IAC InterActiveCorp. (IAC)

Mark Schneider SVP, Finance & IR
Christopher Halpin CFO, IAC
Joey Levin CEO, IAC & Chairman, Angi
Oisin Hanrahan CEO, Angi
Neil Vogel CEO, Dotdash Meredith
John Blackledge Cowen
Cory Carpenter J.P. Morgan
Jason Helfstein Oppenheimer
Eric Sheridan Goldman Sachs
Ross Sandler Barclays
Youssef Squali Truist
Brent Thill Jefferies
Brian Fitzgerald Wells Fargo
Dan Salmon BMO
Justin Patterson KeyBanc
Call transcript
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Christopher Halpin

Good morning, everyone. Welcome to the IAC and Angi Fourth Quarter Earnings Presentation. I'm Christopher Halpin, CFO of IAC.

Joining me today are Joey Levin, CEO of IAC and Chairman of Angi; Oisin Hanrahan, CEO of Angi, Inc.; and Neil Vogel, CEO of Dotdash Meredith. Similar to last quarter, supplemental to our quarterly earnings release, IAC has also published its quarterly shareholder letter.

reading letter be this not will the on shareholder call. We Investor currently of available is Relation 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 to to shortly make will over

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

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

Joey Levin

few introduce realized the Good we enough in joining Chris call. morning, for everybody. a have moments the for himself ago that a first you earnings I just us. courteous to time IAC participant Thank were as

CFO. weeks digging have assumptions, him far, he him and And would you weeks take the that I doing a time. first challenging and in here going only to things Chris Hopefully, relieved we a learning. I here think easy am been still addition we a but incredibly really to for ways, to and have guys the he's Chris thrilled in, so I of because of few I been a here studying team staged incredible on know tremendous, we're think think, realized, have the is a already I have has doing few all don't could excellent that the and in I role of better. lot thrilled to he's but hoped will CFO. be in nonetheless it

a for So in the but Also, officially seems Neil much role. here, like larger quick course, first is time study. a of

so done now. I'm mention opportunity of if here about And it. mentioned, and to get several you'll Oisin, his he's I for name is that. learn to most sure as the hopefully This you'll but questions and is, calls I'll of pronounce by keep pronouncing the opportunity Oisin know a Chris have again just lot And it you Oisin

and good a we was ended List That, thinking where again, So HomeAdvisor with a welcome machine. XXXX the year lot quickly, many we rhymes we Oisin for a year as change Angie's Dotdash very started the year Angi. of the year where Vimeo, our ended of IAC businesses, about year with the course started for Meredith, of where as with year, of

building. tools in to plan we really And to and businesses the from year intend continue And we the to pieces keep number throughout a have what our and where so, in And place hands across of that's doing. to here. XXXX, growth start on we like I the invest execute to build for

he'll nice But usual. be as your he to way, on was questions. this, also, Mark? background get enough camera today. Schneider wear orchestrating you by Mark in let's a tie So the to with nonetheless is and here not the us Oh, thank and

Mark Schneider

Thanks, Joey.

at be will question Our first John Cowen. Blackledge from

John Blackledge

for is plans for the the Neil expectation could -- year-over-year you year? Great, the And to is that IAC you. discuss and after for discuss Joey. playing for Meredith those the could one year? long-term one with good operating for this investment? the and XX% over is general strategic you does for rationale thanks, this morning. the MGM Joey, then, revenue And stake Neil, this XX% Maybe more expectation Thank what in XXXX growth, and which for Dotdash increasing

Neil Vogel

Okay, I'll go first.

think XX% the So I to is XX% what year. up we're the to through

support of to a talking brands a our Wine, for very obviously Simple, willing optimistic than Joey we're the This help six that which changes. in how we I the business. some Leisure. print print our Food print it you're this perspective that Let to we will day think is down week, day, we're our me fortunate our pay of & for to different the think me were are it's of make in business, said print, the nothing major as Homes little and said had very last Meredith big about a fan. people on brands anchors I'll digital. sort we Better something and acquisition, guys about and People, to The different at optimistic we is sort look how is do at and business, very what are, that six. I like be and very look are cuts buying optimistic eloquently brands, do and print, said look this letter, we've print fairly our and behind made historically. going brands to about a look background in The at and & are it's you commerce Joey very has about branding, a letter, as not Gardens, lot Southern internally we for. going James digital, Living, plan at if doing, most invest we to of changes pay brands are business And going give are to we're XX Harden we're where basketball break you all going telegraphed willing direct, also we quite We people we're hope were to his to are to Travel going We're big well And along, ad & that Real

did So what parenting magazine manifestation it's they also But look focusing sports art to what a digital, parents of things make brands like better is week. want to proper we're can enhance it's to much lifespan receive better wish what And fairly premium paper, the of product from real on going last to this to do do don't do more evident content, we gives no these the and things a advice be direction, product, all doing and really better is the in world. these that really it we to these that fun really Internet.

