Angi Inc.ANGI
Angi Inc. Segments Disclosure
SEGMENT INFORMATION
The overall concept that the Company employs in determining its operating segments is to present the financial information in a manner consistent with the CODM’s view of the businesses. The Executive Committee, which is comprised of the CEO of the Company and the Executive Chairman of the Company’s board of directors, is the CODM of the Company. In addition, the Company considers the organization of its businesses in terms of segment management and the focus of the businesses with regards to the types of services or products offered or the target market.
During the three months ended March 31, 2025, management determined that a realignment of the Company’s operating and reportable segments was necessary to better reflect the operations and strategic priorities of the organization, resulting in two reportable segments: Domestic and International. During the fourth quarter of 2025, the Company changed the name of its “Domestic” segment to “U.S.” segment. The change reflects an updated naming convention and did not result in any change to the composition of the segment or how the Company evaluates its performance in the current year as well as prior periods. The naming convention for prior periods has been conformed to the current period. The change had no impact on the Company’s consolidated financial statements. As a result of these updates, the Company now has the following two reportable segments: (i) U.S. and (ii) International.
Disaggregated Revenue
The following table presents revenue by reportable segment:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Revenue: | |||||||||||||||||
U.S. | $ | 904,062 | $ | 1,056,122 | $ | 1,242,941 | |||||||||||
| International | 126,473 | 128,990 | 115,807 | ||||||||||||||
| Total | $ | 1,030,535 | $ | 1,185,112 | $ | 1,358,748 | |||||||||||
The following table presents the revenue of the Company’s segments disaggregated by type of service:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| U.S. | |||||||||||||||||
Lead revenue | $ | 587,050 | $ | 606,560 | $ | 781,089 | |||||||||||
| Advertising revenue | 214,920 | 312,281 | 290,799 | ||||||||||||||
| Services revenue | 72,443 | 93,521 | 118,033 | ||||||||||||||
| Membership subscription revenue | 29,379 | 43,076 | 52,305 | ||||||||||||||
| Other revenue | 270 | 684 | 715 | ||||||||||||||
| Total U.S. revenue | 904,062 | 1,056,122 | 1,242,941 | ||||||||||||||
| International | |||||||||||||||||
Lead revenue | 123,911 | 106,324 | 92,635 | ||||||||||||||
| Membership subscription revenue | 838 | 21,709 | 22,548 | ||||||||||||||
| Other revenue | 1,724 | 957 | 624 | ||||||||||||||
| Total International revenue | 126,473 | 128,990 | 115,807 | ||||||||||||||
| Total revenue | $ | 1,030,535 | $ | 1,185,112 | $ | 1,358,748 | |||||||||||
Segment Expenses
The following table presents the significant expenses included in the Company’s segment reporting performance measure, Segment Adjusted EBITDA, that are regularly provided to the CODM:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
U.S. | |||||||||||||||||
Consumer marketing expense (a) | $ | 323,470 | $ | 309,139 | $ | 435,620 | |||||||||||
Fixed expense (b) | 179,673 | 206,687 | 212,837 | ||||||||||||||
Pro acquisition expense (c) | 139,801 | 233,645 | 274,209 | ||||||||||||||
Variable expense (d) | 105,371 | 124,150 | 155,776 | ||||||||||||||
Cost of revenue (e) | 42,942 | 53,139 | 59,095 | ||||||||||||||
| Total U.S. expenses | 791,257 | 926,760 | 1,137,537 | ||||||||||||||
| International | |||||||||||||||||
Fixed expense (b) | 43,378 | 51,393 | 48,422 | ||||||||||||||
Variable expense (d) | 21,018 | 19,533 | 16,184 | ||||||||||||||
Consumer Marketing Expense (a) | 16,861 | 15,346 | 12,906 | ||||||||||||||
Pro acquisition expense (c) | 13,454 | 22,326 | 21,769 | ||||||||||||||
Cost of revenue (e) | 4,494 | 4,439 | 3,452 | ||||||||||||||
| Total International expenses | 99,205 | 113,037 | 102,733 | ||||||||||||||
| Total expenses | $ | 890,462 | $ | 1,039,797 | $ | 1,240,270 | |||||||||||
Pro acquisition expense for the year ended December 31, 2025 excludes $10.0 million of commissions capitalized in the same period and includes $28.2 million of capitalized commissions amortized from prior periods. Pro acquisition expense for the year ended December 31, 2024 excludes $39.5 million of commissions capitalized in the same period and includes $49.2 million of capitalized commissions amortized from prior periods. Pro acquisition expense for the year ended December 31, 2023 excludes $58.7 million of commissions capitalized in the same period and includes $59.6 million of capitalized commissions amortized from prior periods.
