安吉斯里斯特第二季收入跌11% 商譽減值拖累轉虧2.31億美元

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Table of Contents

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, 2026 
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 

Angi Inc.
(Exact name of Registrant as specified in its charter)
Delaware82-1204801
(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)
(303) 963-7200 
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Class A Common Stock, par value $0.001ANGIThe 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 (§232.405 of this chapter) 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 July 31, 2026, the following shares of the registrant’s common stock were outstanding:

Class A Common Stock40,556,251 
Class B Common Stock— 
Class C Common Stock— 
Total outstanding Common Stock40,556,251 

TABLE OF CONTENTS

Page
Number
PART I

Item 1.
Consolidated Financial Statements 

Consolidated Balance Sheet
3

Consolidated Statement of Operations
4

Consolidated Statement of Comprehensive Operations
5

Consolidated Statement of Shareholders’ Equity
6

Consolidated Statement of Cash Flows
8

Notes to Consolidated Financial Statements

Note 1—The Company and Summary of Significant Accounting Policies
9

Note 2—Financial Instruments and Fair Value Measurements
13

Note 3—Restructuring
14

Note 4 - Goodwill and Intangible Assets
15

Note 5—Long-term Debt
16

Note 6—Accumulated Other Comprehensive Income
18

Note 7—Segment Information 
18

Note 8—Income Taxes
22

Note 9—Earnings per Share
23

Note 10—Financial Statement Details
25

Note 11—Contingencies
26

Note 12—Related Party Transactions 
26

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
28

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
47

Item 4.
Controls and Procedures
48

PART II

Item 1.
Legal Proceedings
49

Item 1A.
Risk Factors
49

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
51

Item 5.
Other Information
52

Item 6.
Exhibits
53

Signatures
55

2

Table of Contents

PART I
FINANCIAL INFORMATION

Item 1.    Consolidated Financial Statements

Angi Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEET
(Unaudited)

June 30, 2026December 31, 2025
(In thousands, except par value amounts)
ASSETS
Cash and cash equivalents$188,701 $303,701 

Accounts receivable, net36,574 33,054 
Other current assets30,947 29,627 

Total current assets256,222 366,382 

Capitalized software, leasehold improvements and equipment, net 96,539 99,101 
Goodwill 662,088 890,066 
Intangible assets, net 157,075 167,142 
Deferred income taxes127,584 126,229 
Other non-current assets, net25,968 31,448 

TOTAL ASSETS$1,325,476 $1,680,368 

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:

Accounts payable$37,547 $34,031 
Deferred revenue22,947 22,096 
Accrued expenses and other current liabilities153,622 166,311 

Total current liabilities214,116 222,438 

Long-term debt, net398,475 497,667 

Deferred income taxes1,385 1,498 
Other long-term liabilities23,875 31,399 

Commitments and contingencies

SHAREHOLDERS’ EQUITY:
Class A common stock, $0.001 par value; authorized 2,000,000 shares; issued 54,712 and 54,282 shares, respectively, and outstanding 40,492 and 40,062, respectively
538 538 
Class B convertible common stock, $0.001 par value; authorized 1,500,000 shares; no shares issued and no shares outstanding
— — 
Class C common stock, $0.001 par value; authorized 1,500,000 shares; no shares issued and outstanding
— — 
Additional paid-in capital1,429,987 1,427,693 
Accumulated deficit(390,525)(150,880)
Accumulated other comprehensive income3,548 5,938 
Treasury stock, 14,220 and 14,220 shares, respectively
(355,923)(355,923)

Total shareholders’ equity687,625 927,366 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,325,476 $1,680,368 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
3

