Angi (NASDAQ: ANGI) posts Q1 loss, shifts to AI and repurchases debt
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Angi Inc. reported Q1 2026 revenue of $238.2 million, down 3% from $245.9 million a year earlier, and swung to a net loss of $9.0 million from earnings of $15.1 million. Operating loss was $9.5 million, largely due to a $14.9 million restructuring charge tied to a global workforce reduction.
Adjusted EBITDA was $22.9 million versus $27.7 million, as Angi increased brand and TV marketing while Network Revenue fell 56% after implementing homeowner choice. Proprietary Revenue rose 7% and International Revenue 7%, with total U.S. Service Requests up 5% and Proprietary Service Requests up 17%.
Angi reorganized around an AI-native platform and between March 20 and May 5, 2026 repurchased $100.0 million of its 2028 Senior Notes for $91.9 million, realizing an $8.4 million gain and reducing debt. As of March 31, 2026, Angi held $244.6 million in cash and $471.4 million of Senior Notes. The company promoted long-time executive Michael Wanderer to Chief Operating Officer and appointed Austin Kaplicer as Chief Accounting Officer.
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Negative
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Insights
Angi trades short-term margin for AI-driven repositioning and deleveraging.
Angi’s Q1 2026 profile is mixed. Revenue slipped 3% to $238.2M, and a $14.9M restructuring charge pushed results to a $9.0M net loss. Adjusted EBITDA declined to $22.9M from $27.7M as the company stepped up brand and TV marketing.
Strategically, Angi is shifting product and development toward an AI-native platform while deliberately shrinking lower-quality Network Revenue (down 56%) and growing Proprietary Revenue (up 7%). U.S. Proprietary Service Requests rose 17%, suggesting healthier engagement in its preferred channels despite flat total Leads.
Balance sheet actions were notable: between March 20, 2026 and May 5, 2026, Angi repurchased $100.0M of 2028 Senior Notes for $91.9M in cash, creating an $8.4M gain and trimming debt to $471.4M outstanding. Cash stood at $244.6M, with a $175.0M revolving facility available, giving flexibility as it absorbs restructuring and invests behind AI and Proprietary growth.
8-K Event Classification
4 items: 2.02, 5.02, 7.01, 9.01
4 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revenue: $238.2M
Net (loss) earnings: -$9.0M
Adjusted EBITDA: $22.9M
+5 more
8 metrics
Revenue
$238.2M
Q1 2026 vs $245.9M in Q1 2025 (down 3%)
Net (loss) earnings
-$9.0M
Q1 2026 vs $15.1M net earnings in Q1 2025
Adjusted EBITDA
$22.9M
Q1 2026 vs $27.7M in Q1 2025 (down 17%)
Restructuring charge
$14.9M
Q1 2026 global workforce reduction impact on operating income
Senior Notes repurchased
$100.0M
Principal of 2028 Senior Notes bought back for $91.9M cash, $8.4M gain
Cash and cash equivalents
$244.6M
Balance as of March 31, 2026
Senior Notes outstanding
$471.4M
3.875% Senior Notes due August 15, 2028, as of March 31, 2026
Free Cash Flow
-$33.6M
Three months ended March 31, 2026
Key Terms
Adjusted EBITDA, Free Cash Flow, Proprietary Revenue, Network Revenue, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA, which excludes the $14.9 million restructuring charge, was $22.9 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"Free Cash Flow is defined as net cash provided by operating activities... less capital expenditures"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Proprietary Revenue financial
"Proprietary Revenue – the portion of U.S. Revenue allocated to Proprietary channels"
Network Revenue financial
"Network Revenue – the portion of U.S. Revenue allocated to Network channels"
Service Requests financial
"Service Requests – requests for connections with Pros in the period"
Average Monthly Active Pros financial
"Average Monthly Active Pros – the average number of Pros per month that (i) received Leads"
Earnings Snapshot
Revenue: $238.2M
Q1 2026
Revenue
$238.2M
-3% YoY
Net (loss) earnings
-$9.0M
from $15.1M profit
Adjusted EBITDA
$22.9M
-17% YoY
Operating (loss) income
-$9.5M
from $20.0M income
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2026
(Exact name of registrant as specified in charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: (303 ) 963-7200
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(Nasdaq Global Select Market) | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Item 7.01 Regulation FD Disclosure
On May 5, 2026, Angi Inc. (the “Company” or “Angi”) announced that it had released its results for the quarter ended March 31, 2026. The full text of the related press release, which is posted on the "Investor Relations" section of the Company's website at https://ir.angi.com/quarterly-earnings and appears in Exhibit 99.1 hereto, is incorporated herein by reference.
Exhibit 99.1 is being furnished under both Item 2.02 "Results of Operations and Financial Condition" and Item 7.01 "Regulation FD Disclosure."
The information contained in this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Chief Operating Officer and Related Compensatory Arrangements
On May 4, 2026, Mr. Michael Wanderer was appointed as Chief Operating Officer of Angi.
