IAC InterActive (IAC) 10 Aug 222022 Q2 Earnings call transcript

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

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

IAC and you here I'm of Neil Joey CEO Vogel, the by Hanrahan, Oisin Meredith. Earnings of Call. CEO Good morning. IAC; joining CEO QX Thank Levin, for joined today of Dotdash Angi;

go comments, directly a into Q&A. statement Joey and go then will to early we'll I to going are that, We over Joey into and With by it some turn Levin.

And Thanks here. on very the you businesses. businesses our Good for morning, upbeat here colleagues, to be Grateful grateful the in phone everybody. on with building I'm my now. being us. right I'm and of to video all office joining for

our have We business, Meredith. biggest Dotdash

are [indiscernible]. when the path We we set we on

direction. category, the have healthy. and puts every done And to the be growing get I delivering growth At something expect the growth come share. plan Angi, been in And very where business days. and is the there. have and while been at month market as the and of intended We as seeing, in are are the and we course, down look thing we of moving that. market we'll We're we business to soon biggest right we taking not get the this business Services so I steps are The lots that need migrations to We the should but we're we I We think, We've happen this clear continue all for something in done Turo And far Dotdash at we're the we is with expected think there. Meredith place losses rest profitability, at prove, businesses, significantly to in from which product take on and ahead has growth, that we the -- that before consumers taking the that have big seeing as we've focus Dotdash opportunities MGM is we're as is really I And the and the category. but we them. even and we done will most expect platform, where driving here here ad we've we've best executing seeing we're data growing, know weapons still done, I as outcome. the and have continue the that know we but a support Care should getting we been think, prediction. from that many in environment, from and like, traffic, start can really from . do headed Angi. times we've growing. And don't don't fast generally as we like meaningfully, to and we'd the far we we migrating Meredith as think that in shared tempered our headed things the in both And of Dotdash expected, all done, when of macro migrate in the I outpacing

where we're of through our a that. the we environment. in and how there's us, consumer But reacts. few the what other we businesses that thrive we could the happen businesses position our we suggest to intend we execute. control and can grow And that we think months signs businesses and a our how over control And bracing execute businesses can lot internally see next And that for think are the I can for well can does impact. regardless economy impact

everyone I lot to got questions, those So a let's of questions. so know take has

at Our Cory first Carpenter JPMorgan. is question from

two had you through the you the talk about quarter? could saw picture, trends maybe Oisin, Angi. I bigger on

Go Cory. ahead,

Can you hear me now?

Yes.

Yes.

in about economics Okay. the Two bigger and the of the through Ads, questions trends how we it on the right for you the more talk think picture, about on you're Services And making Leads half and specifically, year? overall could impacts unit optimization how in just the the growth and growth. should the I to that then of for Oisin, maybe quarter level Angi. about also Services, pulling just business. together, profit if And hear Chris, around think probably second, hoping Angi second all

Thanks, Cory.

let performance start QX. with we're in top. the Overall, So incredibly the happy at me we saw

if think Ads the and think would when this year to back get you said been you rate, started rewind ago, and a we'd I rebrands, that we outcome. At a I business have growth. great Leads the

want active that happy Ads growth, very strong drivers to improve. The see has we're to be business So helpful. growth more were engagement, to in and a the primarily got incredibly we've pros of to the pros' market, we which pay, around place of very here, continue that happy in becoming pro that and Leads willingness been

part, profitability profitability forefront. where have In that at click I'd look say the on within positive, incredibly that Joey very, We that, strong made run the you down had and has When we've in underlying Angi in has for overall business overall. the some of in terms definitely for that particularly -- you led we as some focus, had been increases Services, on challenges, very in things, coming said, profitability business to with the have the profitability an to business some of again, most Services, QX the trade-offs Roofing.

say, XX% I rate a If the we've so down growth Services shrank rate together. July, would number, in you growth underlying tell we obviously that in get organic Services. it's taking to can a for of unpack growth acquisition, of things rate. That the remove we Roofing rate to, growth us lapped put the Roofing Roofing overall the important from couple we think So as

million sorry, about comp average million, last July. July. it $XX -- did revenue some year, in million more Just for in to $XX in that, to QX $X about to That's put was that down numbers or around Roofing. And we $XX million you

you see had primarily challenges brakes and Book dial the managed we right we've significant pricing in we hit pricing been in, on around other projects. and Roofing. little operational turned retail, So number On success. had caused where the to dialed on pretty more on in a can Now, Roofing, terms got categories, growth. and some us little that's have stumbled of the Those our much bit we that to we a We've bit, in

track to back couple on a get We growth on expect Roofing. it will quarters take us of

you back our again, Leads, to overall, pieces and put those you've all growing mid- So got Ads together largest digits. high-single business,

net Services of in business You've net growing July. XX% range our -- the of in got or Roofing service

