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IAC InterActiveCorp. (IAC)

Participants
Mark Schneider Senior Vice President, Finance & Investor Relations, IAC
Joey Levin Chief Executive Officer, IAC & Chairman, Angi Inc.
Oisin Hanrahan Chief Executive Officer of Angi
Dan Salmon BMO
John Blackledge Cowen
Cory Carpenter JPMorgan
Brent Thill Jefferies
Jason Helfstein Oppenheimer
Ross Sandler Barclays
Justin Patterson Keybanc
Brian Fitzgerald Wells Fargo
Nick Jones Citi
Call transcript
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Mark Schneider

Good morning everyone. Mark Schneider here and welcome to the IAC and Angi Inc.

Second Quarter Earnings Presentation.

Joining me today is; Joey Levin, CEO of IAC and Chairman of Angi; and Oisin Hanrahan, CEO of Angi. Similar to last quarter supplemental to our quarterly earnings releases, IAC has also published its quarterly shareholder letter.

reading letter be this not will the on shareholder call. We Investor currently of available is Relations on It the section IAC's website. I to Joey introductory the call a Q&A. up turn we brief it then remarks will few and open for to shortly make will over

Before These like remind anticipate forward-looking words may preceded the during that statements you our our outlook today. such I'd may These could forward-looking to statements. actual subject uncertainties by expect, similar we presentation typically or we discuss to we as and from we that materially get are to results this future believe, views differ and we performance. be expressed views risks and

releases our for also measures simplicity these the been measures. the Some websites reconciliations risks to the also and letter call. EBITDA certain all IAC of I'll EBITDA IAC discuss set respective all material you have for and refer during we'll full filings again adjusted measures today GAAP the comparable section Investor press reminder SEC. include for shareholder in as a our with which Relations quarter which as releases and and to We'll non-GAAP of forth our non-GAAP press to refer Angi's second

into let's Now jump it. Joey?

Joey Levin

phone want Thank screen. the he's knowledge every even instantly. behind scenes. little as answers as probably he Mark maybe long he Schneider been of your a on he He's you, is think single the by calls I But longer. I has start IAC. very all one the Today know an been do Mark. because encyclopedic and here well bit here e-mails have always call I thanking to And who knows everyone of you on

see to his get smiling You face.

from quite COVID IAC. talk here. want to off relative the today both we take I'll what that's coming Match see we're we've business that of still and were is well, a value are to I of can we're businesses yet, to questions get been. is separately. lot questions And single Homeservices. to in of off of of small every we're their Mark Vimeo going COVID, there's businesses where be And billion every of look going left And those are doing them IAC when have across stock what's And them But on were just ANGI I and I here. important very businesses part off lucky now quickly today, lots going to I think into today single one we know an we're out so they own but -- building one to the about to we're of think think I people coming -- long hardest we So can here a quickly. term. where of and doing $XX-something you very have working Angi going and is out what group of And to the to a better better but of probably for And quite and accomplishment know that's lot going how say really, COVID people Angi that the off pandemic. do that we I grateful and if for into don't have that great I'm at we and than testament almost

let's love the We'd talk to start doing. questions. what excited we're So about And with about we're the future.

Mark Schneider

Great.

will Salmon question be from at first our So BMO. Dan

Dan Salmon

I've everyone. morning Good questions. two got

Roofing in growth comments more on bit then trends and such high-level during And on perhaps Angie's impact that out Total versus Home you few from why the Joey, the spell are on and a EBITDA? buying the impact both in brand specifically your just looks a where about another for more business the First And did contribution impact could transition the take the deeper can on like have just that then brand Angi List, second, little currently. it July a reasons us significant quarter you from layer significant this if Thanks. HomeAdvisor organic the business?

Joey Levin

the Yes. I'll in is we where brand first inefficient. and to we let consolidation. was ultimately That you not was the But jump a the to Number felt the is Oisin brand I sticky. here. we Mark business think where also consolidation. But why the we on it's did about important generating obviously long-term talk We've about our HomeAdvisor. on spending were this part brands. multiple brand both -- -- before most the brand were answer one, about do that It revenue talk talked

talk about the of HomeAdvisor. success You

literal. millions was a it's too. you the brand. in hundreds there put But the news category service mean, defined List. bad best own Angie's it's and conversation List the about that all It List? owned most it's revenue. you'd it products category, is, that brand sticky of Oh finish was really and most talk brand, the a was that the You somebody leader And professionals. owned billion the a generic. the they'd Angie's not too with good too And or we was we Angie's news for into the is dollars which It say, Now was we

things. we that, and more domain to than it's angieslist.com Number we Angi. is concept what own something the update a is was to But we list, can had forever the define using which a concept And category. so we ambitious happens Angi. we think literal brand. to updated think outdated and I think we own, as that can a we can But one, and it two much a Now practically think in is that's

HomeAdvisor. Service -- this brands. multiple when back before. Magic up to And and from to actually we over at shape. went then we that down that -- multiple times it and did from goes just we pretty a we is time. seeing And went we've did traffic comes done across that curve the -- that And so V-shaped Dotdash That that are Magic severely Service We when

we have So this. seen

Expedia We recently who done a have which one who've with to did big is Vrbo. talked sister relatively companies, this, we've

relatively So appreciate this we and HomeAdvisor didn't, that or didn't hang have thought quickly the has We -- point support on. well-worn but would that is you was as should how thing brand it's path, audience been Search without we The hard. appreciated out, it would severe. a more in lose we

didn't because lasts too, support, brand fell stickier we longer search to actually much audience And new enduring. organic getting is to and SEO going stickiness the on But didn't letter, And comes brand it As high is margin question margin. I constant reinforcing were the off the I because brand the be quickly. have the it's have it. said that traffic that your It spending the to just needed which in is gets more support. more that decision that the think and be much the very that the Search from in

bottom the of jump drops in a should -- of so to that Oisin you acquisition. the that in then quickly. pretty when there's should And there And some this. stuff down including Oisin on lose bunch other

