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Core Viewpoint - The article emphasizes the importance of value investing and highlights Angi (ANGI) as a potentially undervalued stock with strong earnings outlook and favorable valuation metrics [2][4][6]. Group 1: Value Investing Strategy - Value investing focuses on identifying companies that are undervalued by the market, relying on traditional analysis of key valuation metrics [2]. - The Zacks Rank system is utilized to find winning stocks based on earnings estimates and revisions, while the Style Scores system helps investors find stocks with specific traits, particularly in the "Value" category [1][3]. Group 2: Angi (ANGI) Stock Metrics - Angi (ANGI) currently has a Zacks Rank of 2 (Buy) and an A grade for Value, indicating strong potential for value investors [4]. - The stock has a P/E ratio of 15.12, significantly lower than the industry average P/E of 22.47, suggesting it may be undervalued [4]. - Angi's P/S ratio stands at 0.83, compared to the industry's average P/S of 1.27, further supporting the notion of undervaluation [5]. - Over the past 52 weeks, Angi's Forward P/E has fluctuated between 12.42 and 112.61, with a median of 32.71, indicating volatility but also potential for value [4].

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Core Insights - Angi's Q2 2025 earnings report revealed revenue of $278.2 million, exceeding analyst expectations but showing a 12% decline year-over-year [1][5] - Diluted earnings per share (EPS) was $0.23, missing the expected $0.26, despite a significant increase from $0.07 in Q2 2024 [2][5] - The company is focusing on improving platform quality, user experience, and consumer trust while navigating a competitive marketplace [4] Financial Performance - Revenue (GAAP) of $278.2 million was up 6.3% from the consensus estimate of $261.6 million but down 12% from $315.1 million in Q2 2024 [1][2] - Adjusted EBITDA decreased by 22% to $33.0 million compared to the previous year [2][5] - Operating income nearly doubled year-over-year to $17.7 million, attributed to lower depreciation expenses [2][8] Business Model and Strategy - Angi connects homeowners with local service professionals, generating revenue by charging professionals for job leads and enhanced placement [3] - The company is shifting focus from low-quality leads to direct engagement on its platform, resulting in a 76% drop in network channel leads [7] - The professional network contracted, with acquired professionals down 39% to 24,000, indicating a strategy to prioritize higher-value professionals [7] Engagement Metrics - Proprietary engagement metrics showed improvement, with service requests in Angi-owned channels rising 7% to 4.118 million and proprietary leads increasing by 16% [6] - The "homeowner choice" system improved customer satisfaction, reflected in a Net Promoter Score increase of over 30 points [6][10] - The company is investing in technology, including AI features to enhance job-pro matching and improve consumer satisfaction [11] Regulatory and Operational Context - Regulatory compliance costs, particularly from European digital identity requirements, impacted professional acquisition internationally [9] - Angi's operational independence post-spin-off from IAC has not significantly altered its strategy or capital allocation [9] - As of June 30, 2025, the company had $362.5 million in cash and $500 million in debt [9] Future Outlook - Management expects revenue declines to slow in 2025 and anticipates a return to growth in 2026, contingent on successful scaling of online professional acquisition [12] - Key metrics to monitor include trends in proprietary engagement, the quality of active professionals, and the effectiveness of technology initiatives [13]

Financial Data and Key Metrics Changes - The company reported its first quarter of proprietary volume growth since 2021, marking a significant milestone [6] - Adjusted EBITDA and free cash flow have improved materially from 2022, with free cash flow previously being negative [9] - The company has shed over $400 billion in revenue, which management argues is beneficial for long-term success by removing lower quality revenue and unprofitable marketing expenses [7][8] Business Line Data and Key Metrics Changes - Proprietary volume growth has been strong, indicating a return to revenue growth that is expected to be profitable [9] - The company has improved customer experience metrics, with homeowner Net Promoter Score increasing by 30 points over the last two years [11] - Win rates on the core pro platform have increased over 20% in June and are tracking to more than 30% year-over-year in July [12] Market Data and Key Metrics Changes - The network channel traffic is expected to stabilize at current levels, with a slight decline anticipated next year [10] - The company has been focusing on improving the quality of its customer experience, which is reflected in better retention rates across all cohorts of pros [11] Company Strategy and Development Direction - The company is transitioning to a single modern international platform to improve operational efficiency and speed to market [13] - Management is optimistic about future growth, emphasizing the importance of improving the match between homeowners and pros [29] - The strategy includes targeting larger pros and optimizing sales efforts to increase revenue per lead and pro capacity [42][45] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious macroeconomic environment but indicated that the business has countercyclical dynamics, benefiting from non-discretionary tasks [110] - There was a significant impact in April on homeowner traffic and wins per pro, but recovery has been observed since June [104][105] - The company expects modest revenue growth in the mid-single digits for 2026, with adjusted EBITDA margins likely to improve [47] Other Important Information - The company has been actively investing in marketing, with a focus on both digital and traditional channels to enhance brand awareness [75][78] - The transition of ad service pros to the new platform is a critical execution story, with successful migrations already completed internationally [58][59] Q&A Session Summary Question: Expectations for proprietary overall network market growth - Management expects service requests and leads to continue growing at a similar rate as in Q2, with improvements in revenue per lead driven by price optimization and platform migration [17][18] Question: Insights on profitable acquisition opportunities and marketing expenses - Consumer marketing expenses have increased as a percentage of revenue, but management expects stability in contribution margins going forward [20][21] Question: Duration of product initiatives and their impact on revenue growth - Management is focused on improving the match between homeowners and pros, with significant initiatives expected to yield results over the next year [30][41] Question: Macro trends and their impact on guidance - Management noted some pressure in consumer traffic but believes execution on paid channels is strong, with a cautious outlook on macroeconomic conditions [102][104] Question: Capital allocation strategy and buybacks - The company has been active in stock buybacks and is focused on maximizing aggregate profit through strategic capital allocation [103]

PART I - FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents Angi Inc.'s unaudited consolidated financial statements, including the balance sheet, statements of operations, comprehensive operations, shareholders' equity, and cash flows, along with detailed notes explaining significant accounting policies, financial instruments, debt, segment information, income taxes, earnings per share, and related party transactions [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20Balance%20Sheet) Presents the company's financial position, detailing assets, liabilities, and shareholders' equity at specific points in time | | June 30, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents | $362,477 | $416,430 | | Accounts receivable, net | 44,811 | 36,670 | | Other current assets | 35,941 | 41,980 | | **Total current assets** | **443,229** | **495,080** | | Capitalized software, leasehold improvements and equipment, net | 87,378 | 79,560 | | Goodwill | 889,931 | 883,440 | | Intangible assets, net | 168,931 | 167,660 | | Deferred income taxes | 166,929 | 169,070 | | Other non-current assets, net | 32,392 | 35,910 | | **TOTAL ASSETS** | **$1,788,790** | **$1,830,730** | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | **LIABILITIES:** | | | | Accounts payable | $39,804 | $18,310 | | Deferred revenue | 32,952 | 42,000 | | Accrued expenses and other current liabilities | 175,146 | 171,350 | | **Total current liabilities** | **247,902** | **231,670** | | Long-term debt, net | 497,248 | 496,840 | | Deferred income taxes | 1,606 | 1,500 | | Other long-term liabilities | 39,810 | 37,910 | | **SHAREHOLDERS' EQUITY:** | | | | Total shareholders' equity | 1,002,224 | 1,062,800 | | **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **$1,788,790** | **$1,830,730** | [Consolidated Statement of Operations](index=4&type=section&id=Consolidated%20Statement%20of%20Operations) Reports the company's revenues, expenses, and net earnings over specific periods, reflecting operational