So some growth. range. assume stays to period, into back we our with that there, And do this XX% around profitability. Over expect get to the business back again, and get we to Roofing XX% increasing is

underlying profitability look overachieved and all you incredibly go we're it units, the at we forward So business can increasing from QX, expect with And that's profitability trend, incredibly across these to why have happy the see you on happy profitability in how adds we here. up. and with

is with the QX so were overall run lease very Thank inclusive out, adjusted a we profitability happy of $X.X higher. business you, came impairment, With million Cory. profitability, of where rate respect Angi. of EBITDA million is to $X That for

the Angi that profit overall of by One the cheered things we gross XX% growth growth was were -- across portfolio.

take When Some continued Services, at the across said also past team for Leads margin and rate and peak Services. And last the is the quarter Leads year, investment the that a it's throughout this Ads bottom improvements the will improvements sequential look Services function business, year Q, we we in in revenue we of of At due we revenue said again but rest investment we go. Oisin are and that driving to the improvement. high-single-digits drive to as that growth of and to expect in Services. higher-margin Ads margin and line continued growth we are have

for in we aggregate very view about in EBITDA in business. So quarter second and and -- second we And overall Angi the third the in adjusted EBITDA feel momentum the -- is fourth good than the what higher picture where our profitability produced the quarter. we within on

Great.

question Ross from at next be Sandler will Barclays. Our

question could and the in is, the differently, XX% not for business. and space in can digital obviously But points how million be if we I monthly that the much EBITDA that's a deceleration. just would first EBITDA versus question. sites some digits have the what that half. margin the Neil. double combined that looking been MDD low guess Or trend We the back demonetized Digital with in what's a had see said seems at So ad about or self-inflicted? broader the MDD going just And it $XXX to is of XX% to over down at trajectory, of for second look the with X% environment if XQ? that, Digital replatformed down so decline, you the comment, to question on macro X% that And the Digital,

margin given the So done? the of how MDD replatforming rate? much kind see all Digital incremental What do you is new in might expanding see the XXXX margin we once at run

all remember I think Thanks, Ross. I'll it. unpack I that.

challenged. thing is the is about definitely ad market. the the first And So ad market

of this because is is self-inflicted word think self-inflicted. I actually a lot good a

are say have to liked. it's a is all It's we been the It's want feel the I hard we get would talked probably make it, good them complex. if where There's had unpack. we've all very thing It's now. migrations because is think stuff. little we I'd for and really about And XX-XX. on, secondary people to hiring guess, we to going very, slower and But about good on we sure that reason Joey you than a right. hard a Internet

ad market, look look to right? hard the bit. it unpack a it's So to it if whole, You you a at got as at

and we think good I saw diversity, pandemic. some that through have you pretty the

is a actually category. big is health Finance not is of good. think which Beauty is Travel decent. that I is decent. excellent,

advertisers categories see you Those you'll brands the over-indexing that guys. are. Food problems on about assets and based concentrated bought, think those the talked by that the been problems of links have the I together, a for CPG, retail. lot they well Meredith which around assets we

to means us be than these full a some wanted later So of arsenal going on our of knock-on being period tougher migrations without little of little into of we're we there's a a effect bit tools. a

got we quite the things of things as okay have stuff really in performed. haven't as enough. we did with Dotdash is we have over the we assets pandemic performance moved one the the Meredith when tricky, could, we quickly didn't Because still fast So our sites because

we're mean a end is XX% of bit I I'm it's of overexplaining be effect. done knock-on good little the very it where to next of XX-XX. a quarter. say, Yes, rest probably But feel of would We it's the about the I by traffic safe now. our we and So migrated say should it. are,

We deliver performance we because brands and kind we're talking offering can performance. lot optimistic. environment, against is deliver deliver to large What of together, would results to is are and that still in advertisers interesting -- Google, are and of can this we're scale the on to show very different scale at we're a combination we we're you incredible talking brand-safe can initial learning had use. the We Meta, a the now with say having discussions. of put we advertisers, very have in I we're content that and to deliver talking publisher tell having We've how and of offering. we're assets and a we pool to against us, something we we And some intent-driven traffic migrated

saying, we're market probably but what from here. we our like bad. the So is XX-XX, chances It's

is The has let I'll -- Chris I'll with do and finish. margins second question start, growth. to

year for should the the from improvement. us, you I think see monthly see -- you'll of rest

Now It's going not sequential. it may be be lumpy. to

improvement. think monthly you a what quarter, few into we get spoken, And couldn't the of fourth If the I the be is last But all you'll and get have and still turning is on into the given we've of market corner turn in you see in that year, we see the this us January. remember, as it's profitability. said an we to sort times that challenges will transition basis, foreseen a

