IAC InterActive (IAC) 9 Nov 222022 Q3 Earnings call transcript

Good morning, everyone, and welcome to the IAC and Angi Third Quarter 2022 Earnings Conference Call. [Operator Instructions] Please also note, today's event is being recorded. At this time, I'd like to turn the floor over to Christopher Halpin, Executive Vice President and CFO of IAC. Sir, please go ahead.

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

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

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

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

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

earnings welcome back Thanks, format. Chris. call Welcome, to our and simplified everybody,

vision capacities: I've given am February, only a so IAC in more two performance to to said, CEO XX because process seat services, to has of more sure now, bring professionals consistent, been the will to here the the less it. mix running reliable business, now of Angi service very days, change. share more that is in theme here thesis, leads opportunity simplicity want we here CEO of in balanced. I I'll the and make a agreed change. balance. together. That be all exposure I it pleased and advertising, to make I I'm strategic the Angi. and to this in going The we not of things the business, to we some Chris is time changed. big around more and right and be We're As homeowners but change And continue nail means of the the love make and have but We're offer and presence will services organization hassle. was for to different

think And not we've and service the bit. we've a think I services, overcomplicated simplify more product professionals. think we the think but I I in I on expenses. be also for disciplined going need homeowners for we're to And to just product, overcomplicated both

the growth, gross few rebrand. only marketing of part growth is the years to has OpEx last that profit related our Our outpaced and

we to back there. think I much can get balance better a

of in really that are the we do to focused met a and spent tremendous I customer, I've past. And talent And Indianapolis. on I've is in have time spent a have Denver. delighting than excited we've energized customer. and in of also lot the organization. ready about and York. spent to We think think a time be uplifted I in delighting time I've lot done I've the everyone people this better who in opportunity New

them. questions, we've Dotdash I of seen but your thesis. undercut I and again. know able forgiveness work all I all of in to a have ask I to now Angi plan. will nothing work just the Meredith, February as if let's question. at far will details And have we're rest the you answer to get advance the lot as we into be As I let's has of your it yet can't by IAC, when do fundamental answer the have nail right business an Mark, If start down together now, I the with questions answer won't the concrete first so

to the Operator, you. Thank Okay. let's go questions.

first ahead [Operator from comes with Sachs. go Instructions] And Goldman today Please question your from Eric question. Sheridan our

is the hope everyone sort much call. your so Joey, back questions, the to to kick taking comments Thanks team off well. want I on for I to of and the come there

a a we Angi. Is broader philosophy? ambition in thinking the letter, said about half of market the we CEOs been lot the as be going balance I for much. you should business a against and Angi, you of considering Is person changes number on as on the How time, opportunity? maybe on it growth? number so you're one. lot one, we've at in and Board Angi the person the there think a in two hone and about when I then last measured thinking you're right balance through business to going of returns issues. of you're why And with to time, that point day-to-day Number a deeper right bit amplify think over run over little there to two, be basis? in run And IAC decision market the to challenge profits? running referenced, that process opportunity wanted So to you your already this at at growth run a decade. How lot this for Thanks feel you maybe in do be the you be and going striking there's the take point why right to should

Thanks, Eric.

guess in question in In terms and I that. answer of why I your me, to second the weave can

we've know that First, in involved for time. worked. or done things things I've worked. have this business very the long the been I way another done a one in haven't know we've I

category, I'd the customers. of And working say, product, the I have, so a the knowledge significant

fundamental to to how accomplish the consistent conversion. we very that Internet other handle things need to be I to to monetization, to are very is other things of with in search, some businesses, would things that be we've businesses. to relevant handle And Angi that optimize think experience Angi at for accomplished at here Second, going how

Third, I in believe this business.

value I that think it's know important believes I who in have can to business believed And a and create long this business. time, a the in leader very I have enormous here. we for

have to also move We quickly.

