Open the filing on EDGARANGI REPORTS Q1 2026
Angi reorganizes to focus product and development on AI-native platform and strategy
Service Requests returned to growth, increasing 5%, driven by 17% growth in Proprietary channels
Angi repurchased $100.0 million, or 20%, of senior notes at a discount, strengthening the balance sheet
Angi promotes Michael Wanderer to Chief Operating Officer, effective May 4, 2026
DENVER - May 5, 2026 - Angi Inc. (NASDAQ: ANGI) released its first quarter results today and separately posted a letter to shareholders from Jeff Kip, the Chief Executive Officer of Angi Inc., outlining the Company’s strategic priorities and transition to an AI-native platform, on the Investor Relations section of Angi Inc.’s website at ir.angi.com.
| Q1 2026 | Q1 2025 | % Change |
|---|
| Revenue | $238.2 | $245.9 | (3)% | |
|---|
| Operating (loss) income | (9.5) | 20.0 | NM |
|---|
| Net (loss) earnings | (9.0) | 15.1 | NM |
|---|
| Diluted (loss) earnings per share | $(0.22) | $0.30 | NM |
|---|
| Adjusted EBITDA | 22.9 | 27.7 | (17)% | |
|---|
| ANGI INC. SUMMARY RESULTS |
| ($ in millions except per share amounts) |
| See reconciliations of GAAP to non-GAAP measures beginning on page 9. |
Q1 2026 PERFORMANCE AND UPDATES
- Revenue decreased (3)% year-over-year, reflecting a (56)% decline in Network Revenue as a result of the implementation of homeowner choice in January 2025, partially offset by a 7% increase in Proprietary Revenue from strong execution in paid marketing in Proprietary channels and a 7% growth in International Revenue.
- Total U.S. Service Requests returned to growth, increasing 5% year-over-year in Q1 2026, and total U.S. Leads were flat. U.S. Proprietary Service Requests and Proprietary Leads increased 17% and 13% year-over-year, respectively, primarily driven by improvements in customer experience and strong performance in online marketing. U.S. Network Service Requests and Network Leads declined (55)% and (54)%, respectively, driven by the implementation of homeowner choice in January of 2025.
- Revenue per Lead decreased (5)% year-over-year in Q1 2026 primarily driven by delivering additional Leads to subscription Pros in excess of their contract values.
- Operating loss was $(9.5) million, compared to operating income of $20.0 million in Q1 2025, reflecting a $14.9 million restructuring charge related to the reduction of the Company's global workforce and higher depreciation expense.
- Adjusted EBITDA, which excludes the $14.9 million restructuring charge, was $22.9 million, down from $27.7 million in Q1 2025, primarily reflecting the planned reinvestment of overhead savings into brand marketing, including television, to support Proprietary growth, as well as the decline in Network Revenue, partially offset by lower fixed costs, including reduced product development expense resulting from the reduction of the Company's global workforce.
- Angi reorganizes to focus product and development on AI-native platform and strategy, aligning investment with long-term growth priorities, as described in the CEO shareholder letter.
- Between March 20, 2026 and May 5, 2026, the Company opportunistically repurchased $100.0 million aggregate principal amount of its 2028 Senior Notes for $91.9 million in cash, resulting in a $8.4 million gain and reducing outstanding debt.
- For the three months ended March 31, 2026, the Company recorded an income tax benefit of $0.7 million. The effective income tax rate is lower than the statutory rate of 21% primarily due to $2.9 million of discrete restructuring tax benefit incurred in Q1 2026.
- Angi announces the promotion of Michael Wanderer as Chief Operating Officer, effective Monday, May 4, 2026. Mr. Wanderer has been with the Company for 10 years, most recently serving as Chief People Officer.