performance | Metric | Three Months Ended June 30, 2025 (In thousands) | Three Months Ended June 30, 2024 (In thousands) | Six Months Ended June 30, 2025 (In thousands) | Six Months Ended June 30, 2024 (In thousands) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $278,221 | $315,134 | $524,134 | $620,524 | | Cost of revenue | 13,142 | 14,152 | 26,157 | 26,649 | | Gross profit | 265,079 | 300,982 | 497,977 | 593,875 | | Total operating costs and expenses | 247,406 | 291,795 | 460,301 | 581,972 | | Operating income | 17,673 | 9,187 | 37,676 | 11,903 | | Interest expense | (5,051) | (5,041) | (10,095) | (10,079) | | Other income, net | 4,819 | 4,570 | 9,647 | 9,054 | | Earnings before income taxes | 17,441 | 8,716 | 37,228 | 10,878 | | Income tax provision | (6,544) | (4,628) | (11,225) | (8,107) | | Net earnings | 10,897 | 4,088 | 26,003 | 2,771 | | Net earnings attributable to Angi Inc. shareholders | $10,897 | $3,760 | $26,003 | $2,129 | | Basic earnings per share | $0.23 | $0.07 | $0.54 | $0.04 | | Diluted earnings per share | $0.23 | $0.07 | $0.53 | $0.04 | | Total stock-based compensation expense | $5,054 | $8,672 | $2,767 | $18,069 | [Consolidated Statement of Comprehensive Operations](index=5&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Operations) Details net earnings and other comprehensive income or loss items, providing a complete view of changes in equity from non-owner sources | Metric | Three Months Ended June 30, 2025 (In thousands) | Three Months Ended June 30, 2024 (In thousands) | Six Months Ended June 30, 2025 (In thousands) | Six Months Ended June 30, 2024 (In thousands) | | :--- | :--- | :--- | :--- | :--- | | Net earnings | $10,897 | $4,088 | $26,003 | $2,771 | | Change in foreign currency translation adjustment | 5,966 | (198) | 8,845 | (979) | | Total other comprehensive income (loss) | 5,966 | (198) | 8,845 | (979) | | Comprehensive income | 16,863 | 3,890 | 34,848 | 1,792 | | Comprehensive income attributable to Angi Inc. shareholders | $16,863 | $3,577 | $34,848 | $1,201 | [Consolidated Statement of Shareholders' Equity](index=6&type=section&id=Consolidated%20Statement%20of%20Shareholders'%20Equity) Outlines changes in the company's equity accounts, including net earnings, stock-based compensation, and share repurchases | Item | Balance as of December 31, 2024 (In thousands) | Six Months Ended June 30, 2025 Changes (In thousands) | Balance as of June 30, 2025 (In thousands) | | :--- | :--- | :--- | :--- | | Total Shareholders' Equity | $1,062,801 | | $1,002,224 | | Net earnings | | $26,003 | | | Other comprehensive income | | $8,845 | | | Stock-based compensation expense | | $5,833 | | | Issuance of common stock pursuant to stock-based awards, net of withholding taxes | | $(6,245) | | | Purchase of treasury stock | | $(78,701) | | | Adjustment pursuant to the tax sharing agreement with IAC as part of the Distribution | | $(17,960) | | | Other | | $1,648 | | [Consolidated Statement of Cash Flows](index=8&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Summarizes cash inflows and outflows from operating, investing, and financing activities, illustrating liquidity and solvency | Cash Flow Activity | Six Months Ended June 30, 2025 (In thousands) | Six Months Ended June 30, 2024 (In thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $54,008 | $84,988 | | Net cash used in investing activities | $(24,749) | $(25,438) | | Net cash used in financing activities | $(83,157) | $(23,142) | | Total cash (used) provided | $(53,898) | $36,408 | | Effect of exchange rate changes on cash and cash equivalents and restricted cash | $(170) | $(207) | | Net (decrease) increase in cash and cash equivalents and restricted cash | $(54,068) | $36,201 | | Cash and cash equivalents and restricted cash at beginning of period | $416,545 | $364,301 | | Cash and cash equivalents and restricted cash at end of period | $362,477 | $400,502 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Provides detailed explanations and additional information about the figures presented in the primary financial statements [Note 1—The Company and Summary of Significant Accounting Policies](index=9&type=section&id=Note%201%E2%80%94The%20Company%20and%20Summary%20of%20Significant%20Accounting%20Policies) Describes Angi Inc.'s business operations, key brands, and the significant accounting policies applied in preparing the financial statements - Angi Inc. connects home professionals ("Pros") with consumers across over 500 categories, operating under brands like Angi, HomeAdvisor, and Handy, facilitating approximately **16 million projects** over the past 12 months with **126,000 Average Monthly Active Pros** as of June 30, 2025[26](index=26&type=chunk) - On March 24, 2025, the Company effected a **1-for-10 reverse stock split** for Class A and Class B Common Stock, with all shares and per share amounts adjusted to reflect this[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - Following the spin-off on March 31, 2025, IAC Inc. no longer holds ownership in Angi, and Class B Common Stock is no longer outstanding, leaving Class A Common Stock as the sole outstanding class[33](index=33&type=chunk) - The Company realigned its operating and reportable segments into Domestic and International during the three months ended March 31, 2025, to better reflect operations and strategic priorities[34](index=34&type=chunk) - Deferred revenue at June 30, 2025, was **$33.0 million** (current) and less than **$0.1 million** (non-current), a decrease from **$42.0 million** (current) and less than **$0.1 million** (non-current) at December 31, 2024[42](index=42&type=chunk)[43](index=43&type=chunk) [Note 2—Financial Instruments and Fair Value Measurements](index=12&type=section&id=Note%202%E2%80%94Financial%20Instruments%20and%20Fair%20Value%20Measurements) Details the company's financial instruments and how their fair values are determined using a three-level hierarchy | Date | Level 1 (In thousands) | Level 2 (In thousands) | Level 3 (In thousands) | Total Fair Value Measurements (In thousands) | | :--- | :--- | :--- | :--- | :--- | | June 30, 2025 | $325,435 | $— | $— | $325,435 | | December 31, 2024 | $346,824 | $— | $— | $346,824 | - The fair value of outstanding long-term debt was approximately **$465.0 million** at June 30, 2025, and **$445.0 million** at December 31, 2024, estimated using Level 2 inputs (observable market prices for similar liabilities)[56](index=56&type=chunk) [Note 3—Long-term Debt](index=13&type=section&id=Note%203%E2%80%94Long-term%20Debt) Provides information on the company's long-term debt obligations, including terms, amounts, and related covenants | Item | June 30, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | 3.875% ANGI Group Senior Notes due August 15, 2028 | $500,000 | $500,000 | | Less: unamortized debt issuance costs | $2,752 | $3,160 | | **Total long-term debt, net** | **$497,248** | **$496,840** | - The indenture governing the ANGI Group Senior Notes contains a covenant limiting the ability to incur liens for borrowed money if a default occurs or the secured leverage ratio exceeds 3.75 to 1.0, with no such limitations as of June 30, 2025, and December 31, 2024[58](index=58&type=chunk) [Note 4—Accumulated Other Comprehensive Income](index=14&type=section&id=Note%204%E2%80%94Accumulated%20Other%20Comprehensive%20Income) Presents the components of accumulated other comprehensive income, primarily focusing on foreign currency translation adjustments | Period | Balance at Start (In thousands) | Other Comprehensive Income (Loss) (In thousands) | Balance at End (In thousands) | | :--- | :--- | :--- | :--- | | Three Months Ended June 30, 2025 | $384 | $5,966 | $6,350 | | Three Months Ended June 30, 2024 | $442 | $(183) | $259 | | Six Months Ended June 30, 2025 | $(2,495) | $8,845 | $6,350 | | Six Months Ended June 30, 2024 | $1,187 | $(928) | $259 | [Note 5—Segment Information](index=14&type=section&id=Note%205%E2%80%94Segment%20Information) Discloses financial data for the company's Domestic and International operating segments, reflecting their performance and strategic priorities - The Company realigned its operating and reportable segments to Domestic and International during Q1 2025, reflecting operational and strategic priorities, with the Executive Committee serving as the Chief Operating Decision Maker (CODM)[61](index=61&type=chunk)[62](index=62&type=chunk) | Segment | 3 Months Ended June 30, 2025 (In thousands) | 3 Months Ended June 30, 2024 (In thousands) | 6 Months Ended June 30, 2025 (In thousands) | 6 Months Ended June 30, 2024 (In thousands) | | :--- | :--- | :--- | :--- | :--- | | Domestic | $245,531 | $281,907 | $458,086 | $551,943 | | International | $32,690 | $33,227 | $66,048 | $68,581 | | **Total** | **$278,221** | **$315,134** | **$524,134** | **$620,524** | | Segment | 3 Months Ended June 30, 2025 (In thousands) | 3 Months Ended June 30, 2024 (In thousands) | 6 Months Ended June 30, 2025 (In thousands) | 6 Months Ended June 30, 2024 (In thousands) | | :--- | :--- | :--- | :--- | :--- | | Domestic | $27,581 | $37,048 | $49,147 | $66,358 | | International | $5,424 | $5,135 | $11,522 | $11,787 | | **Total Segment Adjusted EBITDA** | **$33,005** | **$42,183** | **$60,669** | **$78,145** | | Segment | 3 Months Ended June 30, 2025 (In thousands) | 3 Months Ended June 30, 2024 (In thousands) | 6 Months