Angi (ANGI) 8 May 242024 Q1 Earnings call transcript

Company Profile

Participants

Christopher Halpin	executive
Joseph Levin	executive
John Blackledge	analyst
Jeffrey Kip	executive
Cory Carpenter	analyst
Jason Helfstein	analyst
Justin Patterson	analyst
Eric Sheridan	analyst
Brian Fitzgerald	analyst
Daniel Kurnos	analyst
Brent Thill	analyst
Thomas Champion	analyst

Call transcript

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Operator

Good day and welcome to the IAC, Angi First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Christopher Halpin, CFO and COO of IAC. Please go ahead.

Christopher Halpin

Thank you. Halpin welcome Christopher and the everyone, Inc. Angi morning, here to and IAC Good

Call. Earnings Quarter First

Joining Joey CEO on currently today to published Angi of me its is section to the our Inc., Chairman IAC Similar website. letter, IAC IAC's and Investor of quarterly and quarterly earnings Relations Jeff has quarter, shareholder available Kip, last of releases, Inc. Levin, Angi supplemental CEO also of is which

call. reading the shareholder We will this on not be letter

turn will I to to up shortly over will the remarks Joey Q&A. make call introductory brief and for a open few then we it

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

of set first have the IAC's our in in been filings SEC. respective forth risks earnings releases Inc.'s quarter Angi and Some these with

during for of reconciliations refer our also public full websites reminder, respective include we'll our IAC as discuss for which, section EBITDA material also to again, and all to Relations the you letter, shareholder GAAP I Investor call. filings with and a as earnings certain non-GAAP the for the comparable measures measures. SEC which all EBITDA, We'll releases, the will adjusted non-GAAP simplicity refer the our measures, to

Joey. turn Now it I will to over

Joseph Levin

won't with you've some posted. us Thank everybody. morning, repeat Thank you. Good spending for seen time this numbers I the morning. you

capital cash puts with a and from had here. on And deploying solid great us that we flow. progress position profit real for a think I quarter growing in free

where which inside product that incremental the to new and we'll to and deal growing in financial of taking for news in on and on of OpenAI, participate the starting enhancing where collaborate we Dotdash from for OpenWeb. ChatGPT we a yesterday announced way. been we've that be start We the was in ecosystem. to the the share we AI we've users OpenWeb quarter think advertising beginning of think And tangible, we're opportunities nicely just our ecosystem D/Cipher, is get with Meredith experience. the going future on the that hopefully, AI generally We'll us in some properties other now is -- are agreement is to Biggest compensated a hopefully ChatGPT

who, with from which And including we're product their in grateful incredibly -- for in dam in that first agreement really everybody competing in And category, similarly leader have the a leader been us act has hopefully, opening this they'll to still done here, area. towards as area. OpenAI opened with floodgates opportunities in the beginning new the the very starting the the they as for a us

the business role predecessor the years in details business, Angi was time, amount many deep of the of the long all much new going as to capacity for because IAC that ago be years already then been way an way of this in I'm CEO I Angi. Jeff think just business at load in and I involved He as what welcome meaningful a want thrilled in for his time back with where to very enormous he spent international Angi. about this used Jeff Kip. been thrilled also running on is CFO HomeAdvisor it years the Mr. not and call lightens spent has that Inc., -- actually of getting has back a about I'm X X ago because Angi. to my very back to know, in

he's And now on excited entire tremendous that job out business Kip. as Jeff jobs has done expect well reported and in the that you've the key really well Angi I progress in I'm And focused business, is delivering very the and seen, business. of that done succeeding which Mr. we've to

So welcome, Jeff.

get question Let's first to questions. Operator, please.