_____________________
(a) 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.
(b) 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.
(c) 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 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 professional acquisition sales and marketing personnel.
(d) 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.
(e) Cost of revenue consists primarily of (i) credit card processing fees, (ii) hosting fees and (iii) payments made to independent third-party Pros who perform work.
Segment Reporting Performance Measure and Reconciliations
Adjusted EBITDA is the Company’s primary financial and GAAP segment measure. 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. Adjusted EBITDA is the segment reporting performance measure used by the CODM as one of the metrics by which we evaluate the performance of the Company and our internal budgets are based and may impact management compensation. The following table presents a summary of Segment Adjusted EBITDA:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Segment Adjusted EBITDA | |||||||||||||||||
U.S. | $ | 112,801 | $ | 129,362 | $ | 105,404 | |||||||||||
| International | 27,271 | 15,953 | 13,074 | ||||||||||||||
| Total Segment Adjusted EBITDA | $ | 140,072 | $ | 145,315 | $ | 118,478 | |||||||||||
The following table reconciles total Segment Adjusted EBITDA to earnings (loss) from continuing operations before income taxes:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Total Segment Adjusted EBITDA | $ | 140,072 | $ | 145,315 | $ | 118,478 | |||||||||||
| Stock-based compensation expense | (14,758) | (34,778) | (43,414) | ||||||||||||||
| Depreciation | (45,319) | (86,052) | (93,604) | ||||||||||||||
| Amortization of intangibles | (1,800) | (2,600) | (7,958) | ||||||||||||||
Restructuring | (12,789) | — | — | ||||||||||||||
| Interest expense | (20,469) | (20,169) | (20,137) | ||||||||||||||
| Other income, net | 17,590 | 18,361 | 18,427 | ||||||||||||||
| Earnings (loss) from continuing operations before income taxes | $ | 62,527 | $ | 20,077 | $ | (28,208) | |||||||||||
Capital Expenditures
The following table presents capital expenditures as viewed by the CODM:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Capital expenditures: | |||||||||||||||||
U.S. | $ | 54,561 | $ | 50,476 | $ | 47,243 | |||||||||||
| International | 5,039 | 16 | 537 | ||||||||||||||
| Total | $ | 59,600 | $ | 50,492 | $ | 47,780 | |||||||||||
Asset information at the reportable segment level is not regularly provided to the Company’s CODM because the Company manages capital expenditures on a consolidated basis.
Geographic Information
Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below.
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Revenue | |||||||||||||||||
| United States | $ | 903,908 | $ | 1,055,841 | $ | 1,242,092 | |||||||||||
| All other countries | 126,627 | 129,271 | 116,656 | ||||||||||||||
| Total | $ | 1,030,535 | $ | 1,185,112 | $ | 1,358,748 | |||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||
| (In thousands) | |||||||||||
| Long-lived assets (excluding goodwill and intangible assets): | |||||||||||
| United States | $ | 113,647 | $ | 104,290 | |||||||
| All other countries | 10,787 | 5,692 | |||||||||
| Total | $ | 124,434 | $ | 109,982 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 14, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.