Ended June 30, 2025 (In thousands) | 6 Months Ended June 30, 2024 (In thousands) | | :--- | :--- | :--- | :--- | :--- | | Domestic | $12,093 | $12,646 | $24,667 | $25,428 | | International | $157 | $— | $157 | $16 | | **Total** | **$12,250** | **$12,646** | **$24,824** | **$25,444** | [Note 6—Income Taxes](index=18&type=section&id=Note%206%E2%80%94Income%20Taxes) Explains the company's income tax provision, effective tax rates, deferred tax assets, and unrecognized tax benefits - The Company's income tax provision is computed on an "as if standalone" basis, with differences from the tax sharing agreement with IAC reflected as adjustments to additional paid-in capital and financing cash flows[77](index=77&type=chunk) | Period | Income Tax Provision (In thousands) | Effective Income Tax Rate | Statutory Rate | Primary Drivers (2025) | Primary Drivers (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | | Three Months Ended June 30, 2025 | $(6,544) | 38% | 21% | Foreign income, state taxes, offset by research credits | Stock-based awards, unbenefited losses, offset by research credits | | Six Months Ended June 30, 2025 | $(11,225) | 30% | 21% | Foreign income, tax shortfalls from stock-based awards, state taxes, offset by research credits | Stock-based awards, unbenefited losses, offset by research credits | - As of June 30, 2025, the Company has unrecognized tax benefits of **$11.6 million**, which, if recognized, would reduce the income tax provision by **$10.9 million**, with a reasonable possibility of decreasing by **$0.7 million** by June 30, 2026[86](index=86&type=chunk) - The Company has a U.S. gross deferred tax asset of **$198.0 million** at June 30, 2025, with **$175.8 million** expected to be utilized based on forecasts of future taxable income, including **$60.7 million** in U.S. federal net operating loss (NOL) carryforwards[87](index=87&type=chunk) [Note 7—Earnings (Loss) Per Share](index=19&type=section&id=Note%207%E2%80%94Earnings%20(Loss)%20Per%20Share) Details the calculation of basic and diluted earnings per share, including the impact of potentially dilutive securities | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net earnings attributable to Angi Inc. shareholders (In thousands) | $10,897 | $3,760 | $26,003 | $2,129 | | Weighted average basic shares outstanding (In thousands) | 47,224 | 50,159 | 48,494 | 50,211 | | Dilutive securities (In thousands) | 456 | 539 | 571 | 579 | | Basic earnings per share | $0.23 | $0.07 | $0.54 | $0.04 | | Diluted earnings per share | $0.23 | $0.07 | $0.53 | $0.04 | - For both periods, **1.5 million** and **1.6 million** potentially dilutive securities (for 3M and 6M 2025 vs 2024 respectively) were excluded from diluted EPS calculations because their inclusion would have been anti-dilutive[90](index=90&type=chunk) [Note 8—Financial Statement Details](index=21&type=section&id=Note%208%E2%80%94Financial%20Statement%20Details) Offers supplementary details for various balance sheet and income statement accounts, such as cash, accounts receivable, and fixed assets | Item | June 30, 2025 (In thousands) | December 31, 2024 (In thousands) | June 30, 2024 (In thousands) | December 31, 2023 (In thousands) | | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $362,477 | $416,434 | $384,895 | $364,044 | | Restricted cash included in other current assets | $— | $— | $15,358 | $— | | Restricted cash included in other non-current assets | $— | $111 | $249 | $257 | | **Total cash and cash equivalents, and restricted cash** | **$362,477** | **$416,545** | **$400,502** | **$364,301** | | Item | 6 Months Ended June 30, 2025 (In thousands) | 6 Months Ended June 30, 2024 (In thousands) | | :--- | :--- | :--- | | Balance at January 1 | $20,504 | $24,684 | | Current period provision for credit losses | $24,043 | $28,883 | | Write-offs charged against the allowance | $(26,029) | $(38,463) | | Recoveries collected | $2,254 | $2,339 | | Other | $508 | $(38) | | **Balance at June 30** | **$21,280** | **$17,405** | | Asset Category | June 30, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | Capitalized software, leasehold improvements, and equipment | $235,617 | $241,448 | | Intangible assets | $89,862 | $89,229 | [Note 9—Contingencies](index=22&type=section&id=Note%209%E2%80%94Contingencies) Discusses potential liabilities arising from lawsuits and other contingent matters, assessing their probable financial impact - The Company is subject to various lawsuits and contingent matters in the ordinary course of business, with management believing current claims will not materially impact liquidity, results, or financial condition, though outcomes are inherently unpredictable[99](index=99&type=chunk) [Note 10—Related Party Transactions](index=22&type=section&id=Note%2010%E2%80%94Related%20Party%20Transactions) Describes transactions and relationships with related parties, including the impact of the IAC spin-off and executive compensation - Joseph Levin, former CEO of IAC and current Executive Chairman of Angi, forfeited **3.0 million** shares of IAC restricted stock, leading to a reversal of **$10.2 million** in previously recognized stock-based compensation expense for Angi in the six months ended June 30, 2025[100](index=100&type=chunk) - Following the Distribution, IAC is no longer considered a related party, with the relationship between Angi and IAC now governed by several agreements, including a contribution agreement, tax sharing agreement, services agreement, and employee matters agreement[106](index=106&type=chunk) - Angi will continue to participate in IAC's U.S. health and welfare plans, 401(k) plan, and flexible benefits plan until January 1, 2026, under the services agreement[107](index=107&type=chunk) [Note 11—Subsequent Events](index=23&type=section&id=Note%2011%E2%80%94Subsequent%20Events) Reports significant events that occurred after the balance sheet date but before the financial statements were issued - On July 4, 2025, the United States enacted tax reform legislation (One Big Beautiful Bill Act - OBBBA) allowing immediate expensing of domestic R&D expenses and certain capital expenditures, with the Company assessing the impact for Q3 2025 financial statements[110](index=110&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Angi Inc.'s financial condition and results of operations for the three and six months ended June 30, 2025, compared to the prior year. It covers revenue, expenses, operating income, Adjusted EBITDA, and liquidity, highlighting key drivers and strategic changes [General Overview](index=24&type=section&id=GENERAL) Provides an introduction to Angi Inc.'s business model, key operating metrics, and recent corporate structural changes like the IAC spin-off - Angi Inc. connects approximately **126,000 Average Monthly Active Pros** with consumers for about **16 million projects** annually across over 500 categories, operating under brands like Angi, HomeAdvisor, and Handy in Domestic and International segments[113](index=113&type=chunk)[114](index=114&type=chunk) - IAC Inc. completed the spin-off of its ownership in Angi Inc. on March 31, 2025, resulting in IAC having no ownership and Class B Common Stock no longer being outstanding[117](index=117&type=chunk) - Key operating metrics include Domestic Revenue, International Revenue, Service Requests (from Proprietary and Network Channels), Leads (connections between consumers and Pros), Acquired Pros, and Average Monthly Active Pros[118](index=118&type=chunk)[123](index=123&type=chunk) [Components of Results of Operations](index=25&type=section&id=Components%20of%20Results%20of%20Operations) Explains the primary categories of revenue, cost of revenue, and operating expenses that constitute the company's financial performance - Cost of revenue primarily includes credit card processing fees, hosting fees, and payments to third-party Pros, with gross profit defined as revenue less cost of revenue[119](index=119&type=chunk)[120](index=120&type=chunk) - Operating costs and expenses are categorized into Selling and marketing, General and administrative, and Product development[121](index=121&type=chunk)[124](index=124&type=chunk) - Adjusted EBITDA is a non-GAAP financial measure used as the primary segment measure of profitability, excluding stock-based compensation, depreciation, and acquisition-related items[122](index=122&type=chunk) [Results of Operations Comparison](index=26&type=section&id=Results%20of%20Operations%20Comparison) Compares the company's financial performance metrics, including revenue, expenses, and income, across different reporting periods [Revenue](index=26&type=section&id=Revenue_MD%26A) Analyzes the changes in revenue for both Domestic and International segments, identifying key drivers for increases or decreases | Segment | 3 Months Ended June 30, 2025 (In thousands) | 3 Months Ended June 30, 2024 (In thousands) | % Change (3M) | 6 Months Ended June 30, 2025 (In thousands) | 6 Months Ended June 30, 2024 (In thousands) | % Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | $245,531 | $281,907 | (13)% | $458,086 | $551,943 | (17)% | | International | $32,690 | $33,227 | (2)% | $66,048 | $68,581 | (4)% | | **Total Revenue** | **$278,221** | **$315,134** | **(12)%** | **$524,134** | **$620,524** | **(16)%** | - Domestic revenue decreased by **13%** for the three months and **17%** for the six months ended