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Table of Contents
As filed with the Securities and Exchange Commission on August 8, 2019

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2019
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________                            
Commission File No. 001-38220
 
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13052666&doc=12
ANGI HOMESERVICES INC.
(Exact name of registrant as specified in its charter)
Delaware
 
82-1204801
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
3601 Walnut Street, Denver, CO 80205
(Address of registrant's principal executive offices)
(303963-7200
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of exchange on which registered
Class A Common Stock, par value $0.001
 
ANGI
 
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
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
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 

As of August 2, 2019, the following shares of the registrant's common stock were outstanding:
Class A Common Stock
85,989,523

Class B Common Stock
421,452,903

Class C Common Stock

Total outstanding Common Stock
507,442,426





TABLE OF CONTENTS
 
 
Page
Number
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




2

Table of Contents

PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
 
June 30, 2019
 
December 31, 2018
 
(In thousands, except par value amounts)
ASSETS
 
 
 
Cash and cash equivalents
$
380,563

 
$
336,984

Marketable securities

 
24,947

Accounts receivable, net of allowance and reserves of $22,790 and $16,603, respectively
56,835

 
27,263

Other current assets
63,478

 
84,933

Total current assets
500,876

 
474,127

 
 
 
 
Right-of-use assets
103,997

 

Property and equipment, net of accumulated depreciation and amortization of $49,053 and $36,473, respectively
99,883

 
70,859

Goodwill
914,505

 
894,709

Intangible assets, net of accumulated amortization of $113,958 and $85,589, respectively
276,238

 
304,295

Deferred income taxes
52,842

 
40,837

Other non-current assets
8,662

 
23,200

TOTAL ASSETS
$
1,957,003

 
$
1,808,027

 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
LIABILITIES:
 
 
 
Current portion of long-term debt
$
13,750

 
$
13,750

Accounts payable
34,187

 
20,083

Deferred revenue
65,334

 
61,417

Accrued expenses and other current liabilities
112,876

 
105,987

Total current liabilities
226,147

 
201,237

 
 
 
 
Long-term debt, net
238,357

 
244,971

Long-term debt—related party

 
1,015

Deferred income taxes
3,435

 
3,808

Other long-term liabilities
121,097

 
16,846

 
 
 
 
Redeemable noncontrolling interests
23,421

 
18,163

 
 
 
 
Commitments and contingencies


 


 
 
 
 
SHAREHOLDERS' EQUITY:
 
 
 
Class A common stock, $0.001 par value; authorized 2,000,000 shares; 85,803 and 80,515 shares issued and outstanding
86

 
81

Class B convertible common stock, $0.001 par value; authorized 1,500,000 shares; 421,453 and 421,118 shares issued and outstanding
421

 
421

Class C common stock, $0.001 par value; authorized 1,500,000 shares; no shares issued and outstanding

 

Additional paid-in capital
1,338,280

 
1,333,097

Accumulated deficit
(1,860
)
 
(18,797
)
Accumulated other comprehensive loss
(1,482
)
 
(1,861
)
Total ANGI Homeservices Inc. shareholders' equity
1,335,445

 
1,312,941

Noncontrolling interests
9,101

 
9,046

Total shareholders' equity
1,344,546

 
1,321,987

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
1,957,003

 
$
1,808,027

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

3

Table of Contents

ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands, except per share data)
Revenue
$
343,896

 
$
294,822

 
$
647,339

 
$
550,133

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of revenue (exclusive of depreciation shown separately below)
10,722

 
14,703

 
20,733

 
28,298

Selling and marketing expense
196,167

 
141,843

 
371,469

 
279,775

General and administrative expense
88,013

 
79,688

 
172,442

 
155,958

Product development expense
15,082

 
13,662

 
30,886

 
29,442

Depreciation
8,796

 
5,886

 
15,795

 
12,070

Amortization of intangibles
13,713

 
15,778

 
28,252

 
32,084

Total operating costs and expenses
332,493

 
271,560

 
639,577

 
537,627

Operating income
11,403

 
23,262

 
7,762

 
12,506

Interest expense—third party
(2,963
)
 