Angi Inc. and Subsidiaries
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands, except per share data)
Revenue$248,003 $278,221 $486,153 $524,134 
Cost of revenue (exclusive of depreciation shown separately below)11,669 13,142 21,362 26,157 
Gross profit236,334 265,079 464,791 497,977 
Operating costs and expenses:
Selling and marketing expense142,256 139,453 282,189 257,994 
General and administrative expense59,885 74,081 117,816 131,400 
Product development expense10,901 23,594 21,341 50,681 
Depreciation21,039 10,278 35,733 20,226 
Restructuring774 — 15,697 — 
Goodwill impairment
225,628 — 225,628 — 
Impairment of intangibles9,600 — 9,600 — 
Total operating costs and expenses470,083 247,406 708,004 460,301 
Operating (loss) income(233,749)17,673 (243,213)37,676 
Interest expense(4,807)(5,051)(10,137)(10,095)
Other income, net6,971 4,819 12,070 9,647 
(Loss) earnings before income taxes(231,585)17,441 (241,280)37,228 
Income tax benefit (provision)918 (6,544)1,635 (11,225)

Net (loss) earnings attributable to Angi Inc. shareholders$(230,667)$10,897 $(239,645)$26,003 

Per share information attributable to Angi Inc. shareholders:
Basic (loss) earnings per share$(5.70)$0.23 $(5.95)$0.54 
Diluted (loss) earnings per share$(5.70)$0.23 $(5.95)$0.53 

Stock-based compensation expense by function:

Selling and marketing expense$739 $808 $1,014 $1,444 
General and administrative expense3,317 3,637 6,170 (3,210)
Product development expense900 609 524 4,533 
Total stock-based compensation expense$4,956 $5,054 $7,708 $2,767 
 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

4

Angi Inc. and Subsidiaries 
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Net (loss) earnings$(230,667)$10,897 $(239,645)$26,003 
Other comprehensive (loss) income:
Change in foreign currency translation adjustment(2,212)5,966 (2,390)8,845 

Total other comprehensive (loss) income(2,212)5,966 (2,390)8,845 

Comprehensive (loss) income attributable to Angi Inc. shareholders$(232,879)$16,863 $(242,035)$34,848 
 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

5

Angi Inc. and Subsidiaries
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
 Three and Six Months Ended June 30, 2026
(Unaudited)

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

Accumulated Other Comprehensive Income (Loss)Total
Shareholders'
Equity
Additional Paid-in CapitalAccumulated DeficitTreasury
Stock
$Shares$Shares$Shares

Balance as of March 31, 2026$538 54,641 $— — $— — $1,424,207 $(159,858)$5,760 $(355,923)$914,724 
Net loss— — — — — — — (230,667)— — (230,667)
Other comprehensive loss— — — — — — — — (2,212)— (2,212)
Stock-based compensation expense— — — — — — 6,317 — — — 6,317 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes — 71 — — — — (270)— — — (270)

Adjustment pursuant to the tax sharing agreement with IAC post-distribution— — — — — — (137)— — — (137)
Other— — — — — — (130)— — — (130)
Balance as of June 30, 2026$538 54,712 $— — $— — $1,429,987 $(390,525)$3,548 $(355,923)$687,625 

Balance as of December 31, 2025$538 54,282 $— — $— — $1,427,693 $(150,880)$5,938 $(355,923)$927,366 
Net loss— — — — — — — (239,645)— — (239,645)
Other comprehensive loss— — — — — — — — (2,390)— (2,390)
Stock-based compensation expense
— — — — — — 10,467 — — — 10,467 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes 
— 430 — — — — (2,081)— — — (2,081)
Issuance of common stock to IAC pursuant to the employee matters agreement
— — — — — — — — — — — 

Adjustment pursuant to the tax sharing agreement with IAC post-distribution— — — — — — (273)— — — (273)
Other— — — — — — (5,819)— — — (5,819)
Balance as of June 30, 2026$538 54,712 $— — $— — $1,429,987 $(390,525)$3,548 $(355,923)$687,625 

6

Angi Inc. and Subsidiaries
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
 Three and Six Months Ended June 30, 2025
(Unaudited)

