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Angi Reports Q4 2018 - Full Year Revenue Over $1.1 Billion

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Angi Reports Q4 2018 - Full Year Revenue Over $1.1 Billion Page 1 of 14 ANGI REPORTS Q4 2018 - FULL YEAR REVENUE OVER $1.1 BILLION GOLDEN, Colo. — February 7, 2019—ANGI Homeservices (NASDAQ: ANGI) released its fourth quarter and full year 2018 results today. Financial results consist of HomeAdvisor financial results for all periods and Angie’s List results following the completion of the combination of HomeAdvisor and Angie’s List on September 29, 2017. For periods prior to September 29, 2017, ANGI Homeservices financial results are those of HomeAdvisor. A letter to IAC shareholders from IAC’s CEO Joey Levin, which includes a discussion of ANGI Homeservices, was posted on the Investor Relations section of IAC’s website at www.iac.com/Investors. ANGI HOMESERVICES SUMMARY RESULTS ($ in millions except per share amounts) Q4 2018 Q4 2017 Growth FY 2018 FY 2017 Growth Revenue$ 279.0 $ 223.2 25%$ 1,132.2 $ 736.4 54% Operating income (loss) 17.9 (33.9) nm 63.9 (147.9) nm Net earnings (loss) 36.7 (58.2) nm 77.3 (103.1) nm GAAP Diluted EPS 0.07 (0.12) nm 0.15 (0.24) nm Adjusted EBITDA 66.2 16.2 307% 247.5 39.2 532% See reconciliations of GAAP to non-GAAP measures beginning on page 10. Q4 2018 HIGHLIGHTS Pro forma revenue (excluding deferred revenue write-offs in connection with the Angie’s List transaction and Handy acquisition) increased 21% year-over-year to $279.5 million, driven by 37% Marketplace growth. Marketplace service requests increased 24% year-over-year to 5.3 million with full year 2018 service requests of over 23 million, from over 13 million households. Marketplace paying service professionals increased 18% to 214,000 and revenue per paying service professional increased 16% year-over-year (compared to 14% growth in Q3 2018). Excluding Angie’s List and Handy transaction-related items, operating income was $41.1 million and Adjusted EBITDA was $68.7 million, which represents a 25% Adjusted EBITDA margin. o Excluding Angie’s List and Handy transaction-related items, full year 2018 operating income was $149.2 million and full year 2018 Adjusted EBITDA was $260.3 million. Full year 2018 net cash provided by operations increased $181.9 million to $223.7 million and Free Cash Flow increased $161.7 million to $176.7 million. On February 6, 2019, the Board of Directors authorized the Company to repurchase up to 15 million shares of its common stock. M&A Update: o Completed the acquisition of Fixd Repair, a home warranty and service company, in January 2019 o Completed the sale of Felix on December 31, 2018 (see Felix 2018 revenue on page 4) Page 2 of 14 Revenue As Reported Pro Forma (a) Q4 2018 Q4 2017 Growth Q4 2018 Q4 2017 Growth ($ in millions; rounding differences may occur) Marketplace (b) $ 191.1 $ 139.4 37%$ 191.5 $ 139.4 37% Advertising & Other (c) 70.9 68.8 3% 71.1 76.5 -7% Total North America$ 262.0 $ 208.2 26%$ 262.6 $ 215.9 22% Europe 16.9 15.0 13% 16.9 15.0 13% Total ANGI Homeservices revenue $ 279.0 $ 223.2 25%$ 279.5 $ 230.9 21% (a) Pro forma results exclude deferred revenue write-offs of $0.5 million in Q4 2018 in connection with the Angie’s List transaction and Handy acquisition and $7.6 million in Q4 2017 in connection with the Angie’s List transaction. (b) Reflects the HomeAdvisor and Handy domestic marketplace service, including consumer connection revenue for consumer matches, membership subscription revenue from service professionals and revenue from completed jobs sourced through the Handy platform. It excludes revenue from Angie’s List, mHelpDesk, HomeStars and Felix. (c) Includes Angie’s List revenue (revenue from service professionals under contract for advertising and membership subscription fees from consumers) as well as revenue from mHelpDesk, HomeStars and Felix. Revenue increased 25% to $279.0 million driven by: o 37% Marketplace growth driven by a 24% increase in service requests to 5.3 million, an 18% increase in paying service professionals to 214,000 and a 16% increase in revenue per paying service professional (compared to 14% growth in Q3 2018) o 13% growth in Europe Pro forma revenue (excluding deferred revenue write-offs in connection with the Angie’s List transaction and Handy acquisition) increased 21% to $279.5 million. Operating income (loss) and Adjusted EBITDA Q4 2018 Q4 2017 Growth ($ in millions; rounding differences may occur) Operating income (loss) North America$ 21.2 $ (29.0) nm Europe (3.4) (4.9) 32% Total$ 17.9 $ (33.9) nm Adjusted EBITDA North America$ 67.7 $ 18.8 259% Europe (1.5) (2.6) 43% Total$ 66.2 $ 16.2 307% Operating income was $17.9 million in Q4 2018 compared to an operating loss of $33.9 million in Q4 2017 reflecting: Page 3 of 14 o Adjusted EBITDA of $66.2 million in Q4 2018 