Chris to margin, of take answer one I'll let for that that terms you. In

most focused we and Digital is margins. EBITDA margin are The profitability on, Certainly. obviously,

business. good, quarter driven the the Fourth steady You've for -- fairly the the business revenue year see seen We a also biggest the fixed you'll very improvement year. Digital Parts the about as that over in -- level is good scale this margins, had and just Meredith base some spoke the those, obscured highest just that the point, shareholder on feel about and Joey cost just savings seasonally the in the always given articulated revenues by headwinds however, letter, of Digital given market. through are at hoped advertising than identified lower we though, of integration. within in the for cost Neil we've of

and we margins. of the to that The to to million revenue will growth Dotdash to the think $XXX said million. we As we business, $XXX to key EBITDA we not of mid-XXs. EBITDA, letter, mid-XXs look we that There's year believe about is this EBITDA Digital to is and as and increasing margins, get for on every in scale in back there a basis, getting stabilized getting to at shareholder billion low that forward back get when continue about Digital. in reason historically well, the was then on to can $X.X be cards level. And next revenues,

Neil the now So million mind to on to be a as and billion Digital and the as by that our we're we $X.X get it's QX. market that, achieve ad said, EBITDA. revenue months end few of of $XXX the slowdowns. migration of really back we'll growth to X XX of get Probably confident we this the there we delayed when in are period get through and given But

is question at Sachs. Sheridan from next Eric Our Goldman

few, if can. a Maybe I

you're of is seeing back the side, shareholder bifurcation what out this first habits and letter, of some assumption of In terms 'XX. you're and market businesses think year thing your of was macro that your about the the consumer in and change preparing looking consumer your consumer in how terms spending flesh into little for of Maybe at enterprise a how part might what trends. the bit stuck the out on between that the I

I stock time Second, when you was love Would work, behind seeing might years. off pick September compression update versus call an market back back thought Any allocation And more improvement a letter, as just strategy how M&A. valuations. versus in sneak implication get to the in there was in one I interesting bought capital to sort X broader on maybe private the M&A you the how the it elements favor in of your could own out elements to and if of that in you're the when one get on stock first sort Care back move your to But of school. investing broader demand you're last broadly versus Care. platform? for might an also see public back an up in in of planning for demand what

all Sure, of I'll I I'll -- take take those. think

more to deliver. about situation platform means or for for the they're don't the because to that market make consumer as seen ends in this, -- As consumer tight it. a part Angi. prepared therefore, that tight if less far for is theme environment, macro And servicing spend We disparity as we in this context margin, can we've the presumption the that margins and of know but if clear you for by and, case not. through operate that well our and are the less. means our service We've about requests just come interested we're terrible in consumers But what That's spending Ads and much the tighter the expenses, go focused expenses platform being prepared product environment. also much spending that thinking and on entirely have we room products means It we being of that's business the in as Angi possible. less, being more what And therefore, is that expecting to on that. that have the ahead the professionals meaning preparing leave sure on the main been business, the up worse of is service is on far. on consumers talked that corporations interested so flexibility so has very And consumer are ourselves Leads not that so more in start can down, get our and a being

things And things happen the as it decisions. our both share is on share As are at against always M&A the gets share to on price. those be table. The the cheaper, both we'll to highly time relates of the or evaluated this these correlated, the both Today, repurchases, then table. meaning and And does M&A so as only M&A are same not market repurchase. at look make --

those repurchases well they're share of doing and are and So prospects in the are. benefit know issues how is, what very and their their we course, businesses what

can we IAC, to that we well. we to look so continue new do business have buying for do But capital are a and interested we're to in going it. And and there, the

So that think And be much than the just markets. at looking public very haven't is very we'll to It active catch the private that we're the as something M&A something and still far there they much opportunities, attractive that is as markets, yet. I time markets private -- takes more in. are really much up, for looking

but money, enough for raised little they companies it a the worry have while. about don't to So

the markets are the think much today. certainly in more I so opportunities And public

big to to Care. a Care for business, school As are right far for has lot the moment but given impact also now that's people because of seasonally as Care, Meredith, moment we very historically the hard and -- a for trends a actually always pandemic. And it's important see big Dotdash when the back been the is looking of

where that come actually to That accelerate little have as early we demand of pushed saw some that as the bit come in to started later out much down and back And not seems in so expected in July July. it August. was may we and/or be a

X specific the match product, every user very over great of the happens. quickly a that it's is of efficiency people that on the the frequency think we've we've good is is which can a marketplace. last a find doing you know more read date. trend. live, more can you the the been caregiver a specific and, instantly, book sides easy you drive in we somebody that will like the caregiver So Instant the to of -- both that to instantly where that hard example can for is how find now which that, can book importantly, is When a that improve that better often. work you'd platform, day. And family find to driving product, when can for onto and book things a find But And business and could and matter time instantly years somebody that seen how and go things getting a platform

is business But Enterprise driver nice live, business be now And we're see recently. utilization meaningfully. families we'll think momentum half product employees and the contributing right second and product in that we And is will on then the that for already year up we'll start half the the is half And will contributing the the seeing that increased daycare new or the the where with in that second second is see And -- in has goes. back increasing utilization and contribute. new-ish other Enterprise so of that's half. matching centers. now started that. the momentum and Seasonally, how too. of the That revenue also picked now And to phase in see a to we product, really

from question at will Jason Helfstein be next Oppenheimer. Our

the We're questions it. on to just you Just trend, can bit Angi want getting and from if monthly clients dig unpack more. a

versus the that the just through, as you're us high decisions some back half? a Oisin, the digits growth versus back And in you're the marketing kind thinking the was slowdown Do margin teens? about in of we kind Leads think saw just Can so half. And maybe in then Ads being business thinking maybe that kind it be June? reconcile July, low of of about for you of help single understand and

