Angi Q2 FY2026 Earnings Call

Good morning, everyone. I'm Julie Hoarau, the CFO of Angi Inc. Welcome to the Angi Inc second quarter earnings call. Joining me today is Jeff Kip, CEO of Angi. Angi has published a shareholder letter, which is currently available on Angi's website in the investor relations section. We will not be reading the shareholder letter on this call. We will go through a few introductory remarks and then opening up to Q&A. Before we get to that, I'd like to remind you that during this presentation, we may make certain…

Morning, everyone. Thanks for coming to the call. We're very happy with what we've been able to accomplish on our strategy over the last three months, and we believe we're well on track. Julie's going to give some commentary on the numbers, and then I'm going to come back and discuss our strategy somewhat comprehensively. Julie?

Thank you, Jeff. Starting with our revenue. Our revenue for the second quarter was down 11% year-over-year. Three things drove it. First, we continued shifting away from our network channels. Network revenue was down 34% year-over-year. Second, we stepped back from lower quality-based marketing channels. We had ramps in Q2 last year, which makes this a harder compare. Third, our revenue in Q2 was materially impacted by a shift in mix and traffic starting about 10 days into March as oil and gas prices rose sharply…

Thanks, Julie. Let's get up in the helicopter and look at our market opportunity and our strategy to win it comprehensively. I think as many people know, we estimate the overall market for completed home services work in the U.S. at about $700 billion. That is the total revenue available to our Pro customers. We estimate that less than 1.5% of that flows through our platform. We have a material opportunity to continue to penetrate that significant market. Our core lead business targets the $70 billion-$80 billion…