Operator

Our first Instructions] Blackledge with Cowen. question from John [Operator comes

John Blackledge

Two questions.

the overall our maybe And First, digital revenue how performance for going forward? DDM, that follow-up unpack forecast. across growth licensing? within then just have Could you a growth should And advertising revenue trend DDM OpenAI beat on deal. the I and

Christopher Halpin

Sure.

advertising. the about and Overall, about revenue and to X% across then of performance Dotdash great led programmatic. monetization talked in growth before, digital grew the Digital core And Digital Meredith felt we improved combination both QX. due we've So that's growth XX% in premium XX%, by session

superior firming fire It's programmatic, better performance. tech is premium or a doing of we're outperforming Advertiser drives sales. and and on our up. better market that hot and and on strengthening improving it's market it's then but we're we because stack not that our spending and believe And

products X% pulled quarter in or that grew down highlighted, was e-commerce accounts only which financial as marketing by services really brokerage as is goods, as we insurance. the and in for decline such marketing XX% overwhelmingly a Performance -- and grew such XX%. Performance

the there. to So confident that to and back particularly get got we've growth services strong continue we innovate side but in recognize performance we'll to invest on marketing, we're

returned a will headwind syndication and was then closed performance we bright been acquisition the strong a will really led to but And there. we element it area licensing, Meredith -- had which That a a a partners. a been X%, at feel be further has by News growth now OpenAI spot since tailwind Apple at real and be

line each your we with way Advertising solid and monetization. continue see Digital across question, improve items. execution all revenue clearly growth XX% plus John? for in forward, lead X quarter the see we and the And will growth second to year, what's session Looking as

John Blackledge

Yes.

et we content? about you if level, with a training don't expect Second on can like Meta, of they question, those deal DDM And other cetera? are companies, talk terms deals deal high And DDM, similar deal? strike the precluded from could you LLMs, their key a OpenAI with at Anthropic, Google, models including the

Joseph Levin

Yes.

first the we the D/Cipher and elements can't with very relevant and There's ChatGPT enhance obviously into the enhance at multiyear potential excited level, the and to content but it partnership really OpenAI both And that ongoing a of that and really we DDM enhances high about -- ad get partnering on the deal, a their future are responses. its links and financial historical -- we're using the future terms content to displaying that. It's on DDM elements That's there's the we attributed all So There's OpenAI to targeting in model's solution. involves building DDM X a deal. the to excited performance. includes the out privacy-protected and of we're to kind there has and deal. them deal specific with think collaborate cookie-less, And the said intent-based then compensation. advertising that

of follow. In demonstrate way that and others content. chat that others, of others showing led do terms they time. and think of my I the in may in time the the I interface. that that of in will but remarks, think they follow expect I'm a possibilities led That some as go and look, And the said I may And GenAI again world resisting opening I OpenAI publishers way have expect of sort will hoping I -- will -- sort -- do various take with to journalism over dealing stages that through and

a and more this opportunity And there do to I and that have OpenAI exclusive, a have making certainly think and demonstrate we but so which beginning, force Sam for right the really good the to to tone how And and healthy ecosystem OpenAI -- Internet get they've is done. AI the under the deal a generally really sure that Altman's to figuring not the means had far. them of lot for thinking from in continued grateful world we leadership, about are is that out

John Blackledge

And congrats, Jeff.

Jeffrey Kip

Thank you.

Operator

comes question JPMorgan. next Your Carpenter Cory from with

Cory Carpenter

right why follow-up then and CEO be to a one CEO? I Angi I'll the And priorities Jeff, first. vision as And was transition, now answer it'd but that you the great have strategic hear time? let your On Joey,

Joseph Levin

Sure. Thanks, Cory.

full-time of obviously just all, a CEO having is First better.

continues in-depth in a the going it. than elevate understand I was there, to opportunity to we realizing that of the I business And accomplished international the the do be the business' created besides over what the fantastic I in and could opportunities. of leadership that there and things time business fitness team accomplished product I'll depth to and been my the business. of I he's clear deeper incredible -- And him improving that. And and and one customer issues one we was to soon Jeff very that, a had wanted that the let the time excited both had was And and that do -- was Jeff do whole what in international so job think of the an as on goes to sort as comment we that And there the talent were especially became but the Jeff there run to centricity things there.

