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As filed with the Securities and Exchange Commission on August 10, 2020

 
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, 2020
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
 
https://cdn.kscope.io/f428c1417be0ca3bef91211f98880905-angifinala15.jpg
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 7, 2020, the following shares of the registrant's common stock were outstanding:
Class A Common Stock
74,149,518

Class B Common Stock
421,756,247

Class C Common Stock

Total outstanding Common Stock
495,905,765





TABLE OF CONTENTS
 
 
Page
Number
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




2


PART I
FINANCIAL INFORMATION
Item 1.    Consolidated Financial Statements
ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
 
June 30, 2020
 
December 31, 2019
 
(In thousands, except par value amounts)
ASSETS
 
 
 
Cash and cash equivalents
$
420,985

 
$
390,565

Accounts receivable, net of allowance and reserves of $27,991 and $20,293, respectively
49,760

 
41,669

Other current assets
63,598

 
67,759

Total current assets
534,343

 
499,993

 
 
 
 
Capitalized software, leasehold improvements and equipment, net of accumulated depreciation and amortization
104,261

 
103,361

Goodwill
882,406

 
883,960

Intangible assets, net of accumulated amortization
225,401

 
251,725

Other non-current assets
178,980

 
182,572

TOTAL ASSETS
$
1,925,391

 
$
1,921,611

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

 
$
13,750

Accounts payable
44,600

 
25,987

Deferred revenue
58,091

 
58,220

Accrued expenses and other current liabilities
138,822

 
116,997

Total current liabilities
255,263

 
214,954

 
 
 
 
Long-term debt, net
225,336

 
231,946

Deferred income taxes
1,891

 
3,441

Other long-term liabilities
115,882

 
121,055

 
 
 
 
Redeemable noncontrolling interests
25,093

 
26,663

 
 
 
 
Commitments and contingencies


 


 
 
 
 
SHAREHOLDERS' EQUITY:
 
 
 
Class A common stock, $0.001 par value; authorized 2,000,000 shares; issued 89,076 and 87,007 shares, respectively, and outstanding 73,953 and 79,681, respectively
89

 
87

Class B convertible common stock, $0.001 par value; authorized 1,500,000 shares; 421,757 and 421,570 shares issued and outstanding
422

 
422

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

 

Additional paid-in capital
1,387,618

 
1,357,075

Retained earnings
19,741

 
16,032

Accumulated other comprehensive loss
(2,740
)
 
(1,379
)
Treasury stock, 15,123 and 7,326 shares, respectively
(112,808
)
 
(57,949
)
Total ANGI Homeservices Inc. shareholders' equity
1,292,322

 
1,314,288

Noncontrolling interests
9,604

 
9,264

Total shareholders' equity
1,301,926

 
1,323,552

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
1,925,391

 
$
1,921,611

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

3


ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
(In thousands, except per share data)
Revenue
$
375,061

 
$
343,896

 
$
718,711

 
$
647,339

Operating costs and expenses:
 
 
 
 
 
 
 
Cost of revenue (exclusive of depreciation shown separately below)
41,042

 
10,722

 
74,271

 
20,733

Selling and marketing expense
189,984

 
196,167

 
379,943

 
371,469

General and administrative expense
85,451

 
88,013

 
180,007

 
172,442

Product development expense
15,407

 
15,082

 
32,491

 
30,886

Depreciation
12,555

 
8,796

 
24,693

 
15,795

Amortization of intangibles
12,978

 
13,713

 
25,958

 
28,252

Total operating costs and expenses
357,417

 
332,493

 
717,363

 
639,577

Operating income
17,644

 
11,403

 
1,348

 
7,762

Interest expense
(1,620
)
 
(2,963
)
 
(3,894
)
 
(5,957
)
Other income, net
212

 
1,047

 
633

 
3,318

Earnings (loss) before income taxes
16,236

 
9,487

 
(1,913
)
 
