ANGI INC. Angi Inc. | |||
Q3 2021 Earnings | |||
Supplemental Financial Information and Operating Metrics | |||
Table of Contents | |||
Page(s) | |||
Financial Results and Reconciliations | 2-3 | ||
Operating Metrics | 4 |
Angi Inc.
Financial Results and Reconciliations (Unaudited) ($ in millions; rounding differences may occur)
2019 | 2020 | 2021 | ||||||||||||||||||||||||||||
FYE 12/31 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | ||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||
North America | $ | 1,249.9 | $ | 324.1 | $ | 357.4 | $ | 372.2 | $ | 341.7 | $ | 1,395.4 | $ | 361.0 | $ | 399.9 | $ | 443.5 | ||||||||||||
Europe | 76.3 | 19.5 | 17.6 | 17.7 | 17.6 | 72.5 | 26.0 | 21.0 | 18.0 | |||||||||||||||||||||
Total Revenue | $ | 1,326.2 | $ | 343.6 | $ | 375.1 | $ | 389.9 | $ | 359.3 | $ | 1,467.9 | $ | 387.0 | $ | 421.0 | $ | 461.6 | ||||||||||||
Operating income (loss) | ||||||||||||||||||||||||||||||
North America | $ | 49.0 | $ | (8.1) | $ | 16.2 | $ | 0.3 | $ | (3.6) | $ | 4.8 | $ | 9.6 | $ | (32.1) | $ | (14.7) | ||||||||||||
Europe | (10.3) | (8.2) | 1.5 | (3.3) | (1.1) | (11.2) | (9.5) | (0.6) | (0.3) | |||||||||||||||||||||
Total operating income (loss) | $ | 38.6 | $ | (16.3) | $ | 17.6 | $ | (3.0) | $ | (4.7) | $ | (6.4) | $ | 0.1 | $ | (32.7) | $ | (15.0) | ||||||||||||
Stock-based compensation expense | ||||||||||||||||||||||||||||||
North America | $ | (67.6) | $ | (25.3) | $ | (14.5) | $ | (14.6) | $ | (28.5) | $ | (82.9) | $ | (1.9) | $ | (9.5) | $ | (8.7) | ||||||||||||
Europe | (0.6) | (0.3) | (0.3) | (0.1) | (0.1) | (0.7) | (0.1) | (0.1) | (0.1) | |||||||||||||||||||||
Total stock-based compensation expense | $ | (68.3) | $ | (25.6) | $ | (14.8) | $ | (14.7) | $ | (28.6) | $ | (83.6) | $ | (2.0) | $ | (9.5) | $ | (8.8) | ||||||||||||
Depreciation | ||||||||||||||||||||||||||||||
North America | $ | (37.5) | $ | (11.3) | $ | (11.5) | $ | (12.8) | $ | (13.0) | $ | (48.5) | $ | (14.6) | $ | (13.7) | $ | (13.4) | ||||||||||||
Europe | (2.4) | (0.8) | (1.1) | (1.2) | (1.0) | (4.1) | (1.4) | (1.4) | (1.4) | |||||||||||||||||||||
Total depreciation | $ | (39.9) | $ | (12.1) | $ | (12.6) | $ | (13.9) | $ | (14.0) | $ | (52.6) | $ | (16.0) | $ | (15.1) | $ | (14.7) | ||||||||||||
Amortization of intangibles | ||||||||||||||||||||||||||||||
North America | $ | (54.1) | $ | (12.9) | $ | (12.9) | $ | (12.8) | $ | (4.0) | $ | (42.6) | $ | (5.1) | $ | (3.7) | $ | (3.9) | ||||||||||||
Europe | (1.4) | (0.1) | (0.1) | (0.1) | (0.0) | (0.3) | - | - | - | |||||||||||||||||||||
Total amortization of intangibles | $ | (55.5) | $ | (13.0) | $ | (13.0) | $ | (12.9) | $ | (4.1) | $ | (42.9) | $ | (5.1) | $ | (3.7) | $ | (3.9) | ||||||||||||
Adjusted EBITDA (a) | ||||||||||||||||||||||||||||||
North America | $ | 208.2 | $ | 41.4 | $ | 55.0 | $ | 40.5 | $ | 42.0 | $ | 178.9 | $ | 31.2 | $ | (5.3) | $ | 11.2 | ||||||||||||
Europe | (5.9) | (7.0) | 2.9 | (2.0) | 0.0 | (6.1) | (8.0) | 0.9 | 1.2 | |||||||||||||||||||||
Total Adjusted EBITDA | $ | 202.3 | $ | 34.4 | $ | 57.9 | $ | 38.5 | $ | 42.0 | $ | 172.8 | $ | 23.2 | $ | (4.4) | $ | 12.4 | ||||||||||||
See notes on page 3
2
Angi Inc.