OPERATING METRICS
Definitions of our key metrics are on page 12. For further detail, please refer to the "Angi Q1 2026 Metrics Supplement" document available at https://ir.angi.com/quarterly-earnings.
| Q1 2026 | Q1 2025 | % Change |
|---|
| U.S. QUARTERLY PRO METRICS |
| (in thousands, rounding differences may occur) |
| Acquired Pros | | 23 | | 24 | (2)% |
| Average Monthly Active Pros | | 105 | | 134 | (22)% |
| Average Monthly Churn | (5.0)% | | (4.5)% | | (11)% |
| Q1 2026 | Q1 2025 | % Change |
|---|
| U.S. PROPRIETARY AND NETWORK CHANNEL METRICS |
| (in thousands, rounding differences may occur) |
| Service Requests | | | |
| Proprietary | | 3,254 | | 2,773 | 17% |
| Network | | 267 | | 588 | (55)% |
| Total | | 3,521 | | 3,361 | 5% |
| Leads | | | |
| Proprietary | | 4,048 | | 3,590 | 13% |
| Network | | 374 | | 812 | (54)% |
| Total | | 4,423 | | 4,402 | - % |
| Proprietary Revenue | $185,355 | | $173,351 | | 7% |
| Network Revenue | $17,143 | | $39,204 | | (56)% |
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2026:
- Angi Inc. had 40.4 million shares of Class A and no shares of Class B common stock outstanding,
- Angi Inc. had $244.6 million in cash and cash equivalents,
- ANGI Group, LLC (a subsidiary of Angi Inc.) had $471.4 million (net of unamortized debt issuance costs) of 3.875% Senior Notes due August 15, 2028, and
- ANGI Group, LLC (a subsidiary of Angi Inc.) had $175.0 million available under its senior secured revolving facility, including a letter of credit sublimit of up to $25.0 million, that matures on November 6, 2030.
CONFERENCE CALL
Angi Inc. will host a conference call to answer questions regarding its first quarter results on Wednesday, May 6, 2026, at 8:30 a.m. Eastern Time. This conference call will include the disclosure of certain information, including forward-looking information, which may be material to an investor’s understanding of Angi Inc.’s businesses. The conference call will be accessible to the public at ir.angi.com and a recording of the webcast will be made available at that location.
DILUTIVE SECURITIES
Angi Inc. has various dilutive securities. The table below details these securities as well as potential dilution at various stock prices (shares in millions; rounding differences may occur).
| | Avg. Exercise | As of | | | | |
|---|
| Shares | Price | 5/1/26 | Dilution At: |
|---|
| Share Price | | | $7.64 | | $8.00 | | $9.00 | | $10.00 | | $11.00 | |
| Absolute Shares as of 5/1/26 | 40.4 | | 40.4 | | 40.4 | | 40.4 | | 40.4 | | 40.4 | |
| SARs and Options | 1.0 | $18.29 | | 0.0 | | 0.0 | | 0.0 | | 0.0 | | 0.0 |
| RSUs and MSUs | 3.3 | | 0.9 | | 0.9 | | 0.9 | | 0.9 | | 0.9 | |
| Total Dilution | | | 0.9 | | 0.9 | | 0.9 | | 0.9 | | 0.9 | |
| % Dilution | | | 2.1% | | 2.1% | | 2.1% | | 2.1% | | 2.1% | |
| Total Diluted Shares Outstanding | | | 41.3 | | 41.3 | | 41.3 | | 41.3 | | 41.3 | |
The dilutive securities presentation is calculated using the method and assumptions described below, which are different from those used for GAAP dilution, which is calculated based on the treasury stock method.
The Company currently settles all equity awards on a net basis; therefore, the dilutive effect is presented as the net number of shares expected to be issued upon exercise or vesting, and in the case of options, assuming no proceeds are received by the Company. Any required withholding taxes are paid in cash by the Company on behalf of the employees assuming a withholding tax rate of 50%. In addition, the estimated income tax benefit from the tax deduction received upon the exercise or vesting of these awards is assumed to be used to repurchase Angi Inc. shares. Assuming all awards were exercised or vested on May 1, 2026, withholding taxes paid by the Company on behalf of the employees upon net settlement would have been $13.5 million, assuming a stock price of $7.64 and a 50% withholding rate.
