v3.25.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table presents revenue by reportable segment:
Year Ended December 31,
202520242023
(In thousands)
Revenue:
U.S.
$904,062 $1,056,122 $1,242,941 
International126,473 128,990 115,807 
Total$1,030,535 $1,185,112 $1,358,748 
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:
Year Ended December 31,
202520242023
(In thousands)
U.S.
Consumer marketing expense (a)
$323,470 $309,139 $435,620 
Fixed expense (b)
179,673 206,687 212,837 
Pro acquisition expense (c)
139,801 233,645 274,209 
Variable expense (d)
105,371 124,150 155,776 
Cost of revenue (e)
42,942 53,139 59,095 
Total U.S. expenses791,257 926,760 1,137,537 
International
Fixed expense (b)
43,378 51,393 48,422 
Variable expense (d)
21,018 19,533 16,184 
Consumer Marketing Expense (a)
16,861 15,346 12,906 
Pro acquisition expense (c)
13,454 22,326 21,769 
Cost of revenue (e)
4,494 4,439 3,452 
Total International expenses99,205 113,037 102,733 
Total expenses$890,462 $1,039,797 $1,240,270 
Pro acquisition expense for the year ended December 31, 2025 excludes $10.0 million of commissions capitalized in the same period and includes $28.2 million of capitalized commissions amortized from prior periods. Pro acquisition expense for the year ended December 31, 2024 excludes $39.5 million of commissions capitalized in the same period and includes $49.2 million of capitalized commissions amortized from prior periods. Pro acquisition expense for the year ended December 31, 2023 excludes $58.7 million of commissions capitalized in the same period and includes $59.6 million of capitalized commissions amortized 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 and (iii) payments made to independent third-party Pros who perform work.
Schedule of Segmented Revenue Disaggregated by Service
The following table presents the revenue of the Company’s segments disaggregated by type of service:
Year Ended December 31,
202520242023
(In thousands)
U.S.
Lead revenue
$587,050 $606,560 $781,089 
Advertising revenue214,920 312,281 290,799 
Services revenue72,443 93,521 118,033 
Membership subscription revenue29,379 43,076 52,305 
Other revenue270 684 715 
Total U.S. revenue904,062 1,056,122 1,242,941 
International
Lead revenue
123,911 106,324 92,635 
Membership subscription revenue838 21,709 22,548 
Other revenue1,724 957 624 
Total International revenue126,473 128,990 115,807 
Total revenue$1,030,535 $1,185,112 $1,358,748 
Schedule of Reconciliation of Adjusted EBITDA to Operating Income (Loss) The following table presents a summary of Segment Adjusted EBITDA:
Year Ended December 31,
202520242023
(In thousands)
Segment Adjusted EBITDA
U.S.
$112,801 $129,362 $105,404 
International27,271 15,953 13,074 
Total Segment Adjusted EBITDA$140,072 $145,315 $118,478 

The following table reconciles total Segment Adjusted EBITDA to earnings (loss) from continuing operations before income taxes:

Year Ended December 31,
202520242023
(In thousands)
Total Segment Adjusted EBITDA$140,072 $145,315 $118,478 
Stock-based compensation expense(14,758)(34,778)(43,414)
Depreciation(45,319)(86,052)(93,604)
Amortization of intangibles(1,800)(2,600)(7,958)
Restructuring
(12,789)— — 
Interest expense(20,469)(20,169)(20,137)
Other income, net17,590 18,361 18,427 
Earnings (loss) from continuing operations before income taxes$62,527 $20,077 $(28,208)
Schedule of Capital Expenditures by Segment
The following table presents capital expenditures as viewed by the CODM:
Year Ended December 31,
202520242023
(In thousands)
Capital expenditures:
U.S.
$54,561 $50,476 $47,243 
International5,039 16 537 
Total$59,600 $50,492 $47,780 
Schedule of Revenue by Geographic Areas Geographic information about revenue and long-lived assets is presented below.
Year Ended December 31,
202520242023
(In thousands)
Revenue
United States$903,908 $1,055,841 $1,242,092 
All other countries126,627 129,271 116,656 
Total$1,030,535 $1,185,112 $1,358,748 
Schedule of Long-lived Assets by Geographic Areas
December 31, 2025December 31, 2024
(In thousands)
Long-lived assets (excluding goodwill and intangible assets):
United States$113,647 $104,290 
All other countries10,787 5,692 
Total$124,434 $109,982