Core Viewpoint - Angi Inc. has released its fourth quarter financial results and will host a conference call to discuss these results alongside IAC's performance [1] Company Overview - Angi Inc. (NASDAQ: ANGI) assists homeowners in completing home projects and supports home service professionals in business growth, having helped over 150 million people with home maintenance and improvement [3] - The company has evolved over 25 years from helping people find skilled home professionals to offering a comprehensive platform for booking, hiring, and researching home services [3] IAC Overview - IAC (NASDAQ: IAC) is focused on building companies and has evolved into a conglomerate with 11 public companies, including Angi Inc. and others like Dotdash Meredith and Care.com [4] - The company emphasizes financially disciplined opportunism and has a global presence with headquarters in New York City [4] Upcoming Events - A conference call will take place on February 12, 2025, at 8:30 a.m. ET, featuring key executives from both Angi Inc. and IAC [1]

Core Insights - Homeownership remains a vital aspect of the American dream, with 93% of homeowners planning to undertake home projects in 2025 despite a 12% decline in total spending on home projects in 2024 [1][6][8] Homeowner Sentiment and Behavior - 67% of homeowners prefer renovating their current homes over moving, highlighting the value placed on homeownership amid economic challenges [2][11] - 43% of homeowners reported increased stress related to home repairs over the past year, with home repairs being the most stressful budget item, surpassing healthcare and childcare [2][6] Spending Trends - Homeowners spent an average of $12,050 on home projects in 2024, down from $13,667 in 2023, with a shift towards essential upkeep and lifestyle-driven upgrades [8][11] - Boomers led home spending in 2024, averaging $14,140, while Millennials focused on maintenance, spending $2,316 [7][11] Project Preferences and Future Planning - Popular upcoming projects for 2025 include routine maintenance (36%), interior painting (22%), and flooring installations (13%) [11] - 46% of homeowners plan large-scale projects over the next five years, such as kitchen remodels (31%) and bathroom upgrades (28%) [11] Challenges Faced by Homeowners - 54% of homeowners struggle to find qualified professionals for projects, leading to delays and higher costs [7] - Over 50% of homeowners encountered unexpected costs during project completion, particularly for materials and labor [7] Generational Insights - 63% of homeowners aged 18-44 are actively saving for future projects, compared to 49% of homeowners aged 65 and older [7] - Multigenerational households, comprising 1 in 4 homeowners, are more likely to undertake larger renovations [7]

Spin-off of Angi - IAC plans to spin off its full stake in Angi to its shareholders, with the transaction expected to occur in the first half of 2025 but not before March 31 [1][4][7] - The spin-off will allow IAC management to focus on its broader portfolio and new growth opportunities, while enhancing its ability to use stock for acquisitions and employee incentives [1][4] Executive Leadership Changes - IAC CEO Joey Levin will step down and become an advisor to the media company, while also taking on the role of Executive Chair at Angi, working alongside Angi CEO Jeff Kip [2][4] - IAC will not replace Levin as CEO, instead, CFO and COO Christopher Halpin and Chief Legal Officer Kendall Handler will report directly to Chairman Barry Diller [3][4] Market Reaction - Following the announcement, IAC shares declined by approximately 3.5%, while Angi shares rose by about 3% [2] Corporate Structure - Dotdash Meredith, the parent company of Investopedia, is a subsidiary of IAC [3]