(3,011
)
 
(5,957
)
 
(5,665
)
Interest expense—related party

 
(34
)
 
(16
)
 
(79
)
Other income, net
1,047

 
1,053

 
3,334

 
1,409

Earnings before income taxes
9,487

 
21,270

 
5,123

 
8,171

Income tax (provision) benefit
(2,253
)
 
1,753

 
11,962

 
5,738

Net earnings
7,234

 
23,023

 
17,085

 
13,909

Net (earnings) loss attributable to noncontrolling interests
(266
)
 
(124
)
 
(148
)
 
105

Net earnings attributable to ANGI Homeservices Inc. shareholders
$
6,968

 
$
22,899

 
$
16,937

 
$
14,014

 
 
 
 
 
 
 
 
Earnings per share attributable to ANGI Homeservices Inc. shareholders:
 
 
 
 
Basic earnings per share
$
0.01

 
$
0.05

 
$
0.03

 
$
0.03

Diluted earnings per share
$
0.01

 
$
0.05

 
$
0.03

 
$
0.03

 
 
 
 
 
 
 
 
Stock-based compensation expense by function:
 
 
 
 
 
 
 
Cost of revenue
$

 
$

 
$

 
$

Selling and marketing expense
1,046

 
997

 
2,005

 
1,658

General and administrative expense
14,642

 
19,311

 
30,749

 
41,005

Product development expense
1,832

 
1,745

 
4,048

 
4,296

Total stock-based compensation expense
$
17,520

 
$
22,053

 
$
36,802

 
$
46,959


The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.


4

Table of Contents

ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands)
Net earnings
$
7,234

 
$
23,023

 
$
17,085

 
$
13,909

Other comprehensive (loss) income:
 
 
 
 
 
 
 
Change in foreign currency translation adjustment
(1,674
)
 
(5,955
)
 
191

 
(1,451
)
Change in unrealized gains and losses on available-for-sale debt securities

 

 
(3
)
 

Total other comprehensive (loss) income
(1,674
)
 
(5,955
)
 
188

 
(1,451
)
Comprehensive income
5,560

 
17,068

 
17,273

 
12,458

Components of comprehensive loss (income) attributable to noncontrolling interests:
 
 
 
 
 
 
 
Net (earnings) loss attributable to noncontrolling interests
(266
)
 
(124
)
 
(148
)
 
105

Change in foreign currency translation adjustment attributable to noncontrolling interests
383

 
822

 
191

 
310

Comprehensive loss attributable to noncontrolling interests
117

 
698

 
43

 
415

Comprehensive income attributable to ANGI Homeservices Inc. shareholders
$
5,677

 
$
17,766

 
$
17,316

 
$
12,873


The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.


5

Table of Contents

ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three Months Ended June 30, 2019 and 2018
(Unaudited)
 
 
 
 
ANGI Homeservices Inc. Shareholders' Equity
 
 
 
 
 
 
 
 
Class A
Common Stock
$0.001
Par Value
 
Class B
Convertible Common Stock
$0.001
Par Value
 
Class C
Common Stock
$0.001
Par Value
 
 
 
 
 
 
 
Total
ANGI Homeservices Inc. Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
Comprehensive (Loss) Income
 
 
 
 
Total
Shareholders'
Equity
 
Redeemable
Noncontrolling
Interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional Paid-in Capital
 
Accumulated Deficit
 
 
 
Noncontrolling
Interests
 
 
 
 
$
 
Shares
 
$
 
Shares
 
$
 
Shares
 
 
 
 
 
 
 
 
 
(In thousands)
 
 
Balance as of March 31, 2019
$
23,242

 
 
$
85

 
84,718

 
$
421

 
421,452

 
$

 

 
$
1,331,371

 
$
(8,828
)
 
$
(191
)
 
$
1,322,858

 
$
9,043

 
$
1,331,901

Net earnings
160

 
 

 

 

 

 

 

 

 
6,968

 

 
6,968

 
106

 
7,074

Other comprehensive loss
(335
)
 