Jason. Thanks, Sure.

be we of terms rebrand, in Ads pretty we've think, continuing of continuing Leads brand business expectations where, to -- outperforming, obviously, bunch a and on grow in had. So Angi stuff going that to the lapping the terms the got I of aggressively, the

the brand of that So consumer the continues with and that I demand. brand and together in we things be here. stable to the strong. to from Net-net, we think terms improve a to continues pretty revenue you from business, coming Ads demand in, HomeAdvisor drag expect consumer that be put The get

we as ago. were on a started overall -- the positive think is year profitable. into ago rebrand business flowing, more And a be Ads incredibly Leads, because I our we has positive we're and certainly said, that's were when more than overall, quarter we continues So to than and down profitability Chris

You a the put unpacked piece, Roofing. from down on the that the beginning, with the as headwind XX% XX% serious I range. had Services the Services together us in business took into That

to itself a back As -- it Roofing year. of and get couple we XX% it do XX% range take the in fix that will to next into get ultimately back some quarters into to fixes point the we at expect the business, probably, us

we're underlying more toward the We versus dialed in the are levers So the particularly overall, the growth feel right businesses certainly we profitability, like Services. on ones. making trade-offs profitability for

business, So Roofing Now and Book managed business. those retail projects our our our our are business,

think each those right So it's dialed we've the had more rate. that's But growth toward the on we profitability, definitely individual do. thing of units, and impact business to an

demand created the All Ads Leads In business. meaningful drafts yet marketing against deployed business and and dollars marketing, be we business, the and of by excess simply Leads Services. the terms off continue dollars Services the Ads we marketing haven't the still any deploy to against

products revenue, business. products. how they those in how Ads, best class X product you overall, between drive share to those right of with in drives put making the and pros absolutely deploying we're the revenue, profitability. the And terms X think in those believe serve that Leads Services, We together, them represent market more to growth I and together, nobody So There's revenue, growth, still marketing and how more else trade-offs more eventually dollars. ultimately profitability we're and combination

typically is that place It in we remains question much you still consumer Services, that where is and be X when balance more that. with If across we we marketing to comes dollars to businesses, a do. our the think will get isn't demand deploy against something then will lean I still to supply the pro seen. into need

We haven't we had just yet. do But the the to evaluate is all need to something continue it that time.

The stark only thing I'd from add with is July to in a respect to it Services growth Roofing. monthly was -- in trends hit

just some on aggressiveness that other really, in demand. that ahead early and and of -- started Oisin macro. team of price are challenges $X in And million that in As did said focused in It June. in about across We any on. not focus ourselves is July. Roofing mind, averaging QX. before, million And decline to operational not, revenue been on month due Oisin had got price That's a our $XX the

forma about So very a a of pro was about the there, overall to basis. revenue we of substantially Services the QX, growth long-term Roofing chugging We in have we feel the rest growth we as evidenced $XX great get known just feel of on good the And rate portfolio. million Services. goal by the got earlier up but rate which

So that's and in growth along focus Ads now, point profitability right with and the continued Leads. of

fewer Score own goals.

good Always a strategy. Correct.

that. on Yes, we'll work

Chris. you, Thank

be will Cowen. John from at Blackledge question next Our

down Meredith some then which the the Digital are brand on July? Dotdash X% converted color forma in to And relative pro then of brands on any brands, optimizations at on you results brand what Could performance you versus further versus Dotdash the performance secondly, Digital How down color is for in Meredith and two the XQ and mix Maybe have XX% of Neil. kind Meredith? seeing? provide been

Sure.

make for So a all migration things take -- question first. one audience to first sites. migrations let's web back, step the unlock great to us. One, first, the our the And unlocks remember, , ability do are growth it full the these so X

do and means mean, is Travel ability most commerce. Better People, programmatic get Health, and week. come thing sites migrated they now, unlocks skewed to to they InStyle; + We've meaning for or People, most recently, we & Parents; premium, Leisure; second list have it Shape; X better, towards whether perform ability ads we recently; our better here, The have extremely first; did performance, unlocks I Homes in Gardens. I advertisers And and sites: the last which ROI the that fewer it fast

the So just different it to we much from you they're seen cross-section at we're can Brides of past out, And is on just of A about experience. the let's so you better blend you that keep XX%. we've growth months, what look the if more audience good migrate at these to see which in XX% it, here, we'll XX% Investopedia, to average, year, XX growth typically have basket we've all that And curves blend call look done. and a if math bumpy a traffic easy, close up, it is build you're Byrdie, that site, take or Liquor.com, in we with keep you you types on of performance sites months, a X the XX%. a and we growth, growth. and the at -- simple traffic

