Financial Data and Key Metrics - Angi Inc reported improved profitability in Q4 2023, driven by better service professional retention, reduced bad debt, and expanded margins in paid marketing [9][10] - The company expects to sustain 10%+ EBITDA margins in 2024, with Q1 adjusted EBITDA projected to be slightly higher year-over-year despite lower revenue [12][13] - Dotdash Meredith's digital revenue grew significantly, with core sessions increasing by 10% and premium sales showing solid performance [16][17] - Dotdash Meredith expects 10%+ digital revenue growth in 2024, with print revenue declining by 12% in Q4 2023 and similar declines expected in 2024 [20] Business Line Performance - Angi's service professional retention improved due to better targeting, compelling offers, and demand-side improvements, leading to more profitable unit economics [9][10] - Dotdash Meredith's digital ad revenue accelerated, driven by traffic growth, premium sales, and programmatic performance, with CPMs growing faster than the market [16][17][20] - Performance marketing continued to perform well, with users engaging more with content that monetizes effectively, such as product reviews [17][18] Market Performance - Europe showed strong growth for Angi, with 20% growth in recent quarters, attributed to better customer experience and product optimization [28][42] - Dotdash Meredith's digital traffic and monetization momentum continued into Q1 2024, with the company taking market share in both traffic and revenue per session [20] Strategic Direction and Industry Competition - Angi is focusing on improving user experience, driving free and repeat traffic, and enhancing service professional retention to improve unit economics [40][41] - Dotdash Meredith is leveraging D/Cipher, a new targeting technology, to improve ad performance and integrate with demand-side platforms like Amazon and Google [31][32][33] - The company is shifting capital allocation towards businesses benefiting from the long-term trend of consumers moving from goods to experiences [69][70] Management Commentary on Operating Environment and Future Outlook - Management highlighted the durability of Angi's margin improvements, attributing them to better service professional retention, reduced bad debt, and cost control [9][10] - For Dotdash Meredith, management expressed confidence in continued digital growth, with strong performance in premium, programmatic, and performance marketing [16][17][20] - The company expects free cash flow conversion to improve in 2024, driven by higher EBITDA and lower non-recurring expenses [22][23] Other Important Information - Angi is working on integrating its ads and leads platforms to improve user and service professional experiences, with significant progress on the user side [67][68] - The company sold its Mosaic subsidiary, which impacted Emerging & Other segment EBITDA, with $20 million in transaction expenses expected in Q1 2024 [36][37] - Vivian, an emerging business in the portfolio, continues to grow in the travel nurse market despite industry contraction, driven by strong platform engagement [77][78] Q&A Summary Question: What drove Angi's Q4 outperformance and what are the revenue expectations for 2024? [8] - Answer: Angi's outperformance was driven by better service professional retention, reduced bad debt, and improved paid marketing margins Revenue is expected to decline year-over-year in 2024, but the rate of decline will narrow as comps ease and demand-side improvements take effect [9][10][12] Question: What are the key drivers of Dotdash Meredith's digital ad revenue growth? [15] - Answer: Growth was driven by traffic volume, ad sales rates, and premium sales monetization, with core sessions growing 10% and programmatic performance improving [16][17] Question: How is Angi balancing consumer and service professional experiences? [45] - Answer: Angi is improving matching algorithms to increase monetized transactions per service request, which benefits both homeowners and service professionals by keeping more jobs on the platform [47][48] Question: What are Angi's top priorities for 2024? [39] - Answer: Priorities include driving free and repeat traffic, improving service professional retention, and enhancing unit economics through better conversion rates [40][41] Question: How is Dotdash Meredith managing margins and growth? [46] - Answer: The company is achieving strong incremental margins in digital, with investments in content, performance marketing, and D/Cipher driving growth while reallocating costs from less strategic areas [50][51] Question: What is the outlook for Angi's international business? [39] - Answer: Europe has seen double-digit growth due to better customer experience, and learnings from Europe are being applied to the US market to drive similar improvements [28][42] Question: How is Angi improving its sales force efficiency? [53] - Answer: The company has reduced unproductive calls and is focusing on higher-commitment offers to improve retention and ROI for service professionals [54][55] Question: What is the status of Dotdash Meredith's D/Cipher adoption? [30] - Answer: D/Cipher is used in 30% of direct ad campaigns, with positive feedback from clients and plans to integrate with more demand-side platforms [31][32] Question: What is the outlook for IAC's capital allocation strategy? [66] - Answer: The company is focusing on businesses benefiting from the shift from goods to experiences and is looking for opportunistic external investments [69][70]