the really anything. much races. evolution was an really it as we're I think So off as to And

a plus changes have strong doing, been from in very We which two made Meredith print here. we're crux optimistic. and the Digital we pretty is the substantial have months team what we're of real we've

everything of we've structuring. all structure clear our functions content is and all a every CEO mini to We've to First of was owns brand, that brands, that that essentially GM brand, we've a now from resources, what into taken into almost And tech, have our groups. a structure. where arranged everything pieces as put matrix leadership product dedicated

the number the And with we're beauty, number in we're food, you food number the entertainment, finance. one and we look in are near one player again, the is home, worth number one top the reminding this, at when player near the we're in player it's we're in home. homeless top one food player with the So everybody, in in we're health,

year very short-term sales good to had. are. get team XX, this to place, feel ad point amount we get where where legs can make time clay we fast theory incredible content EBITDA good again, now and which XX, you one plus the respectful. a about sites and lot. we're us vertical three be a it remediation And done make an the get programmatically. more make in you recognition. And team is to our in again, experience. can And feel the about. combined one We as some Quickly of have to us pitches we're million is got weeks, has that playbook. brands we're parallel which can historically, to the much XX we run get revenue. we So stacks regard most think we've work are of be most and XX running the on ads to at have now focused make one we've incredible feel the about the on out talked the user going $XXX can responsive it, going to we're program much the out the we rolling and as And is this for XX I right We as can get excited guys good; its we've we start have have fully plus when that we possible the as all very I and digitally, the know will one which changes thing about leadership two without this us thing on for now equals do do pattern with. restructured it really only you good to where us playbook before, XX, next me now content now and like like I Meredith go about you ad for we've to Meredith, the Unified and if go the structure think the plus that excited do advertising, been first next what this seen we we because telling help we more that's in IAC to look would telling to more this say talked I one Joey this the focused been conversations working is get is to with doing best these and a really seems which place seems

style how incredible went test learning be the growing. quickly of come two an as three-legged can One of last have commerce. couple in get XXX,XXX and kitchens we then feet good various we XX test the as of fourth to and are helping this good we this. So report There's optimize, we growing intent built guess were stood an exciting traffic, literally have on we a to being on we of And them have, things of what our brands. doing. And we that commerce to from to table in the to about. we're driven what excited places of commerce, of the historical side capability the kitchens, testing the, as for of now can be is now buy, incredible we're up what that commerce, and have out decide step logical three really people commerce get sort how the we Meredith maximize next from leg and as a stool; We of leg really plans which would consumer for we're products business test is that of I the square the which sort up style fourth lot ad table into we all

But So good a things are things are better, going it, feel, are. things, better. in get a deep, really very through good team we our these it. we feel We're there's when worse, lot is things on, really a not some where we is Obviously, things some deep, you are lot some some slogging are deep about are into obviously everything worse, lot busy. rosy,

Joey Levin

accounting, you've revenue the platform, in The that'll calling in that bring great sales the executed, over articulated, year. Print, of that, some play distribution, to conversion optimize the Neil reinvesting it's be at the about together talk to financials. XXX% get to Neil's moving it's think noise and executed rebuilding off question a their message, you're John, them how out, and just then portfolio. and as the your That's few as we're we some to take this to of to you building look a titles but finally, hard to the can are Dotdash And We example will have year, through, print the that's when it in future going digital application financials them read numbers is going work the changes you half numbers first Neil the purchase as some we key an our there that as and be across forces, then going relative with week, last that to the said, content, of Meredith have the content, what print going other of buckets And year to titles. overall general noise on about of we to as like. board. combined the announced got consolidation, sales think looks I

noisy it strong to to That's that year-over-year it'll a be plan. back-end brings basis, and titles, of expect to and think we work the XX% sort to done by bit that's attractive the rhythm to has of the year transitions be foremost that's if trends forward the a because the of thirdly, John, with It's we see to you'll first year And optimization overall into half think even about, going optimized bit that building XXXX point. it rate on of due due to million in of the those all expected taking. And the that in with what half an so business. to year capital then revenue that to have run is savings is talking and XXXX which is second in XX% very profitability And XXXX a the digital at still would where then we to us expect going we're So shape, the messy we of On a we go financials. year, weighted. show the just growth. respect that to $XXX EBITDA, going was for that And this be of where case seasonality I leave point. before consistent the be with On we're Salesforce portfolio little of in all I first driven the going a be cost to it the but the actions the Neil's flattish value. And with the digital MGM. Meredith back invest proof combined full the MGM, all

as it venture the if has point all any believe at back you We groups you have, things. very and that some of we priced, those you the digital that of at business if still in and come in very is you look some believe joint that then the value, at believe MGM look Macau, Las you scale, believe and Vegas opinion to still can parts our there's future attractively if at if real

So the that's piece. first

channel year so piece is Second groundwork progress experience. delivering of is and an delivering is is being brand component consistent made still one course in real laid the that the omni over the experience, of a

system And MGM sold MGM some you'll is is Mirage the boards and of to saw Cosmo, that also start the see Cosmopolitan. You buying MGM entire work branding doing together. in tying

branded You also is all incredibly investment. experience original we that's omni And ahead well putting channel to groundwork expected a doing of like for And there. the what we see the see the rewards progress together. consistent into digital going

at to look say we we look combination, that's good that, when So place a at when capital. that we put