Angi Inc. and Subsidiaries
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
| Three Months Ended March 31, |
|---|
| 2026 | 2025 |
|---|
| (In thousands, except per share data) |
|---|
| Revenue | $238,150 | | $245,913 | |
| Cost of revenue (exclusive of depreciation shown separately below) | 9,693 | | 13,015 | |
| Gross profit | 228,457 | | 232,898 | |
| Operating costs and expenses: | | |
| Selling and marketing expense | 139,933 | | 118,541 | |
| General and administrative expense | 57,931 | | 57,319 | |
| Product development expense | 10,440 | | 27,087 | |
| Depreciation | 14,694 | | 9,948 | |
| Restructuring | 14,923 | | - | |
| Total operating costs and expenses | 237,921 | | 212,895 | |
| Operating (loss) income | (9,464) | | 20,003 | |
| Interest expense | (5,330) | | (5,044) | |
| Other income, net | 5,099 | | 4,828 | |
| (Loss) earnings before income taxes | (9,695) | | 19,787 | |
| Income tax benefit (provision) | 717 | | (4,681) | |
| Net (loss) earnings attributable to Angi Inc. shareholders | $(8,978) | | $15,106 | |
| Per share information attributable to Angi Inc. shareholders: | | |
| Basic (loss) earnings per share | $(0.22) | | $0.30 | |
| Diluted (loss) earnings per share | $(0.22) | | $0.30 | |
| Stock-based compensation expense by function: | | |
| Selling and marketing expense | $275 | | $636 | |
| General and administrative expense | 2,853 | | (6,847) | |
| Product development expense | (376) | | 3,924 | |
| Total stock-based compensation expense | $2,752 | | $(2,287) | |
| March 31, 2026 | December 31, 2025 |
|---|
| (In thousands) |
|---|
| Angi Inc. and Subsidiaries |
| CONSOLIDATED BALANCE SHEET |
| (Unaudited) |
| ASSETS | | |
| Cash and cash equivalents | $244,580 | $303,701 |
| Accounts receivable, net | 37,366 | 33,054 |
| Other current assets | 31,358 | 29,627 |
| Total current assets | 313,304 | 366,382 |
| Capitalized software, leasehold improvements and equipment, net | 101,373 | 99,101 |
| Goodwill | 889,220 | 890,066 |
| Intangible assets, net | 166,978 | 167,142 |
| Deferred income taxes | 125,317 | 126,229 |
| Other non-current assets, net | 29,073 | 31,448 |
| TOTAL ASSETS | $1,625,265 | $1,680,368 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | |
| LIABILITIES: | | |
| Accounts payable | $35,065 | $34,031 |
| Deferred revenue | 20,996 | 22,096 |
| Accrued expenses and other current liabilities | 153,137 | 166,311 |
| Total current liabilities | 209,198 | 222,438 |
| Long-term debt, net | 471,389 | 497,667 |
| Deferred income taxes | 1,455 | 1,498 |
| Other long-term liabilities | 28,499 | 31,399 |
| Commitments and contingencies | | |
| SHAREHOLDERS’ EQUITY: | | |
| Class A common stock | 538 | 538 |
| Class B convertible common stock | - | - |
| Class C common stock | - | - |
| Additional paid-in capital | 1,424,207 | 1,427,693 |
| Accumulated deficit | (159,858) | (150,880) |
| Accumulated other comprehensive income | 5,760 | 5,938 |
| Treasury stock | (355,923) | (355,923) |
| Total shareholders’ equity | 914,724 | 927,366 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $1,625,265 | $1,680,368 |
| Three Months Ended March 31, |
|---|
| 2026 | 2025 |
|---|
| (In thousands) |
|---|
| Angi Inc. and Subsidiaries |
| CONSOLIDATED STATEMENT OF CASH FLOWS |
| (Unaudited) |
| Cash flows from operating activities: | | |
| Net (loss) earnings | $(8,978) | | $15,106 | |
| Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities: | | |
| Depreciation | 14,694 | | 9,948 | |
| Provision for credit losses | 10,338 | | 11,314 | |