Oisin Hanrahan

us stopped more the on spending hit absolutely committed Angi the Joey. I gave we're even which was important with HomeAdvisor it. where confidence thing rate was which that to the going we're brand. Thanks, when think And we at, the part, Look you declined

shape propping SEM, of brand propping was a up And out constant was in organic up up of it is than than the particularly the took anticipated. investment search, is faster a on HomeAdvisor of it and the once propping brand the seeing Angi that on better channels. Angi, anticipated. HomeAdvisor degradation invested So we TV investment was bunch The we for in we upside we're we curve saw new

to seeing how we terms in terms List we of, measure the transferring we're aided than we much, equity So what from much unaided awareness we're of, thought. Angie's how is measure brand faster awareness Angi over in

seven of point better awareness XX Service to transitioned over on a times on than So when Angi, HomeAdvisor. and were between dollar from we we're Magic first somewhere or are performing new we than on we basis, per

that. on really So an Obviously, had we're excited EBITDA. it impact about

just And out moment. and And challenged time where of we're to environment customers, think in a the terms we saw increase unprecedented happening COVID that in at same consumer you environment, work. of In massive pro is access pros at a I a that other us customers in about contraction to this the to zoom at businesses where access business in to pay the the to and us Total things right two question pay second. them if do or the for We've pros macro where terms is the -- one inside a business pay pros it's Angi got a time, of effectively asking is the result business macro we massive now. supply of Home two think as on where demand this change

going macro environment is So believe through, the it's irrespective Obviously, is volatile given temporary. we're of COVID. the particularly we challenged. brand that We transition understand this

think lean actually we responsibility the it's market where other huge However, business our we at have the time into fit. same to product

is paying well. business So where that to performing do unbelievably work, we're pros

QX QX last saw you is year. XXX-odd versus rate So the growth percent

You roofing Home XXX-odd contributed now been acquisition Angi Total roof overall Services. the on July On Home Angi roofing have the And flat Angi acquisition. of without saw -- or versus terms percent. the to Total or growth an growth that July the the number June basis in Angi in the would of acquisition

a for It's with experience. on a talk It's kind desire to second? Just that bring overall better to of supply why did a got in we're do why about, investing and Angi build Services. to customer we more

thing, to want pros one grow Our their business. help

done. Home Angi we're real into done. – category to to people roofing get help get Our we're we're is to their the going job deeper the roofing or what What customers job Total at at doing which out want building we've expertise another, and done able is be roofing

actual that's roofing, to bring teams. So the Angi really need buy specializing quote individual the We don't the We Angi actually you allowing the to it's do work. dispatch work the they we us materials, job Home more ever on or quickly, more. contract today, can using the individuals to roofers. doing But supply, with employ go you Total because

excited of application go of deeper XX% really using or About high spoken lot financing the think of to technology, jobs photography. in in we're of LiDAR great this category, into attachments. So their And to a $XX,XXX we you I've us to get are as deeper It's so to rate about allow financed, technology before a jobs roofing really, aerial allows AOV price category. it really aerial those apply us can if advance financing. about

where this on Hopefully, But Angi this, after Services it's it we'll need Angi it's about where using again, seamless to roofing. Angi roofing. bringing Home, nomenclature call Angi to going. only or Total a right. we're point, is I really using end-to-end the So, experience really get overall, excited it

Mark Schneider

just And transition similarly, returned verticalization the when roughly did we the verticals revenue year XX add, a couple return following Service this like months of a before, several years took Magic each and did average has HomeAdvisor brand of took couple to to businesses things almost the to the at we it through when IAC before revenue did its to of gone about and Dotdash, a when commencement things for that on ago of years those XX that. consolidation growth And ago, we growth.

take time. do things these So

on May, small. people Angi, June, we we acquisition On organic in acquisition. outsized in the sort help next to and the rate X% July run total do we It's July. in letter, relatively compared And little around you it's that layer terms for shareholder said a growth. the saw so of continue sort of of expect as that months, that few then to just And size revenue, in the to

this in that, bucket, recognizes remember revenue gross. as Angi Just is our which Services

more And As months Oisin $XXX,XX strong. or obviously, tickets are the type for roofing said, then seasonally, is these very summer jobs.

question we'll that, next John Blackledge. with So our from go to

John Blackledge

top Couple discuss of EBITDA decel revenue we second the July. quarter. strong the Dotdash, saw in Could questions. was in the line Thanks. quarter? the Great. growth and then you again And

then Care.com for there about great? a would on view offer since ones. just Dotdash's growth? any longer-term second the And longer-term acquisition that the curious half about the And maybe segment be when opportunity? then two And on more update vectors Joey CFO progress And more quick update we other thoughts just regularly? on color segment? might can you to any the any the hear of on growth that search kind start If