Group 1 - Upland Software, Inc. (UPLD) has seen a 12.3% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) has experienced a 38.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Under Armour, Inc. (UAA) has had a 22.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Flushing Financial Corporation (FFIC) has seen an 8.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Angi Inc. (ANGI) has experienced a significant 300% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Financial Data and Key Metrics Changes - The company is contemplating a spin-off of Angi, which would be the first spin-out in four years, indicating a strategic shift towards creating focused companies [7] - Profits and cash flow have improved significantly, with a strong emphasis on customer experience and job satisfaction driving business performance [9] - The company expects to maintain profitability in 2025 despite anticipated revenue declines in the first quarter, with a return to growth projected for 2026 [17] Business Line Data and Key Metrics Changes - The jobs done well rate has increased by approximately 30% over the last year, and homeowner NPS has risen nearly 60% year-over-year [14] - Digital Advertising revenues grew by 26% in Q3, with core sessions increasing by 14%, marking a positive trend in traffic and monetization [26] - The DDM Digital segment is expected to achieve a baseline growth of 10% in digital revenue driven by traffic growth and improved monetization [29] Market Data and Key Metrics Changes - The company anticipates a decline in revenue in the first quarter of 2025, similar to the decline from Q4 2023 to Q1 2024, but expects sequential growth thereafter [17] - Digital revenue growth in October was only 7%, attributed to consumer distraction and advertiser caution ahead of the election [28] - The advertising spend slowdown was broad-based, with categories like retail and technology showing recovery post-election [59] Company Strategy and Development Direction - The spin-off of Angi is aimed at allowing the company to focus on fewer initiatives and execute them more effectively, while also providing Angi with a more liquid currency for M&A and capital allocation [12][7] - The company is committed to enhancing customer experience through a consumer choice model, which is expected to drive long-term growth despite short-term revenue declines [15] - The Care segment is being positioned as a scale business with significant growth potential, focusing on improving product and customer experience [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial trajectory of the business, citing improved customer experience and retention as key drivers for future growth [17] - The company is actively analyzing corporate costs in anticipation of the Angi spin-off, aiming for a more efficient operational structure [56] - The macroeconomic environment appears stable, with no significant consumer downturn observed, although October showed some advertising spend challenges [58] Other Important Information - The integration of OpenAI into the D/Cipher platform is expected to enhance advertising capabilities and expand inventory offerings [39] - The company holds 64.7 million shares of MGM, with a basis just below $1.3 billion, and has sufficient net operating losses to offset any taxable gains from potential sales [23] Q&A Session Summary Question: Why is the company exploring the Angi spin-off now? - The decision is based on the standalone strength and profitability of Angi, allowing for a more focused strategy and better investor access [12] Question: What gives confidence in Angi's return to revenue growth? - The focus on improving customer experience and retention, along with a shift to a consumer choice model, is expected to drive future growth [13] Question: Can you elaborate on DDM Digital revenue drivers? - Digital Advertising revenues grew significantly, with strong performance in core sessions and programmatic advertising, despite some challenges in performance marketing [26] Question: What is the outlook for the Care segment? - The Care segment is positioned for growth, leveraging AI and machine learning to improve matching and customer experience [34] Question: What is the company's approach to capital allocation? - The company is currently focused on accumulating cash and is selective about M&A opportunities, maintaining a high bar for any potential investments [37] Question: How is the company addressing the advertising landscape? - The company is enhancing its ad tech capabilities and integrating D/Cipher into more demand channels to increase addressable market opportunities [50]