 

 

 

 

 

 

 

 

 
(1,291
)
 
(1,291
)
 
(48
)
 
(1,339
)
Stock-based compensation expense
35

 
 

 

 

 

 

 

 
17,485

 

 

 
17,485

 

 
17,485

Issuance of common stock pursuant to stock-based awards, net of withholding taxes

 
 
1

 
1,085

 

 

 

 

 
(10,257
)
 

 

 
(10,256
)
 

 
(10,256
)
Issuance of common stock to IAC pursuant to the employee matters agreement

 
 

 

 

 
1

 

 

 

 

 

 

 

 

Adjustment of redeemable noncontrolling interests to fair value
319

 
 

 

 

 

 

 

 
(319
)
 

 

 
(319
)
 

 
(319
)
Balance as of June 30, 2019
$
23,421

 
 
$
86

 
85,803

 
$
421

 
421,453

 
$

 

 
$
1,338,280

 
$
(1,860
)
 
$
(1,482
)
 
$
1,335,445

 
$
9,101

 
$
1,344,546

Balance as of March 31, 2018
$
22,655

 
 
$
63

 
63,353

 
$
416

 
415,885

 
$

 

 
$
1,135,024

 
$
(105,000
)
 
$
6,224

 
$
1,036,727

 
$
9,583

 
$
1,046,310

Net earnings
22

 
 

 

 

 

 

 

 

 
22,899

 

 
22,899

 
102

 
23,001

Other comprehensive loss
(593
)
 
 

 

 

 

 

 

 

 

 
(5,133
)
 
(5,133
)
 
(229
)
 
(5,362
)
Stock-based compensation expense
390

 
 

 

 

 

 

 

 
21,663

 

 

 
21,663

 

 
21,663

Issuance of common stock pursuant to stock-based awards, net of withholding taxes

 
 
2

 
2,063

 

 

 

 

 
(18,149
)
 

 

 
(18,147
)
 

 
(18,147
)
Purchase of redeemable noncontrolling interests
(53
)
 
 

 

 

 

 

 

 

 

 

 

 

 

Purchase of noncontrolling interests

 
 

 

 

 

 

 

 

 

 

 

 
(549
)
 
(549
)
Adjustment of redeemable noncontrolling interests to fair value
(582
)
 
 

 

 

 

 

 

 
582

 

 

 
582

 

 
582

Other
1

 
 

 

 

 

 

 

 
(182
)
 

 

 
(182
)
 
174

 
(8
)
Balance as of June 30, 2018
$
21,840

 
 
$
65

 
65,416

 
$
416

 
415,885

 
$

 

 
$
1,138,938

 
$
(82,101
)
 
$
1,091

 
$
1,058,409

 
$
9,081

 
$
1,067,490



The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.





6

Table of Contents

ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Six Months Ended June 30, 2019 and 2018
(Unaudited)
 
 
 
 
ANGI Homeservices Inc. Shareholders' Equity
 
 
 
 
 
 
 
 
Class A
Common Stock
$0.001
Par Value
 
Class B
Convertible Common Stock
$0.001
Par Value
 
Class C
Common Stock
$0.001
Par Value
 
 
 
 
 
 
 
Total
ANGI Homeservices Inc. Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
Comprehensive (Loss) Income
 
 
 
 
Total
Shareholders'
Equity
 
Redeemable
Noncontrolling
Interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional Paid-in Capital
 
Accumulated Deficit
 
 
 
Noncontrolling
Interests
 
 
 
 
$
 
Shares
 
$
 
Shares
 
$
 
Shares
 
 
 
 
 
 
 
 
 
(In thousands)
 
 
Balance as of December 31, 2018
$
18,163

 
 
$
81

 
80,515

 
$
421

 
421,118

 
$

 

 
$
1,333,097

 
$
(18,797
)
 
$
(1,861
)
 
$
1,312,941

 
$
9,046

 
$
1,321,987

Net earnings
51

 
 

 

 

 

 

 

 

 
16,937

 

 
16,937

 
97

 
17,034

Other comprehensive (loss) income
(149
)
 