| Stock-based compensation expense | 2,752 | | (2,287) | |
| Non-cash lease expense (including impairment of right-of-use assets) | 1,921 | | 1,786 | |
| Deferred income taxes | 482 | | 2,717 | |
| Gain on extinguishment of debt | (2,739) | | - | |
| Other adjustments, net | 444 | | (451) | |
| Changes in assets and liabilities: | | |
| Accounts receivable | (14,790) | | (14,773) | |
| Other assets | 851 | | 2,469 | |
| Accounts payable and other liabilities | (16,285) | | (20,390) | |
| Income taxes payable and receivable | (2,047) | | 1,417 | |
| Operating lease liabilities | (3,461) | | (3,270) | |
| Deferred revenue | (1,085) | | (6,699) | |
| Net cash used in operating activities | (17,903) | | (3,113) | |
| Cash flows from investing activities: | | |
| Capital expenditures | (15,725) | | (12,574) | |
| Proceeds from sales of fixed assets | 32 | | 75 | |
| Net cash used in investing activities | (15,693) | | (12,499) | |
| Cash flows from financing activities: | | |
| Repurchases of debt | (23,744) | | - | |
| Withholding taxes paid on behalf of employees on net settled stock-based awards | (1,798) | | (4,542) | |
| Purchases of treasury stock | - | | (9,801) | |
| Net cash used in financing activities | (25,542) | | (14,343) | |
| Total cash used | (59,138) | | (29,955) | |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 17 | | (26) | |
| Net decrease in cash and cash equivalents and restricted cash | (59,121) | | (29,981) | |
| Cash and cash equivalents and restricted cash at beginning of period | 303,701 | | 416,545 | |
| Cash and cash equivalents and restricted cash at end of period | $244,580 | | $386,564 | |
Significant Expenses
The following tables present the significant expenses included in the Company’s segment reporting performance measure, Segment Adjusted EBITDA, that are regularly provided to the Chief Operating Decision Maker (CODM):
| Three Months Ended March 31, | |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| (In thousands) | As a percentage of revenue |
|---|
| U.S. | | | | |
| Cost of revenue | $8,219 | | $11,998 | | 4% | 6% |
| Consumer marketing expense | 92,765 | | 65,276 | | 46% | 31% |
| Variable expense | 20,764 | | 26,545 | | 10% | 12% |
| Pro acquisition expense | 30,538 | | 39,044 | | 15% | 18% |
| Fixed expense | 35,097 | | 48,122 | | 17% | 23% |
| Total U.S. expenses | $187,383 | | $190,985 | | 93% | 90% |
| International | | | | |
| Cost of revenue | $1,474 | | $1,017 | | 4% | 3% |
| Consumer marketing expense | 8,798 | | 4,961 | | 25% | 15% |
| Variable expense | 5,964 | | 5,345 | | 17% | 16% |
| Pro acquisition expense | 5,024 | | 4,290 | | 14% | 13% |
| Fixed expense | 6,602 | | 11,651 | | 19% | 35% |
| Total International expenses | $27,862 | | $27,264 | | 78% | 82% |
| Consolidated | | | | |
| Cost of revenue | $9,693 | | $13,015 | | 4% | 5% |
| Consumer marketing expense | 101,563 | | 70,237 | | 43% | 29% |
| Variable expense | 26,728 | | 31,890 | | 11% | 13% |
| Pro acquisition expense | 35,562 | | 43,334 | | 15% | 18% |
| Fixed expense | 41,699 | | 59,773 | | 18% | 24% |
| Total expenses | $215,245 | | $218,249 | | 90% | 89% |
Pro acquisition expense for the three months ended March 31, 2026 excludes $2.8 million of commissions capitalized in the same period and includes $3.3 million of amortization of capitalized commissions from prior periods. Pro acquisition expense for the three months ended March 31, 2025 excludes $3.4 million of commissions capitalized in the same period and includes $9.1 million of amortization of capitalized commissions from prior periods.
