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Table of Contents
As filed with the Securities and Exchange Commission on November 7, 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 September 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=13188908&doc=11
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 November 1, 2019, the following shares of the registrant's common stock were outstanding:
Class A Common Stock
81,230,434

Class B Common Stock
421,569,641

Class C Common Stock

Total outstanding Common Stock
502,800,075





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)
 
September 30, 2019
 
December 31, 2018
 
(In thousands, except par value amounts)
ASSETS
 
 
 
Cash and cash equivalents
$
402,914

 
$
336,984

Marketable securities

 
24,947

Accounts receivable, net of allowance and reserves of $21,507 and $16,603, respectively
44,045

 
27,263

Other current assets
62,524

 
84,933

Total current assets
509,483

 
474,127

 
 
 
 
Right-of-use assets
101,270

 

Property and equipment, net of accumulated depreciation and amortization of $57,502 and $36,473, respectively
101,972

 
70,859

Goodwill
882,144

 
894,709

Intangible assets, net of accumulated amortization of $127,792 and $85,589, respectively
264,310

 
304,295

Deferred income taxes
75,881

 
40,837

Other non-current assets
8,940

 
23,200

TOTAL ASSETS
$
1,944,000

 
$
1,808,027

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

 
$
13,750

Accounts payable
25,485

 
20,083

Deferred revenue
64,832

 
61,417

Accrued expenses and other current liabilities
127,165

 
105,987

Total current liabilities
231,232

 
201,237

 
 
 
 
Long-term debt, net
235,246

 
244,971

Long-term debt—related party

 
1,015

Deferred income taxes
3,312

 
3,808

Other long-term liabilities
119,760

 
16,846

 
 
 
 
Redeemable noncontrolling interests
21,999

 
18,163

 
 
 
 
Commitments and contingencies


 


 
 
 
 
SHAREHOLDERS' EQUITY:
 
 
 
Class A common stock, $0.001 par value; authorized 2,000,000 shares; issued 86,075 and 80,515 shares, respectively, and outstanding 81,922 and 80,515 shares, respectively
86

 
81

Class B convertible common stock, $0.001 par value; authorized 1,500,000 shares; 421,570 and 421,118 shares issued and outstanding
422

 
421

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

 

Additional paid-in capital
1,344,956

 
1,333,097

Retained earnings (accumulated deficit)
16,139

 
(18,797
)
Accumulated other comprehensive loss
(4,163
)
 
(1,861
)
Treasury stock, 4,153 and no shares, respectively
(34,157
)
 

Total ANGI Homeservices Inc. shareholders' equity
1,323,283

 
1,312,941

Noncontrolling interests
9,168

 
9,046

Total shareholders' equity
1,332,451

 
1,321,987

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
1,944,000

 
$
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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands, except per share data)
Revenue
$
357,358

 
$
303,116

 
$
1,004,697

 
$
853,249

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of revenue (exclusive of depreciation shown separately below)
13,312

 
14,015

 
34,045

 
42,313

Selling and marketing expense
195,542

 
136,412

 
567,011

 
416,187

General and administrative expense
82,344

 
82,154

 
254,786

 
238,112

Product development expense
16,021

 
15,309

 
46,907

 
44,751

Depreciation
11,244

 
6,100

 
27,039

 
18,170

Amortization of intangibles
14,169

 
15,611

 
42,421

 
47,695

Total operating costs and expenses
332,632

 
269,601

 
972,209

 
807,228

Operating income
24,726

 
33,515

 
32,488

 
46,021

Interest expense—third party
(3,007
)
 
(3,132
)
 
(8,964
)
 
(8,797
)
Interest expense—related party

 
(23
)
 
(16
)
 
(102
)
Other income, net
1,505

 
1,566

 
4,839

 
2,975

Earnings before income taxes
23,224

 
31,926

 
28,347

 
40,097

Income tax (provision) benefit
(4,900
)
 