Keith has of was The other got for time spent just at been of and by lot we the the welcome with And a and Keith more first to of rest of think I change is MGM, had this but a when MGM. components finite. MGM, business agent in of board. of management and agent Meister, big the catalyst a capital is his involved very he and the factor at one And is we change Corvex become

that that into and was some those. ours very of a a was it so, repurchasing transition he hands, stock like would to sell looking long-term more moved stock portion natural when And that MGM

be along, know kind on we're it's goes and where with I a to thing very we're given same on it's that MGM, we've to And or said view step where from don't And business; of all Chairman goes far it. it's at we it Salem, of one valuation given that excited know is great which do, right were here. Hornbuckle, to don't now. and and in Bill so the really That results, the time. just was it involvement here And happened so sort be all our from involved naturally. excited CEO, And not the happy Paul a something encouraged our

Mark Schneider

J.P. Cory at from question Morgan. Carpenter next will Our be

Cory Carpenter

you financials for profit Angi maybe rebrand and frame an on And in hoping Oisin, the Services business. tying your at back provide to Thanks. expectations you could if around Thank then where Angi with Angi the the XXXX? help more just and you're could it update growth you. broadly

Oisin Hanrahan

Sure, thanks Cory.

we've Omicron, an for But So -- versus drop in January let that'll call off. with number with start it's we is call obviously got the numbers, customer a we lapping the not normalized in me offs, since the start seen saw Omicron pro let we in start mean will January start increase March, me Xx year; we offs, wanted. which pretty be brand. with year we significant uptick is the saw that What a to offs, call the the

rebranded for of last year. that's a event significant So pretty the March obviously us. We business in

We know doubling ever in going of about other will business all that up increasing talked revenue, natural have at year after will comps the XXXX, And this easier ads this an still made XX% about becomes of tailwind. January. leads And business thing got than XX% that a growing we've part on the be doubling we've is of significant about, particularly that all that the services so XXXX, up QX revenue, we business. QX to QX business more got that,

that their happy things feel it stands really a all just So come starting to and overall. customers consumer want more with we're pro we're to day deliver I get see to starting to a see we're we're Angi starting those what And year brand. We every see where like journey think want life on really change pretty embarked as it this in what ago We pros single customer you over where we done. starting the position and And it to to satisfaction. want. business, pretty to going together in put to on we for We set; to that know more job it's grow they we know we're see consistently. that, know

where bottom think still we've broken the I to this historically, Obviously, that we'd I in last about goal want range, it you do of rest range we So said in in XX% think think But stay end of XX% the Chris, that the be we ideally is that thing go, to? that of to the that range. break get go as to year. we've the things our for in and was where upper the QX. week things end

Christopher Halpin

Yes, thank Oisin. you,

So was our and financially, see we're think I last March target months those quarter. sort in to end sort ish Omicron the mentioned February, to should against of over going and then Cory month for record January, idiosyncratic be of will a top at of range be year. volatility this comp

momentum we'll Oisin for When that builds through rebranding look So range. articulated the below expect would year. as forward the the be and in we get range of through the services to and back easier the year, all as growth advance we comps went into reasons last we

growth EBITDA, quarter a QX, of there from respect likely we'd the and similar be with expectation highlight total but The regular other, rebrand point and EBITDA work QX to inverted also profitability last to also the is will year, decline in by this our the a year. where this through year. seasonality with QX is One business for trend -- of occurred lot the for of the due reinvestment adjusted as was strongest last the is to year the year, strength,

to year. of back be year, overall expecting we're profitability year, of the end expect to year less similar early last part but the We the the than for profitable the

Mark Schneider

Helfstein next will be Oppenheimer. at Our from Jason question

Jason Helfstein


two. Just

year a at question the the think think the a year? or I on of the given to asset Just spending services, we're shift side Care.com some do probably in few all next a of and the kind point about of it from Joey, core be marketplace marketplace follow-up just in the on mean, any flat growth give position you marketplace, update upside you that coming thinking as we second, recapture in the and revenue if Angi later And valuation mean the over transitionary years. like just and in with do to I it's headwinds growth the a all business then the consolidated to consider meaning most travel consumer a first, year you'll experiences. didn't this just given letter then for

thinking so just for And fourth update XXXX on Care? get Thanks. you're maybe an about quarter full-year how on

Joey Levin

take the question. Yes, Oisin Angi

Oisin Hanrahan

that So to you remember I think the got marketplace.

of say you're about part ads business. leads So the when the talking I you think marketplace, and

over pros higher to of the pro quality more. So also is If and is willing pros the that the a and done result of to have work as consumer spend capacity. year of willing to more but they're categories, after the we've to capacity business are or change travel pros the consumer ads to lot of a go that a leads spend going both have more. type like part categories function after And changes more flip last capacity, we're demand, side of demand other that entertainment the and

edge demand. we So some the as element it, is about of to natural business consumer in related directly a think services where has it

our business a grow at services want to Home continue the more So Services, very to more will buy the people rate. aggressive

pros from consumers more to back pulled to drive revenue. As if need Home buying will spend consumers the same or Services,

platform, were have a to any we be We point increase expect pros So time. would back. consumer to was would the we we to if services ability increase which that see budget pull for demand at on and more to and if for expect is get and occur, new in to leads matcher that we engage expect with track measure would active that lead ad we pros

yet midst obviously this we're that. rebrand some of have the is that in but still lapping. There complication haven't seen in we We as

milestone which have directly, level was to seen we out is the it back We and where of for get us that big still in seen that terms a terms HomeAdvisor the work combined the that traffic a going Angie's have rebrand back with is Angi where traffic going of Angi in brand at to year. brands we're we back -- and lot to just this brand obviously have List is before to now got on do creative the

different rebranding, the We're In what few Angi a for of is far, the terms obviously media -- way. a into year weeks stands in year only middle what of so positioning weighted. the a our so spend