Revenue by Segment
| Three Months Ended March 31, | |
|---|
| 2026 | 2025 | % Change |
|---|
| ($ in millions; rounding differences may occur) | | | |
| U.S. | $202.5 | | $212.6 | | (5)% |
| International | 35.7 | | 33.4 | | 7% |
| Total Revenue | $238.2 | | $245.9 | | (3)% |
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES AND SIGNIFICANT EXPENSES
($ in millions; rounding differences may occur)
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
| Three Months Ended March 31, 2026 | |
|---|
| Operating Income | Stock-Based Compensation Expense | Depreciation | Restructuring | Adjusted EBITDA |
|---|
| U.S. | $(11.2) | $2.2 | $14.3 | $9.8 | $15.1 |
| International | 1.8 | 0.5 | 0.4 | 5.1 | 7.8 |
| Total | $(9.5) | $2.8 | $14.7 | $14.9 | $22.9 |
| Interest expense | (5.3) | | | | |
| Other income, net | 5.1 | | | | |
| Earnings before income taxes | (9.7) | | | | |
| Income tax benefit | 0.7 | | | | |
| Net loss attributable to Angi Inc. shareholders | $(9.0) | | | | |
| Three Months Ended March 31, 2025 | |
|---|
| Operating Income | Stock-Based Compensation Expense | Depreciation | Restructuring | Adjusted EBITDA |
|---|
| U.S. | $14.0 | $(2.3) | $9.9 | $ - | $21.6 |
| International | 6.0 | - | - | - | 6.1 |
| Total | $20.0 | $(2.3) | $9.9 | $ - | $27.7 |
| Interest expense | (5.0) | | | | |
| Other income, net | 4.8 | | | | |
| Earnings before income taxes | 19.8 | | | | |
| Income tax provision | (4.7) | | | | |
| Net earnings attributable to Angi Inc. shareholders | $15.1 | | | | |
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
| Three Months Ended March 31, |
|---|
| ($ in millions; rounding differences may occur) | | 2026 | | 2025 |
| Net cash (used in) provided by operating activities | $(17.9) | | $(3.1) | |
| Capital expenditures | (15.7) | | (12.6) | |
| Free Cash Flow | $(33.6) | | $(15.7) | |
RECONCILIATION OF TOTAL OPERATING COSTS AND EXPENSES TO SIGNIFICANT EXPENSES
| Three Months Ended March 31, 2026 | |
|---|
| Total Operating Costs and Expenses | Stock-based Compensation Expense | Depreciation | Restructuring | Total Significant Expenses (Excluding Cost of Revenue) |
|---|
| U.S. | $205.5 | $(2.2) | $(14.3) | $(9.8) | $179.2 |
| International | 32.4 | (0.5) | (0.4) | (5.1) | 26.4 |
| Total | $237.9 | $(2.8) | $(14.7) | $(14.9) | $205.6 |
| Three Months Ended March 31, 2025 |
|---|
| Total Operating Costs and Expenses | Stock-based Compensation Expense | Depreciation | Restructuring | Total Significant Expenses (Excluding Cost of Revenue) |
|---|
| U.S. | $186.6 | $2.3 | $(9.9) | - | $179.0 |
| International | 26.3 | - | - | - | 26.2 |
| Total | $212.9 | $2.3 | $(9.9) | $ - | $205.2 |
ANGI INC. PRINCIPLES OF FINANCIAL REPORTING
Angi Inc. reports Adjusted EBITDA and Free Cash Flow, which are supplemental measures to U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA is considered our primary segment measure of profitability and is one of the metrics, along with Free Cash Flow, by which we evaluate the performance of our businesses and our internal budgets are based and may also impact management compensation. We believe that investors should have access to, and we are obligated to provide, the same set of tools that we use in analyzing our results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results. Angi Inc. endeavors to compensate for the limitations of the non-GAAP measures presented by providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. We encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measures, which are included in this release. Interim results are not necessarily indicative of the results that may be expected for a full year.
Definitions of Non-GAAP Measures
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; (3) acquisition-related items consisting of amortization of intangible assets and impairments of goodwill and intangible assets, if applicable; and (4) restructuring. The Company believes this measure is useful for analysts and investors as this measure allows a more meaningful comparison between its performance and that of its competitors. Adjusted EBITDA has certain limitations because it excludes the impact of these expenses.
Free Cash Flow is defined as net cash provided by operating activities attributable to continuing operations, less capital expenditures. We believe Free Cash Flow is useful to analysts and investors because it represents the cash that our operating businesses generate, before taking into account non-operational cash movements. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. For example, it does not take into account mandatory debt service requirements. Therefore, we think it is important to evaluate Free Cash Flow along with our consolidated statement of cash flows.
Definitions of Significant Expenses
Consumer Marketing Expense includes (i) advertising expenditures to promote the brand to consumers with (a) online marketing, including fees paid to search engines and other online marketing platforms, partners who direct traffic to our brands, and app platforms, and (b) offline marketing, which is primarily television, streaming and radio advertising, (ii) compensation expense, excluding stock-based compensation, and other employee-related costs for consumer marketing personnel and (iii) outsourced personnel costs.
Pro Acquisition Expense includes (i) advertising expenditures to promote the brand to Pros with (a) online marketing, including fees paid to search engines and other online marketing platforms, partners who direct traffic to the brands within the Angi Inc. segments, and app platforms, and (b) offline marketing, which is primarily television, streaming and radio advertising and (ii) compensation expense, excluding stock-based compensation, and other employee-related costs for pro acquisition sales and marketing personnel.
