Takeaway’s from $ANGI JP Morgan Technology Conference.
In this weak macro environment, Angi has a tailwind as service pros need them more to generate business. Service pros have increased capacity over the past 1.5 years and now need help filling it.

The rebrand is over. As Angi laps the rebrand they should see an acceleration in revenue growth. The rebrand is key because it puts all of their brands under one umbrella and simplifies their offerings for their customers.
Angi has reached peak investment and the focus is now on profitability. As Angi reinvests less it should return to EBITDA profitability which is what the market is demanding in this higher interest rate environment.
Paul Cerro's avatar
So they're assuming that R&D spend to significantly decrease?
Young Money Capital's avatar
@paulcerro I took it mostly as marketing spend. They have had to spend a ton for the rebranding effort.
Paul Cerro's avatar
@youngmoneycapital Oh okay I wasn't sure if it was more of the platform itself
Zack Morris's avatar
Interesting that they say softer demand is actually a tailwind for them since pros need them more. I guess it makes sense if you think about it as pros need to start giving up some of their margin to generate demand in a softer environment, and that margin accrues to ANGI.

Makes me think a long ANGI/short HD or LOW pair trade could have some merit in a softer environment such as the one Oisin is describing.