Core Insights - Angi reported revenue of $300.43 million for Q4 2023, a decrease of 32% year-over-year, with EPS at $0.01 compared to -$0.07 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $306.73 million, resulting in a surprise of -2.05%, while the EPS exceeded expectations with a surprise of +150.00% [1] Revenue Performance - International revenue was $27.40 million, surpassing the average estimate of $26.39 million from three analysts [2] - Total domestic revenue reached $273.10 million, slightly below the average estimate of $278.78 million [2] - Domestic services revenue was $26.10 million, in line with the average estimate of $26.03 million [2] - Domestic ads and leads revenue was $246.90 million, falling short of the average estimate of $252.75 million [2] Adjusted EBITDA Metrics - Adjusted EBITDA for total domestic corporate was -$12.70 million, worse than the average estimate of -$11.56 million [2] - Adjusted EBITDA for total domestic services was $5.10 million, exceeding the average estimate of $3.14 million [2] - Adjusted EBITDA for total domestic ads and leads was $47.20 million, significantly higher than the average estimate of $33.57 million [2] Stock Performance - Angi's shares have returned +8.8% over the past month, outperforming the Zacks S&P 500 composite's +5.1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Company Overview - Angi Inc. (NASDAQ: ANGI) assists homeowners in completing home projects and supports home service professionals in business growth, with over 200,000 skilled home pros in its network [2] - Since its inception in 1995, Angi has helped over 150 million people with home maintenance, repair, renovation, and improvement [2] - IAC (NASDAQ: IAC) is a company that builds and acquires businesses, including Angi, and has evolved into a group of 11 public companies [3] Upcoming Events - Angi Inc. will release its fourth quarter results on February 13, 2024, after market close [1] - A conference call hosted by Angi and IAC will take place on February 14, 2024, at 8:30 a.m. ET to discuss the fourth quarter results [1]

MILAN--(BUSINESS WIRE)--Bending Spoons announces today that it has agreed to acquire the assets of IAC mobile software subsidiary Mosaic Group for an undisclosed sum, subject to closing conditions. Under the terms of the agreement, Bending Spoons will acquire Mosaic Group’s assets, including its digital product suite that contains popular mobile apps such as Clime, Robokiller, and iTranslate, as well as its intellectual property. Bending Spoons CEO, Luca Ferrari, said, “We’re looking forward to welcomin ...

Angi Inc. (NASDAQ:ANGI) Q3 2023 Earnings Conference Call November 8, 2023 8:30 AM ET Company Participants Christopher Halpin - CFO Angi, Inc., and COO, IAC Joey Levin - CEO, IAC and CEO & Chairman, Angi, Inc. Conference Call Participants Jason Helfstein - Oppenheimer Brent Thill - Jefferies John Blackledge - TD Cowen Justin Patterson - KeyBanc Ross Sandler - Barclays Brian Fitzgerald - Wells Fargo Ygal Arounian - Citigroup Tom Champion - Piper Sandler Kunal Madhukar - UBS Operator Good morning, and welcome ...

Table of Contents As filed with the Securities and Exchange Commission on November 7, 2023 | --- | --- | |--------------------------------------------------------------------------|------------| | UNITED STATES SECURITIES AND EXCHANGE Washington, D.C. 20549 | COMMISSION | | | FORM 10-Q | ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE A ...

Angi Inc. (NASDAQ:ANGI) Q2 2023 Earnings Conference Call August 9, 2023 8:30 AM ET Company Participants Christopher Halpin - Executive Vice President, Chief Financial Officer, and Chief Operating Officer of IAC Joey Levin - Chief Executive Officer of IAC, and Chief Executive Officer and Chairman of Angi, Inc. Conference Call Participants Cory Carpenter - J.P. Morgan John Blackledge - TD Cowen Eric Sheridan - Goldman Sachs Jason Helfstein - Oppenheimer Stephen Ju - Credit Suisse Brad Erickson - RBC Capital M ...

Table of Contents As filed with the Securities and Exchange Commission on August 8, 2023 | --- | --- | |--------------------------------------------------------------------------|------------| | UNITED STATES SECURITIES AND EXCHANGE Washington, D.C. 20549 | COMMISSION | | | FORM 10-Q | ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1 ...

Angi Inc. (NASDAQ:ANGI) Q1 2023 Earnings Conference Call May 10, 2023 8:30 PM ET Company Participants Christopher Halpin - Executive Vice President, Chief Financial Officer & Chief Operating Officer, IAC Joey Levin - Chief Executive Officer, IAC and Angi Inc. Conference Call Participants Ross Sandler - Barclays Cory Carpenter - JPMorgan Brian Fitzgerald - Wells Fargo John Blackledge - Cowen & Company Brent Thill - Jefferies Jason Helfstein - Oppenheimer Eric Sheridan - Goldman Sachs Stephen Ju - Credit Suis ...

Table of Contents As filed with the Securities and Exchange Commission on May 9, 2023 | --- | --- | |--------------------------------------------------------------------------|------------| | UNITED STATES SECURITIES AND EXCHANGE Washington, D.C. 20549 | COMMISSION | | | FORM 10-Q | ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...