Joey Levin

fill. so the and order, exceptional got Maybe Sure. are CFO to think CFO, shoes in I'll of forget. great Thanks John. do an we pipeline reverse – it's big them candidates. CFO good is Glenn The I news don't search I was – on

we've and flexibility some who head are – on think and we a give a that. we're already. got it, maybe have I've Again, of chance we're to so for. longer. when I don't time is looking in could finance we But a who many on years, high have exceptional. And here candidates, fill Mr. time staff want take I standard because what maybe think for we got field. we'll have a it fill there's quickly, it talked exceptional who about could fantastic We've their over a we've all accounting, there's But Schneider built I line

in well audit We sure have who's think when tax treasury, functions finance I and that things we – that. and about have think all Same a so certainty those about of level when running are we're absolute and for all making in head smoothly for protected, internal exceptional. I confidence

to very businesses stand evolution graduate own own now, for the graduate going find the being in we'll alone in we and capital we that But term, think a a for real Care.com, eventually step while to put into of deployment right hopefully great. doing then being on When then get them know. business right out, is in I we're their and somebody breaking in sort to we emerging long confident own. the team next the and add don't terms -- value like value-add to That of and off on segments of sure, it terms to business. is their On person IAC, their so, well. And I'm business emerging from about make equation executive in

important their it's meaningful believing workforce. they responsibility business. I've diversity And think, is we think the very with business beneficiary talked most to the since taking the there's a has and that employees about the contributor on is on of business workforce taking care. correlation is growing I before on direct was I increasingly which the that now, take child -- or a the positive for an right to need a and nicely And surprise importance it. impact to in pleasant Enterprise us that of between positive That's acquired employers tailwind responsibility that responsibility that a in help the it's on unequivocal unequivocal of course diversity a

Care more I when going builds blocks the of lot building get the realizing key but tailwind So, tailwind think And to probably LTV. got and owned that that. -- -- the -- be of for the that enables you to terms I has and And the when a the employers Those clear become that, we've as LTV of continued We've aside, fastest going are going, course in while business more over since and a that for that people things you a of the things. -- that's faster of that do growing few of And realize Enterprise government that improved that's business. even since fastest core is it The key now get a and the COVID, both to marketing. we conversion a to mentioned before course, for -- those improved business. letter in product a when realizing retention. the

So a too marketing in becomes that business cycle. and substantially that up virtuous we've now right got

all that's encouraging. So,

people also all We've care or is, care child Care.com, think as piece have big at nursing behind tailwind and important in it's sort increasingly And senior homes. a or population. opposed -- nursing in an not care. their help of certainly, is homes component defaulted didn't other wanting homes, but generally. to of has of an and it. age their the brand in homes child I as Number want two, to to The definition just least family COVID people aging I in demographic the one, Number

doing So, And in segment in won't. going as the it biggest public you and of about its of being it the other we year. the as reason, very out tools say, terms exceptional own. probably in and behind it is We're Dotdash out at a work meaning to excited very about get be able particular product own I probably a like on some question. behind was that I that, But lot decelerate of of off to a driver development of getting it It new can't performance. anonymity getting your are right well the we're Care well. the quarter. once products there. point metric this look break kind why not always now back some but all it, we the with doing see also to it its did momentum rush Dotdash any to because to ought worry scenes we to half And decelerate, of do, expected we'll launched, break that. is want not

that July. You see in could

business you back give Display to cut went back of context. to X% Just growing their the That some QX in in X% Like spend. of down Everyone 'XX year-over-year. was QX Advertising year-over-year 'XX.

so, fantastic. QX the is exiting entered The deceleration. from year know, in COVID and rate something that's when QX we attention don't at a difference And comp exiting. that's can I than exiting this growth it base, for a that Again, to to. on business And to anymore, expected it faster higher is a pay COVID but which we is if big say

And going content keep important. so to We're in investing that business. that's in

competitive advantage. our that's think, I

data become One -- grow Internet particular doing over how while. on the than pandemic. users a they're is or is tools to revenue don't you need doing advertisers, that X, name. what's and the continues over hope reader there's tracking And somebody of year-over-year looking that? their doing in things and while. think the a a this few the product, are we have weaker underlying which up mobile time. that want do completely beneficiary that, year, trend reading to faster X privacy of content Dotdash know is time to who's happening and data. information because that our on is think of for Do to need And about -- to is for those selling they're a Dotdash a for XX% help doesn't and doing I Dotdash some You that that is that I we're investment a I for privacy trends independent to reach on know X. continue because

You know to don't age. need their

where You some don't or know were they to need from they Internet other the things came on doing.

able You need data any now. to there lot they dollars can't the were important exactly because spend number dollars advertisers the is they with they But know violate target tracking to think having we and a And think really on I space that or We see I advertisers. for personal which who for one, be obvious. need appreciate can like audience they're it appreciate basis. they to that what don't different a are elsewhere about it and concerns. looking of worry where Number to effective two in that's without privacy

So this stat. love this quoting – I

And they were I this those I and XXXX, advertisers every same I that Vimeo. are think XXX% names that people see it XXXX to it advertisers Dotdash of XXXX – can XXX% pretty what just and spending what they like of but And from advertisers at or spending were in you amazing. that again in it if it's spending performs It's this retention. they performs. I revenue think reason what was think it XX that morning. it's And something about also can with of offer XXXX. quote – I like looking XX that XXXX they it. see what We've again, said. is in concept in context top stick so the the net they XX Top From learned quarter. And

very all that's So encouraging.

