Angi Inc
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
ANGI$6.92-5.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-07.
0001705110-24-000038
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsPrinciples of Financial ReportingCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-07.
0001705110-24-000078
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsPrinciples of Financial ReportingThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 106 previous paragraphs and 132 current paragraphs.
70 unchanged; 33 reworded; 24 added; 3 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
Ads and Leads revenue decreased $79.1 million, or 13%, due primarily to a decrease in consumer connection revenue of $93.8 million, or 22%, and a decrease in membership subscription revenue of $3.4 million, or 13%, due to declines in Monetized Transactions and service professionals in the Angi network, partially offset by an increase of $18.2 million, or 13%, in advertising revenue. The decrease in consumer connection revenue and the increase in advertising revenue were due primarily to the factors described above in the three-month discussion.
Current report
International revenue increased $9.4 million, or 16%, due primarily to the factors described above in the three-month discussion.
Current report
Services cost of revenue decreased $1.3 million, or 26%, and stayed consistent as a percentage of revenue, due primarily to a $0.9 million decrease in payments to third-party professional service providers and a $0.3 million decrease in credit card processing fees from lower revenue.
Current report
Ads and Leads cost of revenue increased $2.0 million, or 12%, and stayed consistent as a percentage of revenue, due primarily to higher hosting fees of $2.1 million and higher taxes of $1.8 million, partially offset by lower credit card processing fees of $1.8 million from lower revenue.
Current report
Ads and Leads selling and marketing expense decreased $88.8 million, or 24%, driven by decreases in advertising expense of $73.7 million and compensation expense of $10.9 million due primarily to the factors described above in the three-month discussion.
Current report
Services selling and marketing expense decreased $5.4 million, or 23%, driven by decreases of $2.9 million in compensation expense and $1.5 million in third-party wages. The decrease in compensation expense is primarily due to a reduction in headcount. The decrease in third-party wages is primarily due to streamlined fulfillment operations.
Current report
International selling and marketing expense increased $1.9 million, or 10%, driven by an increase of $3.0 million in advertising expense, partially offset by a decrease in compensation expense of $1.2 million. The increase in advertising expense is primarily due to an increase in online advertising. The decrease in compensation expense is primarily driven by a reduction in headcount.
Current report
Ads and Leads general and administrative expense decreased $7.5 million, or 13%, due primarily to decreases of $6.8 million in the provision for credit losses, $1.6 million in third-party wages, $1.3 million in compensation expense, and $1.2 million in professional fees, partially offset by an increase of $4.4 million in lease expense. The decrease in the provision for credit losses is primarily due to lower revenue and improved collection rates. The decrease in third-party wages is primarily due to reduced costs related to customer support services. The decrease in compensation expense is primarily driven by lower headcount. The decrease in professional fees is primarily due to a decrease in legal fees. The increase in lease expense is primarily due to impairment charges of $4.8 million ofright-of-use assets ("ROU assets") related to the Company reducing its real estate footprint.
Current report
Services general and administrative expense decreased $1.9 million, or 18%, due primarily to decreases of $1.0 million in software license and maintenance expense and $1.0 million in compensation expense. The decrease in software license and maintenance expense is due primarily to reduced costs related to customer support services. The decrease in compensation expense is primarily driven by lower headcount.
Current report
International general and administrative expense increased $1.0 million, or 11%, due primarily to higher professional fees of $1.7 million and higher taxes of $1.1 million, partially offset by a lower provision for credit losses of $1.2 million and lower compensation expense of $0.4 million. The increase in professional fees is primarily due to an increase in consultancy fees. The decrease in the provision for credit losses is primarily due to improved collection rates, and the decrease in compensation expense is primarily driven by lower headcount.
Current report
Services general and administrative expense decreased $6.2 million, or 27%, due primarily to decreases of $4.7 million in compensation expense, $0.9 million in professional fees, and $0.8 million in software license and maintenance expense. The decrease in compensation expense is primarily due to a reduction in headcount. The decrease in professional fees is primarily due to a decrease in legal fees. The decrease in software license and maintenance expense is due primarily to reduced costs related to customer support services.