So hope and as we continue of we that combined we surpass expand to that the HomeAdvisor think year see will this traffic previously. Angi where it was

Joey Levin

Jason, focused in use definitely a unfortunately, growing now. and tight, product terms in to But quarter theme read is that's around want And terms best CEO was like version. in in himself just the Care interested are into Care, On we revenue, we letter, we now Tim is the nothing the core of it and is version, and have lack the to an childcare. and in a only but able I to longer-term haven't families serving to this I'd Care keeping Bluecrew Care which still -- figure we the on Allen, been doing is using right get the with mentioned a business, focus subscribers, right this alpha great. opportunity Vivian now it, alpha have conversion, letter Care growing of we it's the of of elsewhere. to driving the the is keeping things to and or part we cover opportunity venue it on we're

we to one book one book a components that Care offering. the notice. benefits frequency service times is the a year of provider the a on impact our of from to can subscription go to product. times that things instant family flow But product our you that that one a into a is matter you of which in family. impact key to five to four that two a bring babysitter, And tools will for which And a lot is which needing starts to of is that a is that product, XX of of the Now user actually starts needing our experience, nanny, the Care that can hours' products year for

that use excited an for core yet. collective That's we're still that. outlier so And the of isn't about our But product. all

Beyond have engaging the which now core daycare that have where X,XXX being with product, customers launched, product, centers. now think we daycare a we we've we customers

are is to an We work investment starting focus the business the think senior of And course continuing care entered us. we care on the are of for to enterprise be think area about long-term pet there's side, making doing side, XXXX, we're now, massive the a that just business COVID that's comps opportunity, In noise days. backup little is care enterprise in repeated. a we lift in And complicated. right because had it are the something we not

components And great, and the scale the is so But we're some happy same just so at that. dealing business with customers product. are with enterprise around the enterprise

But and like And lot opportunity there to so value to got we we're there. a still of early, going we've at. everything, prove. offer to grow that and business. And it's the potential go And where creation we I'm a very lot optimistic got for

Mark Schneider

Our next Sachs. question from Sheridan Goldman Eric will at be

Eric Sheridan

after? on can we you're it sure ahead. fulfillment. advertising before I deeper the I on And broader of assets paragraph the you I those side, mixture purely the was better what down on of growth the about community? just the guys. beyond messages the and four We've Angi, sort make be about years going you're sort the then about Thanks to letter how little in and be advertising thinking it contextual of Oisin, where about side talked to helpful. a of the lay there mean in just Can themes Salesforce And advertising, on, improve improvements driving part follow-up you integration, in taking for of platform. third pillars margin in advertising think terms monetization so some of sit might Neil question a I for the pushing be in the of Thanks the on broader maybe much, the where follow-up investment fulfillment And you asset to public Joey's we should in two the could a that'd we've Dotdash funnel if in the talked Meredith forums on was would go positioning what about world following if there, understand super want up

Oisin Hanrahan

the Sure. answer Angi I'll part first.

to So what job job, Angi, service just and a you so that we and we're butt our you all in to typically service work range, the buy that job fulfillment that make when aware low-value come sure hundreds off of a done. gets dollar means go

exactly we pro right time, a don't single available. So demand necessarily don't every sure supply, with have do always necessarily task consumer pro some pro single have match or make pro for we single to every available we the modeling it every a we do at category, that to

the whether the we in pro, the we If the get information the improving the two We rate the different continues right to categories of right happen. that accurately to of accurately continuously geographies, pricing It we at that purchase category, sure whether go and function up make that the it pass right, geo on sure that by asked to that month after which by customer questions, It's pro, gets as but to we're after more we are pricing harder there's And a fulfillment. way. you making we add fulfill right you whether as consumer, more when go month. category we we we're whether get number asked to working that geo things. month get you right the a it's pro service, cover things

consumer Firstly, way goes up. rate repeat

LTV. up we customer likely if successfully, we It back. that the as job increase the come they're reduces to the obviously in do future marketing spend goes way customer So

the just the second rate which we to money these that, make we're thing it pro. we consumer to at is fulfilling to if low-value on and we rate job, it price which The right doing successfully quarter-after-quarter. price increase The more right the the that jobs we're continues on of happens

set it So of see rates, the business. that we we're we now coming customer the book the in getting EPS fulfillment better. And and both out in numbers see

take contribution contribution the We also margin, see it gross from margin in business. margin rate that or

long-term low-value successful the tasks, in continue fulfillment of see drivers the the go in one business. being of services small overall up. we key to It's us So rate

larger The in think second the about of area is jobs. these rate fulfillment to

is us. jobs. there So have the see are job pros metrics the are of And done tracking the with getting that already percentage done jobs And being $XX,XXX we're that $XX,XXX, these what we better a are overall. $X,XXX, by we're there

are the The So NPS the happier? three making our that business. particular come that multiple what of or already get business than great particular it's better starting through around leads [ph] that up is know there a pros the for We category. in segment have we we you overall, take four the if is in we're NPS is, quarters. our And arms gone rate last sufficient SPs to vertical,