Jeffrey Kip

I don't think that in strategic a vision. change there is really

we're customer jobs doing both marketplace. the online of really and the Joey better done what and a most on importantly, center focused at on I well delivering rightly delivering of at has think then Angi the put experience sides we're

and in it, terms empty removing, out. from calories deliver And being jobs customer plan of what so here real hope first on the forward We and work moving more I to I each change. with to he's business call well is the done hope no we done continue. year there's let's

Joseph Levin

one? another had you Cory,

Cory Carpenter

just growth? business update return you if this you you'll revenue maybe need And back could Chris, the perhaps your reinvest give an to expectations ultimately to Yes, year? Angi for to think us on

Christopher Halpin

Sure. to that and to Thanks, incrementally talk back can invest Angi And and of we work more think part revenue in need the fact, We Cory. to continuing Joey first. to lot at has a it business Jeff second definitely in the growth. get done. Well, stabilized don't

confident revenue forecast even is and adjusted We opportunities see in the EBITDA declines. the improvements continue we're continued margin side cost our on and to why with

shutter quarter, outlook years next -- revenue an second I'd highlighted quarters, quarter, to revenue done what ran declines in around for in pro that similar the network. On a One to of the that low-value this and network the revenue called note acquisition towards small was total mid-teens took was action at its had Angi XX we've that basis, own sort percentage actions eliminate guide further ago CraftJack. that level. we'd alongside revenues Angi, That quarter. Angi we we last at for was X seen specific

Rusty in essentially and profitable there, was nice We thought [ it business. add-on ] would and drag was be a we Joey but the not Jeff it as a dug and realized on

with metrics external we many some loss to of directly you see incremental X,XXX decline previously respect recapture about and a it view margin-accretive to generated most CraftJack and but through we'll notably our of revenue a there as the pros So expect service leads of shutdown. professionals, for should expect

quarter As looking far of of opportunities that as in we identifies. adjusted continue to of confidence confidence for the this forward and the want outlook, similar strategy allow the million to EBITDA what our million the our $XXX application the in as about the first the we develop we'd well beyond in next his margins to own continues talked the is path All opportunities in how specific year have he improving guidance view He that as of say the total we and of cost Jeff quarter, context business. -- revenue have to $XXX to but though, throughout. of or revenue in

Operator

with comes question from Jason next The Helfstein Oppenheimer.

Jason Helfstein

questions. Two

not first pause? raise given at year quarter stronger anything your The Angi, guide? that seeing the the in why both given Dotdash you EBITDA outlook Are first, full has you and

the And of the you need start stock capital improve? or as And like source multiyear What's about will talked stock lean frustrated you do leverage into back, that And buybacks not then if Are you about second you'll the the you repetitive, letter takeaway? implying stake with welcome think to a being does and just if Jeff. it? this be in MGM price. the

Jeffrey Kip

Thank you.

Joseph Levin

and second? the do Chris, the do to first you one I'll want do

Christopher Halpin

are Perfect. momentum Dotdash, outlook and margins. for we On partnership on the full growth in year we feel OpenAI the and guidance, business visibility confident between the revenue seeing, the on

the the weighted business, full however, half. always Given second the heavily is of seasonality year towards the

and in and performance million point say the get D/Cipher seeing. So that based about But this content, we'll the before market That's areas adjusted we end as year -- the we our at for range what to being year $XXX we're we're of it thought guidance. confident million marketing. targeted deeper year, of on would to revising progresses continue prudent feel while the the why we we investments $XXX making into in EBITDA higher are reaffirming to like update

quarter we priority. On There's that experience. do declining still key both Angi, strong that removed business and value. despite and revenues To profitability a produced improving limited the demonstrates the first the of revenues. from consumer more produced That's in in truly us, profitability to work we've the professional many that

we for best future. remainder we flexibility, EBITDA business build So a to the say for of want continue to about remain quarter million We'd feel to year. the adjusted good $XX-plus of the the

the keeping million. $XXX want Do to at million to we're take... guidance $XXX So you

Joseph Levin

Yes.

the on about talk and of maybe shortest our healthy business things. what One, we was would So table, on buybacks fitness. be And evolution buybacks and first But in the about very that. are few guess, -- operations buybacks, step making let's order Jason, question. answer sure into a to of getting the goes your kind thinking really the certainly, have I the

accomplished still to we've things we think that. want accomplish There's other those I lines. along