not ads, I of us. drive vertical getting more how better content, I exactly deliver we're on don't XX% that a to And north as the that in performance know the and each an long-term deeper growth but And getting to that's plays so of rate, of the that customer like content second efficient of year how that And is the out advertiser. it think that in a ads terms we XX%. that think things more for half bogey can are In something getting then more in getting we ads. terms pushing more get on not the of but I

or want qualified an have advertiser. like Investopedia more and customer funnel sit cards to finance brokerage a – because to do do you delivering the like to I that? are revenue getting be to at there's we there that, categories the of found – or in of Mark that. And lot in we a think credit or So top opportunity add the to things

Mark Schneider

add a bit second Yes I'll on the expectation. half Yes. little

our what we some why think we at and call. number out points online So of in update as of target that healthy XX% north data publisher the that just the called of look of at look the sort some Glenn last I'll really a – for an is

– So XX%. last of quarters quarters over the grown grown of – Dotdash and now XX we've XX%; six has XX months XX%; XX nine over over straight last we've of the

QX pull XXXX forward On a way a XX% terms And then the in business. get good Like that QX. comps XX% north of margins and year think accelerated of the investment. a XX% and the a is So at margins kind do tougher. of onset as bit brakes about to of do COVID remember Last to – we of they businesses on of for Dotdash. that other pumped lot business, for in the was this XX% XX% that think said, grew Joey

margins in we mentioned grow the And – from we're XX% XXXX. up – was year. last we're – spend into content content. to our that this year XX% expect year That content year-over-year. Joey XX% back For were – leaning investment

some of it back more cycles over the we year. through the lean the expect some should as that you the see So contraction half half year so of sort into I over of to second think as contraction

year full have should But last the For year. that you the to to contraction half back did relatively there over we XX% of line be year. flattish we some have in with the get

So JPMorgan. we'll at next Carpenter to go question for Cory our

Cory Carpenter

for Good on you questions. Hi, the see here thanks Mark. taking to

So the growth what of talk to Oisin bit sustainability on And the your made of recent Angi progress about Key, about the you've Services, and Angi further continues Pay maybe how you could Thanks. initiatives some drive think HomeAdvisor product a you do penetration? like the then if on and consumer financing?

Oisin Hanrahan

Thanks, Cory.

just the So Angi accelerated as Services to start, up on for to million XXX%, growth pointed to you out $XX QX.

for different the understand of to components Just Services. second a Angi

got three inside You've businesses different there.

some You've on or the business of online largest where sites. got of partner to the with in a their world or the store retailers world retailers retail -- the sell largest we of

So assembly alongside furniture you furniture furniture. buy sell and the go we and

deposit. and pay. The business part And Book the show is you -- we an managed instant completely. part an we job then, to small or fully pay where the phone. work. third booking the services managed to up second down And complete by a Now we you And is quote for you you online initial for Angi, the you make put service then, come the do and organize job a give projects, you And where

to is those one growth. $XX,XXX. to ticket average the $X,XXX All significant experienced on of pretty So closer three that

particular. the scratching imagine, and on Now, can projects really surface levers you in managed We're on in As each Book the different only are one.

strong for on So And customers for engagement, the NPS homeowners our those engagement. pros. really and seeing both is read is we're the significant pro customer for significant early

the started where already $X.X large and we why business a shouldn't category. we've in about it on build category." If each it's into build alone There's are "Okay, say look be So category think XX $XX deep the in business, we we've the it a at fully probably done those -- product you teams for individual levers out And better. sub-verticals. We've work staffed nearly in of make to dozen of half got enough a category terms that teams those -- are those to already. build for category us now We've a there's, spins managers for that levers customer, pricing. category really to think about experience really job job, request billion going levers Now More do through an a that where level, category allows better. that the accurate rate could makes each In roofing business there future no growth around very to identified U.S. are repeat able into billion the overall categories, better in the the and business in repeat to for the added growth customer for rate verticalization reason just Book we even by for future better we completed pro that

XX-odd We're to at make and think a On deep that across we're category build $XX great projects again, that a "How to we're to I deep percent we a sure You pointed out got million The experience?" we into do in roofing. category QX. roofing payments. fencing payments few product side, Key looking one saying, QX the as up really growth managed QX, and We've going in Angi category -- categories in quite on we're also a with number start. already, but really deep going

about excited we're So really that.

service, really the it And are really deep $X I look where the week think hit we I customer. that way completing paid, it the we in a look are a I do know and And getting million Angi is loop using the they're we've that customer?" actually completed know if for we that looking and and for fact. is, at pro July. at Where the getting the I transaction whole we in with or "How at it think saying

when actually completed processed we sure I and are know look that I were about fulfilled that And jobs, those I Angi $XX the by and actually the And at think that either we $XX pro completed million. we about QX. think made we at payment the payments think jobs look I I So we've or million on, know paid. the the got

pro So flips And really us sure paying rolling relationship more from our to. the got deepening customer paid. We've deepening that's out making of a relationship that the with of the think it back with our pro I pros us we're the pro. significant to payments gets and around

So it's not across the entire pro yet. base

we to we're out. Ads. yet So of Angie's know that There List, as Angi and payments re-branded Angi so you have Leads, roll to we're to -- ad that don't HomeAdvisor access recently, to pros a continuing are number