You do Health, is launched it's all done, the worked. that that curve. we things we've site this comfortably on The very and first,

as been almost to late in that curve We we've May, is little a just because but probably been because say in June well. on one read they've others, else this did are late, The a I was too done everything Parents recent. would July. little harder and

early So are reads positive.

is will make of will respond, terms when respond, say can thing our these that algorithms one will exceeded you in brands how with the advertisers think how I confidence have expectations consumers we changes, made substantial Homes Internet. brands more its home XXXth we which these People, the than It a a the Gardens have largest But had on superpower. anniversary. significantly brand respond. & is site Better Spruce, how

So baked-in the opportunity there really compelling. is

that's like the of scale sort side. So on

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So we are and is brand content. valuable time every powerful And of have site, we you a really gets the new intent-driven and we performing. What migrate incredible we get now learning are by audience more this more I because it better learning. are ads scale the this gets mean

that, almost As scratch. like from starting go it's through we

the sites ad Meredith on what learn units use. to is have We totally all old to ad different. The setup

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in term, the the quarter, or believe longer the branding. we term, be should next that significantly in Now there's market. month and market the We going market. I the of We the rest frankly, to in it's in of address next offering the is than but better performance. the can we not the can address headwinds longer obviously But an have because outperform

sell learning Our sales are this. guys how to

portfolio, doing historically had, that. things. like of The commerce feel yield, & incredible really for the And about real transactional feel commerce this best talked been despite we've our of transactions Simples Food commerce. business. reviews, And of deals we on did done that Real when of But primary the And do all or had way has our is the we capabilities about brands Better The but going across there. they sort very we the it. People detailed we type Wines, Aniston Jennifer have Meredith, piece wore as these of and to night of remember, sites, thing deal. buy the bring was our or the thing ratings, why about the they've get opportunities piece this the We in like the have of our on the third in this sort never How guides, unlock Homes last sort the soon migrations really we're we're as into Magazine? of done, we very good & what and the good news very do to but that only on going. we Peoples hustle business commerce the -- the how do do I leaned Gardens, commerce. on engaged we as sort the We

but we a So drag on that It's side. is very a feel It's good of long all it is got feel saying together. put The obviously fun answer We the about execute. we demand that, just fun. about and to good supply bumpy market to very side. the

What would do and question totally second true. to I marketing? was, What? what seems the in generally, be view say, performance wrote predictive. The Joey not we letter how It's ads

so. I hope

going helping not say ad to year-over-year. for Yes. to the The I accounts be had business held true happen. would No, have last baked specific and is things in true some we it categories crypto has we our been for challenged. actually, open like on into people obviously year. a stuff huge it results seems fairly where us, more transactional has business That's us, no, well

So strong. that downside. has been business, the us have the But transaction business, we the primary fairly the a to maybe business commerce of overall, nicked had couple outliers

of a produce points to the that just monthly Neil's add arc great insight of so you trends. summary overall we business. few month we'd have as to obviously, into we our the month -- and And One, metrics, go

go the improvements our and advertising, we to But period. think at are highlighted, comps of distraction month, in have this Meredith which Dotdash quarter quarter, comps to about behind are we as year, that are we holiday at we feel we probably all environment be do put people entering Neil to in the us days, overall Meredith Key across especially be where fourth the along. we wanted reasons these, fourth as But at we revenue for due -- on slow the where -- will you're year. were quite But seeing feel to I due spend. the good against month get where holiday move in the the that last momentum acquisition, which year, going et to cetera. easier so noise throughout the the properties, holidays, end

profitability annualized they in is savings on basis, have as a cost driven are other that the quarter. we each The phase

And expect in fourth margin to improvement the continued do we so see quarter.

question will Squali next Youssef from Our at be Truist.

you Maybe base talk XX% Can the So that you we Digital? to with the exit XX% -- couple for for just year as I about case As you exit and there. for maintain staying talked then of me. Dotdash had think about questions growth Neil through a maybe XXXX. before,

to And business, about thinking then quarter. there? growth you that That how to takes was how you that and X% are positive -- puts can on into there? do nice the you now? sustainable up is how ad So see. think the And speak But the Print