(5,140
)
 
7,062

 
598

Net earnings
18,324

 
26,786

 
35,409

 
40,695

Net earnings attributable to noncontrolling interests
(325
)
 
(169
)
 
(473
)
 
(64
)
Net earnings attributable to ANGI Homeservices Inc. shareholders
$
17,999

 
$
26,617

 
$
34,936

 
$
40,631

 
 
 
 
 
 
 
 
Earnings per share attributable to ANGI Homeservices Inc. shareholders:
 
 
 
 
Basic earnings per share
$
0.04

 
$
0.06

 
$
0.07

 
$
0.08

Diluted earnings per share
$
0.04

 
$
0.05

 
$
0.07

 
$
0.08

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

 
$

 
$

 
$

Selling and marketing expense
796

 
868

 
2,801

 
2,526

General and administrative expense
6,375

 
19,326

 
37,124

 
60,331

Product development expense
1,613

 
2,280

 
5,661

 
6,576

Total stock-based compensation expense
$
8,784

 
$
22,474

 
$
45,586

 
$
69,433


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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands)
Net earnings
$
18,324

 
$
26,786

 
$
35,409

 
$
40,695

Other comprehensive loss:
 
 
 
 
 
 
 
Change in foreign currency translation adjustment
(3,071
)
 
(177
)
 
(2,880
)
 
(1,628
)
Change in unrealized gains and losses on available-for-sale debt securities

 
(3
)
 
(3
)
 
(3
)
Total other comprehensive loss
(3,071
)
 
(180
)
 
(2,883
)
 
(1,631
)
Comprehensive income
15,253

 
26,606

 
32,526

 
39,064

Components of comprehensive loss (income) attributable to noncontrolling interests:
 
 
 
 
 
 
 
Net earnings attributable to noncontrolling interests
(325
)
 
(169
)
 
(473
)
 
(64
)
Change in foreign currency translation adjustment attributable to noncontrolling interests
390

 
367

 
581

 
677

Comprehensive loss attributable to noncontrolling interests
65

 
198

 
108

 
613

Comprehensive income attributable to ANGI Homeservices Inc. shareholders
$
15,318

 
$
26,804

 
$
32,634

 
$
39,677


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 September 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) Retained Earnings
 
 
Treasury
Stock
 
 
Noncontrolling
Interests
 
 
 
 
$
 
Shares
 
$
 
Shares
 
$
 
Shares
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
 
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

Net earnings
233

 
 

 

 

 

 

 

 

 
17,999

 

 

 
17,999

 
92

 
18,091

Other comprehensive loss
(365
)
 
 

 

 

 

 

 

 

 

 
(2,681
)
 

 
(2,681
)
 
(25
)
 
(2,706
)
Stock-based compensation expense
36

 
 

 

 

 

 

 

 
8,748

 

 

 

 
8,748

 

 
8,748

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

 
 

 
272

 

 

 

 

 
(2,357
)
 

 

 

 
(2,357
)
 

 
(2,357
)
Issuance of common stock to IAC pursuant to the employee matters agreement

 
 

 

 
1

 
117

 

 

 
(971
)
 

 

 

 
(970
)
 

 
(970
)
Purchase of treasury stock

 
 

 

 

 

 

 

 

 

 

 
(34,157
)
 
(34,157
)
 

 
(34,157
)
Purchase of redeemable noncontrolling interests
(71
)
 
 

 

 

 

 

 

 
 
 

 

 

 

 

 

Adjustment of redeemable noncontrolling interests to fair value
(1,255
)
 
 

 

 

 

 

 

 
1,255

 

 

 

 
1,255

 

 
1,255

Other

 
 

 

 

 

 

 

 
1

 

 

 

 
1

 

 
1

Balance as of September 30, 2019
$
21,999

 
 
$
86

 
86,075

 
$
422

 
421,570

 
$

 

 
$
1,344,956

 
$
16,139

 
$
(4,163
)
 