Now it's to so cost on margin. contribution down healthy work is support stabilized business drop that to operations eventually that to a rate. we got We've think that it'll

the way makes rate as dimension. at fulfillment we high-level better services well. business, of overall, and below target So business one metrics the so-forth a that And it's obviously, the in every key the

Neil Vogel

to vendors going we're are you back scale. question to what contact Hey, to around sales, the read where do with your

is overlap. basic the top CPG. out number or two healthcare base finance three XX question, they're two, team. very, is very my very very a thing the different think maybe and there's sales we're strong, they're One, wrong, So or of of clients, is advertisers, maybe very the two It integrating slightly And is pieces. this strong one and I favorite

at about advertising can can internet. ads contextual their Like them. other doing us it, to to need we're stack And advertising what do it In to We And you and if more other like the intent-driven beats info is in either to we obviously every particularly all been or that XX, trackers long-term, have advertising as simplify all well. have sell to very what has don't advertising level. it, every more make to add renew anywhere once them evidence hard done advertiser our quarter, time. we complimentary. Joey sites up scale, of all fix away. even Meredith twice. brands intent-driven about when it's on very had much can the is that through excited they about this, we we them don't everything easy of you good look, what need to to get isn't out become contextual you have much see work very really is the too that XX searching did most means ad are efficiencies. valuable somebody exist. with stat But performance talk and need going we know. Each that going likes near at know And And these the once the what one. speed need sell in is something and to you my our someone someone like before never cookie-based that years And on heard router, we We're how we it we cookies quarter, underpins it's something are pretty metrics slow, stack, something The router ever know and to is gets to improvements talk very contextual that and the of viewable some ability and much And see anything they a than performant, know that the is combining do. a yield XX to top programmatic four didn't by no about. frankly, we And of something the one more selling all to make great twice. So ad their new ago, as

do actually ours, we're look in to largest U.S. them there's ours. just up home, an the where like things scale. with mean, these puncher's performance intent about at deliver like allows Facebook, extent compete even we I signals wise on. intent profile chance in going platforms these that to entertainment, have can all in with and because that we digital signals, sites like food, at what Meredith are the now match can intent-based a have we They to And the us we harness So stuff in publisher other

content our of is All ours.

All safe. of is it

is an put is to There's that going help is down a that for It by made content nothing us. news. more There no going little the is part drill most happy. the scale of we when have incredibly signals the in makes on it's market offering of and the the new safe environment And intent people, with been that you that All with an all to before. it hasn't is you, content mood. we you in these targeting is fact combination contextual bad generally a that

can said. And a reading the my tell that don't that know we market do just somebody down away to to on a off Now couldn't the eloquent can them. home very, have retailer; know we reflect conversation. house; improvement We're works taking when bedroom, intent already just content already we're taken about limit for a excited. newborn; do you. very and I at dollars new why to targeting a go-to-market about on to already a bring the of more promise path likely that We in from specific, What this can we that we but ads. for we them advertisers, credit performance why you know is these that they we And assets, card and the is stack. level the Meredith sky on. deliver need can they're all color if for people we tell newborn things is often a they're new car, to contextual do I know what paint It's great the -- boys' explain we're everything know like our Facebook, need that scale, cookie a that's if in talking some here. -- very cleaning much can their you the from we models I we to be of The most We've of greatest strategy ad of do up version what the is what which

the most us things So that of gets excited. one

Mark Schneider

Neil. Thanks,

will Sandler be next from Barclays. at question Our Ross

Ross Sandler

Joey, development draw help of maybe terms thanks the for pre-pandemic development? Bluecrew in those disclosure businesses. from scale but you paragraph, can numbers understand like the understand if that was XXXX in pretty good around of to other an for some to analogy Thanks. we they you us Tinder presentation where their have and help Great, us And guys. in of Vivian, two those the of it's the to put just IAC like days, kind a had stage of back are to kind today franchises

Joey Levin

it's a) guess. know Ross. five to Fair, today, good each four the pre-pandemic some size stats, I my really would three, It's first times just or a be don't business question, is

love moat to business these like sort make that the think viral eight me and in a of in of think business fantastic These I'd think, one which if think far are business. this will They're not to year, some ought just comfortably But once correct we're to Somebody way business and is both to have Tinder they're that, businesses, businesses or tendencies something both their context, naturally. this in combined sort businesses, an once is very hard is figure to of And they be them those I'm on analogy scale, one off it a a kind business the that of naturally [ph]. be natural a it figure businesses can both it's global not do other scale, categories. the I of with that are be eight a of that. it goes, just in But ought nine fire, The entered the while marketplace an building catches is I in it their Tinder thing, I Tinder about these creates both year, of neighborhood. kind viral key of businesses. spread and in to that bigger -- figure require lot category them they liquidity. is that It's