mistake fix. quickly And to And longer want I did change think I we that this. of that available to I some made say convenience, the to make be a that think do that, us very to I'm make but faster we than we've CEO that recent the the think, to don't want term. allows need to I the the disciplined thing disciplined. long Any this I And short last process. I and means gets optimize the is, for leader, your needs question, to term any can is And second think the can the balancing And long and be more leader, to I think, organization term. term. short for optimize happen

philosophy the term the right balancing term. right operating the the is and manager, be I to the long managers short best and think

to I doing our have what we things. professionals them XXXX, for have homeowners term working of that. we're for that make going something to to for capable is long service with a those our around and we that's and customers, us have very and our keep sure we time, balance on I and the think doing also and think deliver we're focus long think to I profit But more we totally to deliver I XXXX, have for think

I think that is totally possible to do.

term. think of we drifted long that some and I perhaps in short from balance

we in for some in everybody be from think more think in and And can that growth. way, much which balanced profit this that business Angi healthy we that drifted I I balance of will run ecosystem. a

Joey. Thanks Great.

Eric. you, Thank

Our next John from your question Cowen. ahead Blackledge from Please question. comes go with

Thanks. questions. Great. Two

if turning discuss bridges half the Is to Dotdash $XXX you the the Meredith's the led all in positive performance First to 'XX XQ around from trends back And did and of rev that verticals? declines, ad what key that believe of revenue you be it ad thanks first And October the $XXX just Digital guide the shortfall? on lead in to Digital then new could Could versus in and see question flat in trajectory. you revenue. then And brand can on that particularly also million. the the revenue of kind the on for million million then you year? then the $XXX EBITDA, half second unpack color just

helpful? be EBITDA 'XX margin would on framing thoughts Thank range any Just you. and perhaps EBITDA in

John. Chris. It's Thanks,

dynamics seeing both EBITDA second where I'll now spent, this and performance frame on we out, this year. are are quarter we just in go There key are overhangs it. trends, digital which revenue refer to we're to trying that to And real Dotdash to to ties third on Meredith So what we Dotdash that letter question. your our through and the as two time

The first the migration is those And ad Dotdash at one a those to second platform. and and then is I'll specifically the time. of the macro market. Meredith the take digital integration that overall properties

the the We call. say we delays, who all - newer things which were all this an on migration, On sites as traffic to to properties. drive migrated the overly as One, migrations and where faster was is last not Two content. end October. over on in of from expected Dotdash, to sites that into much of eliminating ad about And from those were Xth sure of the site reminder, content Meredith depth completed increases the we And we'll go I'm to the happen. early completion, our of size a Dotdash story. not early Those two-thirds we we the September, expected more the properties now, expected. July producing the much the the are expect we as and in we are said could quarter. better moving those of pushed sites means capture aggressive acquired a major because the as this reduced by This timing to fashion, serial migrations, was platform. - sites migrated, of inventory, and in old us we that speeds, of the the year around were - of

that we marketing was Meredith to is expect from and challenges. all to sites. that able run the integrate we and into not the call drive migration were Dotdash e-commerce And the second - overhang performance one sources we revenue The as playbook additional it

lot XX definitely very sites, The second terms migrations, with this migrations those November, at journey our the update of summer, recipes, move been pricing drags was us. That's to of cetera. are of serving early lifestyle where larger lead - good tweaks. thankfully, the the to performance, - properties. our that performance, qX to to to and were activities early historical ad saw, performance ad through sites that that ad a side uplift, feels were is know, underperformance we've idiosyncrasies with we to would of the to But the serving and et you performance. is, some and we challenging true other And in complexity, that we case just the of challenges the surfing comparable In Meredith us. But relative be sites related our of now to we're migrated. constantly serving food sites, there on the and for Dotdash happen behind expectation the those it plus and which the management we very need when to Those unfortunately, example, was, big make percent continued all heavily found of with a had on later you are behind in load ad optimize needed things are that in has we ad

back break overhang, about see talked in from ad had those July, fixes serving categories, seen of categories to but The we home and this May, actually as we've while some demand market come other retail as That quarter. we've and including in And on some as on the back on integrations. beauty, a drags, the soften saw summer, the performance June, rapid previously, just Additionally, you'll we year-over-year. e-commerce saw tech, Q, sort last through strength. Unfortunately, couple year they're in CPG really we seen And levels, well ad were back-to-school. retail continued decline and marketing telco not we smaller subcategories.