So we I progress made there. think real

have thing is having we there. shares, on are return and We ability box good It's cash cash. -- attractive you valuation which we'll also, sure of that, incremental having already, Second generating making I a is We no happens prerequisite, feel get checked. a to capital. we an about excess think which and And good back course, buy highlighted our very where on obviously, periodically. believing restrictions that is certainly

new cost maybe is harder of a to M&A the new evaluating for we're lot the outside businesses. cash, our is, which opportunity one We're evaluating -- our always our M&A then of businesses, things. And

afford the generating. ability a balance we're news weave that have is, the very, do and to important your And stake I cash question, valuable, next think of our good on sheet, right combination to is, cash MGM. the the now have we a very incremental both we in in

out is is -- about a that getting of think intention of public that want that if no stake. sources and But to liquidity liquidity overall have We you -- liquid that our currency. of

And imply more the over We're so fact that is doesn't thanks the doing that of than MGM X/X we very how being very of stock MGM, happy with buying picture overall MGM aggressive own the liquidity to anything. Again, MGM, company. to and XX% contributes IAC. of back on that buybacks, now

the question, the short goes Jason, the a there's considering that's So and I to what that is but you lot antidote in there is table. yes, answer to raised as highlighted buybacks your what on absolutely

Operator

question with comes next The from Patterson KeyBanc. Justin

Justin Patterson

Internet seen for build that about to the hats, of off of talked as last Jason's no Joey, you CEO wanted evolution IAC IAC obviously about to at question. within Actually I past, about just here. preference your would you're in looking love marketplaces M&A. We've a wearing know lot with the hear longer X full-time of thinking the how GenAI. you're now and changes CEO landscape

just about and these about thinking days you're IAC. the you're how future more to spending love hear would of how time So your

Joseph Levin

a question. important It's really Justin. Thanks, Yes.

time on both AI part much learn to spending existing on in an where allocation, very and area opportunities. your opportunities. certainly, So question, and try find of continue opportunities is we the And our to new capital

that's an think less M&A I probably from perspective. likely

perfection, to that think AI are pure-play there opportunities that things are hard place the currently out capital. a while which plenty there, think deploy I sort priced to of I of is

about We're different our a opportunistic. a Meredith, we businesses, for are IAC. learning a areas sector new right from to with considering I in and and as that's saw And wouldn't including many a we But pick factor own, AI. lot particular now. of you certainly opportunities benefit just in position are Dotdash as think

historically with done and the that wouldn't consider. marketplace understand like things We on businesses those limiter have a but I businesses. well We put as we that

outperformed of done see that's is time historically the about very from technology we've area you trends has for bunch a lot and a that the segment, of of long which wallet parts the previously for done we Another us and which share sort leisure the continue to -- in benefiting and well talked very consumer world. expect a travel other

-- So that an area has an some of is been area that focus.

the have a to in pretty on of and opportunities speak, unique M&A. stool, us already looking angle businesses meaning we And at I some leg or to so for looking broadly. where another we for opportunities we first, is new the will that terms we're actively own, we're priority on something But and those add then do to right certainly new of find now. synergies expect, But those internal more I what M&A think add-ons can point,

Operator

comes question from Sachs. Goldman Sheridan The Eric next with

Eric Sheridan

question the back you last CEO sort into EBITDA or the up new thinking welcome in of in echo, potential and environment for think Thanks you the measured Jeff set Meredith. the believe coming When the make that about Dotdash year, into Also, of on need about and of for the Dotdash operating of advertising especially I'll to you Angi. advertising I'll of should term? the against Meredith, of be Maybe on volatility is details. how to on between follow we to revenue side this on all and year, of down some success the and building out the as up cadence now role momentum conversion longer that the the the environment Digital against up invest year revenue sure end things

Christopher Halpin

Eric. Thanks,

a on that few things So front.

Digital. this from in folks, year, $XXX we for quarter, to we all expense adjusted year million. offset said re-anchor of each essentially just around $XX the consistent corporate provided full EBITDA EBITDA the to with and million First, each million should of Print consolidated other expense EBITDA corporate come last roughly expect we $XXX when pretty XXXX, quarter, to guidance of

expected, Print a As seasonality year profit off started $X.X million, level, due revenue secular to we declines. at low and the

$XX expect $XX $XX Print about third and million million to to EBITDA We QX a and $X million fourth to then be the quarters. in million quarter