compared to $16.2 million in Q4 2017. Items impacting Q4 2018 Lower selling and marketing expense as a percentage of revenue $1.7 million in CEO-transition compensation-related expenses $0.4 million deferred revenue write-offs and $2.0 million in transaction-related costs in connection with the Handy acquisition . Items impacting Q4 2017 $7.6 million deferred revenue write-offs in connection with the Angie’s List transaction $14.4 million of severance, retention, transaction and integration-related costs in connection with the Angie’s List transaction o A decrease in stock-based compensation expense of $1.3 million reflecting: . $6.4 million lower expense to $18.8 million in connection with the Angie’s List transaction which includes: $15.8 million related to the modification of previously issued HomeAdvisor unvested equity awards, which were converted into ANGI Homeservices equity awards in the transaction $2.9 million related to previously issued Angie’s List equity awards, which were converted into ANGI Homeservices equity awards in the transaction . Acceleration of $3.9 million in expense in Q4 2018 related to the CEO transition . $1.9 million expense in Q4 2018 related to Handy o A decrease in amortization of intangibles of $1.9 million driven by lower expense related to the Angie’s List transaction, partially offset by increased expense from the acquisition of Handy Income Taxes The Q4 2018 income tax benefit of $6.9 million, despite pre-tax income, was due primarily to the excess tax benefits generated by the exercise and vesting of stock-based awards. In Q4 2017, the Company recorded an income tax provision of $22.0 million, despite a pre-tax loss. The provision was due primarily to the reduction of $33.0 million in the Company’s net deferred tax assets because of the lower tax rate enacted by the US Tax Cuts and Jobs Act. Page 4 of 14 Operating Metrics Q4 2018 Q4 2017 Growth Marketplace Service Requests (in thousands) (b)(d) 5,254 4,227 24% Marketplace Paying Service Professionals (in thousands) (b)(e) 214 181 18% Marketplace Revenue per Paying Service Professional (b)(f) $ 895 $ 771 16% (g) Advertising Service Professionals (in thousands) 36 45 -20% (d) Fully completed and submitted domestic customer service requests to HomeAdvisor and completed jobs sourced through the Handy platform. (e) The number of HomeAdvisor and Handy domestic service professionals that had an active subscription and/or paid for consumer matches or completed a job sourced through the Handy platform in the last month of the period. An active HomeAdvisor subscription is a subscription for which HomeAdvisor was recognizing revenue on the last day of the relevant period. (f) Pro forma Marketplace quarterly revenue divided by Marketplace Paying Service Professionals. (g) Reflects the total number of Angie’s List service professionals under contract for advertising at the end of the period. Free Cash Flow For the twelve months ended December 31, 2018, Free Cash Flow increased $161.7 million to $176.7 million due to higher Adjusted EBITDA, partially offset by higher capital expenditures and higher cash interest payments. Twelve Months Ended December 31, ($ in millions, rounding differences may occur) 2018 2017 Net cash provided by operating activities$ 223.7 $ 41.8 Capital expenditures (47.0) (26.8) Free Cash Flow $ 176.7 $ 15.0 Other ANGI Homeservices completed the sale of Felix on December 31, 2018 (originally acquired in August 2012). Felix operated a pay-per-call advertising service and no longer fit with ANGI Homeservices strategic priorities. 2018 revenue for Felix is below and the business has been slightly profitable. Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Felix Revenue ($ in millions) $ 8.5 $ 10.0 $ 10.2 $ 8.2 $ 36.9 Page 5 of 14 LIQUIDITY AND CAPITAL RESOURCES As of December 31, 2018: ANGI Homeservices had 501.6 million Class A and Class B common shares outstanding. IAC’s economic interest in ANGI Homeservices was 83.9% and IAC’s voting interest in ANGI Homeservices was 98.1%. ANGI Homeservices held $361.9 million in cash and cash equivalents and marketable securities and owed $262.3 million of debt, including a current portion of $13.8 million and $1.0 million owed to a foreign subsidiary of IAC. ANGI Homeservices has a $250 million revolving credit facility, which was undrawn as of December 31, 2018 and currently remains undrawn. On February 6, 2019, the Board of Directors of ANGI Homeservices authorized the Company to repurchase up to 15 million shares of its common stock. ANGI Homeservices may purchase shares over an indefinite period on the open market and in privately negotiated transactions, depending on those factors management deems relevant at any particular time, including, without limitation, market conditions, share price and future outlook.
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