Current report
International general and administrative expense increased $1.0 million, or 5%, due primarily to higher professional fees of $2.0 million and higher taxes of $1.1 million, partially offset by a lower provision for credit losses of $1.1 million and lower compensation expense of $0.4 million. The increase in professional fees, the decrease in the provision for credit losses, and the decrease in compensation expense are due primarily to the factors described above in the three-month discussion.
Current report
For the three and six months ended June 30, 2024 compared to the three and six months ended June 30, 2023
Current report
Depreciation increased $2.3 million, or 11%, due primarily to impairment charges of $2.5 million related to certain leasehold improvements and furniture and fixtures, recognized in connection with the Company reducing its real estate footprint.
Current report
Depreciation increased $1.0 million, or 2%, due primarily to impairment charges of $3.9 million related to certain leasehold improvements and furniture and fixtures, recognized in connection with the Company reducing its real estate footprint, partially offset by a reduction in depreciation of capitalized software largely as a result of assets fully depreciating in current and previous periods.
Current report
For the three and six months ended June 30, 2024 compared to the three and six months ended June 30, 2023
Current report
International Adjusted EBITDA increased $4.6 million, or 64%, to $11.8 million, driven by the factors described above in the three-month discussion.
Current report
Other income, net for the three months ended June 30, 2024 includes interest income of $5.1 million.
Current report
Other income, net for the three months ended June 30, 2023 includes interest income of $4.2 million and a foreign currency exchange gain of $1.0 million.
Current report
For the six months ended June 30, 2024 and 2023
Current report
Other income, net for the six months ended June 30, 2024 includes interest income of $9.8 million.
Current report
Other income, net for the six months ended June 30, 2023 includes interest income of $7.6 million and a foreign currency gain of $1.4 million.
Current report
In 2024, the effective income tax rate is higher than the statutory rate of 21% due primarily to the impact of stock-based awards and unbenefited losses, partially offset by research credits.
Current report
On August 2, 2024, the Angi Inc. board of directors approved a new stock repurchase authorization of 25 million shares.
Removed paragraphs (3)
Previous report
Services selling and marketing expense decreased $4.4 million, or 35%, driven by a decrease of $1.9 million in compensation expense. The decrease in compensation expense is primarily due to lower headcount beginning in the second quarter of 2023.
Previous report
Services general and administrative expense decreased $4.3 million, or 34%, due primarily to a decrease of $3.7 million in compensation expense due primarily to a $2.9 million decrease in stock-based compensation as a result of a reduction in headcount.
Previous report
Other income, net for the three months ended March 31, 2024 and 2023 includes interest income of $4.7 million and $3.4 million, respectively.
Reworded paragraphs (33)
Previous wording
Angi Inc. (“Angi,” the “Company,” “we,” “our,” or “us”) connects quality home service professionals with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. Approximately 192,000 transacting service professionals actively sought consumer matches, completed jobs, or advertised work through Angi Inc. platforms during the three months ended March 31, 2024. Additionally, consumers turned to at least one of our businesses to find a service professional for approximately 21 million projects during the twelve months ended March 31, 2024.
Current wording
Angi Inc. (“Angi,” the “Company,” “we,” “our,” or “us”) connects quality home service professionals with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. Approximately 187,000 transacting service professionals actively sought consumer matches, completed jobs, or advertised work through Angi Inc. platforms during the three months ended June 30, 2024. Additionally, consumers turned to at least one of our businesses to find a service professional for approximately 19 million projects during the twelve months ended June 30, 2024.
Previous wording
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)is a non-GAAP financial measure. See “Principles of Financial Reporting” for the definition of Adjusted EBITDA and a reconciliation of net loss attributable to Angi Inc. shareholders to operating income (loss) to consolidated Adjusted EBITDA for the three months ended March 31, 2024 and 2023.