June 30, 2025, primarily due to decreases in advertising, lead, services, and membership subscription revenue, driven by quality and efficiency improvements[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) - International revenue decreased by **2%** for the three months and **4%** for the six months ended June 30, 2025, mainly due to a management decision to change the Canadian business model to a more profitable self-serve platform[126](index=126&type=chunk)[129](index=129&type=chunk) [Cost of Revenue](index=27&type=section&id=Cost_of_Revenue_MD%26A) Examines the fluctuations in the cost of revenue, detailing the factors contributing to changes in direct costs | Period | 2025 (In thousands) | 2024 (In thousands) | $ Change | % Change | | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $13,142 | $14,152 | $(1,010) | (7)% | | Six Months Ended June 30 | $26,157 | $26,649 | $(492) | (2)% | - Domestic cost of revenue decreased by **$0.8 million (6%)** for the three months, mainly due to lower payments to third-party service providers and credit card processing fees, partially offset by higher hosting fees[130](index=130&type=chunk) - International cost of revenue decreased by **$0.2 million (20%)** for the three months, primarily due to a decrease in content costs[131](index=131&type=chunk) [Gross Profit](index=27&type=section&id=Gross_Profit_MD%26A) Discusses the company's gross profit and gross margin trends, linking them to changes in revenue and cost of revenue | Period | 2025 (In thousands) | 2024 (In thousands) | $ Change | % Change | Gross Margin (2025) | Gross Margin (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $265,079 | $300,982 | $(35,903) | (12)% | 95% | 96% | | Six Months Ended June 30 | $497,977 | $593,875 | $(95,898) | (16)% | 95% | 96% | - Gross profit decreased by **$35.9 million (12%)** for the three months and **$95.9 million (16%)** for the six months ended June 30, 2025, primarily due to the overall decrease in revenue[133](index=133&type=chunk)[134](index=134&type=chunk) [Selling and Marketing Expense](index=28&type=section&id=Selling_and_Marketing_Expense_MD%26A) Reviews the changes in selling and marketing expenses, highlighting the impact of advertising spend and compensation adjustments | Period | 2025 (In thousands) | 2024 (In thousands) | $ Change | % Change | As % of Revenue (2025) | As % of Revenue (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $139,453 | $158,323 | $(18,870) | (12)% | 50% | 50% | | Six Months Ended June 30 | $257,994 | $315,374 | $(57,380) | (18)% | 49% | 51% | - Domestic selling and marketing expense decreased by **$18.0 million (12%)** for the three months, driven by a **$22.7 million** decrease in compensation expense (due to headcount reduction), partially offset by a **$5.3 million** increase in online advertising[136](index=136&type=chunk) - International selling and marketing expense decreased by **$0.9 million (10%)** for the three months, due to a **$1.5 million** decrease in compensation expense (headcount reduction from Canadian business model change), partially offset by a **$0.9 million** increase in online advertising[137](index=137&type=chunk) [General and Administrative Expense](index=28&type=section&id=General_and_Administrative_Expense_MD%26A) Analyzes the variations in general and administrative expenses, including factors like lease costs, credit losses, and compensation | Period | 2025 (In thousands) | 2024 (In thousands) | $ Change | % Change | As % of Revenue (2025) | As % of Revenue (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $74,081 | $84,369 | $(10,288) | (12)% | 27% | 27% | | Six Months Ended June 30 | $131,400 | $169,890 | $(38,490) | (23)% | 25% | 27% | - Domestic G&A expense decreased by **$10.9 million (15%)** for the three months, driven by decreases in lease expense (**$6.1 million**), provision for credit losses (**$2.8 million**), and software license/maintenance costs (**$2.3 million**)[141](index=141&type=chunk) - Domestic G&A expense decreased by **$39.2 million (26%)** for the six months, primarily due to decreases in compensation expense (**$13.2 million**, including a **$10.2 million** reversal related to Joseph Levin's forfeited stock), lease expense (**$9.1 million**), provision for credit losses (**$8.0 million**), and software license/maintenance costs (**$4.5 million**)[142](index=142&type=chunk) [Product Development Expense](index=29&type=section&id=Product_Development_Expense_MD%26A) Details the trends in product development expenses, reflecting investments in new features and technological improvements | Period | 2025 (In thousands) | 2024 (In thousands) | $ Change | % Change | As % of Revenue (2025) | As % of Revenue (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $23,594 | $24,779 | $(1,185) | (5)% | 8% | 8% | | Six Months Ended June 30 | $50,681 | $48,535 | $2,146 | 4% | 10% | 8% | [Depreciation](index=29&type=section&id=Depreciation_MD%26A) Explains the changes in depreciation expense, primarily attributing them to capitalized software spending and asset write-offs | Period | 2025 (In thousands) | 2024 (In thousands) | $ Change | % Change | As % of Revenue (2025) | As % of Revenue (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $10,278 | $24,324 | $(14,046) | (58)% | 4% | 8% | | Six Months Ended June 30 | $20,226 | $48,173 | $(27,947) | (58)% | 4% | 8% | - Depreciation decreased by **58%** for both the three and six months ended June 30, 2025, primarily due to reduced capitalized software spending and the write-off of certain leasehold improvements and furniture/fixtures in 2024[145](index=145&type=chunk)[146](index=146&type=chunk) [Operating Income](index=29&type=section&id=Operating_Income_MD%26A) Reports the company's operating income performance, summarizing the combined effects of revenue and operating expenses | Segment | 3 Months Ended June 30, 2025 (In thousands) | 3 Months Ended June 30, 2024 (In thousands) | $ Change (3M) | % Change (3M) | 6 Months Ended June 30, 2025 (In thousands) | 6 Months Ended June 30, 2024 (In thousands) | $ Change (6M) | % Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | $12,706 | $5,127 | $7,579 | 148% | $26,663 | $2,330 | $24,333 | 1,044% | | International | $4,967 | $4,060 | $907 | 22% | $11,013 | $9,573 | $1,440 | 15% | | **Total** | **$17,673** | **$9,187** | **$8,486** | **92%** | **$37,676** | **$11,903** | **$25,773** | **217%** | - Total operating income increased by **92%** for the three months and **217%** for the six months ended June 30, 2025, driven by factors discussed in cost of revenue, selling and marketing, general and administrative, and depreciation expense sections[147](index=147&type=chunk) [Adjusted EBITDA](index=30&type=section&id=Adjusted_EBITDA_MD%26A) Presents the Adjusted EBITDA for each segment, explaining the drivers behind its changes as a key profitability measure | Segment | 3 Months Ended June 30, 2025 (In thousands) | 3 Months Ended June 30, 2024 (In thousands) | $ Change (3M) | % Change (3M) | 6 Months Ended June 30, 2025 (In thousands) | 6 Months Ended June 30, 2024 (In thousands) | $ Change (6M) | % Change (6M) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | $27,581 | $37,048 | $(9,467) | (26)% | $49,147 | $66,358 | $(17,211) | (26)% | | International | $5,424 | $5,135 | $289 | 6% | $11,522 | $11,787 | $(265) | (2)% | | **Total** | **$33,005** | **$42,183** | **$(9,178)** | **(22)%** | **$60,669** | **$78,145** | **$(17,476)** | **(22)%** | - Domestic Adjusted EBITDA decreased by **26%** for both the three and six months ended June 30, 2025, primarily due to lower gross profit from decreased revenue, partially offset by lower selling and marketing and general and administrative expenses[150](index=150&type=chunk)[152](index=152&type=chunk) - International Adjusted EBITDA increased by **6%** for the three months ended June 30, 2025, driven by lower selling and marketing expense and lower cost of revenue, but decreased by **2%** for the six months due to lower gross profit[151](index=151&type=chunk)[153](index=153&type=chunk) [Interest Expense](index=30&type=section&id=Interest_Expense_MD%26A) Discusses the company's interest expense, primarily related to its long-term debt obligations | Period | 2025 (In thousands) | 2024 (In thousands) | $ Change | % Change | | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $(5,051) | $(5,041) | $10 | —% | | Six Months Ended June 30 | $(10,095) | $(10,079) | $16 | —% | - Interest expense remained constant for both the three and six months ended June 30, 2025, compared to the prior year periods, primarily related to the ANGI Group Senior Notes[154](index=154&type=chunk) [Other Income, Net](index=30&type=section&id=Other_Income_Net_MD%26A) Details the components of other income, net, primarily driven by interest income | Period | 2025 (In thousands) | 2024 (In thousands) | $ Change | % Change | | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $4,819 | $4,570 | $249 | 5% | | Six Months Ended June 30 | $9,647 | $9,054 | $593 | 7% | - Other income, net, increased by **5%** for the three months and **7%** for the six months ended June 30, 2025, compared to the prior year, primarily driven by interest income[155](index=155&type=chunk)[156](index=156&type=chunk) [Income Tax Provision](index=31&type=section&id=Income_Tax_Provision_MD%26A) Explains the company's income tax provision