I'm a question. great I we got mean just happy

I have ask. to

appreciate you. Thank that. I

when & Print the this said again, we of we It be an Styles business, its think I important cover. be and approach the leader. in is it's Better We everywhere everything on that Print, over for brand And with So but really Gardens. that driver continued had else. it going helped to Better to Wine & Food & Gardens, we've we're we think doing. driver were Print thing not Homes very carries going What It brand economic a differently, Homes we rebrand success. it bought us, I Harry We've seen can a and have. is that in for to seen

at was did what that made We can EBITDA the we titles. got we be properties, a profitable But it to know. about what we the nice, you how as quickly. talk and Chris down series do. X of and a we can think it can look shot We business, Now very hard decisions

publishers. We have outstanding

improved more more of too see but don't the again, luxury books a And We paper just have a outstanding editors. bit paper about electronic much good people and the sold each was also People quality. definitely has than you'll of working. team. to when I told. weaving little better people. like you well, good. all-star were but I of X, books from It's talk all-star buy they're are products, have leadership. mean, these want records. you vinyl people for The essentially and I new Print, to the business, We've still last we higher properties The team a and it's XX And helped the things ad quality, go really love on they're -- get an fewer brand doing frankly, to keep year,

positive. company we really So that's keep been frankly, and been we've saying is our a And it's for positive have morale really because brands. what thing said

us. we doing. think I something, and bit. if to have it for in base it's what we're web. going for case best that's Talk best it's really about we brands it's the the whether we think Instagram, print, I we're the whether growth have were to year, TikTok, We And internally And little been mentioned That's the a at a be big win it's world, whether for that's do the whether it. going what

the hopefully, monthly it's Again, I going said, -- be IAC's us. of with as take we're frankly, improvement the cut, which has us we're making, linear to rest going think bumpy. we not improvement will be see thing, do to and decisions right short the been do encouraging freeing very to patience the don't right not going thing, given, us given It's see, to probably or for the Chris year. hopefully, monthly for

think transition it's let should And helpful. to on XX% it's you year. very I growth, been XX% You give of guys more and a we But Chris the that. the next end to play by is in year, the color back understanding, be for year, I'll

Yes.

in to the Print our EBITDA think from as always corporate have any and -- expense, adjusted respect EBITDA quarter I to it cover Print, from year. take, give positioned with we or like we'd

that there's With the of EBITDA and an nonrecurring adjusted in adjusted we lot But that performance good trends costs we given Print EBITDA and that coverage of feel occurred basis, profitability on and that. with about restructuring the February on corporate a noise a in seeing in recurring ongoing look associated structure, scale The basis, in Print advertising Print are strong one to for things Digital -- continued are is we $X revenue. profitability broadly, in the the core just cheered -- marginal of at portfolio. by just Digital. the cost momentum titles the the we the we're of More in see of in see we on key look the

what premium is, previously, to to EBITDA to maintain are targets XX% engagement get consumption, key drop and north is and we're as there the line. of seeing. Our to The sales. good And the that the to said the then we adjusted as XX% Neil feel about drive

bottom keep path. that revenue on drop that the very it have Digital to in that $X and the of revenue line. incremental So plan, Digital much maintain profitability bringing And in, is business we are

be from Benchmark. will Kurnos from question next Daniel Our

you kind Meredith's just I here. Print even maybe portfolio might for get Boy, reprice too. that. going of X guess national questions year-end. We with tends into we'll to -- that stick Chris, The know

setup a big sort here. So of it's a

You guys cost stance have there. aggressive reduction an clearly on taken

things get to And see already happens answer in Print the be I And if ability your underlying anything little just I more find I'd guys might invest I DDM? believe So that, your few started attached do to you worse, that. -- acknowledge a the by have and on, to bit may in going dollars that you're think underlying you a like impaired guess, you have cushions and to hear in of to to made that you've synergies. sort you when acquisition, referenced not

mean, to around to synergy? broader those the some if as then think -- and incremental more a So Chris, operationally on I of follow-up we to of sort DDM the that? additive Digital-related do just get you not that's -- good I have the color, just Or necessarily And synergy Neil. million. But for $XXX gave that

Sure.

we making help products we And we mean Print are question. answer print probably doing and printed What let's the print that talk we in for derisked little our are from and half where well, properties fewer I the a -- is magazines is assets XXXX. we'll the brands. in we we'll XXXX, Print significantly So Print of think have no. The I business than about bit number started.

judicious I -- we realistic expenses. with smart are We on Print we a business, So be. what can think nice we and are very being think we Print be could extremely We're very making are investments. think

or for at of But it. good followed if us rigor to it you're you about feel good pretty something, going followed think with be have I a would you type IAC If to expect approaching it. you We while. if the do we're you

is it's see And who's of you lot about XXX second, but a probably minus we that's I long while know, eyes And time, now. approaching cushions look, said Is question, because, we We're for there we would find I bought had something there synergies. a less? someone fresh or you're don't think are get followed because Is before it, more? be think on And where that The hasn't for correct. there XX even fresh I -- are. think the company with in we we're we I it this eyes a things. that -- rigor. on plus