Current wording
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)is a non-GAAP financial measure. See “Principles of Financial Reporting” for the definition of Adjusted EBITDA and a reconciliation of net earnings (loss) attributable to Angi Inc. shareholders to operating income (loss) to consolidated Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023.
Previous wording
Results of Operations for the Three Months Ended March 31, 2024 compared to the Three Months Ended March 31, 2023
Current wording
Results of Operations for the three and six months ended June 30, 2024 compared to the three and six months ended June 30, 2023
Previous wording
Ads and Leads revenue decreased $43.9 million, or 15%, due primarily to a decrease in consumer connection revenue of $52.4 million, or 25%, partially offset by an increase of $10.0 million, or 15%, in advertising revenue. The decrease in consumer connection revenue was due primarily to declines in Monetized Transactions as a result of fewer transacting SPs resulting from a reduction in unprofitable sales and changes to demand channels to increase lead quality to enhance the user experience for both homeowners and service professionals and to improve profitability through greater matching efficiency and bidding optimization as evidenced by a higher ratio of Monetized Transactions per Service Request. The increase in advertising revenue was primarily driven by continued growth in sales.
Current wording
Ads and Leads revenue decreased $35.2 million, or 12%, due primarily to a decrease in consumer connection revenue of $41.4 million, or 20%, partially offset by an increase of $8.3 million, or 12%, in advertising revenue. The decrease in consumer connection revenue was driven by ongoing user-experience enhancements as well as lower sales and marketing spend, resulting in both lower Service Requests and lower acquisition of new service professionals. The increase in advertising revenue was primarily driven by continued growth in sales.
Previous wording
International revenue increased $5.4 million, or 18%, due primarily to a larger service professional network and higher revenue per service professional.
Current wording
International revenue increased $4.0 million, or 14%, due primarily to a larger service professional network and higher revenue per service professional.
Previous wording
Services revenue decreased $11.6 million, or 36%, due primarily to lower Service Requests as a result of certain efforts described in Ads and Leads above. In addition, the decrease in revenue reflects the residual impact from contracts entered into prior to January 1, 2023 and recognized as gross revenue in the first quarter of 2023. Effective January 1, 2023, Angi Inc. modified the Services terms and conditions resulting in net revenue reporting.
Current wording
Services revenue decreased $16.9 million, or 27%, due primarily to the factors described above in the three-month discussion. In addition, the decrease in revenue reflects the residual impact from contracts entered into prior to January 1, 2023 and recognized as gross revenue in the first quarter of 2023. Effective January 1, 2023, Angi Inc. modified the Services terms and conditions resulting in net revenue reporting.
Previous wording
Depreciation decreased $1.3 million, or 5%, and is not materially different from the first quarter of 2023.
Current wording
Ads and Leads cost of revenue increased $0.7 million, or 8%, and is not materially different from the second quarter of 2023.
Previous wording
Services cost of revenue decreased $5.9 million, or 66%, and decreased as a percentage of revenue, due primarily to a $5.3 million decrease in payments to third-party professional service providers primarily reflecting the residual impact from contracts entered into prior to January 1, 2023.
Current wording
Services cost of revenue decreased $7.1 million, or 52%, and stayed consistent as a percentage of revenue, due primarily to a $6.2 million decrease in payments to third-party professional service providers primarily reflecting the residual impact from contracts entered into prior to January 1, 2023.
Previous wording
Angi gross profit decreased $45.7 million, or 13%, due primarily to the decrease in revenue described in the revenue discussion above.
Current wording
Angi gross profit decreased $35.9 million, or 11%, due primarily to the decrease in revenue described in the revenue discussion above.
Previous wording
Ads and Leads selling and marketing expense decreased $40.3 million, or 23%, driven by decreases in advertising expense of $31.9 million due to improved efficiency and compensation expense of $7.5 million primarily due to a reduction in headcount.
