ANGI Homeservices(ANGI) - 2024 Q4 - Annual Results

Financial Performance - Q4 2024 revenue was $267.9 million, down 11% year-over-year from $300.4 million in Q4 2023[3] - Operating income decreased 72% to $2 million in Q4 2024, compared to $7.6 million in Q4 2023[3] - Adjusted EBITDA for Q4 2024 was $31.8 million, a decrease of 23% from $41.4 million in Q4 2023[3] - The company recorded a net loss of $1.3 million in Q4 2024, an improvement from a net loss of $5.6 million in Q4 2023[3] - Revenue for Q4 2024 was $267,869,000, a decrease of 10.8% from $300,433,000 in Q4 2023[21] - Gross profit for Q4 2024 was $251,690,000, down from $283,194,000 in Q4 2023, reflecting a gross margin of 93.9%[21] - Operating income for the year 2024 was $21,885,000, compared to a loss of $26,498,000 in 2023[21] - Net earnings attributable to Angi Inc. shareholders for the year 2024 were $36,004,000, a significant improvement from a loss of $40,940,000 in 2023[21] Cash Flow and Financial Stability - Net cash provided by operating activities for the twelve months ended December 31, 2024, increased by $61.8 million to $155.9 million[9] - Free Cash Flow for the same period increased by $59 million to $105.4 million, driven by favorable working capital and higher Adjusted EBITDA[9] - Cash and cash equivalents increased to $416,434,000 in 2024 from $364,044,000 in 2023, indicating a positive cash flow trend[23] - Total current liabilities decreased to $231,678,000 in 2024 from $258,655,000 in 2023, showing improved financial stability[23] - Net cash provided by operating activities attributable to continuing operations was $155,941,000 in 2024, compared to $94,184,000 in 2023, indicating stronger operational efficiency[25] - The company reported a decrease in accounts receivable to $36,670,000 in 2024 from $51,100,000 in 2023, reflecting improved collection efforts[23] Revenue Breakdown - International revenue grew by 5% in Q4 2024, while domestic revenue decreased by 12%[5] - Total domestic revenue for Q4 2024 was $31.3 million, down from $39.5 million in Q4 2023, a decrease of approximately 20.5%[26] - International revenue for the twelve months ended December 31, 2024, was $16.0 million, compared to $13.1 million in 2023, representing an increase of about 22.2%[26] - Ads and Leads revenue for the twelve months ended December 31, 2024, was $180.3 million, compared to $147.4 million in 2023, indicating a growth of approximately 22.3%[26] - Services revenue for the twelve months ended December 31, 2024, was $4.5 million, a decrease from $8.1 million in 2023, reflecting a decline of about 44.4%[26] Future Projections - For the full year 2025, Angi Inc. expects operating income between $25 million and $60 million and Adjusted EBITDA between $135 million and $150 million[4] - The company projects Q1 2025 Adjusted EBITDA to exceed $20 million and FY 2025 Adjusted EBITDA to be between $135 million and $150 million[27] - Stock-based compensation expense for Q1 2025 is expected to be between $(5) million and $0, with a full-year estimate of $10 million to $20 million[27] Company Strategy and Market Presence - The company emphasizes the importance of Free Cash Flow as a measure of cash generated from operations, which is critical for evaluating financial health[31] - The company is focused on expanding its market presence and enhancing its product offerings to drive future growth[42] - Angi has assisted over 150 million people with home projects since its inception in 1995[43] - The company has a nationwide network of skilled home professionals, supporting hundreds of thousands of small local businesses[43]