So also And early volume think growth important see to the Again, well. in financing payments. we as it. the us deeper as into on into expect on roofing financing deeper we'll but again, business to QX. in go very is QX gets terms data of tripled payments Financing numbers I of it part continued tiny an again

think $XX the the this members XXX,XXX So of month-over-month on We're growth job I and price $XX really getting Again, -- to customer. know question. financing last a a now. -- done so Angi it's payment, was getting your to the to The place loop point really, is we that getting to Key the into the great sorry that of is year. program. up all for customer, managing pay-to-save part the or up where getting virtuous closer quarter-over-quarter, still a

of a there's do value we add. there more lot can think I in terms

have to think taking look we you're helping some what think, As to where customer, with of it does has it, homeowner do like, helping more are asking question the the that I I your of information. access

do elevate levels has Some service. of of perhaps customer the to it with educating

have building Key, single blocks the at that really Angi most vision. so to really with our a role hitting broader there's as think preferential they their done tangential gives more the know as Angi about do fit business do members Key the important how that into think everything use mobile you Angi But do think Angi vision of home long-term you they all And we rates. you with you think to for broadens about we're about really it's services, payments get I you exploring. think think home. about we we're and of Key a our members turn you're Angi fits It powerful that, financing and a together. then And financing that app all for about is think think long-term access you we also go I things to brand lot on important early into are inside they and that. that well we to plays idea. on The people I marketplace could our And the an services, could think that all

Joey Levin

I'd describes go going from because just with would that thing what's first it's you to that also the there going to it's features to is to price. important small But one there is will last it's all anywhere is the at pick it or It sentence it or XX or deliver point he make faster, add to whatever from the there sort service else reviews deliver sense to first have that world Oisin, go and to service, than reliable, he easier, which fair list it's a to more go to or read you things go describes, that a in in it's you Angi through have go first. get is. those will first to have

first it's to Angi to first be will efficient the go first laying more sense infrastructure right going we're of to setting up You now. it go is a makes the to portion significant that more Angi -- groundwork

Oisin Hanrahan

even you. actually we urgent And for for we care better a But it because further of with any home, I us, say your go there a the might know that's good take because other probably have discretionary know really and because you you any anticipate think maintenance the things for to relationship professional, point. I company, we other things. than first push can background the actually

there directly Angi for demand behind experience or And the the the firstly got we these today the a take a rate and trust We've about customer long-term can do you like for scenes around secondly great the -- we hopefully magical would you it's for maintenance would bypass accept you we go mobile customer hey Angi of for key for things it or and better and get the zero care and we we the brand, actually economics automated we in cleaning a proactively better lot member firstly year? at Would channels into more say with us. obviously got engage ecosystem to the to to drivers -- blowout build. customers you this the do So we've talked business SP the prompt discretionary of built And we've long-term, us a app you or that time things better. an of to us the and you So for do some way? pay time this anticipate think build; you're I sprinkler year? you we business like I repeat at gutter can before better because retention. economics take first say, Can can us of the we

Mark Schneider

at So Brent our be next Thill question from Jefferies. will

Brent Thill

IAC stock no around want Can Joey relative side on do business? perspective Thanks. for the the questions activities allocation, give your the on just while. of is capital a on the to of lot billion, to you you core $X.X buyback us where a at

Joey Levin

Sure.

under IAC, guys Angi. it's at billion the thinking We're portion same to our the going been. about We definitely for is prioritize always basically And $X the think have existing a at at little the -- they've you M&A. and priorities are businesses I are

that think ability scalable. there acquisitions integrate I business while it's be that now their Dotdash a great little I've great and because do those in acquisitions, a and believe value we a publishing would talked and building to that's have priority for think team acquisitions is and a proven I continue add to

going for add for continue I So over said, that one acquisitions, we'll categories we always think but I find to prioritize hunt think believe all the don't finding I new I of to businesses that’s want I for into look angle looking exist. as share But we that the if it's have think which to type more And the is in the -- sure. them. and for because continue we generate new could flow are you a be consideration a last always continue buying our That's to on existing it's basically priority. where -- to do The that be going unique get the will that to That's to in businesses capital real opportunities, cash we're businesses, acquisition. is are of for consideration And effectively just our something more of look in we variation company we'll we've there don't one It into. existing businesses repurchases. and putting for and set. mentioned a set. is

easy Angi Angi -- look I on will also we as And relates if same brand-new difference, can with the repurchases going one roofing that's acquisitions where a it and so and at an make it's definitely a something business tuck to share is consider acquisitions. to looked the think at. get looking makes we repurchases something always in and sense. really but And continue to smaller also capital, side We like don't share story one. into have that and to it do

Brent Thill

you. thank Great,

Mark Schneider

will So our Jason next Helfstein question be at from Oppenheimer.

Jason Helfstein

future, could us obviously, a Thank. X% wanted kind that balance XX% into traffic help Thanks. time? of how willing revenue dig standpoint, Angi. for the you are over headwinds of to several the kind I at say draw so there much next bad understand to foreseeable the given HomeAdvisor, a quarters. it a at bit you're And just it's a take hold growth, the in get to deeper How sand to facing line let's from will just

Joey Levin

and headed still do we and the created control. brand and in and It'd willingness the downs work so of probably to we're anything that sure, environment to -- nothing out very volatility some ups own hold right we're because we'd and to with what side components a this any lot do than so not as people's of there's do work our where pandemic and revenue -- our it thing What we that. we're don't to things of be now so worse we bigger volatile like lines, that. saying And are But for say for to a crazy we'd and see we've in. relates X% not availability seeing what know those seeing the a then start, there assumptions what We reasons is we're That's today. some made growth. XX% Oisin jump that's that. But pieces, why change than that's I'll a we're always two be lines. more for be should what know direction, in holding how it's can generally positive for going sacred any There's can't. some case. the various down organic now on to seeing and But things the result or that's on We of negative the and acquisition. hold. up, as reason it we're But it's

