v3.26.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table presents revenue by reportable segment:
Three Months Ended March 31,
20262025
(In thousands)
Revenue:
U.S.$202,498 $212,555 
International35,652 33,358 
Total$238,150 $245,913 
The following table presents the significant expenses included in the Company’s segment reporting performance measure, Segment Adjusted EBITDA, that are regularly provided to the CODM:
Three Months Ended March 31,
20262025
(in thousands)
U.S.
Consumer marketing expense (a)
$92,765 $65,276 
Fixed expense (b)
35,097 48,122 
Pro acquisition expense (c)
30,538 39,044 
Variable expense (d)
20,764 26,545 
Cost of revenue (e)
8,219 11,998 
Total U.S. expenses187,383 190,985 
International
Fixed expense (b)
6,602 11,651 
Variable expense (d)
5,964 5,345 
Consumer marketing expense (a)
8,798 4,961 
Pro acquisition expense (c)
5,024 4,290 
Cost of revenue (e)
1,474 1,017 
Total International expenses27,862 27,264 
Total expenses$215,245 $218,249 
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.
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(a) 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.
(b) 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.
(c) 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 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 professional acquisition sales and marketing personnel.
(d) 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.
(e) Cost of revenue consists primarily of (i) credit card processing fees, (ii) hosting fees, (iii) payments made to independent third-party Pros who perform work, and (iv) sales tax.
Schedule of Segmented Revenue Disaggregated by Service
The following table presents the revenue of the Company’s segments disaggregated by type of service:
Three Months Ended March 31,
20262025
(In thousands)
U.S.:
Lead revenue$184,432 $115,389 
Advertising revenue(46)71,646 
Services revenue12,782 16,911 
Membership subscription revenue5,302 8,562 
Other revenue28 47 
Total U.S. Revenue
202,498 212,555 
International:
Lead revenue35,029 32,082 
Membership subscription revenue— 838 
Other revenue623 438 
Total International Revenue
35,652 33,358 
Total revenue$238,150 $245,913 
Schedule of Reconciliation of Adjusted EBITDA to Operating Income (Loss) The following table presents a summary of Segment Adjusted EBITDA:
Three Months Ended March 31,
20262025
(In thousands)
Segment Adjusted EBITDA:
U.S.$15,116 $21,566 
International7,789 6,098 
Total Segment Adjusted EBITDA$22,905 $27,664 
The following table reconciles total Segment Adjusted EBITDA to earnings before income taxes:

Three Months Ended March 31,
20262025
(In thousands)
Total Segment Adjusted EBITDA$22,905 $27,664 
Stock-based compensation expense(2,752)2,287 
Depreciation(14,694)(9,948)
Restructuring
(14,923)— 
Interest expense(5,330)(5,044)
Other income, net5,099 4,828 
Earnings before income taxes$(9,695)$19,787 
Schedule of Capital Expenditures by Segment
The following table presents capital expenditures as viewed by the CODM:

Three Months Ended March 31,
20262025
(In thousands)
Capital expenditures:
U.S.$13,522 $12,574 
International2,203 — 
Total$15,725 $12,574 
Schedule of Revenue by Geographic Areas Geographic information about revenue and long-lived assets is presented below:
Three Months Ended March 31,
20262025
(In thousands)
Revenue:
United States$202,493 $212,495 
All other countries35,657 33,418 
Total$238,150 $245,913 
Schedule of Long-lived Assets by Geographic Areas
March 31, 2026December 31, 2025
(In thousands)
Long-lived assets (excluding goodwill and intangible assets):
United States$112,567 $113,647 
All other countries12,139 10,787 
Total$124,706 $124,434