Financial Data and Key Metrics Changes - In Q3 2025, Angi reported a double-digit increase in the estimated hire rate and a nearly 30% increase in the estimated win rate year-over-year [4] - The homeowner net promoter score improved by nearly 10 points year-over-year, with a total increase of nearly 30 points over the last two years [4] - Pro retention improved, with overall churn better by 7% year-over-year and up 26% compared to two years ago [4] - Proprietary service request growth accelerated to positive 11%, with proprietary lead growth at 16% and revenue for lead growth at 11% [5] Business Line Data and Key Metrics Changes - The network channel's contribution to leads decreased from nearly 40% a year ago to less than 10% in Q3 2025, impacting overall growth [5] - The company is generating more value with a reduced sales headcount, producing more overall lifetime margin per pro [6] Market Data and Key Metrics Changes - The company experienced a shift in the network channel, which had a win rate significantly lower than other channels, but this has improved as homeowners now choose their pros [28] - The affiliate network saw a decrease in volume due to quality issues and operational challenges, but the company is stabilizing and looking for new partners [30][31] Company Strategy and Development Direction - Angi aims to transition to a single modern global and AI-first platform by 2027, addressing significant tech debt and legacy code [7] - The company is focusing on improving customer experience through AI-enabled software and enhancing business efficiency [7] - There is a commitment to return to growth in 2026 and beyond, with a focus on branded advertising and increasing TV spend [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stability of homeowner demand, noting it is not as high as during COVID but not as low as during the financial crisis [61] - The company anticipates modest overall service growth in 2026, with strong performance in proprietary channels offsetting weaker network comparisons [11][12] Other Important Information - The company has authorized a new share repurchase program, allowing for the repurchase of an additional 3.2 million shares [52] - Capital expenditures are expected to be around $60 million this year and a similar amount next year, with a front-loaded spending approach [17] Q&A Session Summary Question: Update on proprietary lead growth and 2026 outlook - Management confirmed that the target for 2026 revenue growth remains mid-single-digit, with strong performance in proprietary channels offsetting network weaknesses [11] Question: Clarification on EBITDA and CapEx - EBITDA performance was influenced by contribution margin outperformance and timing of expenses, with expectations for higher capitalization rates in Q4 [16][17] Question: Response to ads migration and network channel performance - The ads migration is progressing well with positive feedback from service pros, while the network channel has decreased in lead contribution but improved in win rates [25][28] Question: Impact of AI on customer acquisition strategy - The company is actively integrating AI into customer workflows, which is expected to enhance conversion rates and improve overall efficiency [34][37] Question: Competitive environment and market position - Angi remains competitive, with a strong market position and a focus on delivering high-quality experiences to homeowners and pros [78]