Revenue Performance - For the three months ended September 30, 2024, total revenue decreased by $54.5 million, or 16%, to $296.7 million compared to $351.2 million in the same period of 2023[117] - Ads and Leads revenue decreased by $50.8 million, or 17%, primarily due to a $51.7 million, or 25%, decrease in consumer connection revenue[118] - Services revenue decreased by $6.3 million, or 21%, attributed to a lower number of Service Requests[119] - International revenue increased by $2.5 million, or 9%, driven by a larger professional network and higher revenue per professional[119] - For the nine months ended September 30, 2024, total revenue decreased by $141.1 million, or 13%, to $917.2 million compared to $1,058.3 million in the same period of 2023[117] - Ads and Leads revenue for the nine months decreased by $129.9 million, or 15%, mainly due to a $145.5 million, or 23%, decrease in consumer connection revenue[120] - Membership subscription revenue for the three months ended September 30, 2024, decreased by $2.7 million, or 21%[118] Cost and Expenses - Cost of revenue for the three months increased by $1.1 million, or 8%, to $14.8 million, representing 5% of total revenue[122] - Selling and marketing expenses for the nine months ended September 30, 2024, decreased by $137.8 million, or 23%, totaling $470.8 million[129] - General and administrative expenses for the nine months ended September 30, 2024, decreased by $41.8 million, or 14%, totaling $246.7 million[133] - Product development expenses for the three months ended September 30, 2024, increased by $2.8 million, or 13%, totaling $24.3 million[138] - Ads and Leads cost of revenue increased by $3.9 million, or 16%, due to higher hosting fees and non-income taxes[124] - Services cost of revenue decreased by $8.2 million, or 45%, primarily due to a decrease in payments to third-party professionals[125] Profitability Metrics - Gross profit for the nine months ended September 30, 2024, decreased by $137.2 million, or 14%, totaling $875.8 million[128] - The gross margin for the nine months ended September 30, 2024, was 95%, down from 96% in the same period of 2023[127] - Operating income for the three months ended September 30, 2024, increased significantly to $7.8 million from an operating loss of $7.9 million in the same period of 2023, primarily due to revenue growth in Ads and Leads[142] - Adjusted EBITDA for Ads and Leads increased by $10.1 million, or 31%, to $42.2 million for the three months ended September 30, 2024, driven by improved marketing efficiencies[145] - Total Adjusted EBITDA for the three months ended September 30, 2024, was $35.4 million, a 27% increase from $27.8 million in the same period of 2023[144] - Adjusted EBITDA for the nine months ended September 30, 2024, was $113.6 million, up from $77.1 million in the same period of 2023, representing a 47% increase[158] Cash Flow and Capital Management - Cash and cash equivalents totaled $395.2 million as of September 30, 2024, compared to $364.0 million at the end of 2023, indicating a 8.5% increase[164] - Net cash provided by operating activities attributable to continuing operations for the nine months ended September 30, 2024, was $115.9 million, compared to $85.2 million in the same period of 2023, reflecting a 36% increase[165] - The company repurchased 11.4 million shares of its Class A common stock at an average price of $2.25 per share, totaling approximately $25.6 million during the nine months ended September 30, 2024[173] - Capital expenditures for 2024 are expected to increase by approximately 10% to 15% compared to 2023 expenditures of $47.8 million, primarily due to investments in capitalized software[176] - The company reported a long-term debt of $496.6 million as of September 30, 2024, consistent with the previous quarter[164] - The company anticipates that existing cash and expected positive cash flows will be sufficient to fund its normal operating requirements for the next twelve months[179] Share Repurchase and Stock Information - The company repurchased a total of 3,236,677 shares of Class A common stock during the three months ended September 30, 2024, at an average price of $2.30 per share[197] - As of the end of September 2024, approximately 24.2 million shares remained available for repurchase under publicly announced plans[197] - From October 1, 2024, to November 8, 2024, the Company repurchased an additional 1,129,186 shares at an average price of $2.49 per share[199] - The company expects to continue its stock repurchase program under the new authorization of 25 million shares approved on August 2, 2024[173] Legal and Regulatory Matters - The company believes that the allegations in the ongoing class action lawsuit against HomeAdvisor are without merit and will continue to defend vigorously[189] - The court denied the plaintiffs' petition for leave to appeal the district court's partial denial of class certification in the HomeAdvisor litigation on July 18, 2024[189] - The company has ongoing litigation related to deceptive practices affecting professionals in its network, with claims for fraud and breach of contract[190] - The court denied the plaintiffs' motion for class certification regarding lead quality and monetary relief, while certifying classes for injunctive relief based on intellectual property misappropriation[191] Risk Factors and Internal Controls - There have been no material changes to the risk factors disclosed in the Annual Report for the fiscal year ended December 31, 2023[194] - The company continues to monitor and evaluate its internal control over financial reporting to improve overall effectiveness[185] - The company continues to face uncertainties related to the home services market's migration online and the competitive landscape[192] - The company faces various risks, including the ability to market products effectively and maintain relationships with quality professionals, which could impact future performance[192]

Page 1 of 13 ANGI REPORTS Q3 2024 IAC considering a spin-off of Angi Q3 operating income improves $16 million to $8 million Q3 Adjusted EBITDA improves 27% to $35 million DENVER — November 11, 2024 — Angi Inc. (NASDAQ: ANGI) released its third quarter results today. A letter to IAC shareholders from Joey Levin, the Chairman of Angi Inc. and Chief Executive Officer of IAC, is available on the Investor Relations section of IAC's website at ir.iac.com. | --- | --- | --- | --- | --- | --- | |------------------- ...

Angi (ANGI) reported $296.72 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 20.2%. EPS of $0.07 for the same period compares to -$0.01 a year ago. ...

DENVER, Nov. 11, 2024 (GLOBE NEWSWIRE) -- Angi Inc. (NASDAQ: ANGI) posted its third quarter financial results on the investor relations section of its website at ir.angi.com/quarterly-earnings. As announced previously, Angi Inc. and IAC will host a conference call to discuss both companies’ respective third quarter results and to answer questions. The call will be held on Tuesday, November 12, 2024, at 8:30 a.m. ET. Joey Levin, CEO of IAC and Chairman of Angi Inc., Jeffrey Kip, CEO of Angi Inc., and Christo ...

Angi Inc. (ANGI) is scheduled to release third-quarter 2024 results on Nov. 11.The Zacks Consensus Estimate for revenues is currently pegged at $295.9 million, suggesting a 20.42% decline from the year-ago period.The Zacks Consensus Estimate for earnings is pegged at a breakeven over the past 30 days, indicating improvement from a loss of 1 cent reported in the year-ago period.Image Source: Zacks Investment ResearchFind the latest EPS estimates and surprises on Zacks Earnings Calendar.In the last reported q ...