rest let I'll So it. Chris of take the

in being and business. put is as migrate knew that and to thinks. all target, to because respect restructuring and really has XXXX and Meredith the think going that of there. number as a slowdown any confidence we not profitability. Yes, the -- the how year that But Layered real back value right even I'd some view significant while with Digital. Neil in companies, core value they the machine have million that with how of scale they a come the we and was key having in I those or say respect drive it Dotdash business It's title long-term were and post appearing an boon pulling June to experienced not belief articulated understand that's we of drive in in business, efficiencies ad the do titles a when But margin to headwinds a because faster, of that as savings retail decision digital in key revenues, May, you in EBITDA of we With we into question. have those on have wouldn't medium- just the our allow have long-term are, in be scale, your and those not Dotdash $XXX cost cost And element Certainly, Digital you cost the is savings Dotdash we now just will Print. not the brakes. of profitability P&L the because because them CPG, the investment Meredith all noisy run a are slowdown long-term to July compression we've as Meredith migration. to IAC back dollars a generated make on I for That's thinks digital tight especially them we at

think we're to question, the for go answering I So I'll and that you follow-up. back

helpful. part Yes. Neil, of fair, kind No, just that's unfair. part

a seen secondarily, there. go not a you're We've the lot sort finding have the leverage angle, a market. reviews to the get is not of aggregate sort capabilities. And fair. sense But question even on yet color I And at was clearly, the good guys some unfair to about gave on or and to with which whether way you. underpenetrated a The bit want more you Just little of knew of think, you from you're of done asking Meredith. migration a we you Meredith's more I really e-comm, the licensing part then

You a go downtick. this guys sales market incremental just what leadership at and have or taken how hey, say, wondering to in and differentiated and/or scale verticals. guys to I'm provide and differentiate at traffic a you you sort purchase to you of are a we to clearly of look, have different look and number people can doing marketplace

on growing some So maybe thoughts incremental e-comm. just

got of type of favorite But my transaction actually are We that we The which of driver brands way second the not we've the the -- the historically Dotdash why is about we humble I'm happened XX of what of trusted. you blown or commerce to very From making bringing our try commerce. test we was XX sourcing make XX because it is and measure, pie product out and slightly that testing can them. that thing of at we has and get a question need not labs need years number XX that into done question. big now rigorously every start studios, start into going XXX-person first, ago, we out get Like video organically, photography X should was or or step Remember, transaction X It single blender crew test And this have recommend is to next combine sort of Meredith so our -- this fully blueberry a we like recommend. which blenders. wrong. done. people to we kitchens commerce north then thought very to we sort decided and excited were

to Internet, at we're we rigorous purchase. and trust somebody our of things all good are very So at wants advantages, to a make the the

trust retailers. retailers. have with to on don't reason, for Now straight them. trust people They trust make don't their don't They whatever views

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That's that done Dotdash. at we've Now worked.

the We have barely surface Meredith. scratched at

roll X for We been think, guys things. we a properties of on the & the X a or space these roll X many other successful I paid other started or mean The these these guys some it, so is Homes so just big to categories. not Spruce the in enough Actually, reason they've have migrated. we massive few things has have and to out Gardens, or in not the Better of opportunity. as has X of started to Like space attention part

works Travel driver & feel everywhere. works we at it People. in. it it It we're big and good look works Simple Leisure, works. works Wine, So a portfolio, at across what really, of interested It about really + and was at you and It at Food the When it this works opportunity. Real

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That have I was close enough, I'm you. print. and you got to search sorry, Joey, a question don't for

be Brad Our next question at RBC. will Erickson from

Brad. for This is [indiscernible] on

couple of questions quick July a growth the metrics. Just on

I would guys that Roofing? aside then you one-off XX% on you've number that one. guys EBITDA? total you from then kind items quarter? consolidated. how you of it kind 'XX. half are Or that a Just Do would mentioned of we And above for margins, sort the have any on of did what extrapolate? guys thinking of could second July, know consider guys growth you curious ex proxy rate So July as about already the the rest in said the be And just you slightly

Just had on that more color expansion. kind of curious any if you margin

talked to is just be Yes. about question? overall Ex driven XX%. the we that growth you Angi -- decline. And over by Roofing, would want that Do take

Yes.

XX%. So Ex more, growth, just have ex been the Services the would Roofing, overall Chris a that have Roofing, growth unpack XX%. said, Angi would been as little to

And business continue a slower. perhaps Obviously, perhaps in overall back to rate the growth expect faster, metrics to We are grow a recover little get the the that around or as rate, we'll little we monthly Services up. volatile. in Roofing,

sorry, of question of part the was In the terms around... -- other the

other question? Can part the you the repeat of

Logan?

Yes.

on quarter? of the saying, then is through of Sorry, question that the XH just was kind still of last rest guidance, original with fair extrapolate I And July trends 'XX? in was it just slightly above line kind Is to the the your EBITDA.