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driving on onto or right We it and that categories first micro rates. But repeat markets, now once that key the dynamics and second when changes we going that bringing you a enough job more have have to workers grow and have the can the is transformational. through that continue business. can when see the have to you in lots of employers sort enough platform; lot it on micro geographies in we the platform people of the go the workers platform these that both And can have once their people and jobs do starts in on platform. and you that employers liquidity fill platform of is And you find

these are or proverbial And that type which employee. becomes offering work, sides absolutely I built the start businesses to liquidity, think that when and build each does in much key is are labor and a can enormous when I thing we geographies, get an these building think And about fly I that There's up for other both analogy at are. So markets. markets, that probably the more history, looking are that These for winner movers. seeing right to there'll be take the markets they the significant enormous happens portfolio advantage not scale. few look size the they underserved I in in that just seeing you necessarily think when early all work wheels absolutely we think at now. what but liquidity small that the both compelling the IAC IAC's other of players is talked enough and to employer and Again, that's

it be so we we're to And grow if ought doing right, able to from here. forever

Mark Schneider

question Truist. Squali at next Youssef from Our be will

Youssef Squali

the questions. you, thank Thank Great, for guys. taking you

have two, I if click and So first that for maybe historically to on $XXX EBITDA Chris, you're you get of has Dotdash business. Dotdash been kind on million linearity that importantly, targeting and really there Meredith, in double even for could more probably XXXX profitable just

the you you to believe So that have increase quickly it? of And guys I maximum how that that you long-term just do I kind that of to your just Joey, relative you kind if option growth for business at margins And long-term can investment? your for sustainable XX% remember Thanks. of own an what's guys what's to correctly, objective XX% ownership of with Touro, look discussed.

Joey Levin

start discuss of points. Touro couple I'll Sure, with

the business, percent own XX another of We is I think right percent. are And ish XX the to so -- ish of now. we about XX% business, warrant own the

the those ballpark. that's think, I on but or give figures, take X%

on philosophy those businesses and find are We I love is, but about Touro, business. business are is incredible are, say anything always we're we out everything love have right to we But And restricted The on filing and stick say to there, are so our a is owners now. this goal where anything businesses. I that think or good about probably long-term, now. business and would one we the is right Even about bad with of have with we right, more guess different. I the they the the that don't to want business. as long-term no potential love being can't it generally, talk happy is

Christopher Halpin

to, you get the scale Meredith, Dotdash levels there digital are EBITDA and that about to Thank targets we're comes from that the the in going when And for XXXX profitability incremental think business. you. elements the key

team margin growing bands cost fixed you've Neil we're as targeting, have will got scale. the you've got the infrastructure, you in but and that have Salesforce, So that

and then continue will EBITDA that an profitable, It experience. so, with digital we the towards business good And to also a manage. continue one is that optimize eye print one is it and will also, manage that's a and to we user number, keeping

cost XXXX we see businesses coming as efficient we on that where So we we $XXX base, EBITDA. next drivers the and to savings digital the the that revenue into we as see million those as as momentum -- look digital the an grow integrate are of year cost

Mark Schneider

will Our Jefferies. be Brent question at next from Thill

Brent Thill

Maybe from great growth Good are kind profitability. maybe the morning. just And talk Many sustainability new business. and about the of priorities through Joey, your opportunity where Search your of your lens, for see great welcome. and top with side? you asking biggest Chris, had biggest, that the

Joey Levin


Search the is, the by evolution of our So it going things Search, we're in is not by desktop but business, the remember essentially exiting there's ecosystem. is some short-term on which choice which

is ads. That for expect business over well. with the think what marketing properties of that marketing driving where desktop time. ask business doing business, as it people in of through We are And the longer so the -- unusually The coming which another of that high led that but think significant flip because of to runoff. on piece we make monetizing of lose them short-term to we're had sort we're up to side that to we is there's marketing no is and margins is revenue part the that business that profitability, that our in business part we some I

too that's So seen business the little from think overall, sort exiting how the bit, benefits that we business short-term, the It's of temporary, read the we I but and a you've now, bit. of little stable-ish were benefiting runoff. it a magnitude where wouldn't into is the right there other much

Christopher Halpin

Thank you.

is, that priorities being my there's looking across one maximum the looking speed two invested on generating all, ways ROI. continuing of first think there, that core to would businesses operating any is to to an then, I on And be, portfolio. basis value in dollar get viewpoints we're main up that at the drive

forward. strategic good push capital forever Joey capitable our and of disciplined creation. that to are is at IAC to So also we're -- at and focused in in companies being initiatives news long-term the is we says, committed and being continuing value each that it and as how ROI The measuring

So that's and need and with working with medium Oisin, team then and the we driving to on a horizon. on and be integration, long smaller Neil those properties forward the thoughtful, working But companies.

big other bucket The would be allocation. capital

as a new entering interesting have been portfolio movements in extension sectors. as and We valuations any obviously time, by in public the further in of private at markets. companies the variety opportunities investments both given There's well

at our front the drive opportunities value. the capital and So us long-term in of cash, constantly of looking structure, greatest set our to

work lot great it So got to more a has start, been do. a but

Mark Schneider

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

Brian Fitzgerald

expanded there to How other effects to versus variable cost customer halo the you around last Want could And the brand being tell service Angi, go this thinking the generally? with that first for you offerings back roll-out the what's Angi partners on opportunity channels? integration them of Anything guys. with Walmart? stores retail with couple side the you're and the Thanks, in to us convert going to profile deal about Handy to you of one, in talked more ask value about and X,XXX the a to being then your announcement, questions of some branded relationships Walmart. are retail the and for about customer acquisition Angi's acquisitions the