$
(34,157
)
 
$
1,323,283

 
$
9,168

 
$
1,332,451

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

Net (loss) earnings
(53
)
 
 

 

 

 

 

 

 

 
26,617

 

 

 
26,617

 
222

 
26,839

Other comprehensive (loss) income
(372
)
 
 

 

 

 

 

 

 

 

 
187

 

 
187

 
5

 
192

Stock-based compensation expense
284

 
 

 

 

 

 

 

 
22,190

 

 

 

 
22,190

 

 
22,190

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

 
 
1

 
657

 

 

 

 

 
(4,253
)
 

 

 

 
(4,252
)
 

 
(4,252
)
Issuance of common stock to IAC pursuant to the employee matters agreement

 
 

 

 

 
19

 

 

 

 

 

 

 

 

 

Purchase of noncontrolling interests

 
 

 

 

 

 

 

 

 

 

 

 

 
(418
)
 
(418
)
Adjustment of redeemable noncontrolling interests to fair value
243

 
 

 

 

 

 

 

 
(243
)
 

 

 

 
(243
)
 

 
(243
)
Other

 
 

 

 

 

 

 

 
(146
)
 

 

 

 
(146
)
 
124

 
(22
)
Balance as of September 30, 2018
$
21,942

 
 
$
66

 
66,073

 
$
416

 
415,904

 
$

 

 
$
1,156,486

 
$
(55,484
)
 
$
1,278

 
$

 
$
1,102,762

 
$
9,014

 
$
1,111,776



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
Nine Months Ended September 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)
Retained Earnings
 
 
Treasury
Stock
 
 
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
284

 
 

 

 

 

 

 

 

 
34,936

 

 

 
34,936

 
189

 
35,125

Other comprehensive loss
(514
)
 
 

 

 

 

 

 

 

 

 
(2,302
)
 

 
(2,302
)
 
(67
)
 
(2,369
)
Stock-based compensation expense
113

 
 

 

 

 

 

 

 
45,473

 

 

 

 
45,473

 

 
45,473

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

 
 
5

 
5,560

 

 

 

 

 
(27,805
)
 

 

 

 
(27,800
)
 

 
(27,800
)
Issuance of common stock to IAC pursuant to the employee matters agreement

 
 

 

 
1

 
452

 

 

 
(1,766
)
 

 

 

 
(1,765
)
 

 
(1,765
)
Purchase of treasury stock

 
 

 

 

 

 

 

 

 

 

 
(34,157
)
 
(34,157
)
 

 
(34,157
)
Purchase of redeemable noncontrolling interest
(71
)
 
 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment of redeemable noncontrolling interests to fair value
4,024

 
 

 

 

 

 

 

 
(4,024
)
 

 

 

 
(4,024
)
 

 
(4,024
)
Other

 
 

 

 

 

 

 

 
(19
)
 

 

 

 
(19
)
 

 
(19
)
Balance as of September 30, 2019
$
21,999

 
 
$
86

 
86,075

 
$
422

 
421,570

 
$

 

 
$
1,344,956

 
$
16,139

 
$
(4,163
)
 
$
(34,157
)
 
$
1,323,283

 
$
9,168

 
$
1,332,451

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
(142
)
 
 

 

 

 

 

 

 

 
40,631

 

 

 
40,631

 
206

 
40,837

Other comprehensive loss
(590
)
 
 

 

 

 

 

 

 

 

 
(954
)
 

 
(954
)
 
(87
)
 
(1,041
)
Stock-based compensation expense
1,084

 
 

 

 

 

 

 

 
68,349

 

 

 

 
68,349

 

 
68,349

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

 
 
3

 
3,255

 

 

 

 

 
(23,545
)
 

 

 

 
(23,542
)
 

 
(23,542
)
Issuance of common stock to IAC pursuant to the employee matters agreement

 
 

 

 
1

 
718

 

 

 
(1
)