Current wording
Ads and Leads selling and marketing expense decreased $48.4 million, or 26%, driven by decreases in advertising expense of $41.8 million due to improved efficiency and compensation expense of $3.5 million primarily due to a reduction in headcount.
Previous wording
Ads and Leads general and administrative expense decreased $7.4 million, or 12%, due primarily to decreases of $7.7 million in the provision for credit losses and $3.5 million in professional fees, partially offset by a $1.9 million increase in lease expense. The decrease in the provision for credit losses is primarily due to lower revenue and improved collection rates. The decrease in professional fees is primarily due to a reduction in legal-related expenses. The increase in lease expense is primarily due to an impairment charge of a right-of-use asset recognized in the first quarter of 2024 related to the Company reducing its real estate footprint.
Current wording
Ads and Leads general and administrative expense decreased $15.0 million, or 13%, due primarily to decreases of $14.5 million in the provision for credit losses and $4.0 million in legal fees, partially offset by an increase of $6.3 million in lease expense. The decrease in the provision for credit losses is primarily due to lower revenue and improved collection rates. The decrease in professional fees is primarily due to a reduction in legal settlements. The increase in lease expense is primarily due to impairment charges of $6.8 million of ROU assets related to the Company reducing its real estate footprint.
Previous wording
Product development expense decreased $1.6 million, or 6%, and is not materially different from the first quarter of 2023.
Current wording
Product development expense decreased by $0.8 million, or 3%, and $2.3 million, or 5%, for the three and six months ended June 30, 2024, respectively, and is not materially different from the three and six months ended June 30, 2023.
Previous wording
Operating loss decreased $13.6 million to income of $2.7 million due primarily to the factors described above in the revenue, cost of revenue, sales and marketing, general and administrative, product development, and depreciation expense discussions.
Current wording
Operating income increased from operating losses for the three and six months ended June 30, 2024 compared to the three and six months ended June 30, 2023, due primarily to the factors described above in the revenue, cost of revenue, sales and marketing, general and administrative, product development, and depreciation expense discussions, as well as a decrease in expense related to amortization of intangibles due primarily to certain intangible assets becoming fully amortized.
Previous wording
At March 31, 2024, there was $48.7 million of unrecognized compensation cost, net of estimated forfeitures, related to all equity-based awards, which is expected to be recognized over a weighted average period of approximately 2.35 years.
Current wording
At June 30, 2024, there was $48.7 million of unrecognized compensation cost, net of estimated forfeitures, related to all equity-based awards, which is expected to be recognized over a weighted average period of approximately 2.26 years.
Previous wording
For a reconciliation of net loss attributable to Angi Inc. shareholders to operating income (loss) to consolidated Adjusted EBITDA, see “Principles of Financial Reporting.” For a reconciliation of operating income (loss) to Adjusted EBITDA for the Company’s reportable segments, see “Note 5—Segment Information” to the financial statements included in “Item 1. Consolidated Financial Statements.”
Current wording
For a reconciliation of net earnings (loss) attributable to Angi Inc. shareholders to operating income (loss) to consolidated Adjusted EBITDA, see “Principles of Financial Reporting.” For a reconciliation of operating income (loss) to Adjusted EBITDA for the Company’s reportable segments, see “Note 5—Segment Information” to the financial statements included in “Item 1. Consolidated Financial Statements.”
Previous wording
Ads and Leads Adjusted EBITDA increased $1.4 million, or 3%, to $41.2 million, and increased as a percentage of revenue, driven by lower selling and marketing expense due to improved marketing efficiency and lower general and administrative expense due to the decrease in the provision for credit losses and legal-related expenses, partially offset by lower gross profit due to a decrease in revenue and an increase in lease expense.