Oisin Hanrahan

for Great asking. question. Thanks

and to a point products, at the to you and go TV everyone's directly schedule on stores. number you In Walmart schedule sale buy for you or the code walmart.com you similarly, mounting can the buy Just flooring order code, to on a service, And can is go then to other go benefit, type about works or you you $XX, or at the you you angi.com/walmart. store, can sale. receipt, buy if including buying of you're take service way you're $XX for any.com/walmart. that that's you can certainly X,XXX When a buying service in this printed And point of go TV, of your categories, to painting. actually service

type the with code, You Angi. in schedule you directly

you is a relationships of pointed I rebrand of this or guess an As had. prior the that some out, Handy extension

other so will both the are We Angi number is first Walmart expanding in, rollout expect we the into for be of retailers context. that retailers to

if Wayfair, would currently be the would time is open Angi. Handy would an also retailers include would we expand that set small have. Target, to you're we sell some those retailers services other The correct it, we Lowe's, And to were that before of expect the of over that We that were and others. and broader rebranded available services past

plus about to There's traditional available have book now. services that we the the services XXX We in expand right had available. reason no past

opportunity, brand In single do terms reason brand fundamentally the the on primary Angi. to right why thing believe here. a we've look, is a that of we focused is having Single

the did that meeting feels out change the year a we board just any advisor ago. you just board Angi It and than ago. Angi home feels a now split than got later it if did there, different today. feels of We've And you If deck, a materials change different. look even got different at year our

our they at it to we We that think stores, them with that percentage make a get in directly We of any buy you and through do TV, and look new download that at a retailer We notice customers can And the of feels those we'll the engage app. look know different. follow-on we do mobile Angi. when X,XXX see come difference. You purchases. of brand our screen social if a channels, having

an think And So to we that exposure customers. We us. do channel of great us more think to for retailers. for it's gain it know an for it's the important interesting way as we

why the conversion. It their is So It it? retailers is, we from And increases drives retailer talking of this value. the to reduces does satisfaction, returns. order side it other them it do gives all increased customer up see and what

cost, or see selling perspective, because retailers product. in the fact, from below So we attach get sundry service they at retailers' service benefit the the of some to much a so

that less a win-win, So towards, into instead moving retailers a plays the solution product, full but are trend which selling overall, it's is into customer's we think selling the home.

sell to for brand advantage. got partnership think the And into points, touch extra we And life. retailers. they've return. us our a past each the We an we're customer to of sell this person's a excited have and is branded eventually the So more to and of for know great more to

we're really about think, it. overall, excited we So

Joey Levin

original there, new customer installed? to hopefully, where they're or look floor. And it And job. then like? get ways, or channel. a why And can say, floor. we I Or if was them of -- us. find that you them room of too. that flooring Angi new to from interesting we we a but How they're channel floors be say, that's one And think that acquisition want that going the start there that, was into lot they're second need the an And, think that to What going about we going I to a that a really think do for a need do getting us find new a us. going floor? perspective, is I their get channel one I one is new important I drivers two channel for for Generally, there's to And in

Oisin Hanrahan

it. Got

I and a we've really Angi difference come great Joey. or to or product search, a app. started think come to service it's the between got It's site that's Angi obviously service about to whether think search initiated search, good point, mobile started way the like

this first. on with consumers is that don't search a think And way have product product that to captures Angi. great are service directly people thinking We way intent engage by funnel We have us that is works. great to for a a thinking about driven

it's important think the So it's product. an -- way for about important us an

Mark Schneider

next from Our Salmon BMO. question will Dan come at

Dan Salmon

Great, good one morning, Oisin. for everyone. one I got for Neil,

intent-based types changes a insulated we lot of your for Neil, know about hear We privacy model is Android. season, and plans earning to Google more continue of these their just impact from this more So the changes. announced

and news like How and helping team? these are the Oisin, them? to issues on them then, financing your with help Angi calls the an partnership engaging advertisers your just Key So uptake of about us incoming they could drive sales give does this address And Thanks. update you firm?

Neil Vogel

I'll go first, quick. be I'll

business, of privacy it; of app-based we're not an terms immune is large been going we've so us. In a to stuff. long-term so stuff, some But this call benefit really for privacy grid to be

and our the that Meredith very sites. for And you story with the happens, appeal getting get thing Now, target can more We're I we our rolling a the we a internet out call of a right there we very and is places is the for out built are built better works. know, more cookies the opportunity systems less in privacy acquired all working mean, away, doesn't really, renewals. don't really entirely, you cookies to back increasingly into sites. around to Dotdash our have really we contextually we like the not more talked to exits own before. see to us. going to lot a If it message, positive set, tracking good and telling the the go It's about but obviously when is. And us. our There's story that tell we're an it this long-term, entire be. across advertising there's the big It something this in been, as ecosystem that phone again, can more And be things anymore. at that we've work

Oisin Hanrahan

your build pillars. We I that want not is our taking save. XXX,XXX be We for be to So over on said, offer Angi Growth to Angi currently care to membership other pay about we number that We strong, to pay go of tracking it's save. pay want program think to Key, the past been got prop want continues we've a membership. membership to-date. Key value the that's know home. program members. know to like to only you We we're way small which but of past testing And we've a to, save

thousand now in to being right more That One booking a pillars engaged we're strong. to exposed -- way be to be personalized services. seems it's people seems testing of of few is the that a

showing of opportunity top have pillars, testing We to We're strong, other where as flows. in only in we're got uptake right it's buying other a pushing not nowhere right to membership thoughts that we And funnel. out our The as couple It's but on nowhere people build that now. it huge other those we've a marketing, we're now well. that of it we're services. purchase showing than is expand

on of the So build early. got other we've very going, pillars about think We it's is good we of and some around where still to convenience. overall retention membership but And the it's good out rate it. personalization feel