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

Accumulated Other Comprehensive Income (Loss)Total
Shareholders'
Equity
Additional Paid-in CapitalAccumulated DeficitTreasury
Stock
$Shares$Shares$Shares

Balance as of March 31, 2025$537 53,900 $— — $— — $1,444,580 $(179,909)$384 $(216,552)$1,049,040 
Net earnings— — — — — — — 10,897 — — 10,897 
Other comprehensive income— — — — — — — — 5,966 — 5,966 
Stock-based compensation expense
— — — — — — 6,485 — — — 6,485 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes 
— 174 — — — — (1,673)— — — (1,673)

Purchase of treasury stock— — — — — — — — — (68,013)(68,013)

Other— — — — — — (478)— — — (478)
Balance as of June 30, 2025$537 54,074 $— — $— — $1,448,914 $(169,012)$6,350 $(284,565)$1,002,224 

Balance as of December 31, 2024$113 11,295 $422 42,202 $— — $1,465,640 $(195,015)$(2,495)$(205,864)$1,062,801 
Net earnings— — — — — — — 26,003 — — 26,003 
Other comprehensive income— — — — — — — — 8,845 — 8,845 
Stock-based compensation expense
— — — — — — 5,833 — — — 5,833 
Issuance of common stock pursuant to stock-based awards, net of withholding taxes 
1 457 — — — — (6,246)— — — (6,245)
Issuance of common stock to IAC pursuant to the employee matters agreement
1 120 — — — — (1)— — — — 
Purchase of treasury stock
— — — — — — — — — (78,701)(78,701)
Transfer and conversion of common shares related to IAC CEO Employment Transition Agreement
5 501 (5)(501)— — — — — — — 
Conversion of shares related to the Distribution417 41,701 (417)(41,701)— — — — — — — 
Adjustment pursuant to the tax sharing agreement with IAC as part of the Distribution— — — — — — (17,960)— — — (17,960)
Other— — — — — — 1,648 — — — 1,648 
Balance as of June 30, 2025$537 54,074 $— — $— — $1,448,914 (169,012)$6,350 $(284,565)$1,002,224 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
7

Angi Inc. and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)

Six Months Ended June 30,
20262025
(In thousands)
Cash flows from operating activities:

Net (loss) earnings$(239,645)$26,003 
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation
35,733 20,226 
Provision for credit losses
20,819 24,043 
Stock-based compensation expense 
7,708 2,767 
Non-cash lease expense (including impairment of right-of-use assets)3,827 3,643 
Deferred income taxes
(2,308)7,424 
Gain on extinguishment of debt(8,381)— 

Goodwill impairment225,628 — 
Impairment of intangibles
9,600 — 

Other adjustments, net
949 (1,184)
Changes in assets and liabilities:

Accounts receivable
(24,676)(31,139)
Other assets
3,147 6,675 
Accounts payable and other liabilities
(10,759)12,358 
Income taxes payable and receivable
(3,749)(1,184)
Operating lease liabilities(9,439)(6,450)
Deferred revenue
884 (9,174)
Net cash provided by operating activities9,338 54,008 

Cash flows from investing activities:

Capital expenditures
(30,731)(24,824)

Proceeds from sales of fixed assets
54 75 

Net cash used in investing activities(30,677)(24,749)

Cash flows from financing activities:

Repurchases of debt
(91,195)— 

Withholding taxes paid on behalf of employees on net settled stock-based awards
(2,081)(6,771)
Purchases of treasury stock— (76,386)

Net cash used in financing activities(93,276)(83,157)

Total cash used
(114,615)(53,898)

Effect of exchange rate changes on cash and cash equivalents and restricted cash
(385)(170)
Net decrease in cash and cash equivalents and restricted cash(115,000)(54,068)
Cash and cash equivalents and restricted cash at beginning of period
303,701 416,545 
Cash and cash equivalents and restricted cash at end of period
$188,701 $362,477 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
8