Oisin Hanrahan

got that. more know know the as what said destination build. because differently, We echo the and are businesses We like Yes, that slightly it. essentially brand. on in I'd the of context going. we're I'd letter. environment the just macro We to We've where we're of trying Joey performing two put very because

got at is it's, hope, it's is One I stronger perspectives. about -- what market a the services long-term business like you believe particular a smaller a make for crazy we're also on accomplish We all from do anything success. smaller And the We're making of the line crazy. sure like And math of fantastic overall, long-term. -- we're it. of those a brand the growing are is right what lead we look business cross obviously environment two up the of the the to we're current set we If is and the in place. to sure decisions. quarter to hold And focused think part has we pandemic that all this the in you've other hopefully how temporary two growing be a but product the two fit is lines So pandemic. hey, challenged in making and focused place business business in and not we I is we're brand when And want to the overall. but temporary. said will is very side the when going We're help on going with focused on want is the we faster-growing that

right the we if build grow get helps we pro the done, product stronger them job them we'll product homeowner that We build for their helps have the in the that right the a absolute business, for be actually confidence spot. that

in the addition I'm -- also for we're on to business lead brand making product sorry investment actually in the on the We are, making significant better and HomeAdvisor the the there business, change pros. experience

small significantly that's higher payments we've that markets they investing ROI of broadly for verticalization on our to pricing we're retention, obviously close in in calculation business but right payments, positive significantly changes engagement. looking use seem the the significantly pros a Again, a this too. that that overall, of out more point. early loop. number at at very We're results, So, read test And the Very early, got now pros.

before yielded really a view through pandemic how run going a our we win sales results program results loosely will after not verticalizing something actively pretty we've talked say, as there. onboarding pros really that saying, thing we The just sales engage we that's onboarding force. Oh, I again, That's on the retention. is more. rate, XX-day the where that given do experience them And with better heavy-touch we're we an about force, for put test product build really that for on verticalize again SPs So we is think, with us good that a the we're that's on ad good confidence

do categories. things in And business how it we and we've Let's make certain while do other of to opportunity. the do we're the Services think strong and how other continue excited really skilled doing, a there's and all ROI it this have out we side do is -- own higher lead for sure some which supply, feel we will the make and other ad the we in pros, I how that do can option, like to create which our And proven we it more with categories, we we we're pass, let's Angi come but in business place. say, the

that than into sand know We for to for product. what's and confident getting what's the the and huge, before TAM we're the more right is lean pro. term the in focused on long we're I ever customer, right say, lines on want -- don't and we're So other the focused to than the we're right towards

Jason Helfstein

Thanks.

Mark Schneider

Ross next will Sandler at from be Barclays. Our question

Ross Sandler

past if bull and going And that And set group? most you're what's we Mosaic what the excited Thanks, Mark, that of then brands & Investopedia. and Joey, Emerging the look the to are case then like those that next in welcome just call. brands? in to are on Other, back Care.com up-and-coming about

that of stuff trading So guys areas and like there just kind et around given trading relative you the group? other that you segment other $XXX-odd all in in going tap a you've huge and million that can does retail But Is uptick that there business in about these new that than could have that you're interest to like and tap crypto things we've seen into to Robinhood, definitions Investopedia more point? with do lot do into of cetera. this it greenfield where -- to that growing And videos Like thought that at how-to the this part Dotdash is that retail year? stand that. and is material of

Joey Levin

Sure.

both next two and And So Mosaic tiny, of the very and what still future that have in we've nicely unproven. we area tier but on work. both growing Care is both emerging after businesses called

Bluecrew. called one's So,

software meaningfully matching are changed binary. and a businesses thing can employees that The that better both done number Vivian. We've the categories NurseFly. called be in is called of It other job is to are to qualifications concept employers in with overtime a name used of They the for a that those be Vivian. with is

-- the be software what so valuable. for that and more are data. resumes is would And valuable that and tools much and historic are not basically things that lists like interviews And and

ability software within that taught in is XX show to qualifications the or somebody's a or certain or to that show the And a lift we're like up, minutes certain certain binary, better. are a weight, machine, up like box, to qualifications time, better lift ability that. where operate and can we things So on or those ability be things something software is think or

and love those can when And they using businesses. So very the the in immediately go we our market. solution, every start now And what in leading our rates those they businesses customer they recognize solution difference to previously to using that's solution. between in existed high-growth our

terms negative. them sort and -- I scenarios because not as yet, either of those there's cost. And be it's that's in in could net where expensive product businesses, both it positive, proven Now still margin the you of contribution those is of still both to negative it's a in we're say fixed us business and deliver that investing probably but could argue of for

for educating of another money there fantastic think And money to more -- know are leave is customer limits category heard trying businesses And we of some scale each room now, that on incumbents what's multi-hundred with raised competition. that's And for now of money one more innovation in we and to three they're -- so players now new big I the at categories big out seeing to those need possible, of plenty I We challenging valuation. on pushing raise think in other of valuation continue think people those is which innovation. there there. businesses. that's I lot a the billion-dollar because funding a them a and -- -- people getting just the deliver at each we're can one a We've we're that lot also sorry other out know of now