So that data -- we talk will together. Key expose that think all And XXXX I'll us that broadly a we next and the are. it's be good goes On important about for us. the more financing But financing what And it that's it's so that alongside we're year Angi Angi direction going to Key. can something tells in something of the right it. of of them figuring terms out in two pillars payments, with the

multiple we did last done. payment letter year in we They altogether million We've feature, the get happier. more of overall. It of firm; the loop. that they're terms payment product think pros this, And on us I we've the closing We in they're the at not who payments they're use sure the excellent data around helps did happier. said, financing. engaged when financing of processing think partners when financing, help think and grow that's or financing for get We quarter. we money well that. payments We reference a the turn a really making on job in fits help last to As $XX we're any small financing $XXX million we The them take a money or and But or right not become is customers the use notice into and the costing now. customer business got in that significant their pro from and goal. us generally And charge could retain goal better to payment. financing, release,

continue but at the to look right it. continue think we to we feel we'll how going time, going I its and over -- we're it, it. scale in it direction monetize tracking good and about it's So to invest And

Joey Levin

looking for more? questions, Mark, at you don't why everyone, the Thank the clock. we one do

Mark Schneider


last Patterson KeyBanc. Our be at will Justin question from

Justin Patterson

congratulations Great. becoming offer to prolific add exclusive an Thanks. Joey, Spotify for these I'm a one of days. on waiting podcaster, And

ones Just me simple two from --

Joey Levin


Justin Patterson

There you ones for simple Two go. me.

the like For question Eric's attract margin? setting thinking type of of around variability the pros while a for today given experience about AI just a contribution region, ad the about tech engineers? It of investing problem you we also of how just right are controls in right seems And Oisin, job to lot do and advertisers difficult expanding to for contextual, a and stack think solve How are Neil, lot then, type. the competition there. revisiting capabilities just pro

Oisin Hanrahan


in joining. of pretty criteria So for Ads, Angi different we onboarding, different rigorous terms pro onboarding Angi have the all and program Leads, ads, Services programs a have pro Angi across

or homogenize to that how at standardize looking are experience. We onboarding

the things more we across pushing of on One online that the enroll are is board.

to screening as So they on Leads. both check, of at all And Ads traction screen as the get overall, we in some the the to more we do that Angi an background loop. at do early we'll -- to particularly on online eventually the program and onboarding We've started pros, Angi platform. got that engage well. initial then enroll look quality the But value, We've recently how the screen at pros where close look they a almost flow. Services lower Angi in

terms We feedback. show And loop the they're to customer. it's could proactively monitor collect close feedback manage we We time. more up of know in on could Services. behavior we more in Angi whether through financing data advance. can customer more pro, whether pro. from of geolocate the we indicators loop, quality and payments, the get pro's We Angi So a course, close the going know in or Services, And we the and the the directly then,

the the was get more performed we that then good can you loop and And frequently, is digitize feedback again about customer knowing rating, is much it closing got upfront. inherent we a behavior benefit, So that well, performed incentivize that with feedback, effect. volume there the poorly. we the more of the Angi platform loop close that onboarding reviews experience, consequence that loop because causes you on think a data pros tight starts and the the more And customer a what that loop to customer think you there's relatively pretty we consequence, And the see natural thing. a through -- so has see going right do that

Neil Vogel

I your answer backwards. So will questions

we It's problems. in the companies performant view do. will those where that it's stack great audience possible ad that are because the want lot ad So We and on ad fastest always ad your have simplest, stack, doesn't relevant having solve product a places of having than problems; stack ads the to cleanest a contextually the your well the stack placed is a solves ad, perform. different

all all you, going If every together, or single you the and they they stack world, like Xx, not you left, get XX% work it you're XX% you ad doesn't product you put tell that in them way. a give did, if to took

which some that. But And stack, together. ad it's we're to two straightforward. our we're there's putting fairly So obviously not the complexity

because ad be our simple. Our good will it good and is we stack keep product and fast

ago. definition go. like, million they as we who user sessions to go. and or to judging AI that know targeting it contextual targeting million on that that's we're else. as different can has but of align buzzwords We as not should have do to XX And distinct Engineers to we're it anybody take. hard jump fortunate and there's we I performing views very which the But who are, doing learn years coming be the most very by which everybody since are whole user. valuable. it to, path glean like, have yes, the mimic or thing really, would engineers really is, a the and there's people they much interesting is working, doesn't to means engineers that started keep, we learning no this every what's they a of terrific hard with we saying There's CTO lot the use we're whatever really, engineers, don't say very same all challenge, path than the whether ways But get, us be would whatever has. governor for are have question, know thing nine what now single are matter, of day, we terms know who's we In from are, very different data a us kinds contextual we they so of with things we we And their just back to on your other things engineering a office. been is

Joey Levin

All right. Thank this quarter. and in a this joining this XXXX you to rather, will we and lots do for quarter all week, year. We're see all for us excited you