Fixed Expense includes (i) compensation expense, excluding stock-based compensation, and other employee-related costs for personnel engaged in (a) the design, development, testing, and enhancement of product offerings and related technology and (b) executive management, finance, legal, tax, marketing and human resources functions, (ii) software license and maintenance costs, (iii) rent expense and facilities costs (including impairments of ROU assets), (iv) fees for professional services and (iv) outsourced personnel costs for personnel engaged in product development.
Variable Expense includes (i) compensation expense, excluding stock-based compensation, and other employee-related costs for personnel engaged in customer service functions, (ii) provision for credit losses, (iii) outsourced personnel costs for personnel engaged in assisting in customer service functions and (iv) service guarantee expense.
Non-Cash Expenses That Are Excluded from Adjusted EBITDA
Stock-based compensation expense consists of expense associated with the grants, including unvested grants assumed in acquisitions, of stock appreciation rights ("SARs"), restricted stock units ("RSUs"), stock options and performance-based RSUs and market-based awards. These expenses are not paid in cash, and we view the economic costs of stock-based awards to be the dilution to our share base; we also include the related shares in our fully diluted shares outstanding for GAAP earnings per share using the treasury stock method. Performance-based RSUs and market-based awards are included only to the extent the applicable performance or market condition(s) have been met (assuming the end of the reporting period is the end of the contingency period). The Company is currently settling all stock-based awards on a net basis and remits the required tax-withholding amounts from its current funds.
Please see page 4 for a summary of our dilutive securities as of May 1, 2026, and a description of the calculation methodology.
Depreciation is a non-cash expense relating to our capitalized software, leasehold improvements and equipment and is computed using the straight-line method to allocate the cost of depreciable assets to operations over their estimated useful lives, or, in the case of leasehold improvements, the lease term, if shorter.
Amortization of intangible assets and impairments of goodwill and intangible assets are non-cash expenses related primarily to acquisitions. At the time of an acquisition, the identifiable definite-lived intangible assets of the acquired company, such as professional relationships, technology and trade names, are valued and amortized over their estimated lives. Value is also assigned to acquired indefinite-lived intangible assets, which comprise trade names and trademarks, and goodwill that are not subject to amortization. An impairment is recorded when the carrying value of an intangible asset or goodwill exceeds its fair value. We believe that intangible assets represent costs incurred by the acquired company to build value prior to acquisition and the related amortization and impairments of intangible assets or goodwill, if applicable, are not ongoing costs of doing business.
Restructuring are costs associated with a formal restructuring plan that are primarily related to workforce reductions. The Company excludes these expenses because they are not reflective of ordinary course ongoing business and operating results.
Metric Definitions
U.S. Revenue - primarily comprised of revenue generated within the U.S. segment, including Lead revenue for consumer matches, revenue from Pros under contract for advertising, membership subscription revenue from Pros and consumers and revenue from pre-priced offerings by which the consumer requests services through a Company platform and the Company connects them with a Pro to perform the service.
International Revenue - comprised of revenue generated within the International segment (consisting of businesses in Europe and Canada), including Lead revenue for consumer matches and membership subscription revenue from Pros.
Proprietary Revenue - the portion of U.S. Revenue allocated to Proprietary channels, calculated based on the proportionate share of Leads originating from Proprietary channels in the period.
Network Revenue - the portion of U.S. Revenue allocated to Network channels, calculated based on the proportionate share of Leads originating from Network channels in the period.
Service Requests - requests for connections with Pros in the period, which include pre-priced offerings and indications of interest expressed on a Pro profile.
Leads - connections between consumers and Pros resulting from a Service Request in the period, including the completion of a job related to a pre-priced offering; a single Service Request can result in multiple Leads.
Proprietary - refers to sources of Service Requests in which consumers go through an Angi proprietary user experience or a retail partner experience.
Network - refers to sources of Service Requests in which consumers are presented with Angi Pros through a third party website experience.
Acquired Pros - new Pros onboarded onto the Angi platform and eligible to receive Leads in the period.
Average Monthly Active Pros - the average number of Pros per month that (i) received Leads, (ii) were presented on a Service Request where they agreed to receive a Lead if selected, (iii) requested to be connected to a consumer on a Service Request, or (iv) accepted an offer to complete a pre-priced Service Request.