Current wording
Ads and Leads Adjusted EBITDA increased $20.8 million, or 74%, to $49.0 million, and increased as a percentage of revenue, driven by lower selling and marketing expense due to improved marketing efficiency and lower general and administrative expense due to the decrease in the provision for credit losses and lower compensation costs, partially offset by lower gross profit due to a decrease in revenue, and an increase in lease expense.
Previous wording
International Adjusted EBITDA increased $2.3 million, or 53%, to $6.7 million, driven by an increase in revenue.
Current wording
International Adjusted EBITDA increased $2.3 million, or 81%, to $5.1 million, driven by an increase in revenue and continued operating expense leverage.
Previous wording
Services Adjusted EBITDA increased $2.2 million, from a loss of $2.2 million to income of less than $0.1 million, and increased as a percentage of revenue, driven by lower operating expenses due to a reduced overall cost base as a result of exiting complex and less profitable offerings.
Current wording
Services Adjusted EBITDA increased $2.5 million, from a loss of $0.5 million to income of $2.0 million, and increased as a percentage of revenue, driven by higher gross profit due to exiting complex and less profitable offerings and lower compensation costs and other operating expenses.
Previous wording
Interest expense was flat compared to the first quarter of 2023.
Current wording
Interest expense was flat compared to the three and six months ended June 30, 2023.
Previous wording
In 2024, the Company recorded an income tax provision due primarily to the impact of stock-based awards and unbenefited losses, partially offset by research credits.
Current wording
In 2024, the effective income tax rate is higher than the statutory rate of 21% due primarily to the impact of stock-based awards and unbenefited losses, partially offset by research credits.
Previous wording
In 2023, the Company recorded an income tax provision, despite a pre-tax loss, due primarily to nondeductible stock-based compensation and foreign income taxed at different rates, partially offset by research credits.
Current wording
In 2023, the Company recorded an income tax provision, despite a pre-tax loss, due primarily to nondeductible stock-based compensation expense and foreign income taxed at different rates, partially offset by research credits.
Previous wording
The following table reconciles net loss attributable to Angi Inc. shareholders to operating income (loss) to consolidated Adjusted EBITDA:
Current wording
The following table reconciles net earnings (loss) attributable to Angi Inc. shareholders to operating income (loss) to consolidated Adjusted EBITDA:
Previous wording
For a reconciliation of operating income (loss) to Adjusted EBITDA for the Company’s reportable segments, see “Note 5—Segment Information” to the consolidated financial statements included in “Item 1. Consolidated Financial Statements.”
Current wording
For a reconciliation of operating income (loss) to Adjusted EBITDA for the Company’s reportable segments, see “Note 5—Segment Information” to the financial statements included in “Item 1. Consolidated Financial Statements.”
Previous wording
Adjustments to net loss attributable to continuing operations consist primarily of $23.8 million of depreciation, $15.9 million of provision for credit losses, $9.4 million of stock-based compensation expense, $4.8 million of non-cash lease expense (including impairment of right-of-use assets), and $1.3 million of deferred income taxes. The decrease from changes in working capital consists primarily of an increase of $25.8 million in accounts receivable and decreases of $17.4 million in accounts payable and other liabilities and $4.5 million in operating lease liabilities, partially offset by a decrease of $13.3 million of other assets. The increase in accounts receivable is due primarily to timing of cash receipts. The decrease in accounts payable and other liabilities is due primarily to payments for accrued compensation. The decrease in operating lease liabilities is due to cash payments on leases net of interest accretion. The decrease in other assets is due primarily to the receipt of an insurance claim from coverage for previously incurred legal fees.