Turning adjusted and increasing adjusted seeing to Digital EBITDA past Digital. EBITDA XX% this with scale profit We for quarter growing nearly the margins. like

forward feel growth combination, again, advertising about growth. licensing revenue monetization and And side, that's both improved performance for a each Looking revenue good quarter growth, XX% to year. on the and this we traffic marketing continue plus

and we performance content D/Cipher growth know we're Those side, our performance that cost the initiative about in strategic of services. are and On of specific investments context product, to areas. growth targeted talked the for perform, in the marketing. And we strategic -- that marketing will capabilities making clearly reposition and particularly growing

expect And we position EBITDA think then of impact margins XX% adjusted felt on in be The year-over-year XX% years. in us those followed margins incremental investments our those will And QX. be will that to We're and for will forecasting investments of build strengths incremental grow plus most QX. by for last in is, The X/X, the weighting second fourth quarter quarter comparable that course. is we which the growth ordinary and on margins improving year, X/X third EBITDA the would very each year. to we the half saw and and adjusted result as half, the EBITDA for first

Operator

next Wells The Brian with from question Fitzgerald comes Fargo.

Brian Fitzgerald

changes, terms traditional getting couple search? integrated as referral we've more on AI, is in more Search us. of to Experience, are in if AI any, deeply into you scaling A own Google up as any their Maybe Generative either traffic broadly you visibility from seen

Joseph Levin

I'll one. that take

specifically. hard it's see to think I

the really I'd holding is been answer but short more I decade if traffic term, themselves. the So don't trend. page of long multiyear, for not taking That's more and basically say not a, know, is, Google

to And so continue. expect I that do

of others have, the Meredith we've we history Dotdash with done through grow best a we've very job because do content Google nice we our in in that needs invested created. users' and I think, navigating than continues nice I where more a And and think actually job content to the addressing site we've inside -- it's that and

not so that a keep there. that I more yet. Google time to impact have to continues good pretty direct seen try in expect of And I But think But position we're for we any themselves. over

Brian Fitzgerald

kind playbook to ask bear then Got you we ideas expect or you it. of bring there. what take to portions as Angi, Jeff, to at the international wanted of over And at Angi

Jeffrey Kip

X $XX again, had just Europe. just business platforms, you we So million, leadership X back, position years, acquisition It models different through if where technologies. we years back products, ago, stepping go were different few had of the was different different X companies, together in the X different and put X market X we losing a

was focused where went a be product We our and through enroll. pro the did to process we homeowner we first thing choice on really online pivoted

performing the both think we we and executed thing did unit there. in we our our economics, particular, technology marketing operationally restructured was, second terms of in I and

more core the foundation the of we improved we've we efficient. much hires is business U.K. single on and offline of core the one homeowner the we're done really refactored, platform migrated and Thirdly, technology. the a We've platform And single well. the the at which pro we've that's skilled the migrating just been is able business. places these which platform experience, rebuilt, to really done job a gets looked the We on experience, Today, job organization on with when on who each a in put time finished our focus a a fourth

United for There probably and profitability he lucky was But was so there lift hand X.X -- more actually States, in had empty that to of in in of low-quality some Joey, ways. and I'm difficult and I big or say, both me, a more the pull would done to some Effectively, revenue low team the years this that negative come in took part he's now. out. a ago, experience calorie have

it's Obviously, different a stronger little and but is the share and a here. also lot the market's bigger brand

with. work Joey on. follow team been same have any But path, the I've little case, we and a to the in need So to got more

to components in play what the finish I ideas of the Europe are the we key in job. elements, in way right think, did basically, the or we United and need in the key States

-- north is the of and growing few willing revenue growing of EBITDA years business revenue business the after flop by States now time. years finally a would flatness. just thing finally a in and add going close at don't which do first few in good a and profit margins we're quarter growth I the to the United we in XXXX, the We to and the have God turned close after And XX% rise, to creek XX% note, same

Operator

question comes Kurnos next from Your Dan Benchmark the with Company.

Daniel Kurnos

Welcome Jeff. from maybe on little for a but back, Joey, just D/Cipher the weeds around AI algo in the benefits the the you, partnership.

on incrementally signals, thoughts Just peer just probabilistic group And and what outperformance more on data asset? helpful. with driving shift kind would of then an a that to publishing relative incremental be of of means the terms in sort maybe that to Care update

Joseph Levin

first Sure. Okay. question me followed I but was about D/Cipher, your question. D/Cipher's let This totally the average? sure I'm question the try the -- is not

Christopher Halpin

yes. be it think would D/Cipher, I

Joseph Levin

Yes.