market. a choppy ad it's So

everything per - portion year. But on in will as But don't portfolio and what about our brand of versus only performance significant portfolio. in current performance, the choppy only So But - be ad not we say to have we'd brands performance. in moving and question broadly pitch the market will a market brand there your expect playbook we'd some advertisers a is lot to the our accelerate weak was clarity. is ROI Meredith. Dotdash there's And our it to reporting the all next and brand

EBITDA corporate is revenue, Print $XXX decline, out very is well the terms are the the put revenue spot declines. are driven et all first In it after we've all were and in we it's combination. shape, of quarter solid, digital the digital relative The good expenses initially a e-commerce, expenses to driven million are as good margins, on high, cetera. incremental as margins said post on always by in

of accepting solid a go market, expected year. solid especially through not in great We a the market we the over And, a more one market, QX. smoothly rest migrations And ad ad more did, to quarter. the we expected choppy than this but now ad more have we've a

when So traffic down just that volumes talked big we've the letter, 'XX. on to that look A We forward is we dynamics, about is go to are chunk is the migrated. forward going the October, back - sites recently in big of X%. that

We entire the 'XX. first opportunities improve to We side. sales said year. we also own we'd of to the more the of to the in take share expect get for on specific to part continue expect back first ad flat our that grow to love half And just to

for In of be our 'XX call numbers, midst in of coming you. next greater on with to year. back you financial the the planning, and Thank terms we'll clarity plan earnings on we're business the

Thank you.

from go with Please ahead Carpenter Cory from JPMorgan. comes question question. your next our And

could questions. and informs the your for you. ask could side, update - And environment season. secondly, at holiday us you're on growth seeing across on of to into an where in the wanted turnaround, just on rest update roofing hoping the how both this for what outlook Thanks you're and a then Thank the impact the an the consumer Joey maybe on give macro Angi, with the you for the how portfolio, this year? enterprise and

spending. clearest covered. can Sure, in Turo doing I still mean and things we what I mostly see been has phenomenally which think consumers travel, well see We well. MGM the is that see you the

Meredith but also consumer e-commerce spending, through still we stuff type direct that's on we're As that Dotdash spending is performance where they're see in spending marketing good.

mean, see of other kinds from goods, thing spending. back. accounts as that certain kinds far that goods of kind Now people crypto spend everywhere. as so but some shifted is of still has anymore of general to But come I we spending aren't opening really, happening can that the is still

consumer some On making at comparable, both prior exceptionally Angi bunch generally, changes of again, that high in but noise would at the our harder demand. lightened of say demand terms bit and to in in we're Angi that little has we're the there's there's, specific I in comparables looking read marketing the adjusting sort a side, marketing. when things around make how a it that of our year,

say an on reasonably on imperfect the side. still it's So, strong picture, the consumer but I'd

We're among our for term their employees utilization interesting, seeing the said driving business that liked heard what that there's And which it but think a spend. I on that pausing back sorry, thing side, a advertising, expect people we is Care, side about can seeing advertising, in a of on too. spend. in is we go whether think enterprise or utilization ad come in hold their Care. long other business. to ad should spending when And I the as good pullback are realize it up And talked because generally on will I certainly piece see the for On we're people settle is be advertising. for our think you a that we've is market, good uncertainty product. once a markets, uncertainty on consumer that or That businesses the this high that enterprises thing spending now. right employees go enterprise relates into we it's in Chris market enterprises, is On low really across really There the our up consumers to

hopefully see so picture. sales. in from that translate And in agreeable enterprise should say, of growing our terms strength But can is, I'd to that new we

sense question just deal to a of a in damaged and Angi general. by went literal roofing. mean, second hurricane came happen in have hurricane It's lot a from thing Angi roofing fundamentals to fixing Your was that's capabilities growth that - - the of for we main thing a in were We and roofing That's the Angi in with some and that hit our of to sort in terrible of good through I area. lot offices people roofs that a actually all actually Florida. reasonably

we've a of saw huge we on have working there, we in So fulfilling work our that. tapers making to issues that We're of and then course still surge sure demand some through nailed all fulfillment we to scaled nailed and making materials, meaningfully. need make together we down we've up now put fulfillment. down And that labor on deliver can labor. sure sure We've