and effective tax rate, including factors influencing deviations from the statutory rate | Period | Income Tax Provision (In thousands) | Effective Income Tax Rate (2025) | Effective Income Tax Rate (2024) | | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $(6,544) | 38% | 53% | | Six Months Ended June 30 | $(11,225) | 30% | 75% | - The effective income tax rate for the three and six months ended June 30, 2025, was **38%** and **30%** respectively, higher than the statutory rate of **21%** due to foreign income taxed at different rates, state taxes, and tax shortfalls from stock-based awards (for 6M), partially offset by research credits[158](index=158&type=chunk)[159](index=159&type=chunk) [Principles of Financial Reporting](index=32&type=section&id=PRINCIPLES%20OF%20FINANCIAL%20REPORTING) Outlines the non-GAAP financial measures used by management, particularly Adjusted EBITDA, and their reconciliation to GAAP measures - Adjusted EBITDA is a non-GAAP financial measure used as the primary segment measure of profitability, excluding stock-based compensation, depreciation, and acquisition-related items (amortization of intangible assets and impairments of goodwill/intangible assets)[162](index=162&type=chunk)[163](index=163&type=chunk) - Non-cash expenses excluded from Adjusted EBITDA include stock-based compensation (viewed as dilution to share base), depreciation (non-cash allocation of asset costs), and amortization/impairments of intangible assets and goodwill (costs incurred by acquired companies prior to acquisition)[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk) | Item | 3 Months Ended June 30, 2025 (In thousands) | 6 Months Ended June 30, 2025 (In thousands) | | :--- | :--- | :--- | | Total Segment Adjusted EBITDA | $33,005 | $60,669 | | Stock-based compensation expense | $(5,054) | $(2,767) | | Depreciation | $(10,278) | $(20,226) | | Interest expense | $(5,051) | $(10,095) | | Other income, net | $4,819 | $9,647 | | **Earnings before income taxes** | **$17,441** | **$37,228** | [Financial Position, Liquidity, and Capital Resources](index=35&type=section&id=FINANCIAL%20POSITION%2C%20LIQUIDITY%2C%20AND%20CAPITAL%20RESOURCES) Provides an overview of the company's balance sheet, cash position, and long-term debt [Financial Position](index=35&type=section&id=Financial_Position_FPLCR) Summarizes the company's financial health by detailing its cash and cash equivalents and long-term debt | Item | June 30, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | Total cash and cash equivalents | $362,477 | $416,434 | | Total long-term debt, net | $497,248 | $496,840 | - All of the Company's international cash can be repatriated without significant consequences[171](index=171&type=chunk) [Cash Flow Information](index=35&type=section&id=Cash_Flow_Information_FPLCR) Analyzes the cash flows from operating, investing, and financing activities, highlighting significant changes and their causes | Activity | 6 Months Ended June 30, 2025 (In thousands) | 6 Months Ended June 30, 2024 (In thousands) | | :--- | :--- | :--- | | Operating activities | $54,008 | $84,988 | | Investing activities | $(24,749) | $(25,438) | | Financing activities | $(83,157) | $(23,142) | - Net cash provided by operating activities decreased from **$84.9 million** in 2024 to **$54.0 million** in 2025, primarily due to an increase in accounts receivable, decrease in deferred revenue, and decrease in operating lease liabilities, partially offset by an increase in accounts payable and other liabilities[172](index=172&type=chunk)[173](index=173&type=chunk) - Net cash used in financing activities significantly increased from **$23.1 million** in 2024 to **$83.2 million** in 2025, mainly due to **$76.4 million** for share repurchases (**5.1 million** shares at **$14.91/share**) and **$6.8 million** for withholding taxes on stock-based awards[172](index=172&type=chunk)[175](index=175&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity_and_Capital_Resources_FPLCR) Discusses the company's ability to meet its short-term and long-term financial obligations, including capital expenditure plans and share repurchases - During the six months ended June 30, 2025, the Company repurchased **5.2 million** shares of Class A Common Stock for **$78.0 million** at an average price of **$14.92** per share[179](index=179&type=chunk) - On May 5, 2025, the board approved a new stock repurchase authorization for **5.0 million** shares of Class A Common Stock, with **1.3 million** shares remaining available as of August 1, 2025, after an additional **0.8 million** shares were repurchased from July 1 to August 1, 2025[179](index=179&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) - The Company expects 2025 capital expenditures to be **15% to 25% higher** than 2024's **$50.5 million**, driven by increased capitalized software investments[181](index=181&type=chunk) - Management believes existing cash, cash equivalents, and expected positive cash flows from operations will be sufficient to fund normal operating requirements for the next twelve months[183](index=183&type=chunk) [Critical Accounting Policies and Estimates](index=37&type=section&id=Critical_Accounting_Policies_and_Estimates_FPLCR) Identifies the accounting policies that require significant management judgment and estimates in financial reporting - Management makes estimates, judgments, and assumptions in preparing financial statements, which impact reported amounts, with no material changes to critical accounting estimates since the Annual Report[186](index=186&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section addresses the Company's exposure to market risks, such as interest rate risk, foreign currency exchange risk, and commodity price risk, and how these risks are managed - There have been no material changes to the Company's instruments or positions sensitive to market risk during the six months ended June 30, 2025, since the disclosure in the Annual Report[188](index=188&type=chunk) [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details the effectiveness of the Company's disclosure controls and procedures and internal control over financial reporting, as evaluated by management, including the CEO and CFO - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025[189](index=189&type=chunk) - No changes to internal control over financial reporting materially affected, or are reasonably likely to materially affect, the Company's internal control during the three months ended June 30, 2025[191](index=191&type=chunk) - Management acknowledges that control systems provide only reasonable, not absolute, assurance against all errors and fraud due to inherent limitations[192](index=192&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) This section outlines the Company's involvement in various legal proceedings and contingent matters, asserting that no current litigation is expected to have a material adverse effect on its financial condition or operations - The Company is subject to various lawsuits and contingent matters in the ordinary course of business, with management believing no current legal proceedings would individually or in aggregate have a material adverse effect on the business, financial condition, or results of operations[195](index=195&type=chunk) - SEC rules advise against describing proceedings primarily involving damages claims not exceeding **10%** of current assets; management judges none of the pending litigation meets this threshold[196](index=196&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) This section highlights potential risks and uncertainties that could materially affect Angi Inc.'s business, financial condition, and operating results, including market dynamics, operational challenges, and post-spin-off relationships - The report contains forward-looking statements subject to uncertainties and risks that could cause actual results to differ materially[197](index=197&type=chunk) - Key risks include the migration of the home services market online, marketing effectiveness, ability to expand pre-priced offerings, maintaining Pro relationships, developing mobile products, data privacy, competition, economic trends, brand maintenance, cybersecurity, data breaches, system integrity, key personnel changes, relationship with IAC post-Distribution, ability to service indebtedness, and risks related to Class A Common Stock ownership[198](index=198&type=chunk) - There have been no material changes to the risk factors disclosed in the Company's Annual Report[201](index=201&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the Company's equity security transactions, specifically focusing on share repurchases and confirming no unregistered sales during the reporting period - The Company did not issue or sell any shares of common stock or other equity securities in unregistered transactions during the three months ended June 30, 2025[202](index=202&type=chunk) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under Publicly Announced Plans or Programs | | :--- | :--- | :--- | :--- | :--- | | April 2025 | 1,662,118 | $12.57 | 1,662,118 | — | | May 2025 | 1,525,741 | $16.11 | 1,525,741 | 3,474,259 | | June 2025 | 1,393,258 | $15.71 | 1,393,258 | 2,081,001 | | **Total** | **4,581,117** | **$14.70** | **4,581,117** | **2,081,001** | - On May 5, 2025, the board approved a new stock repurchase authorization for **5.0 million** shares, with approximately **1.3 million** shares remaining available under this authorization after an additional **815,935** shares were repurchased from July 1 to August 1, 2025[204](index=204&type=chunk)[205](index=205&type=chunk) [Item 5. Other Information](index=43&type=section&id=Item%205.