Okay.

on our that think us mapping intent the I publishing Dotdash them to one that is, things So just right but and relative performance where to we've basically them, the now, And on intent and understand Internet, done signals own portion have intent properties scale to so Meredith, with a that much advertisers. enable our use to mapped exists and closely we properties. other we the the is, Internet, with very that will have a sell that of we've OpenAI can what measure not those do properties collaboration with subset of what D/Cipher bigger across back bring towards that of seen

with cookie-less, user of content, intent the or and individual the of view privacy not focusing the on the very all the user. much protected privacy Again, the of

we there significantly what look scale. so is And more for

And good as we accelerant pull far. -- significantly we scaled intent-based think So with well it's said, more And the same business. -- a that data to off, so that's for accessing we potentially targeting. with is can real working inventory the it already if

So we view in this upside as -- that there's only area.

Christopher Halpin

to that us, don't able just which have Yes. media. additional to scale to we be incremental would bring And OpenAI the D/Cipher that is area excites do

them flowers monetize and a being expect beyond together. that linkages teams text, draw against of are a performance. and things And number as experience intent-driven So to able the we just and user's and work part image drive to X those video those have bloom of

Joseph Levin

answer that question? does Dan, your

Daniel Kurnos

then It on Care? update just does. And

Joseph Levin

healthy very is from Care Look, perspective. Yes. profit right a now

nicely. enterprise And in part booking business have in consumer instant is works think the the business. the growing the there, -- marketing just now driving instant both we of projects on on in of and I of also the improving good side a new really but We're growth focused customer fundamentals terms booking. around improving in the to on product access the experience optimizing some number

go other segments we've optimism got the which so to And in here. And there's think are doing we for and enterprise, both Care also Care, where can now addition consumer nicely. from of right

you So senior care starting we're Do to and businesses, to add for those And growth that? want from green opportunities in here. pet care, too. we think some to are see shoots

Christopher Halpin

Yes.

said Officer. know a while. to I we consumer think we've we quarters, improve Product seen we know for management, road We our and Chief needed we prior slowdown we Technology -- -- Officer, new in -- map Marketing on the improve side, there we've a seen Officer, needed a have products. like Chief we new our Under the feel and marketing have Chief

care and very us and on to on want childcare marketing specific lap up macro going but and a little the macro blame versus daycare pet on now product where some care, But macro. growing some some it's never on really babysitting, definitely or that right senior we're and down childcare tackling we We and there's blocking about There's day care and and good we'll opportunity. the up. to feel

Operator

with Thill from comes The next Brent question Jefferies.

Brent Thill

now? Or environment you're some on earth? back to seeing talked the you've curious Have of past, if update somewhat you still M&A the environment? kind multiples. these in of irrational Joey, I'm similar the about what being seeing you expectations come us could just are

Joseph Levin

there's think now. I opportunities Brent,

or periods I perspective MGM. think perfection and priced the into we that everything is -- are where was gone are from for -- is era big where things to there's priced from everything we've and there's things we've perspective, our periods bought failure where probably gone opportunities through insane through our

think right it's a But balance. I now,

areas probably are there think are overheated that I AI. like

not are going companies. companies of multibillion to these be dollar AI All a

them. but will certainly of areas are And of and where of opportunity, Some we're plenty there rational all that's focused. not

I'd balanced, right So it middle pretty now. feels say in the

obvious maybe You should find that's it's could not think because harder or deploy you out. say some that here. capital time we'll opportunities a to But be we in

Brent Thill

to a Great. by Anything that in seeing business. follow-up Okay. parts portfolio? on out then just the you're you're energized call terms of other the the else in emerging of really And momentum, the in what quick