Angi where in overall for business relates it think hitting that that we or think overall. But that sure, was demand the of couple a a positive. over is to business. it's thing But this a execute - for business short I that net, over a significant as need And change is for did time for think that having of how I now. good increase a period for thing don't next a think in the to I quarters. material time, moment to it just business I hurricane prove the we good

of the of until the look know, then timing patterns safety, on. And than but bigger last like essentially, and so the priorities much were following that Relative orders the people month organizing their little roof health on going off managed they for thing what safety in activity the activities added at there any would I'd markets roofing, the after B) or held of roof days two those the baseline were storm one period or in very understood group September, terms own then know, activities week end reconstruction, actual And in installation you XX where, doing storm. a the of A) as just Cory roofing. the to you the

now and September both four really headwind out So and the would from that hurricane months. next worked Joey be will fulfillment, that be revenue about, backlog perspective through there's the the it's staffing. spoke a of very in October, and large a And plus a just say, around

I think think that all Cory I - that your covered questions.

thank Yes, you. you Thank both.

question, please. next Great,

Jefferies. our from question comes go And next ahead Thill question. Brent with your Please from

good and on just Hi, of is bought about any during about be two that back Two, a some question. morning, MGM thought This the the for the David of bought - you have receipt guys any maybe questions. private cash talk then kind Do and we maybe any you guys the some markets? would the I you color you are helpful? you thanks stock updates assets sale on you the maybe Could how public have want guys. ask to in be can the may, the saw EmployBridge, Bluecrew Brent, first to versus combined guys pairing I capital of taking maybe little allocation. on how for guys. on about company Thanks market thinking you for on that And second, the quarter if and provide the color would And equity bit helpful?

capital it's and to then I'll Bluecrew hand on start Joey Sure, on allocation. Chris.

an of and as the which business pro Joey. the sold following software light of million client in hand out equity which then an then where the I million were in base. we EmployBridge, cash on $XX technology with investing closing. EmployBridge's Bluecrew's also shareholder were and basis, EBITDA a a forma combining very about proceeds in is are will we LTM disclosed minority in that can you staffing With industry about it combination pro over into that Board business $XX letter And leader We're forma with loss seat. the the excited company, We have in had heavily scale we

I'll to that well that and you things our with executed against Yes, be as allocation, add should Bluecrew/EmployBridge Capital fun scale. it'll think a opportunities, combination consider it'll looking just a landscape that see to on I do be interesting one, are opportunities at bigger hasn't is really of evaluating we changed. cash know, internal the always, the what we and vision external

or ones things things you these when And the So to look on we P&L think advantage. we our prioritize that have of which tack that right significant externally. and And M&A we but just where and our internal repurchases, continue all not then share that's We're And businesses we we evaluate look course, And important And a there's and of a for to a right a that through now of surface there's some or regularly. very there's part extent, IAC, proclamation very through to evaluate both continue share to sense Angi, make repurchases for going capital in we'll prediction at right we we regularly. to tell expense. MGM now, process. a very area some big buy us are Turo we'll now there's will allocation regularly. the there's evaluate whether, on

are I think markets, now. in right attractive pretty generally public speaking

I where taking reward a risk. that interesting. have can risk And think think that you - you that's can that significant get I buy pretty for things

to I eventually And are adjustment. will lagged. think still continue private an they'll the always they've lag. markets be yet. And there And there not

been capital continue do if Thanks, more - they're always knows? both. kind who And look your allocation. need I You company needs we've But probably are doesn't And of who to now. that's likely there's, how private But be else right be who gets lovely valuation. you because to place if on a right to a make a be now. think to opportunities capital, but to now, that's David. you up nobody don't want to right at that private We'll we'll get company and public, capital continue