Prior to this appointment, Mr. Wanderer, age 50, served as Chief People Officer of Angi from September 2019 to May 2026 and SVP of People at Handy Technologies, Inc., which was acquired by Angi in October 2018, from February 2016 to August 2019. Prior to his roles at the Company, Mr. Wanderer served as Global Co-Head of HR at Jefferies Financial Group Inc., an investment bank, from July 2014 to November 2015, Chief Administration Officer of NYSE Technologies, Inc., a trading technology provider, from December 2009 to June 2013, and Chief Human Resources Officer of NYFIX, Inc., a financial technology firm, from April 2007 to December 2009. Earlier in his career, Mr. Wanderer held several human resources roles at Citigroup Inc., a financial services company. Mr. Wanderer received a Masters of Industrial and Labor Relations from Cornell University and a BA in Philosophy and Psychology from SUNY Geneseo.
There is no arrangement or understanding between Mr. Wanderer and any other persons pursuant to which Mr. Wanderer was selected as an officer within the meaning of Item 401(b) of Regulation S-K under the U.S. Securities Act of 1933, as amended (“Regulation S-K”), nor are there any family relationships between Mr. Wanderer and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company within the meaning of Item 401(d) of Regulation S-K. There are no transactions involving the Company and Mr. Wanderer that are required to be reported pursuant to Item 404(a) of Regulation S-K.
Chief Operating Officer Compensatory Arrangements
In connection with Mr. Wanderer’s appointment, effective on May 4, 2026, the Company and Mr. Wanderer entered into an employment agreement (the “Employment Agreement”).
Term. The Employment Agreement has a scheduled term of one year from the effective date of the Employment Agreement (May 4, 2026) and provides for automatic renewals for successive one-year terms absent written notice from the Company or Mr. Wanderer at least 90 days prior to the expiration of the then current term. It further provides that Mr. Wanderer’s employment is at-will.
Compensation. The Employment Agreement provides that during the term, Mr. Wanderer will be eligible to receive an annual base salary of $450,000, discretionary annual cash bonus of up to $350,000, equity awards and such other employee benefits as may be reasonably determined by the Compensation Committee of the Company’s Board of Directors from time to time.
The Employment Agreement also provides that Mr. Wanderer will receive 12,500 restricted stock units under the Company’s Amended and Restated Angi Inc. 2017 Stock and Annual Incentive Plan that vest in one installment on the first anniversary of the grant date, subject to Mr. Wanderer’s continued employment with the Company.
Severance. Upon a termination of Mr. Wanderer’s employment by the Company without “cause” (as defined in the Employment Agreement, and other than by reason of death or disability), Mr. Wanderer’s resignation for “good reason” (as defined in the Employment Agreement) or the timely delivery of a non-renewal notice by the Company, subject to the execution and non-revocation of a release of claims in favor of the Company and Mr. Wanderer’s compliance with the restrictive covenants set forth below:
(i) the Company will continue to pay Mr. Wanderer his annual base salary for one year following such termination or resignation (the “Severance Period”); and
(ii) all unvested Angi equity awards (including cliff vesting awards, if any, which shall be pro-rated as though such awards had an annual vesting schedule) held by Mr. Wanderer that would have otherwise vested during the Severance Period shall vest as of the date of termination.
Restrictive Covenants. Pursuant to the Employment Agreement, Mr. Wanderer is bound by a covenant not to compete with the Company and its businesses during the term of his employment and the Severance Period and by covenants not to solicit the Company’s employees or business partners during the term of his employment and for 12 months after his termination or resignation.
The foregoing description of the Employment Agreement is a summary and is qualified in its entirety by the text of the Employment Agreement, a copy of which will be included as an exhibit to the Company’s future SEC filings.
Appointment of Principal Accounting Officer
On May 4, 2026, Mr. Austin Kaplicer was appointed as Chief Accounting Officer of Angi. In this role, Mr. Kaplicer will serve as the Company’s principal accounting officer.
Prior to joining Angi, Mr. Kaplicer, age 46, served in various finance leadership roles at Vimeo, Inc., a video software platform, from March 2021 to December 2025, most recently as Interim Chief Financial Officer and Senior Vice President, Controller. In these capacities, he was responsible for Vimeo's global accounting, financial reporting and finance operations. Prior to Vimeo, Mr. Kaplicer held senior finance and accounting roles at Indeed, Inc., an employment search engine, from January 2020 to February 2021, and Time Warner Inc., a media and entertainment conglomerate, from May 2007 to December 2019, with a focus on financial reporting and technical accounting. Earlier in his career, he worked in public accounting, including with KPMG. Mr. Kaplicer is a Certified Public Accountant.
There is no arrangement or understanding between Mr. Kaplicer and any other persons pursuant to which Mr. Kaplicer was selected as an officer within the meaning of Item 401(b) of Regulation S-K, nor are there any family relationships between Mr. Kaplicer and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company within the meaning of Item 401(d) of Regulation S-K. There are no transactions involving the Company and Mr. Kaplicer that are required to be reported pursuant to Item 404(a) of Regulation S-K.
