Angi Inc. (ANGI) Announced Q1 2026 Earnings on May 6, 2026, Reporting EBITDA that "came in at about $23 million" for the quarter

Angi Inc. reported that for the first quarter, "EBITDA came in at about 23million,"whichwasabovetheir"10 million to $15 million" guidance range.The company noted this was partly due to capitalizing "about EUR 2 million more of engineering labor" than initially anticipated.Management stated they are targeting a "cash flow cushion" in the "range of $50 million a year."The company announced a major strategic pivot, deciding to "stop trying to invest and improve our revenue on our old platform" and instead move "from our legacy platform to a new AI native technology platform." Central to this transition is the development of the "Angi Pro Chief Revenue Officer" and the use of "agentic coding" to build "AI agents" to improve the customer experience.Management made a "clear decision not to give guidance" going forward to focus resources on this transformation.The company highlighted its ongoing integration with generative AI, noting that "50% of our homeowners now touching our AI helper in their path." Executives confirmed they have "launched our app successfully on ChatGPT" and are "going to launch on Amazon soon."On capital allocation, the company noted it "bought about $100 million worth of bonds," representing about "20% of the debt outstanding." Executives confirmed they are capped on share repurchases until "April 2027" and are not looking to use balance sheet cash to buy "brand-new things" outside of their core strategy.