Angi Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Angi Inc. connects quality home professionals (“Pros”) with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. There were approximately 106,000 Average Monthly Active Pros in the U.S. during the three months ended June 30, 2026. Additionally, consumers turned to at least one of our businesses to find a Pro for approximately 15 million projects during the twelve months ended June 30, 2026.
The Company has two operating segments: (i) “U.S.” and (ii) International (consisting of businesses in Europe and Canada) and operates under multiple brands including Angi, Angie’s List, HomeAdvisor, and Handy.
In the United States, the Company provides Pros the capability to engage with potential customers, including quoting and invoicing services, and provides consumers with tools and resources to help them find local, pre-screened and customer-rated Pros nationwide for home repair, maintenance and improvement projects. Consumers can also request household services directly through the Angi platform, and such requests are fulfilled by independently established Pros engaged in a trade, occupation and/or business that customarily provides such services. Matching service, booking of pre-priced services, and related tools and directories are provided to consumers free of charge upon registration. The Company also owns marketplaces in Austria, Canada, France, Germany, Italy, the Netherlands, and the UK which provide Pros the ability to engage with potential customers and consumers the ability to engage with the Pros they need.
As used herein, “Angi,” the “Company,” “we,” “our,” “us,” and similar terms refer to Angi Inc. and its subsidiaries (unless the context requires otherwise).
Reverse Stock Split
On March 24, 2025, the Company filed a Certificate of Amendment (the “Amendment”) to its Amended and Restated Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware, which became effective as of 12:01 a.m. Eastern Time, on March 24, 2025 (the “Effective Time”), to effect the Company’s 1-for-10 reverse stock split (the “Reverse Stock Split”) of the shares of outstanding Class A common stock, par value $0.001 per share, of the Company (“Class A Common Stock”), and Class B convertible common stock, par value $0.001 per share, of the Company (“Class B Common Stock”).

At the Effective Time, every 10 shares of Class A Common Stock and Class B Common Stock issued and outstanding immediately prior to the Effective Time were automatically combined into one share of Class A Common Stock or Class B Common Stock, respectively, subject to the treatment of fractional shares. No fractional shares were outstanding following the Reverse Stock Split, and any fractional shares that would have otherwise resulted from the Reverse Stock Split were settled in cash. Proportional adjustments were made to the number of shares of Class A Common Stock subject to outstanding equity awards of the Company, as well as the applicable exercise price. The Company’s authorized shares of Class A Common Stock and Class B Common Stock, and the par value of each share of Class A Common Stock and Class B Common Stock, were unchanged by the Reverse Stock Split.

The Class A Common Stock began trading on the Nasdaq Global Select Market on a split-adjusted basis at the opening of trading on March 24, 2025. The ticker symbol for Class A Common Stock remains “ANGI.” All references to shares and per share amounts have been adjusted to reflect the Reverse Stock Split.
9

Angi Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Distribution
On March 31, 2025, People Incorporated, formerly known as IAC Inc. (“IAC”), completed the spin-off of its ownership in the Company through a special dividend of the common stock of the Company owned by IAC to the holders of IAC common stock and IAC Class B common stock (the “Distribution”). Prior to the effective time of the Distribution, IAC voluntarily converted all of the shares of Class B Common Stock that it owned to shares of Class A Common Stock. As a result of this conversion, there are no longer any shares of Class B Common Stock outstanding. After completion of the Distribution, IAC has no ownership in the Company, there are no shares of Class B Common Stock outstanding, and the only class of Angi capital stock with shares outstanding is Class A Common Stock.
Basis of Presentation and Consolidation
The Company prepares its consolidated financial statements (referred to herein as “financial statements”) in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The financial statements include all accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. All intercompany transactions and balances between and among the Company and its subsidiaries have been eliminated.
The unaudited interim financial statements have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. In the opinion of management, the unaudited interim financial statements include all normal recurring adjustments considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for the full year. The unaudited interim financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
Accounting Estimates

Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its financial statements in accordance with GAAP. These estimates, judgments and assumptions affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.
On an ongoing basis, the Company evaluates its estimates and judgments, including those related to: the fair values of cash equivalents; the carrying value of accounts receivable, including the determination of the allowance for credit losses; the determination of the customer relationship period for certain costs to obtain a contract with a customer; the recoverability of all long-lived assets, including goodwill and indefinite-lived intangible assets; contingencies; unrecognized tax benefits; the liability for potential refunds and customer credits; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets, and other factors that the Company considers relevant.
General Revenue Recognition
The Company accounts for a contract with a customer when it has approval and commitment from all authorized parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised services or goods is transferred to the Company’s customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or goods.
The Company’s disaggregated revenue disclosures are presented in “Note 7—Segment Information .”
Deferred Revenue
Deferred revenue consists of payments that are received or are contractually due in advance of the Company’s performance obligation. The Company’s deferred revenue is reported on a contract-by-contract basis at the end of each reporting period. The 
10

Angi Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Company classifies deferred revenue as current when the remaining term or expected completion of its performance obligation is one year or less. 
The current and non-current deferred revenue balances at June 30, 2026 are $22.9 million and less than $0.1 million, respectively, and during the six months ended June 30, 2026, the Company recognized $19.8 million of revenue that was included in the deferred revenue balance as of December 31, 2025. 

The current and non-current deferred revenue balances at December 31, 2025 were $22.1 million and less than $0.1 million, respectively, and during the six months ended June 30, 2025, the Company recognized $38.2 million of revenue that was included in the deferred revenue balance as of December 31, 2024.

Non-current deferred revenue is included in “Other long-term liabilities” in the balance sheet. 

Practical Expedients and Exemptions
For contracts that have an original duration of one year or less, the Company uses the practical expedient available under Accounting Standards Codification (“ASC”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers, applicable to such contracts and does not consider the time value of money.
In addition, as permitted under the practical expedient available under ASC 606, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed.
The Company also applies the practical expedient to expense sales commissions as incurred where the anticipated customer relationship period is one year or less.
Goodwill and Indefinite-Lived Intangible Assets
The Company’s U.S. and International reporting units are separate operating segments. See “Note 7—Segment Information” for additional information regarding the Company’s method of determining operating and reportable segments.
The Company assesses goodwill and indefinite-lived intangible assets for impairment annually as of October 1, or more frequently if an event occurs or circumstances change that would indicate that it is more likely than not that the fair value of a reporting unit or the fair value of an indefinite-lived intangible asset has declined below its carrying value. 
If the conclusion of our qualitative assessment is that there are indicators of impairment and a quantitative test is required, the annual or interim quantitative test of the recovery of goodwill involves a comparison of the estimated fair value of the Company’s reporting unit that is being tested to its carrying value. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of a reporting unit exceeds its estimated fair value, a goodwill impairment equal to the excess is recorded. During the second quarter of 2026, the Company concluded that the continued decrease in stock price and market capitalization since December 31, 2025 constituted a triggering event such that the Company performed quantitative impairment assessments of its goodwill and indefinite-lived intangible assets as of May 31, 2026.
As a result of the quantitative impairment assessment, the Company determined that the carrying value of the U.S. reporting unit exceeded the fair value by $225.6 million, resulting in a goodwill impairment charge of $225.6 million, which is presented as a separate line item on the consolidated statement of operations during the three and six months ended June 30, 2026. The estimated fair value of the International reporting unit exceeded its carrying value by approximately $200.0 million, or 70%, and accordingly no goodwill impairment was recorded during the three and six months ended June 30, 2026. 
The fair value of the Company's reporting units was determined using both an income approach based on discounted cash flows (“DCF”) and a market approach. The income approach and market approach were each weighted 50% in determining the concluded fair value of each reporting unit. The fair value measurements used in the quantitative impairment tests are classified as Level 3 measurements within the fair value hierarchy, as they incorporate significant unobservable inputs.
11