In connection with his appointment, Mr. Kaplicer will receive a grant of 90,000 Angi restricted stock units on a date following July 1, 2026, pursuant to the Company’s Amended and Restated 2017 Stock and Annual
Incentive Plan, which award shall be scheduled to vest in three equal annual installments, on the first, second and third anniversaries of the award date, subject to continued service.
Item 9.01. Financial Statements and Exhibits
Exhibit Number | Description | ||||
99.1 | Press Release of Angi Inc., dated May 5, 2026. | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ANGI INC. | ||||||||
By: | /s/ Shannon M. Shaw | |||||||
Name: | Shannon M. Shaw | |||||||
Title: | Chief Legal Officer | |||||||
Date: May 5, 2026 | ||||||||
Page 1 of 14
ANGI 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 $100.0 million, or 20%, of senior notes at a discount, strengthening the balance sheet
Angi promotes Michael Wanderer to Chief Operating Officer, effective May 4, 2026
DENVER — May 5, 2026 — Angi Inc. (NASDAQ: ANGI) released its first quarter results today and separately posted a letter to shareholders from Jeff Kip, the Chief Executive Officer of Angi Inc., outlining the Company’s strategic priorities and transition to an AI-native platform, on the Investor Relations section of Angi Inc.’s website at ir.angi.com.
| ANGI INC. SUMMARY RESULTS | ||||||||||||||||||||
| ($ in millions except per share amounts) | ||||||||||||||||||||
| 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) | % | ||||||||||||||||
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.
Page 2 of 14
•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.
U.S. QUARTERLY PRO METRICS | |||||||||||||||||
| (in thousands, rounding differences may occur) | |||||||||||||||||
| Q1 2026 | Q1 2025 | % Change | |||||||||||||||
| Acquired Pros | 23 | 24 | (2) | % | |||||||||||||
| Average Monthly Active Pros | 105 | 134 | (22) | % | |||||||||||||
Average Monthly Churn | (5.0) | % | (4.5) | % | (11) | % | |||||||||||
U.S. PROPRIETARY AND NETWORK CHANNEL METRICS | |||||||||||||||||
| (in thousands, rounding differences may occur) | |||||||||||||||||
| Q1 2026 | Q1 2025 | % Change | |||||||||||||||
| 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) | % | |||||||||||
Page 3 of 14
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.
Page 4 of 14
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.
Page 5 of 14
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) | |||||||
Page 6 of 14
| Angi Inc. and Subsidiaries | |||||||||||
| CONSOLIDATED BALANCE SHEET | |||||||||||
| (Unaudited) | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| (In thousands) | |||||||||||
| 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 | |||||||
Page 7 of 14
| Angi Inc. and Subsidiaries | |||||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (In thousands) | |||||||||||
| 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 | |||||||
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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) | % | |||||||||||
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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) | |||||||
Page 10 of 14
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 | |||||||||||||||||||
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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.
Page 12 of 14
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.
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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
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
Page 14 of 14
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
FAQ
How did Angi (ANGI) perform financially in Q1 2026?
Angi generated $238.2 million in Q1 2026 revenue, down 3% from $245.9 million a year earlier. The company reported a net loss of $9.0 million, compared with net earnings of $15.1 million, reflecting restructuring charges and higher marketing spending.
What were Angi (ANGI)’s key profitability metrics in Q1 2026?
Angi posted an operating loss of $9.5 million, versus operating income of $20.0 million in Q1 2025, mainly due to a $14.9 million restructuring charge. Adjusted EBITDA was $22.9 million, down from $27.7 million, as the company increased brand marketing and faced lower Network Revenue.
How are Angi’s Proprietary and Network channels trending?
In Q1 2026, Proprietary Revenue grew 7% to $185.4 million, while Network Revenue fell 56% to $17.1 million, following homeowner choice changes. U.S. Proprietary Service Requests increased 17%, but Network Service Requests declined 55%, showing a deliberate mix shift toward Proprietary channels.
What capital structure actions did Angi (ANGI) take in early 2026?
Between March 20 and May 5, 2026, Angi repurchased $100.0 million principal of its 2028 Senior Notes for $91.9 million in cash, realizing an $8.4 million gain. As of March 31, 2026, it had $244.6 million in cash and $471.4 million of Senior Notes outstanding.
What leadership changes did Angi (ANGI) announce?
Effective May 4, 2026, Angi promoted Michael Wanderer to Chief Operating Officer, with a $450,000 base salary, up to $350,000 target bonus and 12,500 RSUs. The company also appointed Austin Kaplicer as Chief Accounting Officer, who will receive 90,000 RSUs vesting over three years.
How strong is Angi (ANGI)’s liquidity position after Q1 2026?
As of March 31, 2026, Angi held $244.6 million in cash and cash equivalents and had $175.0 million available under its senior secured revolving facility. Despite negative free cash flow of $33.6 million in the quarter, these resources support ongoing restructuring and growth investments.