ANGI · Angi Inc. Class A Common Stock When Issued

Angi Inc.'s Q1 2026 results showed revenue of $238.2 million, down 3% from $245.9 million in Q1 2025, primarily due to a 56% decline in Network Revenue following the January 2025 homeowner choice implementation, partially offset by 7% growth in Proprietary Revenue from strong paid marketing execution and 7% International Revenue increase. U.S. Proprietary Service Requests surged 17% and Leads 13%, driving total U.S. Service Requests back to 5% growth, while Network metrics fell sharply by over 50%. Operating loss widened to $9.5 million from $20.0 million income, driven by a $14.9 million restructuring charge for global workforce reduction and higher depreciation, though Adjusted EBITDA of $22.9 million reflected overhead savings reinvested into brand marketing to fuel Proprietary growth. The company repurchased $100 million principal of its 2028 Senior Notes at a discount for $91.9 million between March 20 and May 5, 2026, booking an $8.4 million gain and bolstering the balance sheet, with cash at $244.6 million and $175 million revolver availability as of March 31. Strategically, Angi is reorganizing product development around an AI-native platform as outlined in CEO Jeff Kip's shareholder letter. Executive changes include promoting 10-year veteran Michael Wanderer to COO with competitive pay ($450K base, up to $350K bonus, 12,500 RSUs) and robust severance, and appointing Austin Kaplicer as Chief Accounting Officer with 90,000 RSUs. These moves signal operational focus amid transition, with conference call on May 6 to discuss further.