Yes.

in that better the now profitability investment. from we in as terms to that said in trend see we than we past 'XX are expected. of will discussed, Services right where we're trends, 'XX. peak profitability obviously continue is So be overachieved we increased QX for we positive We've are. And profitability seeing where We've

about Ads from Leads as line. drops it single-digit to growth, rapidly back improve. And mid-single-digit that get pretty We -- as the to the and talked before, expect business, that profitability we towards we drops high much bottom

balance profitability the very here. we the the year, things happy expect from we're expect of and with we to for improve So

Our Thill be next question Brent will from at Jefferies.

XX% Care, longer-term in Joey, provide it time? your over only with on aspirations and can you QX, for growth growing view

a we're as very I Yes. at look large still it underpenetrated. market that

XX%, lot user we of And and half new and and that second very a market drive having from so think we bookings, room that there. big we we But getting to a a is bookings think with subscription and enterprise instant ability with much going try of instant because for impacts leading instant towards I we will business. there on we it year, in people and to we drive and I product. to look that's accelerate the but dollars A find so from frequency And behavior. think sales how the of the we're that lot product impact go of sort depend XX% not of drive again, book the it's on what

I'd it drag comps it on be We'll of first year, 'XX flat. lap challenging To enterprise of COVID point, Care. XX% thing to in the the disclosed at growing X the had you less early Joey's letter, only really and will back and will in the months a the plus/minus of And get add, as we growth, we business. consumer

first in half long-term the space. about the but was tough, good opportunity enterprise we So feel

in. capital implying Is lean And the see that million Why buyback that harder shares. X think back Still, some ask, I you're a have come would still aggressive? allocation. authorized quick about why But do core worried it many the was I be little on the you are implying a mean a transaction? you follow-up you're more to it questions, just not good larger to here? business? there not want Is

We that from are ask you about the the spot. environment, heard I that a we but categories have, think macro businesses question we we we product the at And know more, we publish. Dotdash most I businesses We question. I need good do tough always not Neil Oisin exactly know think, into that exactly best in good ourselves to we need would what are of Meredith. in what worried where a in and ask we're today, room that the when products have of the profitability There's product I we businesses. a you category. in can that in leading the category And read always in do full certainly we're Angi. it. for and spot. business. There's and suite mean And at the starting look that drive to it to in

when -- the just things see on the bought, it's from how are we less. And will now. specifically. that evaluate. money. anything and so more on at repurchases bought we on continue patient So where have and with world. like any our underlying is share But right probably right about into point, you we're to going read market, again, we have that's that in sort could to why evaluated talk we much I'm we Overall something businesses now. or hard business of But spending always And negative And great the always comp in is

Can we go Tom to Champion Sandler? Piper at

maybe quick. reconcile be the that you home. on could with I'll deprioritizing think services. you And home holding is maybe do specific to consumer How Oisin, talk just up? you maybe could demand about the spend

up? in an Any inflation on that quarter, subs Key one impact. then ended if And curious Angi Just last quickly. just is having where the update

guess, versus consumers. retention would have have order. Angi continue them them members I right Key engaged, continue be expected over out, hit XXX,XXX to So to engagement Key, we Angi be for now, in above I'll normal the very where characteristics question. and reverse to Thanks

happy very with that. So

We it. product out are a membership on happy new things continuing But build pay-to-save a that very features it's it. expect of and that add program to more to testing with. We're couple to we're still

really suite is which think In made, terms products, that have is this point important. Joey I overall of the demand, we of

we and pros And we of we've driving where more on we back Services Leads work. make got purchase. where Ads Leads So or got when need and towards the Ads make money product products consumers convenience -- this a product money of

and slower environment, a in our together things X those Ads product Leads put You better. actually does

every for down more And it's as our But we've service pros them. environment So slowdown really is worth that our product, to slows slow homeownership as that good and services pros our transactions home for topic a overall a maintain we is the using the that's a moderate money share work, bit, because gets little SR that down, a important slow home home that. of requests. demand whether perhaps really in and bit services little or more home need down really we actually But important sometimes. incremental have lost the macro it's seen

already last where months we've in of active more. our the that are couple So match more engaged, pros seen for they're

So moderation their think thing largest they're that turning a Their our business. positive has is up. of leads that more. for the gone per in overall, means on demand lead we part very And willingness pay to

health Angi year letter and improvement more supply that's factor and conversion. last a May And how was. those said of It and feels part be between match marketplace. a of demand just would only accrues to lower knew has X-sided commented, comps The the home the less elevated of probably substantial the But the this top a the the pressures, in as of Oisin benefit marketplace, other that sort X% is newer little and across think demand activity We bit good and of product pro in the will funnel, just we wish of and With for and macro be to now we've in to being wrap keep that, of I'd add, to day. terms reduced XX% you we experience thank all you improving call. I got services. around overall magnitude April of We of also a given would U.S. the home, business, the thing time, for up capturing demand. a your

you Thank all.

Thanks.

Thanks.