%20Other%20Information) This section provides additional information not covered elsewhere, specifically regarding Rule 10b5-1 trading plans - No director or officer adopted or terminated a Rule 10b5-1 trading plan or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[207](index=207&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists all documents filed as exhibits to the Form 10-Q, including corporate governance documents, certifications, and XBRL data files - The section lists various exhibits filed with the report, including Amended and Restated Certificates of Incorporation and Bylaws, Director Compensation arrangements, CEO/CFO certifications (302 and 906), and Inline XBRL Taxonomy Extensions[208](index=208&type=chunk)[209](index=209&type=chunk) [Signatures](index=46&type=section&id=Signatures) This section contains the official signatures, certifying the filing of the quarterly report on behalf of Angi Inc - The report was signed on behalf of Angi Inc. by Andrew Russakoff, Chief Financial Officer, on August 5, 2025[213](index=213&type=chunk)

[Q2 2025 Performance Overview](index=1&type=section&id=Q2%202025%20Performance%20Overview) Angi Inc. reported decreased revenue but increased operating income and net earnings in Q2 2025, driven by efficiency improvements [Q2 2025 Summary Results](index=1&type=section&id=Q2%202025%20Summary%20Results) Angi Inc. reported a 12% revenue decrease to $278.2 million in Q2 2025, with operating income up 92% and net earnings up 190% Key Financial Metrics | Metric | Q2 2025 ($ in millions) | Q2 2024 ($ in millions) | Growth (%) | | :---------------------- | :---------------------- | :---------------------- | :--------- | | Revenue | 278.2 | 315.1 | -12 | | Operating income | 17.7 | 9.2 | 92 | | Net earnings | 10.9 | 3.8 | 190 | | Diluted earnings per share | 0.23 | 0.07 | 229 | | Adjusted EBITDA | 33.0 | 42.2 | -22 | [Key Performance Updates](index=1&type=section&id=Key%20Performance%20Updates) Proprietary Service Requests and Leads grew for the first time since Q1 2021, despite revenue decline from efficiency initiatives - Proprietary Service Requests increased **7%** year-over-year and Proprietary Leads increased **16%** year-over-year, marking the first growth since Q1 2021[2](index=2&type=chunk)[4](index=4&type=chunk) - Revenue was **$278.2 million**, down **12%** from the prior year, driven by ongoing quality and efficiency improvements, including marketing optimization, sales force consolidation, and full implementation of homeowner choice[4](index=4&type=chunk) - Operating income was **$17.7 million**, up from **$9.2 million** in Q2 2024, reflecting a **$14.0 million** decrease in depreciation[4](index=4&type=chunk) - Adjusted EBITDA was **$33.0 million**, down from **$42.2 million** in Q2 2024, primarily due to lower revenue and higher Consumer marketing expense, partially offset by lower Pro acquisition and Fixed expenses[4](index=4&type=chunk) - The Company repurchased **3.7 million** common shares for an aggregate of **$59.9 million** between May 6, 2025, and August 1, 2025[4](index=4&type=chunk) [Operating Metrics](index=2&type=section&id=Operating%20Metrics) Angi Inc. saw declines in Acquired Pros and Average Monthly Active Pros, but improved Pro retention, reflecting strategic optimization [Quarterly Pro Metrics](index=2&type=section&id=Quarterly%20Pro%20Metrics) In Q2 2025, Acquired Pros decreased by 39% to 24,000, and Average Monthly Active Pros declined by 20% to 126,000, reflecting strategic reductions Quarterly Professional Metrics | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Growth (%) | | :------------------------- | :--------------------- | :--------------------- | :--------- | | Acquired Pros | 24 | 39 | -39 | | Average Monthly Active Pros | 126 | 157 | -20 | [Trailing Twelve Month Pro Metrics](index=2&type=section&id=Trailing%20Twelve%20Month%20Pro%20Metrics) Trailing twelve-month Acquired Pros decreased by 38% and Average Monthly Active Pros by 14%, while Pro retention improved due to enhanced customer experience - Over the trailing twelve months ending Q2 2025, Acquired Pros were **109,000**, down **38%** year-over-year[9](index=9&type=chunk)[10](index=10&type=chunk) - Average Monthly Active Pros over the trailing twelve months were **139,000**, down **14%** year-over-year, driven by lower Pro acquisition, partially offset by improved Pro retention[10](index=10&type=chunk) - Retention of Pros acquired last year (Q3 2023 - Q2 2024) was **76%** for Average Monthly Active Pros, compared to **75%** in the prior year[10](index=10&type=chunk) - Retention of Base Pros (acquired in Q2 2023 and prior) was **67%** for Average Monthly Active Pros, compared to **65%** in the prior year, driven by improved customer experience, sales tactics, and prospect quality[10](index=10&type=chunk) [Service Requests and Leads](index=3&type=section&id=Service%20Requests%20and%20Leads) Total Service Requests decreased by 8% and Total Leads by 17% in Q2 2025, driven by Network Channel declines offset by Proprietary Channel growth Service Requests and Leads by Channel | Metric (in thousands) | Q2 2025 | Q2 2024 | Growth (%) | | :-------------------- | :------ | :------ | :--------- | | **Service Requests** | | | | | Proprietary Channels | 4,118 | 3,848 | 7 | | Network Channels | 444 | 1,091 | -59 | | Total | 4,562 | 4,939 | -8 | | **Leads** | | | | | Proprietary Channels | 4,980 | 4,309 | 16 | | Network Channels | 597 | 2,439 | -76 | | Total | 5,577 | 6,749 | -17 | - Service Requests were down **8%** year-over-year, driven by a **59%** decline in Network Channels, partially offset by a **7%** increase in Proprietary Channels[12](index=12&type=chunk) - Leads were down **17%** year-over-year, driven by a **76%** decline in Network Channels, partially offset by a **16%** increase in Proprietary Channels[13](index=13&type=chunk) [Liquidity and Capital Resources](index=4&type=section&id=Liquidity%20and%20Capital%20Resources) Angi Inc. maintained a strong liquidity position with $362.5 million in cash and actively repurchased shares [Current Liquidity Position](index=4&type=section&id=Current%20Liquidity%20Position) As of June 30, 2025, Angi Inc. held $362.5 million in cash and cash equivalents, with 45.1 million Class A common shares outstanding - As of June 30, 2025, Angi Inc. had **$362.5 million** in cash and cash equivalents[18](index=18&type=chunk) - Angi Inc. had **45.1 million** shares of Class A common stock outstanding and no Class B common stock outstanding[18](index=18&type=chunk) - ANGI Group, LLC had **$500 million** of 3.875% Senior Notes due August 15, 2028[18](index=18&type=chunk) [Share Repurchase Program](index=4&type=section&id=Share%20Repurchase%20Program) Angi Inc. repurchased 3.7 million common shares for $59.9 million, with 1.3 million shares remaining under its authorization as of August 1, 2025 - As of August 1, 2025, Angi Inc. had **1.3 million** shares remaining of its **5 million** stock repurchase authorization[15](index=15&type=chunk) - Between May 6, 2025, and August 1, 2025, the Company repurchased **3.7 million** common shares for an aggregate of **$59.9 million**[4](index=4&type=chunk) [Dilutive Securities](index=5&type=section&id=Dilutive%20Securities) Angi Inc. reported 45.1 million total diluted shares outstanding as of August 1, 2025, with a 1.7% dilution primarily from RSUs and MSUs Diluted Shares Outstanding | Share Price | Absolute Shares as of 8/1/25 (millions) | SARs and Options (millions) | RSUs and MSUs (millions) | Total Dilution (millions) | % Dilution | Total Diluted Shares Outstanding (millions) | | :---------- | :-------------------------------------- | :-------------------------- | :----------------------- | :------------------------ | :--------- | :------------------------------------------ | | $15.86 | 44.3 | 0.0 | 0.8 | 0.8 | 1.7 % | 45.1 | | $16.00 | 44.3 | 0.0 | 0.8 | 0.8 | 1.7 % | 45.1 | | $17.00 | 44.3 | 0.0 | 0.8 | 0.8 | 1.7 % | 45.1 | | $18.00 | 44.3 | 0.0 | 0.8 | 0.8 | 1.7 % | 45.1 | | $19.00 | 44.3 | 0.0 | 0.8 | 0.8 | 1.7 % | 45.1 | - The Company currently settles all equity awards on a net basis; estimated withholding taxes paid by the Company on behalf of employees upon net settlement would have been **$20.8 million**, assuming a stock price of **$15.86** and a **50%** withholding rate[22](index=22&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) Angi Inc.'s Q2 2025 financial statements show decreased revenue but improved operating income and net earnings, with a decline in cash from operations [Consolidated Statement of Operations](index=6&type=section&id=Consolidated%20Statement%20of%20Operations) For Q2 2025, Angi Inc. reported a 12% revenue decrease to $278.2 million, while operating income rose 92.4% and net earnings surged 190.9% Consolidated Statement of Operations Summary | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :---------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Revenue | 278,221 | 315,134 | 524,134 | 620,524 | | Gross profit | 265,079 | 300,982 | 497,977 | 