Current wording
Adjustments to net earnings attributable to continuing operations consist primarily of $48.2 million of depreciation, $28.9 million of provision for credit losses, $18.1 million of stock-based compensation expense, $12.1 million of non-cash lease expense (including impairment of right-of-use assets), and $1.7 million of deferred income taxes. The decrease from changes in working capital consists primarily of an increase of $44.3 million in accounts receivable and a decrease of $9.5 million in operating lease liabilities, partially offset by a decrease of $20.5 million in other assets and an increase of $2.5 million in accounts payable and other liabilities. The increase in accounts receivable is due primarily to timing of cash receipts. The decrease in operating lease liabilities is due to cash payments on leases net of interest accretion. The decrease in other assets is due primarily to the receipt of an insurance claim from coverage for previously incurred legal fees and a decrease in prepaid hosting services. The increase in accounts payable and other liabilities is due primarily to an increase in accrued advertising, partially offset by timing of payments.
Previous wording
Net cash used in investing activities attributable to continuing operations includes capital expenditures of $12.8 million primarily related to investments in capitalized software to support the Company’s products and services.
Current wording
Net cash used in investing activities attributable to continuing operations includes capital expenditures of $25.4 million primarily related to investments in capitalized software to support the Company’s products and services.
Previous wording
Net cash used in financing activities attributable to continuing operations includes $6.9 million for the repurchase of 2.9 million shares of Angi Inc. Class A common stock, on a settlement date basis, at an average price of $2.37 per share and $3.2 million for the payment of withholding taxes on behalf of employees for stock-based awards that were net settled.
Current wording
Net cash used in financing activities attributable to continuing operations includes $18.2 million for the repurchase of 8.1 million shares of Angi Inc. Class A common stock, on a settlement date basis, at an average price of $2.24 per share and $4.7 million for the payment of withholding taxes on behalf of employees for stock-based awards that were net settled.
Previous wording
Adjustments to net loss attributable to continuing operations consist primarily of $25.2 million of depreciation, $23.7 million of provision for credit losses, $12.7 million of stock-based compensation expense, $3.5 million of non-cash lease expense (including impairment of right-of-use assets), and $2.7 million of amortization of intangibles. The decrease from changes in working capital consists primarily of an increase of $22.4 million in accounts receivable and decreases of $10.3 million in accounts payable and other liabilities and $4.6 million in operating lease liabilities. The increase in accounts receivable is due primarily to timing of cash receipts for credit card transactions. The decrease in accounts payable and other liabilities is due, in part, to payments for accrued compensation. The decrease in operating lease liabilities is due to cash payments on leases net of interest accretion.
Current wording
Adjustments to net loss attributable to continuing operations consist primarily of $47.2 million of depreciation, $45.0 million of provision for credit losses, $23.0 million of stock-based compensation expense, $6.4 million of non-cash lease expense, and $5.3 million of amortization of intangibles. The decrease from changes in working capital consists primarily of an increase of $36.8 million in accounts receivable and a decrease of $12.3 million in operating lease liabilities, partially offset by an increase of $20.2 million in accounts payable and other liabilities. The increase in accounts receivable is due primarily to timing of cash receipts. The decrease in operating lease liabilities is due to cash payments on leases net of interest accretion. The increase in accounts payable and other liabilities is due, in part, to timing of payments.
Previous wording
Net cash used in investing activities attributable to continuing operations includes $12.4 million of purchases of marketable debt securities and $11.9 million of capital expenditures, primarily related to investments in capitalized software to support the Company’s products and services.
Current wording
Net cash used in investing activities attributable to continuing operations includes capital expenditures of $22.3 million primarily related to investments in capitalized software to support the Company’s products and services and purchases of marketable debt securities of $12.4 million, partially offset by proceeds from maturities of marketable debt securities of $12.5 million.
Previous wording
Net cash used in financing activities attributable to continuing operations includes $1.4 million for the payment of withholding taxes on behalf of employees for stock-based awards that were net settled.
Current wording
Net cash used in financing activities attributable to continuing operations includes $4.1 million for the payment of withholding taxes on behalf of employees for stock-based awards that were net settled and $3.4 million for the repurchase of 1.1 million shares of Angi Inc. Class A common stock, on a settlement date basis, at an average price of $3.22 per share.