question. Let's do next

Ross from Sandler next your go ahead comes Barclays. with from question. Please Our question

folio ups growth terms will And next as is that based the market, growth to And couple much be a traffic forecast? look properties, shifting so to on kind most of XX% sensitivity Dotdash kind so of chart Thanks So if from ad that we at market ad into of ad Meredith for Meredith, revenue to just have continues to digital that how lot. mentioned, how tank, in traffic what that guys, a on know letter. we your in some Hi, sales it like much the - follow programmatic you're if and forecast? the the of do kind growth I zone, rates you're bridge performance, year, of on use you premium and forecast? the industry seems around of baked the could baking in and monetization in like

Yes, Ross. you. sure Thank

drags the question, of cetera the in and terms first improvement that et occur to back some and serving letter that the other the flat and predominantly half on volumes related tying That revenue. growth we we confidence that, for without Dotdash heavily And ties rates will challenging growing In full expect are. the migration Meredith, that lead in year-over-year. specific the are on well like on to integration second occurred comps the But market. to of of and and integration your to this - of to confidence easier ads feel between the and the on other ties side the One as drags factors it then get said was we linkage industry, the we where ad traffic to a is year that side in it, journey. the

sessions The the we side. end at that model that grow can day, on which is price revenue is expect sites second times run advertising we the the the playbook, migrated the on now Dotdash the to of audience

consumption forward, So as fewer faster content. and expect increase perform ads improve to these we they and we sites, sites audience better and with push

opportunities technology, then the move ad sites CPMs pricing And platform trailed. sites performance impose. where have that view to across core certain Meredith Neon the conventions better can is is The have portfolio, Meredith improve just cetera et and third just we have better that e-commerce and as like-to-like in finally, onto and models, team serving marketing, we the the

have do the been we to we we're I Meredith and properties on the team, there. market, the the Overall, think go on - saying and Neon are playbook from first those Dotdash the we're can dying brand performance their to year. half especially of get not hands ad names marketing in

e-commerce the sales, And we're we're so, focused content of the fine increases. that consumption knitting, And our tuning in sites. ad really improving mode on our driving serving on Meredith

I think that's it. question. Thanks Ross, operator next

Our next question Oppenheimer. your from comes from Please go with ahead question. Jason Helfstein

the to confidence the of current us Thanks, XX making have pivot? months last leads? at strategy, another you kind can Joey, as call about or Thanks. everybody. in you just XX services months talk gives the opposed at versus shortfall, that And what you learned

and the harder that that experiences are learned work of out well. perfectly now to think a of complete. for different and on not the and well homeowner across There's lot about in the the leads when services Jason, was is says, job do price other choice to want learning path can do says $X revenue the a we great to that service to I well can work taking way less for down there's out don't consumer in tasks. I revenue, is consumers melds work Sure, not. lot comes that this tremendous honing very don't a we experience. who the And a that of done tiles whether experience talked can very sort melds makes think all I to they What that some just mean find we some a say professionals a capable who there's, of and one different down the very job across letter, they're with customers, the done consumer trust them do the customer long that and amount a a that is want and that lot What We geographies. and I is this out And how be between are evaluate services there's and and in mentioned when the have the well. or anybody gotten to get of a in it. that in, And to a we what And because the we we've in Meaning did that a person guess do do I really Angi, and lay all who's clearly the billion a myself, choice, else work we areas there's homeowner figure get to consumer very we with also volume. negotiate a the very ads fact homeowner have that want do that you experience. needs. mean, in going to did category done some decide for work, I consumer done. process and to time, tasks I do of types I learned work, category understands, That

in down pros. homeowners and how customer and biggest of opportunities That's now want those we make think which also which to are We likely having those change job pursue. to passionate paths go have to opportunities that better to decision. path And can we one that's served the I And lot very how be services which of learning. that those do consumers and present present about a a the biggest of honing, terms they we help those them consumers those probably should

we go can to to going we're of those are to relative of in the and that our Does next have what that homeowners again. different they a I embedded can your businesses much a I to believe what's XXXX time. both substantially as the possible readjust those also services, where have very that in through from think, businesses we question assume we'll businesses? are, in is we're area are substantial plan. outlook your to it doing good And are of there, upside and I guess where there over Both relates service it how from Jason? we is to one. question, businesses very start working for But So serve I'm way answer grow those both grow yes, professionals