for that. that's to about be again, us with and businesses excited think prove. playing. I important an very these small But today So very lots pretty that's are we're to good And place

thing new categories our two other a I've there. an mention or had more product really tested. to to different is to a businesses we've Emerging investing call we focused And we sides therefore a of in we're mobile blockchain marketplace. the in that to those on mobile, which that think that's that things. efficient very interact work incubator was there. think new we're And going When where it & on more. which what market we're there out make we the that We've mobile came going I that's transform building focus going said early And and out going launched businesses clear excited build just became And continue we we've of. incubator. got is And The meaning what to that it's that we think from to entirely got customer apps. called incubator we're blockchain around we'll And -- Tinder last this -- building are was the before, use very of to I focused blockchain that Hatch on the Other many Newco that's got done real-ish, Newco on experience. being focus build the we've And in about thing when here is with -- now about in apps operate comes in I'll out see we're businesses

do pretty have And businesses two but first innovate. interesting. they're Our with continue we'll to nothing blockchain, to

Your other question Investopedia. was

smaller a is finance, and and lifestyle beauty terms They little in there's other four health -- -- than three. all roughly health, and they're bit of think of Finance, all categories. segments equivalent the I lifestyle important big beauty. are Dotdash: are

we businesses benefiting of ability trends and too this do it's do And the build true information. have think of real some have is deeper. said what others ability to I Investopedia find to we I of think you people go true the to from of the trying is

taking retail So investors from being of of customers, terms products narrower into to something you different that narrower similar beauty beauty think are there and is has more really beauty. And to Investopedia people that for it's behind that of investors control around for think influencers. we I have some their momentum point retail example the can I the been And fantastic for and the and leverage important benefit in think I -- to Investopedia able example we of in slicing trends and sure. serve

can a it's for from. and absolutely qualified deliver exactly that for think We benefit absolutely very surrounding to delivers we deliver advertiser. that looking them advertising can we something can the that deeper. these -- I the they're the a of qualified that one for a deliver -- In there very that customer go very, that that's product we each customer information very, is gives categories,

Mark Schneider

Justin Patterson KeyBanc. will at question next be Our from

Justin Patterson

should tailwinds the Thank rebrand One are normal wanted one Great. Thank reacting headwinds period that they unique perspective. going we I new Oisin. some Oisin, been angle, to as and traffic growth Enterprise and you. you. it's elsewhere. for Care.com, what in tackle How for you with forward Then don't we How as investment Joey, the about think a like Joey on Was should are well look that? levels some a support to adversely Angi brands? the capacity affected? for have the pros new different How from a them? to problem just ensuring

Joey Levin

Justin. Thanks,

But in consumer business data new is You're at -- records change -- clearly. COVID subscribers may the investment, Enterprise we can daily coming on a for -- latest right, tailwind We Care. today. Again, very on terms terms consumer. headwind I see And of of now is The records -- can clearly tailwind that. subscribers profitable all in it see a of Care, was and for think that the was it very that back. a

But things I now, maybe while in at we level investment think think to say forever to do allows business it the will that profitable hard to maintain there. right profitability is a I an that to do because want the there's of its be for it us opportunity. forever, necessary

take want one? that terms the you know, don't to rate, In of Mark, I growth do

Mark Schneider

ownership TAM the for early think year. think is we is It's penetration we're billion. Sure. owned than our We here business. X%. less – I a that again, Look, – it the about are of this We $XXX with

there's runway here. think we a So long

businesses here. long-term number north marketplace other a at of look Look potentially XX. You is that

we've near, of as a that, and lot think that think get product with is the our nowhere to said But big is opportunity where we TAM got of penetration there. to have be longer so do here could in investment, and be we've a as want and Now, to But to a Angi. what term growing. got this we're we've work we And way go. we long terms we

marketplace hard Yes little given a long-term look give Oisin? get revenue if margins but sense. stage, a earlier it's So you businesses you our to and can other at long-term

Oisin Hanrahan

want to the I hit can you – rebrands? me

Mark Schneider

Sure.

Oisin Hanrahan

pros We to HomeAdvisor read recently So, Angie's Angi to More customers. rebrand and just and List pros. in by the about to a half, the talk as List the started both flipped Angi for we ad rebrand last over moving pros. month for Angie's on Leads

few sentiment So the One are Angi sentiment There's the than pro the lead pros or pro on now towards towards there. is going Angi is HomeAdvisor. ad better customers. things customers Angi either a

of So pros brand net than association HomeAdvisor in about that's gate, brand, their a Angi the – a the win terms the right with where brand. the better feel they out feel of

and overlap with customers who lead The we've second Angi is, got are pros. pros Angi ad

first we've those For pros. in for the of time, having a dedicated contact point invested

both those be on opportunity well. effectively, as for to the how is, same those the tightly product a more different place, ads is, they which one work There's next I of take in have of those sales we point customers we to to those access come there's opportunity. pretty would different each getting integrated think and and to help about leads, under a still to we've them which Angi that, them say or questions they on you obviously is have a pretty when you accounts. forces forward through that sets they now got contact but happen, concerns. got products manage different the go the accounts it significant before I'd future you third is of third come we've a being – that got then opportunity a do to single sounds two to step distinct selling But pros jobs integrate So leads And now on big go lot their is on obvious, them today make think where Services same accounts, that name two phase, the more to so

our And single not We given fast work the on day, I ultimately right fast where very on to ads month on making our side path access this. think pros me, know all location. impatient It's I we're steps. fact overall. we're do moving commitment to better So on can enough phenomenal feel I ROI know a or all the know it pull clear, that our to We that in do. a products place, lead incremental to is a the or speaks pros leads, any to it's better that, thing week, where get at place here. we're doing just pretty to a team at pro it's to we've got and a together. all But our that and single going a To to we've experience clip rebranded for the

and And ultimately a actually think, a So we the pros through the so we know as as we're of into experience are it. well better the I is upside. that there's for brand if I as upside think to make lever below move and retention and move you we getting new combination could of a brand the see from business. better a better product the pro-rebrand connection SP this through there significant bunch better And things pricing, surface for we're product doing the

Mark Schneider

Great.