Previous wording
Net cash used in discontinued operations of $2.1 million for the three months ended March 31, 2023 relates to the operations for THR. The Company does not expect cash flows from discontinued operations following the sale of THR.
Current wording
Net cash provided by discontinued operations of $1.0 million for the six months ended June 30, 2023 relates to the operations for THR. The Company does not expect cash flows from discontinued operations following the sale of THR.
Previous wording
During the three months ended March 31, 2024, the Company repurchased 2.8 million shares of its Class A common stock, on a trade date basis, at an average price of $2.37 per share, or $6.7 million in aggregate. During the fourth quarter of 2023, Angi Inc. announced its intent to utilize the remaining 14.0 million shares in its stock repurchase authorization. From April 1, 2024 through May 3, 2024 the Company repurchased an additional 3.1 million shares at an average price of $2.22 per share, or $6.8 million in aggregate. The Company had 4.7 million shares remaining in its share repurchase authorization as of May 3, 2024.
Current wording
During the six months ended June 30, 2024, the Company repurchased 8.2 million shares of its Class A common stock, on a trade date basis, at an average price of $2.23 per share, or $18.2 million in aggregate. During the fourth quarter of 2023, Angi Inc. announced its intent to utilize the remaining 14.0 million shares in its stock repurchase authorization. From July 1, 2024 through August 2, 2024 the Company repurchased an additional 1.9 million shares at an average price of $2.17 per share, or $4.0 million in aggregate. The Company had 0.6 million shares remaining in its previous share repurchase authorization as of August 2, 2024.
Previous wording
The Company’s 2024 capital expenditures are expected to be higher than 2023 capital expenditures of $47.8 million by approximately 15% to 30%, due to an increase in the capitalization rate of software development projects.
Current wording
The Company’s 2024 capital expenditures are expected to be higher than 2023 capital expenditures of $47.8 million by approximately 10% to 25%, due to an increase in the capitalization rate of software development projects.
Previous wording
At March 31, 2024, IAC held all Class B shares of Angi Inc., which represent 84.3% of the economic interest and 98.2% of the voting interest of the Company. As a result, IAC has the ability to control Angi’s financing activities, including the issuance of additional debt and equity securities by Angi or any of its subsidiaries, or the incurrence of other indebtedness generally. While Angi is expected to have the ability to access debt and equity markets if needed, such transactions may require the approval of IAC due to its control of the majority of the outstanding voting power of Angi’s capital stock and its representation on the Angi board of directors.
Current wording
At June 30, 2024, IAC held all Class B shares of Angi Inc., which represent 84.9% of the economic interest and 98.2% of the voting interest of the Company. As a result, IAC has the ability to control Angi’s financing activities, including the issuance of additional debt and equity securities by Angi or any of its subsidiaries, or the incurrence of other indebtedness generally. While Angi is expected to have the ability to access debt and equity markets if needed, such transactions may require the approval of IAC due to its control of the majority of the outstanding voting power of Angi’s capital stock and its representation on the Angi board of directors.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Services revenue decreased $5.3 million, or 18%, due primarily to lower Service Requests as a result of the efforts described in Ads and Leads above.
Current report — wording carried from elsewhere
Angi gross profit decreased $81.6 million, or 12%, due primarily to the decrease in revenue described in the revenue discussion above.
Current report — wording carried from elsewhere
Ads and Leads Adjusted EBITDA increased $22.2 million, or 33%, to $90.2 million, and increased as a percentage of revenue, driven by lower selling and marketing expense due to improved marketing efficiency and lower general and administrative expense due to the decrease in the provision for credit losses and lower compensation costs, partially offset by lower gross profit due to a decrease in revenue, and an increase in lease expense.
Current report — wording carried from elsewhere
For the three months ended June 30, 2024 and 2023
Current report — wording carried from elsewhere
In 2023, the Company recorded an income tax provision, despite a pre-tax loss, due primarily to nondeductible stock-based compensation expense and foreign income taxed at different rates, partially offset by research credits.