ANGI - Angi Has A Brand Efficiency Issue

• Angi's business, as it exists today, is a result of a brand consolidation strategy.
• Management understands and acknowledges all has not gone well in the brand consolidation process.
• Angi appears to be struggling with achieving brand efficiency sufficient to drive strong economic returns.
• In simple terms, Angi's sales and marketing costs have been growing at around twice the growth rate of revenue net of direct costs.

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