Angi Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Determining fair value using a DCF analysis requires the exercise of significant judgment with respect to several items, including the amount and timing of expected future cash flows, discount rates, and the long-term growth rate used to estimate terminal value. The expected cash flows used in the DCF analyses were based on the Company’s most recent forecast, and for years beyond the periods covered by the forecast, the Company’s estimates of forecasted long-term growth rates. The discount rates used in the DCF analyses are intended to reflect the risks, which consider macroeconomic and industry specific factors, inherent in the expected future cash flows of the respective reporting units. The discount rates used in the quantitative tests as of June 30, 2026 for determining the fair value of the Company’s U.S. and International reporting units were 16.0% and 17.5%, respectively. The long-term growth rate used to estimate terminal value in the DCF analyses as of June 30, 2026 was 3.0% for the U.S. and International reporting units. 
Determining fair value using a market approach considers multiples of financial metrics based on EBITDA trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple is determined which is applied to financial metrics to estimate the fair value of a reporting unit. To determine a peer group of companies for our respective reporting units, we considered companies relevant in terms of consumer use, monetization model, margin and growth characteristics, and brand strength operating in their respective sectors. The EBITDA trading multiples used in the quantitative test as of June 30, 2026 for determining the fair value of the Company’s U.S. reporting unit were between 6.5x and 8.5x. The trading multiples used in the quantitative test as of June 30, 2026 for determining the fair value of the Company’s International reporting unit were between 6.5x and 10.0x.
In the second quarter of 2026, the Company identified an impairment charge of $9.6 million related to a certain indefinite-lived trade name at the U.S. reporting unit. The discount rate used to value this trade name was 16.0%, the royalty rate was 2.0% and a long-term growth rate of 3.0%. The impairment of the indefinite-lived intangible asset is included in “Impairment of intangibles” in the statement of operations. No other indefinite-lived intangible assets were impaired as a result of the assessment.
The Company determines the fair value of indefinite-lived intangible assets using a relief from royalty DCF valuation analysis. The fair value measurements used in the quantitative relief from royalty DCF valuations are classified as Level 3 measurements within the fair value hierarchy, as they incorporate significant unobservable inputs. Significant judgments inherent in this analysis include the selection of appropriate royalty and discount rates and estimating the amount and timing of expected future revenue. The discount rates used in the DCF analyses are intended to reflect the risks inherent in the expected future cash flows generated by the respective intangible assets. The royalty rates used in the DCF analyses are based upon an estimate of the royalty rates that a market participant would pay to license the Company’s trade names and trademarks. The expected cash flows used in the relief from royalty analyses were based on the Company’s most recent forecast, and for years beyond the periods covered by the forecast, the Company’s estimates of forecasted long-term growth rates. The discount rates used in the Company’s indefinite-lived impairment assessment ranged from 16.0% to 17.5%, the royalty rates used ranged from 2.0% to 4.5% and the long-term growth rate used to estimate the terminal value in the DCF analyses was 3.0% as of June 30, 2026.
Long-Lived Assets
Long-lived assets, other than goodwill and indefinite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the long-lived asset exceeds its fair value. The Company recorded no impairments of its long-lived assets, other than goodwill and indefinite-lived intangible assets, as of June 30, 2026. 
Gain on Extinguishment of Debt
The Company recognizes a gain on extinguishment of debt when senior notes are repurchased at a price below their carrying value. The gain is calculated as the difference between the carrying amount of the extinguished debt (including any unamortized debt issuance costs and original issue discount) and the repurchase price paid (including any transaction costs). Such gains are recognized immediately in the period of repurchase and are presented within other income, net in the consolidated statements of operations.
12

Angi Inc. an