Financial Results and Reconciliations (Unaudited) ($ in millions; rounding differences may occur)
2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||
FYE 12/31 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | ||||||||||||||||||||||||
Net earnings (loss) attributable to Angi Inc. shareholders | 34.8 | (9.0) | $ | 12.7 | $ | 4.5 | (14.5) | (6.3) | 1.9 | $ | (30.3) | $ | (17.0) | |||||||||||||||||||||
$ | $ | |||||||||||||||||||||||||||||||||
Add back: | ||||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to noncontrolling interests | 0.5 | (0.2) | 0.5 | 0.7 | 1.1 | 2.1 | 0.1 | 0.2 | 0.3 | |||||||||||||||||||||||||
Income tax (benefit) provision | (1.7) | (9.0) | 3.0 | (11.7) | 2.5 | (15.2) | (9.3) | (9.1) | (4.8) | |||||||||||||||||||||||||
Other (income) expense, net | (6.5) | (0.4) | (0.2) | (0.2) | (0.4) | (1.2) | 0.8 | 0.6 | 0.5 | |||||||||||||||||||||||||
Interest expense | 11.5 | 2.3 | 1.6 | 3.7 | 6.6 | 14.2 | 6.6 | 5.8 | 6.0 | |||||||||||||||||||||||||
Operating income (loss) | 38.6 | (16.3) | 17.6 | (3.0) | (4.7) | (6.4) | 0.1 | (32.7) | (15.0) | |||||||||||||||||||||||||
Add back: | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 68.3 | 25.6 | 14.8 | 14.7 | 28.6 | 83.6 | 2.0 | 9.5 | 8.8 | |||||||||||||||||||||||||
Depreciation | 39.9 | 12.1 | 12.6 | 13.9 | 14.0 | 52.6 | 16.0 | 15.1 | 14.7 | |||||||||||||||||||||||||
Amortization of intangibles | 55.5 | 13.0 | 13.0 | 12.9 | 4.1 | 42.9 | 5.1 | 3.7 | 3.9 | |||||||||||||||||||||||||
Adjusted EBITDA | $ | 202.3 | $ | 34.4 | $ | 57.9 | $ | 38.5 | $ | 42.0 | $ | 172.8 | $ | 23.2 | $ | (4.4) | $ | 12.4 | ||||||||||||||||
Diluted weighted average shares outstanding | 517.9 | 499.5 | 510.5 | 514.7 | 499.9 | 498.2 | 510.7 | 504.5 | 503.4 | |||||||||||||||||||||||||
Diluted earnings (loss) per share (b) | $ | 0.07 | $ | (0.02) | $ | 0.02 | $ | 0.01 | $ | (0.03) | $ | (0.01) | $ | 0.00 | $ | (0.06) | $ | (0.03) |
- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of amortization of intangible assets and impairments of goodwill and intangible assets, if applicable. We believe this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of its competitors. Adjusted EBITDA has certain limitations because it excludes the impact of these expenses.
- Quarterly per share amounts for 2020 may not add up to the related annual per share amount due to differences in the number of average common shares outstanding during each period.
3
Angi Inc.
(rounding differences may occur)
2019 | 2020 | 2021 | |||||||||||||||||||||||||||||||
FYE 12/31 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | Q1 | Q2 | Q3 | Q4 | FYE 12/31 | |||||||||||||||||||||||
Angi Inc. | |||||||||||||||||||||||||||||||||
Revenue ($ in millions) | |||||||||||||||||||||||||||||||||
Angi Ads and Leads (a) | $ | 1,198.4 | $ | 291.2 | $ | 325.2 | $ | 327.1 | $ | 289.4 | $ | 1,232.9 | $ | 306.3 | $ | 327.1 | $ | 326.2 | |||||||||||||||
Angi Services (b) | 51.5 | 32.9 | 32.2 | 45.1 | 52.3 | 162.5 | 54.7 | 72.8 | 117.4 | ||||||||||||||||||||||||
Total North America | $ | 1,249.9 | $ | 324.1 | $ | 357.4 | $ | 372.2 | $ | 341.7 | $ | 1,395.4 | $ | 361.0 | $ | 399.9 | $ | 443.5 | |||||||||||||||
Europe | 76.3 | 19.5 | 17.6 | 17.7 | 17.6 | 72.5 | 26.0 | 21.0 | 18.0 | ||||||||||||||||||||||||
Total Angi Inc. Revenue | $ | 1,326.2 | $ | 343.6 | $ | 375.1 | $ | 389.9 | $ | 359.3 | $ | 1,467.9 | $ | 387.0 | $ | 421.0 | $ | 461.6 | |||||||||||||||
Angi Service Requests (in thousands) (c) | 27,553 | 5,968 | 9,381 | 9,837 | 7,226 | 32,412 | 7,709 | 9,419 | 8,707 | ||||||||||||||||||||||||
Angi Monetized Transactions (in thousands) (d) | 16,068 | 3,590 | 4,514 | 4,716 | 3,851 | 16,672 | 4,193 | 5,006 | 4,783 | ||||||||||||||||||||||||
Angi Transacting Service Professionals (in thousands) (e) | 191 | 194 | 207 | 208 | 212 | 225 | 222 | ||||||||||||||||||||||||||
Angi Advertising Service Professionals (in thousands) (f) | 37 | 37 | 37 | 39 | 39 | 39 | 40 | 40 | 39 |
- Primarily reflects domestic ads and leads revenue, including consumer connection revenue for consumer matches, revenue from service professionals under contract for advertising and membership subscription revenue from service professionals and consumers.
- Primarily reflects domestic revenue from pre-priced offerings by which the consumer purchases services directly from Angi Inc. and Angi Inc. engages a service professional to perform the service and includes revenue from Total Home Roofing, Inc. ("Angi Roofing"), which was acquired on July 1, 2021.
- Fully completed and submitted domestic customer service requests and includes Angi Services requests in the period.
- Fully completed and submitted domestic customer service requests that were matched to and paid for by a service professional and includes completed and in-process Angi Services jobs in the period.
- The number of service professionals that paid for consumer matches through Angi Leads or performed an Angi Services job in the quarter.
- The number of service professionals under contract for advertising at the end of the period.
4
Attachments
- Original document
- Permalink
Disclaimer
ANGI Inc. published this content on 04 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2021 20:18:16 UTC.
