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Angi Inc. (ANGI-1.08%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $296.7 million from $351.2 million in the same quarter the previous year. This decrease is attributed to a reduction in consumer connection revenue and membership subscription revenue.
Cost of revenue for the quarter was $14.8 million, representing 5% of revenue, compared to 4% in the same quarter of the previous year. This increase in cost ratio is due to higher hosting fees and non-income taxes.
The company reported a gross profit of $281.9 million for the quarter, compared to $337.6 million in the previous year, with the decline attributed to decreased revenue.
Selling and marketing expenses decreased to $155.4 million from $200.1 million, primarily due to improved marketing efficiencies and reduced headcount.
Net earnings for the quarter were $35.4 million, compared to a net loss of $5.3 million in the previous year. The improvement is attributed to cost reductions and a valuation allowance release for foreign net operating losses.
Cash provided by operating activities was $115.9 million, while cash used in investing and financing activities was $37.5 million and $47.5 million, respectively.
Angi had cash and cash equivalents of $395.2 million as of September 30, 2024. The company expects its existing cash and positive cash flows to be sufficient to fund its operations for the next twelve months.
The filing also details various financial agreements, including the ANGI Group Senior Notes due August 15, 2028.
Angi does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on enhancing its platform and services to connect home professionals with consumers.
Angi's relationship with IAC Inc. (IAC-1.28%) remains significant, with IAC holding a majority of the company's voting power.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Angi Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.