593,875 | | Operating income | 17,673 | 9,187 | 37,676 | 11,903 | | Net earnings attributable to Angi Inc. shareholders | 10,897 | 3,760 | 26,003 | 2,129 | | Diluted earnings per share | 0.23 | 0.07 | 0.53 | 0.04 | | Total stock-based compensation expense | 5,054 | 8,672 | 2,767 | 18,069 | [Consolidated Balance Sheet](index=7&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets decreased to $1,788.8 million, with a decline in cash and shareholders' equity due to treasury stock purchases Consolidated Balance Sheet Summary | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Cash and cash equivalents | 362,477 | 416,434 | | Total current assets | 443,229 | 495,085 | | TOTAL ASSETS | 1,788,790 | 1,830,735 | | Total current liabilities | 247,902 | 231,678 | | Long-term debt, net | 497,248 | 496,840 | | Total shareholders' equity | 1,002,224 | 1,062,801 | | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,788,790 | 1,830,735 | [Consolidated Statement of Cash Flows](index=9&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities decreased to $54.0 million, with a significant increase in cash used for financing activities Consolidated Statement of Cash Flows Summary | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | 54,008 | 84,988 | | Net cash used in investing activities | (24,749) | (25,438) | | Net cash used in financing activities | (83,157) | (23,142) | | Net (decrease) increase in cash and cash equivalents | (54,068) | 36,201 | | Cash and cash equivalents at end of period | 362,477 | 400,502 | - Purchases of treasury stock increased significantly to **$76.4 million** for the six months ended June 30, 2025, compared to **$18.2 million** in the prior year[28](index=28&type=chunk) [Significant Expenses and Segment Revenue](index=10&type=section&id=Significant%20Expenses%20and%20Segment%20Revenue) Consolidated total expenses decreased by 10.2% in Q2 2025, driven by reduced Pro acquisition and fixed expenses, while total revenue declined by 12% [Significant Expenses by Segment](index=10&type=section&id=Significant%20Expenses%20by%20Segment) Consolidated total expenses decreased by 10.2% to $245.2 million in Q2 2025, with Pro acquisition expense down 42.6% and consumer marketing up 12.9% **Consolidated Expenses (Three Months Ended June 30):** | Expense | 2025 (in thousands) | 2024 (in thousands) | Growth (%) | 2025 (% of revenue) | 2024 (% of revenue) | | :---------------------- | :------------------ | :------------------ | :--------- | :------------------ | :------------------ | | Cost of revenue | 13,142 | 14,152 | -7.1 | 5 | 4 | | Consumer marketing expense | 97,580 | 86,427 | 12.9 | 35 | 27 | | Variable expense | 34,017 | 34,736 | -2.1 | 12 | 11 | | Pro acquisition expense | 38,958 | 67,810 | -42.6 | 14 | 22 | | Fixed expense | 61,519 | 69,826 | -12.0 | 22 | 22 | | Total expenses | 245,216 | 272,951 | -10.2 | 88 | 87 | **Domestic Expenses (Three Months Ended June 30):** | Expense | 2025 (in thousands) | 2024 (in thousands) | Growth (%) | 2025 (% of revenue) | 2024 (% of revenue) | | :---------------------- | :------------------ | :------------------ | :--------- | :------------------ | :------------------ | | Consumer marketing expense | 92,854 | 82,024 | 13.2 | 38 | 29 | | Pro acquisition expense | 35,131 | 62,951 | -44.2 | 14 | 22 | | Fixed expense | 49,633 | 55,253 | -10.2 | 20 | 20 | **International Expenses (Three Months Ended June 30):** | Expense | 2025 (in thousands) | 2024 (in thousands) | Growth (%) | 2025 (% of revenue) | 2024 (% of revenue) | | :---------------------- | :------------------ | :------------------ | :--------- | :------------------ | :------------------ | | Consumer marketing expense | 4,726 | 4,403 | 7.3 | 14 | 13 | | Pro acquisition expense | 3,827 | 4,859 | -21.3 | 12 | 15 | | Fixed expense | 11,886 | 14,573 | -18.4 | 36 | 44 | - Pro acquisition expense for Q2 2025 excludes **$2.4 million** of capitalized commissions and includes **$7.8 million** of amortized capitalized commissions from prior periods[29](index=29&type=chunk) [Revenue by Segment](index=11&type=section&id=Revenue%20by%20Segment) Total revenue for Q2 2025 decreased by 12% to $278.2 million, with Domestic revenue down 13% and International revenue down 2% Revenue by Segment | Segment | Q2 2025 ($ in millions) | Q2 2024 ($ in millions) | Growth (%) | Six Months 2025 ($ in millions) | Six Months 2024 ($ in millions) | Growth (%) | | :-------------- | :---------------------- | :---------------------- | :--------- | :------------------------------ | :------------------------------ | :--------- | | Domestic | 245.5 | 281.9 | -13 | 458.1 | 551.9 | -17 | | International | 32.7 | 33.2 | -2 | 66.0 | 68.6 | -4 | | Total Revenue | 278.2 | 315.1 | -12 | 524.1 | 620.5 | -16 | [Reconciliations of GAAP to Non-GAAP Measures](index=12&type=section&id=Reconciliations%20of%20GAAP%20to%20Non-GAAP%20Measures) Angi Inc. provides reconciliations for Adjusted EBITDA and Free Cash Flow, key non-GAAP metrics used for internal management and compensation [Reconciliation of Net Income (Loss) to Adjusted EBITDA](index=12&type=section&id=Reconciliation%20of%20Net%20Income%20(Loss)%20to%20Adjusted%20EBITDA) Consolidated Adjusted EBITDA decreased by 22% to $33.0 million in Q2 2025, with Domestic Adjusted EBITDA down 25.4% and International up 5.9% Adjusted EBITDA Reconciliation **Three Months Ended June 30, 2025:** | Segment | Operating Income ($ in millions) | Stock-Based Compensation Expense ($ in millions) | Depreciation ($ in millions) | Adjusted EBITDA ($ in millions) | | :------------ | :------------------------------- | :----------------------------------------------- | :--------------------------- | :------------------------------ | | Domestic | 12.7 | 4.6 | 10.2 | 27.6 | | International | 5.0 | 0.4 | 0.1 | 5.4 | | Total | 17.7 | 5.1 | 10.3 | 33.0 | **Three Months Ended June 30, 2024:** | Segment | Operating Income ($ in millions) | Stock-Based Compensation Expense ($ in millions) | Depreciation ($ in millions) | Adjusted EBITDA ($ in millions) | | :------------ | :------------------------------- | :----------------------------------------------- | :--------------------------- | :------------------------------ | | Domestic | 5.1 | 8.4 | 23.6 | 37.0 | | International | 4.1 | 0.3 | 0.8 | 5.1 | | Total | 9.2 | 8.7 | 24.3 | 42.2 | **Six Months Ended June 30, 2025:** | Segment | Operating Income ($ in millions) | Stock-Based Compensation Expense ($ in millions) | Depreciation ($ in millions) | Adjusted EBITDA ($ in millions) | | :------------ | :------------------------------- | :----------------------------------------------- | :--------------------------- | :------------------------------ | | Domestic | 26.7 | 2.4 | 20.1 | 49.1 | | International | 11.0 | 0.4 | 0.1 | 11.5 | | Total | 37.7 | 2.8 | 20.2 | 60.7 | **Six Months Ended June 30, 2024:** | Segment | Operating Income ($ in millions) | Stock-Based Compensation Expense ($ in millions) | Depreciation ($ in millions) | Adjusted EBITDA ($ in millions) | | :------------ | :------------------------------- | :----------------------------------------------- | :--------------------------- | :------------------------------ | | Domestic | 2.3 | 17.4 | 46.6 | 66.4 | | International | 9.6 | 0.7 | 1.6 | 11.8 | | Total | 11.9 | 18.1 | 48.2 | 78.1 | [Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow](index=14&type=section&id=Reconciliation%20of%20Net%20Cash%20Provided%20by%20Operating%20Activities%20to%20Free%20Cash%20Flow) Free Cash Flow decreased to $29.2 million for the six months ended June 30, 2025, primarily due to reduced net cash from operating activities Free Cash Flow Reconciliation | Metric ($ in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | 54.0 | 85.0 | | Capital expenditures | (24.8) | (25.4) | | Free Cash Flow | 29.2 | 59.5 | [Reconciliation of Total Operating Costs and Expenses to Significant Expenses](index=14&type=section&id=Reconciliation%20of%20Total%20Operating%20Costs%20and%20Expenses%20to%20Significant%20Expenses) Total operating costs and expenses for Q2 2025 were $247.4 million, reconciling to $232.1 million in significant expenses after non-cash adjustments Significant Expenses Reconciliation **Three Months Ended June 30, 2025:** | Segment | Total Operating Costs and Expenses ($ in millions) | Stock-based Compensation Expense ($ in millions) | Depreciation ($ in millions) | Total Significant Expenses (Excluding Cost of Revenue) ($ in millions) | | :------------ | :----------------------------------------------- | :----------------------------------------------- | :--------------------------- | :--------------------------------------------------------------------- | | Domestic | 220.5 | (4.6) | (10.2) | 205.6 | | International | 26.9 | (0.4) | (0.1) | 26.5 | | Total | 247.4 | (5.1) | (10.3) | 232.1 | **Three Months Ended June 30, 2024:** | Segment | Total Operating Costs and Expenses ($ in millions) | Stock-based Compensation Expense ($ in millions) | Depreciation ($ in millions) | Total Significant Expenses (Excluding Cost of Revenue) ($ in millions) | | :------------ | :----------------------------------------------- | :----------------------------------------------- | :--------------------------- | :--------------------------------------------------------------------- | | Domestic | 263.6 | (8.4) | (23.6) | 231.7 | | International | 28.2 | (0.3) | (0.8) | 27.1 | | Total | 291.8 | (8.7) | (24.3) | 258.8 | **Six Months Ended June 30, 2025:** | Segment | Total Operating Costs and Expenses ($ in millions) | Stock-based Compensation Expense ($ in millions) | Depreciation ($ in millions) | Total Significant Expenses (Excluding Cost of Revenue) ($ in millions) | | :------------ | :----------------------------------------------- | :----------------------------------------------- | :--------------------------- | :--------------------------------------------------------------------- | | Domestic | 407.1 | (2.4) | (20.1) | 384.6 | | International | 53.2 | (0.4) | (0.1) | 52.7 | | Total | 460.3 | (2.8) | (20.2) | 437.3 | **Six Months Ended June 30, 2024:** | Segment | Total Operating Costs and Expenses ($ in millions) | Stock-based Compensation Expense ($ in millions) | Depreciation ($ in millions) | Total Significant Expenses (Excluding Cost of Revenue) ($ in millions) | | :------------ | :----------------------------------------------- | :----------------------------------------------- | :--------------------------- | :--------------------------------------------------------------------- | | Domestic | 524.9 | (17.4) | (46.6) | 460.8 | | International | 57.1 | (0.7) | (1.6) | 54.9 | | Total | 582.0 | (18.1) | (48.2) | 515.7 | [Principles of Financial Reporting and Non-GAAP Definitions](index=15&type=section&id=Principles%20of%20Financial%20Reporting%20and%20Non-GAAP%20Definitions) Angi Inc. uses non-GAAP measures like Adjusted EBITDA and Free Cash Flow for internal management, with detailed definitions provided for key expenses - Adjusted EBITDA is defined as operating income excluding stock-based compensation expense, depreciation, and acquisition-related items (amortization of intangible assets and impairments of goodwill and intangible assets)[40](index=40&type=chunk) - Free Cash Flow is defined as net cash provided by operating activities attributable to continuing operations, less capital expenditures[41](index=41&type=chunk) - Significant expenses include Consumer Marketing Expense, Pro Acquisition Expense, Fixed Expense, and Variable Expense, with detailed breakdowns of their components[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - Non-cash expenses excluded from Adjusted EBITDA include stock-based compensation, depreciation, and amortization/impairments of intangible assets and goodwill[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) [Metric Definitions](index=17&type=section&id=Metric%20Definitions) Angi Inc. introduced new metrics and revised terminology in Q1 2025 to provide clearer insights into core business activities and unit economics - New metrics introduced in Q1 2025 include Proprietary Channels, Network Channels, Acquired Pros, and Average Monthly Active Pros[50](index=50&type=chunk)[56](index=56&type=chunk) - Terminology for Service Requests and Leads (formerly Monetized Transactions) was updated for intuition, but the data and definitions remain unchanged[56](index=56&type=chunk) - Definitions provided for Domestic Revenue, International Revenue, Service Requests, Leads, Proprietary Channels, Network Channels, Acquired Pros, and Average Monthly Active Pros[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [Other Information](index=4&type=section&id=Other%20Information) This section provides details on the Q2 2025 conference call, safe harbor statement, company overview, and contact information [Conference Call](index=4&type=section&id=Conference%20Call) Angi Inc. hosted a conference call on August 6, 2025, to discuss Q2 results, including forward-looking information, with a recording available online - Angi Inc. hosted a conference call on Wednesday, August 6, 2025, at 8:30 a.m. Eastern Time to discuss Q2 results[17](index=17&type=chunk) - The conference call included disclosure of forward-looking information and was accessible at ir.angi.com, with a recording available at the same location[17](index=17&type=chunk) [Safe Harbor Statement](index=18&type=section&id=Safe%20Harbor%20Statement) The press release and conference call contain forward-looking statements subject to various risks and uncertainties, and the company undertakes no obligation to update them - The press release and conference call contain forward-looking statements identified by words such as 'may,' 'will,' 'should,' 'could,' 'intend,' 'target,' 'project,' 'continue,' 'anticipates,' 'estimates,' 'expects,' 'plans,' and 'believes,' and 'potential'[58](index=58&type=chunk) - Actual results could differ materially due to factors including market migration, marketing effectiveness, expansion of pre-priced offerings, Pro relationships, mobile monetization, data protection, competition, economic conditions, brand maintenance, cybersecurity, data breaches, changes in key personnel, and risks related to IAC relationship and indebtedness[58](index=58&type=chunk) - The company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements[58](index=58&type=chunk) [About Angi Inc.](index=18&type=section&id=About%20Angi%20Inc.) Angi Inc. (NASDAQ: ANGI), founded in 1995, connects homeowners with skilled home service professionals for over 300 million projects - Angi (NASDAQ: ANGI) helps homeowners get home projects done well and helps home service professionals grow their business[59](index=59&type=chunk) - Founded in 1995, Angi has evolved to help people with everything from finding, booking and hiring a skilled pro, to researching costs and finding project inspiration[59](index=59&type=chunk) - Homeowners have turned to Angi for help with more than **300 million** projects[59](index=59&type=chunk) [Contact Us](index=18&type=section&id=Contact%20Us) Contact information for Angi Inc. Investor Relations and Corporate Communications is provided, including phone numbers, email addresses, and corporate details - Angi Inc. Investor Relations contact: (720) 282-1958, ir@angi.com[60](index=60&type=chunk) - Angi Inc. Corporate Communications contact: Emily Do, (303) 963-8352[60](index=60&type=chunk) - Corporate address: 3601 Walnut Street, Denver, CO 80205. Website: http://www.angi.com[60](index=60&type=chunk)

Core Viewpoint - Angi Inc. is set to release its second quarter results on August 5, 2025, followed by a conference call on August 6, 2025, to discuss the results and answer questions from shareholders [1][2]. Company Overview - Angi Inc. (NASDAQ: ANGI) has been operational since 1995, focusing on connecting homeowners with skilled home service professionals [3]. - The company has evolved its services to assist homeowners in various aspects, including finding, booking, and hiring professionals, as well as researching costs and discovering project possibilities [3]. - Angi has supported over 150 million individuals in maintaining, repairing, renovating, and improving their homes, while also aiding hundreds of thousands of small local businesses in their growth [3].

Core Insights - Angi is launching an "AI Helper" to enhance the service request experience for homeowners, coinciding with its 30th anniversary, aimed at simplifying connections with service professionals and meeting the demand for smarter home improvement solutions [1][5] Technology Enhancement - The new AI system utilizes advanced large language models (LLMs) and job assessment questions developed with service professionals to create more accurate service requests, allowing homeowners to describe their needs in their own words [2][4] - The AI improves match accuracy by approximately 30% compared to traditional methods, ensuring precise recommendations and quicker quotes from qualified professionals [4] Market Insights - Angi's State of Home Spending report indicates that 45% of homeowners experience stress and anxiety due to a lack of knowledge about repairs, highlighting a significant market need for improved service matching [3] - The company has evolved significantly since its founding in 1995, with key milestones including its IPO in 2011 and strategic mergers, reinforcing its position as a leading home services platform [5][6] Commitment to Innovation - Angi's continuous training of its AI system using historical data and real-world interactions has led to significant improvements in service match accuracy and quality, demonstrating the company's commitment to enhancing user experience [5] - The introduction of the AI-powered feature reflects Angi's dedication to evolving with community needs and streamlining the home improvement process [4]

Group 1 - The article discusses the author's focus on value investing, particularly in special situations and small-cap companies [1] - The author emphasizes the importance of thorough research and only pursuing strong investment ideas, even if it means walking away from less compelling opportunities [1] - The author's background in engineering and inspiration from notable investors like Warren Buffett and Peter Lynch are highlighted as key influences in their investment philosophy [1] Group 2 - The author has recently passed the CFA Level I exam, indicating a commitment to professional development in investment analysis [1] - Writing on Seeking Alpha serves as a platform for the author to organize thoughts and engage with other investors, fostering a community of shared investment interests [1] - The author expresses openness to feedback and suggestions from readers, indicating a collaborative approach to investment discussions [1]