 

 

 

 

 

 

 

 

 
379

 
379

 
(42
)
 
337

Stock-based compensation expense
77

 
 

 

 

 

 

 

 
36,725

 

 

 
36,725

 

 
36,725

Issuance of common stock pursuant to stock-based awards, net of withholding taxes

 
 
5

 
5,288

 

 

 

 

 
(25,448
)
 

 

 
(25,443
)
 

 
(25,443
)
Issuance of common stock to IAC pursuant to the employee matters agreement

 
 

 

 

 
335

 

 

 
(795
)
 

 

 
(795
)
 

 
(795
)
Adjustment of redeemable noncontrolling interests to fair value
5,279

 
 

 

 

 

 

 

 
(5,279
)
 

 

 
(5,279
)
 

 
(5,279
)
Other

 
 

 

 

 

 

 

 
(20
)
 

 

 
(20
)
 

 
(20
)
Balance as of June 30, 2019
$
23,421

 
 
$
86

 
85,803

 
$
421

 
421,453

 
$

 

 
$
1,338,280

 
$
(1,860
)
 
$
(1,482
)
 
$
1,335,445

 
$
9,101

 
$
1,344,546

Balance as of December 31, 2017
$
21,300

 
 
$
63

 
62,818

 
$
415

 
415,186

 
$

 

 
$
1,112,400

 
$
(121,764
)
 
$
2,232

 
$
993,346

 
$
9,748

 
$
1,003,094

Cumulative effect of adoption of ASU No. 2014-09

 
 

 

 

 

 

 

 

 
25,649

 

 
25,649

 

 
25,649

Net (loss) earnings
(89
)
 
 

 

 

 

 

 

 

 
14,014

 

 
14,014

 
(16
)
 
13,998

Other comprehensive loss
(218
)
 
 

 

 

 

 

 

 

 

 
(1,141
)
 
(1,141
)
 
(92
)
 
(1,233
)
Stock-based compensation expense
800

 
 

 

 

 

 

 

 
46,159

 

 

 
46,159

 

 
46,159

Issuance of common stock pursuant to stock-based awards, net of withholding taxes

 
 
2

 
2,598

 

 

 

 

 
(19,292
)
 

 

 
(19,290
)
 

 
(19,290
)
Issuance of common stock to IAC pursuant to the employee matters agreement

 
 

 

 
1

 
699

 

 

 
(1
)
 

 

 

 

 

Purchase of redeemable noncontrolling interests
(53
)
 
 

 

 

 

 

 

 

 

 

 

 

 

Purchase of noncontrolling interests

 
 

 

 

 

 

 

 

 

 

 

 
(818
)
 
(818
)
Adjustment of redeemable noncontrolling interests to fair value
61

 
 

 

 

 

 

 

 
(61
)
 

 

 
(61
)
 

 
(61
)
Other
39

 
 

 

 

 

 

 

 
(267
)
 

 

 
(267
)
 
259

 
(8
)
Balance as of June 30, 2018
$
21,840

 
 
$
65

 
65,416

 
$
416

 
415,885

 
$

 

 
$
1,138,938

 
$
(82,101
)
 
$
1,091

 
$
1,058,409

 
$
9,081

 
$
1,067,490


The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

7

Table of Contents

ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
 
Six Months Ended June 30,
 
2019
 
2018
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net earnings
$
17,085

 
$
13,909

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Stock-based compensation expense
36,802

 
46,959

Amortization of intangibles
28,252

 
32,084

Bad debt expense
32,143

 
20,581

Depreciation
15,795

 
12,070

Deferred income taxes
(12,407
)
 
(6,416
)
Other adjustments, net
3,446

 
164

Changes in assets and liabilities, net of effects of acquisitions and dispositions:
 
 
 
Accounts receivable
(61,889
)
 
(36,951
)
Other assets
10,556

 
(14,217
)
Accounts payable and other liabilities
29,588

 
(1,673
)
Income taxes payable and receivable
269

 
667

Deferred revenue
3,384

 
6,389

Net cash provided by operating activities