5,123

Income tax (provision) benefit
(3,025
)
 
(2,253
)
 
5,940

 
11,962

Net earnings
13,211

 
7,234

 
4,027

 
17,085

Net earnings attributable to noncontrolling interests
(544
)
 
(266
)
 
(318
)
 
(148
)
Net earnings attributable to ANGI Homeservices Inc. shareholders
$
12,667

 
$
6,968

 
$
3,709

 
$
16,937

 
 
 
 
 
 
 
 
Earnings per share information attributable to ANGI Homeservices Inc. shareholders:
 
 
Basic earnings per share
$
0.03

 
$
0.01

 
$
0.01

 
$
0.03

Diluted earnings per share
$
0.02

 
$
0.01

 
$
0.01

 
$
0.03

 
 
 
 
 
 
 
 
Stock-based compensation expense by function:
 
 
 
 
 
 
 
Selling and marketing expense
$
720

 
$
1,046

 
$
1,723

 
$
2,005

General and administrative expense
13,131

 
14,642

 
36,111

 
30,749

Product development expense
908

 
1,832

 
2,500

 
4,048

Total stock-based compensation expense
$
14,759

 
$
17,520

 
$
40,334

 
$
36,802


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


4


ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
(In thousands)
Net earnings
$
13,211

 
$
7,234

 
$
4,027

 
$
17,085

Other comprehensive income (loss):
 
 
 
 
 
 
 
Change in foreign currency translation adjustment
4,486

 
(1,674
)
 
(2,082
)
 
191

Change in unrealized gains and losses on available-for-sale debt securities

 

 

 
(3
)
Total other comprehensive income (loss)
4,486

 
(1,674
)
 
(2,082
)
 
188

Comprehensive income
17,697

 
5,560

 
1,945

 
17,273

Components of comprehensive (income) loss attributable to noncontrolling interests:
 
 
 
 
 
 
 
Net earnings attributable to noncontrolling interests
(544
)
 
(266
)
 
(318
)
 
(148
)
Change in foreign currency translation adjustment attributable to noncontrolling interests
767

 
383

 
721

 
191

Comprehensive loss attributable to noncontrolling interests
223

 
117

 
403

 
43

Comprehensive income attributable to ANGI Homeservices Inc. shareholders
$
17,920

 
$
5,677

 
$
2,348

 
$
17,316


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


5



ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three Months Ended June 30, 2020 and 2019
(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
 
 
 
 
 
 
Total
Shareholders'
Equity
 
Redeemable
Noncontrolling
Interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional Paid-in Capital
 
Retained Earnings (Accumulated Deficit)
 
 
Treasury
Stock
 
 
Noncontrolling
Interests
 
 
 
 
$
 
Shares
 
$
 
Shares
 
$
 
Shares
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
 
Balance as of March 31, 2020
$
23,813

 
 
$
88

 
87,624

 
$
422

 
421,757

 
$

 

 
$
1,379,079

 
$
7,074

 
$
(7,993
)
 
$
(96,920
)
 
$
1,281,750

 
$
9,260

 
$
1,291,010

Net earnings
220

 
 

 

 

 

 

 

 

 
12,667

 

 

 
12,667

 
324

 
12,991

Other comprehensive (loss) income
(786
)
 
 

 

 

 

 

 

 

 

 
5,253

 

 
5,253

 
19

 
5,272

Stock-based compensation expense

 
 

 

 

 

 

 

 
18,607

 

 

 

 
18,607

 

 
18,607

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

 
 
1

 
1,452

 

 

 

 

 
(8,220
)
 

 

 

 
(8,219
)
 

 
(8,219
)
Purchase of treasury stock

 
 

 

 

 

 

 

 

 

 

 
(15,888
)
 
(15,888
)
 

 
(15,888
)
Adjustment of redeemable noncontrolling interests to fair value
1,846

 
 

 

 

 

 