Joseph Levin

think, about with great one that highlight fundamentals. I a already, solid The leader a talked Care in business which is, I'd we -- category and

in about there -- in, which it for greatest professionals that the product two. Vivian, which care health share, has I'll nurses, health employment. is the it's One actually, has primarily professionals, but a market is with where travel matching other the matching is and started care The good one talk very which

really but not nurses of I generally. capital a revenue has that think matching much nice category long very done but healthy has a at that's consuming imbalance health with growth point. care given job this very And professionals term supply/demand Vivian and nothing tailwinds really in a that

between things We're and the nice And AI on the enhance experience -- to there. done, Vivian's in care professional deploying by the fun the employer. get health also seeing a some job engagement very the way, chat tools to

turns exciting knows for IAC Beast to the a the they that We've now, at energy great experience than And we'll Ben the of other one, business. But say leadership They're make bringing be with very and of and very, ton noise real the at which interested a Sherwood small there go that see as how business with media changes things they They're got that. who the more reboot I'd then with Daily and business. out. happening a is size to there's where their Coles. incredible Joanna making lot do, but

Operator

last The Sandler. Tom question with from Champion comes Piper

Thomas Champion

Maybe just ones DDM, Chris. on X quick for maybe

Just looking extra with Core was All quarter. else, fourth growth the solid Certainly year-over-year. at of there and Sessions comp X%. day easy the fairly quarter but in an consistent

partnership? trend Would any love about anything was a or in hear any there on was about onetime then that. to And Amazon else should that the sequentially? if curious Just of think context the that just comments headwind we that previously improving or a

Christopher Halpin

talk question. Yes, want definitely, did Tom. Thanks We about Core trends. to for actually Sessions the

middle of for last core XX% trend across driven It we growth they But QX year. since properties again can which up by our a has us, see whole quarter this growth, ramped Thankfully, growing. from year part decline is declines can keep the small in really coming in the mid-quarter. the it's ecosystem Facebook. been our hit from hard. publisher industry to a last what traffic to from X% growth it So is why of significant of we entirely This

traffic -- our ago. quarter, down first first XX% the of aggressively year-over-year X% thankfully, seek own traffic only represents down X% keep their was in as year to quarter they Again, today, a the Facebook more about our For on Facebook platform. from audience

it keep that continue we ability is will we this to how sessions. And quarter, So about to felt attrit. feel else everything growing growing the great and

that in consumption sessions we our line. also note are up it numbers News, show their which in instead, because up platform, not at happens shows licensing on does We growth our seeing excellent Apple

we got in I'd So of pretty at X grows another about for small bit X we're entertainment it's see a portfolio. of some, the platform then -- feel you given we've And a we further about in in say exactly that's this point declines as move when session we'll plat we talk year, lot across also the not opportunity. but into where from be the growth and movement great our strikes. lapping optimistic comps, properties

Joseph Levin

whether which now right on that, of where one quarter growing Internet Sessions XX% U.S. in I is or generally, terms the day X% thing users. in Core versus excellent, growth is just businesses, not whatever, in primarily the want more to X% X or add is,

invested a what content, seeing folks about audience who happen and so are and real healthily that. we the product. in environment share content rewarded with we've invested content whatever, is a enormous you're continue to is again, increasing in growing feel it's to amount or in X% and in of winning an invest in whether an growing enormous And And testament or amount being and XX% very that that good environment

Christopher Halpin

and given out. or positioned are that question spot whether you through technology Tom, -- look brand the whenever a ecosystem, are brand side it's the that platforms and when from the represents Amazon network D/Cipher, Amazon's retail the to rolls -- And science it's brand Neil data to cookie-less the I companies with trends. whole it solutions we us there, we integrations its or that then, as media be demand team know away on across privacy-friendly on for focused to getting strong. getting that to and think it in And very underlies Look, industry the credit The D/Cipher. they've are

-- conversations tackling, down, positive the in And continue the the infrastructure We of their it's and the generative in head It's demand-side and integration other cookie-less-based investors. AI be and the and dynamics. of explaining offer the a are with capabilities also we productive D/Cipher large executing very will blocking targeting. but to utilize bullish creating story to platforms have we perception think on integrations just,

Joseph Levin

Yes. perhaps meant just although This both. not AI generative integration of advertisers, investors,

Christopher Halpin

I investors advertisers. meant advertisers. Of yes, have but sorry, mind, on I my

Joseph Levin

know much Thank and and quarter. I talk for next it's a questions morning support very and Advertisers. joining we'll you us. busy you the appreciate to all

Christopher Halpin

Thanks all.

Operator

The you conference attending concluded. now Thank has today's for presentation.

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