Angi (ANGI) Q4 2024 earnings summary

Executive summary

• Significant turnaround achieved at Angi and Dotdash Meredith, with both businesses now positioned for growth and improved profitability; Angi is set to be spun off as a standalone public company in H1 2025, with a strong cash position and no planned dividends at spin.

• Dotdash Meredith (DDM) has reversed digital traffic declines, now posting consistent double-digit digital revenue growth and strong performance in e-commerce and licensing.

• Q4 2024 revenue was $267.9 million, down 11% year-over-year, with operating income of $2.2 million and Adjusted EBITDA of $31.8 million, both declining from Q4 2023; net loss improved to $1.3 million from $5.6 million.

• Joey Levin appointed Executive Chairman, stepping down as IAC CEO upon spin-off or by May 31, 2025.

Financial highlights

• IAC's cash flow increased by nearly $250 million year-over-year, reaching almost $300 million for 2024.

• Angi will spin with $416 million in cash and $500 million in attractively priced bonds.

• DDM posted 10% digital revenue growth in Q4, with performance marketing up 22% and licensing revenue strong.

• Full year 2024 operating income rose by $48 million to $22 million; Adjusted EBITDA up 23% to $145 million.

• Net cash from operating activities increased $62 million to $156 million; Free Cash Flow up $59 million to $105 million for the year.

Outlook and guidance

• Angi expects Q1 2025 revenue to be down low 20% year-over-year due to regulatory and product changes, but anticipates revenue improvement through 2025 and a return to growth in 2026.

• DDM guides for +10% digital revenue growth in 2025, with high single-digit growth in Q1 and stronger Q2 due to holiday timing.

• FY 2025 guidance: $25–$60 million operating income and $135–$150 million Adjusted EBITDA.