Wells at Fargo. Our next from be Brian will question Fitzgerald

Brian Fitzgerald

respect to of, spend. performance which into are on rates? kind of with you rebrand guys seeing guys. Key. would they to there's resurgent that's how job for heightened just that's What's that performing two demand ones. SEO Dotdash ahead great that get roll quick you a SEM been second of first exercised kind deal. effort the a like one your the ad be may rebranding Was Thanks, new playbook? impacting formats from the reopened an of as repeat on efficacy versus in thought repeat rates And on or the in was customers It the And rollout? having we Maybe maybe too. sounds perspective discount bottom-of-funnel getting consumer then the what out With opting this, speed of impact kind XX% you going Key

Oisin Hanrahan

backwards work part on and chime Key the take Joey as I'll Yes. perhaps SEM well. in the there from can and

Key data a the different number hit we just released of So segments. to the in part

it a Key of in who obviously, last requests who customer the the in services strong roll starts members out; We terms then compared to requests between to continuing that data who time first member the as the outperformance. request service someone XXX,XXX with -- is now. Key the does we still just the but member degraded slightly, who at and does significant service at the services. someone someone a We're spectrum. app end service So it and that released opposite gap of services, It's is showed a letter incredibly with

a is it Xx delta. So

is that's person the to app has delta And Key downloads booking mobile a if excited with engages Angi continue think about really, So and who a strong. the we're that really Xx which out still super pay get in It's I scale and early value roll to it's that. the early And It's on on again, prop. super to terms of to think, save. like Key. you

other they've we do. it in their them relationship on us fact Key manage I invested the think around go a should know but of think the to Key, membership by we invest that we with them with I can get be take some us home and in on early alluded what buying help things how the the that things about And and to of really could to confidence their beginning home. and should the give homeowner

I brand. has we're click-through which is on definitely Angi as terms to taken push into in more SEO, thing SEM. you an what seeing SEM think, as that seen of how of we've algorithm impact people and are in the changed -- is updates we've thinking we've seeing in brand the SEM done we of out rates terms buying decided further In what terms volatility we've TV of SEO on seen dollars we're as having what about biggest terms how of HomeAdvisor's The know they're and

Joey Levin

things of chose the that no when is market. of sure on answer change, we was less when the change our SEM. supply available did this domain to given understand I'm convenient brand do on brand the of the although we roll did The totally in timing a there as being time crunch we out. time impact convenient part But a not any view at it meaning account question reducing Yes. that it were funnel I of it at supply reducing our risk and the the funnel demand of was to

be overall. So, impactful was one That business less factor. on it would the

works thing and again when think way that in not when way continues concentrated. may to the the in Search, all we other safe and businesses market which but of of of generally I that's because it you is be have kind that SEM market it be, at the cost is I SEM all look share may the assume the share look question think your time at market categories general to The up go for over we

price not think that that play I for as I customer then the passed to the see goes think and not to through ideal up of the that the gets through the that's search passed what But -- you And it's constituents reality world. in happens ultimately world. as that do that's that is that gets marketplaces. happening

Brian Fitzgerald

Joey that's exactly Appreciate guys. Thanks it. was Yes. for. what I looking

Joey Levin

Brian. Thanks Okay.

Mark Schneider

So, we I have one think one. time quick more for

from let's go to Nick Citi. Jones So,

Nick Jones

from proactive impact more of kind I of kind this requests risk variant about to quite questions. driving letting is Thanks. back home? there's And one how early maybe confusion going taking this rest bit just guess Thanks what the a in the Angi are on the into the days? Great. mean be. of more you for of Delta the going into then if year its is Is thinking guess the Key. their second around I is people pull people I of

Oisin Hanrahan

Yes.

think what's homes their thus to business. been Delta I side really people into the it's pointed you to it out of more are is with far they as going happen variant. in spending on services observed and a the hard What huge lean when their predict homes, boon for that we've has So,

over huge on side. think we continued see we the as I the imbalance of few think challenged that hope supply supply next will hope us all that quarters. But it's left of we'll demand us come out this I observed, there's and see

Angi In on an we users increased members. requests service the terms basis from Angi Key are and incremental of Key, seeing become yes. who bookings both

really mobile And service that's the really we the about download create a requests so push users get our we're about of Angi mobile to driver make both really thinking Key have that for So, us Services they get homeowners important those our further amplified members when or app. more homeowners download app as to or of as think for important we overall. for more more get of rest us those about the And think is segment which a again into submit how bookings we XXXX, year. sure we and who they to

Joey Levin

to you here. Really over appreciate to us and spending forward We've with right. look run quarter. their morning All talking next everyone time

long. So