 

 
(1,846
)
 

 

 

 
(1,846
)
 

 
(1,846
)
Other

 
 

 

 

 

 

 

 
(2
)
 

 

 

 
(2
)
 
1

 
(1
)
Balance as of June 30, 2020
$
25,093

 
 
$
89

 
89,076

 
$
422

 
421,757

 
$

 

 
$
1,387,618

 
$
19,741

 
$
(2,740
)
 
$
(112,808
)
 
$
1,292,322

 
$
9,604

 
$
1,301,926

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


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




6



ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Six Months Ended June 30, 2020 and 2019
(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
 
 
 
 
 
 
Total
Shareholders'
Equity
 
Redeemable
Noncontrolling
Interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional Paid-in Capital
 
Retained Earnings (Accumulated Deficit)
 
 
Treasury
Stock
 
 
Noncontrolling
Interests
 
 
 
 
$
 
Shares
 
$
 
Shares
 
$
 
Shares
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
 
 
Balance as of December 31, 2019
$
26,663

 
 
$
87

 
87,007

 
$
422

 
421,570

 
$

 

 
$
1,357,075

 
$
16,032

 
$
(1,379
)
 
$
(57,949
)
 
$
1,314,288

 
$
9,264

 
$
1,323,552

Net (loss) earnings
(55
)
 
 

 

 

 

 

 

 

 
3,709

 

 

 
3,709

 
373

 
4,082

Other comprehensive loss
(687
)
 
 

 

 

 

 

 

 

 

 
(1,361
)
 

 
(1,361
)
 
(34
)
 
(1,395
)
Stock-based compensation expense
15

 
 

 

 

 

 

 

 
40,818

 

 

 

 
40,818

 

 
40,818

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

 
 
2

 
2,069

 

 

 

 

 
(10,773
)
 

 

 

 
(10,771
)
 

 
(10,771
)
Issuance of common stock to IAC pursuant to the employee matters agreement

 
 

 

 

 
187

 

 

 
(791
)
 

 

 

 
(791
)
 

 
(791
)
Purchase of treasury stock

 
 

 

 

 

 

 

 

 

 

 
(54,859
)
 
(54,859
)
 

 
(54,859
)
Purchase of redeemable noncontrolling interests
(3,165
)
 
 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment of redeemable noncontrolling interests to fair value
2,322

 
 

 

 

 

 

 

 
(2,322
)
 

 

 

 
(2,322
)
 

 
(2,322
)
Adjustment pursuant to the tax sharing agreement

 
 

 

 

 

 

 

 
3,613

 

 

 

 
3,613

 

 
3,613

Other

 
 

 

 

 

 

 

 
(2
)
 

 

 

 
(2
)
 
1

 
(1
)
Balance as of June 30, 2020
$
25,093

 
 
$
89

 
89,076

 
$
422

 
421,757

 
$

 

 
$
1,387,618

 
$
19,741

 
$
(2,740
)
 
$
(112,808
)
 
$
1,292,322

 
$
9,604

 
$
1,301,926

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


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

7


ANGI HOMESERVICES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 
Six Months Ended June 30,
 
2020
 
2019
 
(In thousands)
Cash flows from operating activities:
 
 
 
Net earnings
$
4,027

 
$
17,085

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
Stock-based compensation expense
40,334

 
36,802

Amortization of intangibles
25,958

 
28,252

Bad debt expense
39,338

 
32,143

Depreciation
24,693

 
15,795

Deferred income taxes
(6,290
)
 
(12,407
)
Other adjustments, net
5,524

 
3,446

Changes in assets and liabilities, net of effects of acquisitions and dispositions:
 
 
 
Accounts receivable
(48,222
)
 
(61,889
)
Other assets
7,132

 
10,556

Accounts payable and other liabilities
35,930

 
29,588

Income taxes payable and receivable
(502
)
 
269

Deferred revenue
(125