Benchmark Our next ahead go question. with from Dan Company. from comes Please The question Kurnos your

stick general, I Great, just way more data actions we've mean now down. to thanks just structural think I morning enough suggest that I and in could sites network are if Joey, gotten across good queries with monetizable

in macro there's you kind to DDM, then sort local the know which there at forgetting retail And you wrong a how I shift recent wondering we've said direct what's generally what clearly Angi, times for but anything of has obviously, just of So with, think don't category mid-teens answered agreed it's a a you're organic I I'm media. know structurally now. of intermediaries you as been versus second, kind to it viewing home even is worth, increasingly native you digitally that question, but right And impacts on up for mean DDM? improvement traffic as becoming this like saying just

share - macro growing a just and one a a which the in ads of how So thinking messy structurally backdrop? few leads seems of as bright spots you're rather Thanks. to be pie of

had I'm going not in question, the abated. but I first properties digital I'm sure media is XXXX, just traffic the try, has I and of of traffic torrent floods or XXXX, think that which an understood absolute to that

first so... that Is the I'm question, was not that think positive. but I

I'll this I way, can it Joey. - rephrase

organic native you So bucket, shift? think taking than that consumers how the through Dotdash has structurally view rather a more And of like brands, network implying there's obviously just utilizing not that of that about direct trying I to kind I'm understand just sites. they're think really intermediary out kind but everyone, Amazon, of there traffic digitally share

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and But place the I of in big second obviously, areas. the not that the to have is good in and other side. a a kinds relative capacity trend that lots tech that mean, worry any about generally, - you Amazon we to we're So homeowners all leverage pull think the giants in on of just there, partners forgot question. I

the home segment? in performance overall The

a Ads very long-term very leads business okay. a sorry I good Yes, a, business. believe, and and is

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those growth the are believe and ads from more services somewhat something have Was things I question? there the the love and so, But here. specific And leads opposite. in business both significant and business

think given really I just kind in improvement? around we're real home channels Sorry, of - other could market local was share I strength Joe, more hearing probably and follow-up. It some

got Yes, it.

yes. is, focused sure one something fix. very I that I'm do we've Look, work think that and share, on we making got that's Okay on to

speaks need given I to Dan, where prioritization and ads real market what more through broader are Joey's the see that focus comment market. opportunities we that driven there think and to Angi - can the be to focus services it Yes and leads, available beyond in in and attractive about

very that's helpful, Got thanks guys. it,

next question. Thanks,

from Justin Our your go ahead KeyBanc. question. next question Patterson Please comes from with

there's one have fixing with there, you that. the but the to the about just Thank brand it's terms of talk of Great, think line? about I time some realize good could the thank Angi acquisition? and been Sticking talk you should level quarters confidence This now that levers you. business, over but first about hasn't with very we how challenges coming the in in that improve you been, time, morning. traffic just much and

I a some mistakes lot an have this And here made on confidence. of the in where area is Yes, you're past. right, Justin, we've

been mistakes actually that the think similar. I of have kind

in going HomeAdvisor, surface. traffic happening lot So back that and the and that List in stuff of some underneath things while mapped the a we changing Angie's where weren't combined a case

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having win engines. in and things the the traffic search obviously, seen best and content long-term, We've having in it's over that - - have this best again We over experience. the having

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service have professionals. and on We reviews ratings

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take will we Thanks, one more question.

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one years we're probably to schedule. X.X realistically, maybe behind think I

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Joey. Thanks,

forward Youssef. to to have Thanks lot joining next Well, us you hopefully, to more And you when, we'll look a quarter thank talking share. this for all quarter.

joining. conclude for gentlemen, And conference ladies and that you today's and will presentation. call We thank

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