ANGI Group Senior Notes - on August 20, 2020, ANGI Group, LLC (“ANGI Group”), a direct wholly-owned subsidiary of the Company, issued $500.0 million of its 3.875% Senior Notes due August 15, 2028, with interest payable February 15 and August 15 of each year.
Revolving Facility - a senior secured revolving facility of ANGI Group in an aggregate principal amount of $175.0 million, including a letter of credit sublimit of up to $25.0 million.
Revenue per Lead - U.S. Revenue (unless noted otherwise) divided by Leads.
Average Monthly Churn - (Active Pros in the current month that were acquired in prior months divided by Active Pros in the prior month) - 1.
OTHER INFORMATION
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Forward-looking statements notice
This press release and our conference call, which will be held at 8:30 a.m. Eastern Time on Wednesday, May 6, 2026, may contain "forward‑looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "may," "will," "should," "could," "intend," "target," "project," "continue," "anticipate," "estimate," "expect," "plan," "believe," and "potential" among others, generally identify forward-looking statements. These forward-looking statements include, among others, statements relating to: the future financial performance of the Company and its businesses, the Company's plans and expectations concerning debt repurchases, business prospects and strategy, the timing, development, and expected outcome of strategic and product initiatives, future capital allocation strategy, the anticipated benefits of being an independent public company, anticipated trends and prospects in the home services industry and other similar matters. Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including, among others: (i) the continued migration of the home services market online, (ii) our ability to market our various products and services in a successful and cost-effective manner, (iii) the continued prominence of the display of links to websites offering our products and services in search results, (iv) our ability to expand our pre-priced offerings, while balancing the overall mix of service requests and directory services on Angi Inc. platforms, (v) our ability to establish and maintain relationships with quality and trustworthy Pros, (vi) our continued ability to develop and monetize versions of our products and services for mobile and other digital devices, (vii) our ability to access, share, use and protect the personal data of consumers, (viii) our continued ability to communicate with consumers and Pros via e-mail (or other sufficient means), (ix) our ability to continue to generate leads for Pros given changing requirements applicable to certain communications with consumers, (x) any challenge to the contractor classification or employment status of our Pros, (xi) our ability to compete, (xii) unstable market and economic conditions (particularly those that adversely impact advertising spending levels and consumer confidence and spending behavior), either generally and/or in any of the markets in which our businesses operate, as well as geopolitical conflicts, (xiii) our ability to maintain and/or enhance our various brands, (xiv) our ability to protect our systems, technology and infrastructure from cyberattacks (including cyberattacks experienced by third parties with whom we do business), (xv) the occurrence of data security breaches and/or fraud, (xvi) increased liabilities and costs related to the processing, storage, use and disclosure of personal and confidential user information, (xvii) the integrity, quality, efficiency and scalability of our systems, technology and infrastructures (and those of third parties with whom we do business), (xviii) changes in key personnel, (xix) our development and use of AI and machine learning technologies and the related legal and regulatory developments, (xx) various risks related to our relationship with IAC following the spin-off, (xxi) our ability to generate sufficient cash to service our indebtedness, (xxii) the impact of our current and future indebtedness on our ability to obtain additional financing and pursue other business opportunities and (xxiii) certain risks related to ownership of our Class A common stock. Certain of these and other risks and uncertainties are discussed in Angi Inc.’s filings with the Securities and Exchange Commission (the "SEC"), including the most recent Annual Report on Form 10-K filed with the SEC on February 20, 2026, and subsequent reports that Angi Inc. files with the SEC. Other unknown or unpredictable factors that could also adversely affect Angi Inc.’s business, financial condition and results of operations may arise from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those expressed in any forward-looking statements we may make. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
About Angi Inc.
Angi (NASDAQ: ANGI) helps homeowners get home projects done well and helps home service professionals grow their businesses. Founded in 1995, Angi connects homeowners with skilled local professionals - from plumbers and electricians to remodelers and landscapers - and provides tools for researching costs, planning projects and hiring with confidence. Homeowners have turned to Angi and its vast network of skilled home pros for help with more than 300 million projects.
Contact Us
Angi Inc. Investor Relations
(720) 282-1958 ir@angi.com
Angi Inc. Corporate Communications
(303) 963-8352
Angi Inc.
3601 Walnut Street, Denver, CO 80205 (303) 963-7200 http://www.angi.com