational or otherwise) to the Company and/or any of its affiliates (the “Underlying Event”), then all RSUs that remain outstanding shall be canceled and forfeited in their entirety and if any portion of the RSUs vested after the Underlying Event, the Company shall be entitled to recover at any time within two years after such exercise any value received upon vesting.
|
||||
Change in Control |
Change in Control as defined in the Plan.
100% acceleration of vesting for all RSUs if, during the two-year period following a Change in Control, Award Holder’s employment is terminated by the Company other than for Cause or Award Holder resigns for Good Reason (as such terms are defined in the Plan).
|
Impact of Corporate Transactions on Award |
In the event of a Corporate Transaction or Share Change (as such terms are defined in the Plan), the Committee may and shall, respectively, adjust the Awards as it deems equitable and appropriate in accordance with the Plan.
In the event of any other transaction that results in the common stock of the Company no longer being publicly traded, the Committee shall have the ability to adjust the Awards as it deems equitable and appropriate in a manner it determines in its sole discretion. In any such case, equitable and appropriate adjustments may include, without limitation: (a) the substitution of shares of Angi Class A common stock underlying the Awards with publicly-traded shares of the ultimate parent of the Company; or (b) the creation of a valuation and/or liquidity mechanism for the underlying shares of Angi Class A common stock underlying the awards which are no longer publicly traded.
|
||||
Dividend Rights | No cash dividends will be paid on RSUs and/or on the shares of Angi Class A common stock underlying the RSUs. Stock dividends, distributions and extraordinary, significant non-recurring cash dividends may result in an adjustment to the number of RSUs, as determined by the Committee or the Board and as further provided by the Plan. | ||||
Form of Payout | Vested RSUs are settled in the form of shares of Angi Class A common stock. | ||||
Withholding Taxes | Upon vesting, RSUs are settled net of amounts necessary to cover withholding taxes, with shares of Angi Class A common stock withheld from vested awards. | ||||
Terms and Conditions: | Award Holder’s RSU award is subject to the related Terms and Conditions and to the Plan, which are incorporated herein by reference. Copies of these documents are also available upon request from Angi Inc. Legal. |
Dated: | November 5, 2021 | /s/ OISIN HANRAHAN | |||||||||
Oisin Hanrahan | |||||||||||
Chief Executive Officer
|
Dated: | November 5, 2021 | /s/ JEFFREY W. PEDERSEN | |||||||||
Jeffrey W. Pedersen | |||||||||||
Chief Financial Officer |
Dated: | November 5, 2021 | /s/ OISIN HANRAHAN | |||||||||
Oisin Hanrahan | |||||||||||
Chief Executive Officer |
Dated: | November 5, 2021 | /s/ JEFFREY W. PEDERSEN | |||||||||
Jeffrey W. Pedersen | |||||||||||
Chief Financial Officer |