IAC InterActive (IAC) 9 Aug 232023 Q2 Earnings call transcript

Welcome to the IAC and Angi Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Christopher Halpin, Executive Vice President, CFO and COO of IAC. Please go ahead.

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

Earnings Call. Quarter Second

Joining of Levin, and Joey me is today CEO Angi Chairman Inc. IAC of CEO and

IAC to Similar quarter, currently website. available Relations shareholder our has Investor is also the of quarterly letter, to which published supplemental earnings section last on quarterly its releases, IAC's

and to this we'll brief shortly turn will will be not I few up it reading We open a call then the Joey over to call. introductory make shareholder remarks, letter on to the Q&A.

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

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

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

Joey. Now I to will it over turn

customers. people the working who across and I this all everyone hard the morning are taking Chris. us companies with appreciate Thanks, for our time IAC appreciate

exceptional fix to of Angi I apropos they of with differentiated don't I find to. our part products shared the made have work Dotdash your building the disposal or advertisers We great take the doing meal. We garbage employees off what D/Cipher to a note the does right you it the customers' some work yesterday, right right we his help does think right while does business. which hard work do I decisions QX. research work by Meredith the plates. to so so help Dotdash in to want also grow the find that Meredith win plan make choose is. to share is pro the product, the the customers. trip that That's pro And a can

families does their the get burned find Care Vivian help the caregivers and does patients so caregivers find faster. does for dream work opportunity hospitals work the discover can clinicians work jobs. helping to to and out clinicians

set have But more across about, every us. better, IAC, are better we quarter, a customers. higher day, bar to do was the that's on time our constantly win. they The we we quarter for That's every customers, appreciate and we more job our give this and year, past lifting heavy depend doing ourselves, to what at we and to how and have for can the back more the the seamless and efficient every

Operator, questions. question? first to go Let's

Instructions] comes question with [Operator Carpenter Our first JPMorgan. Cory from

to much drove the of expand bit business the for you active were considerations? year? outlook other How And decline in secondly, how you versus that a the impacts of capital what was your and terms could deploying Angi, On XQ on rest quarter. this larger-than-expected then this revenue less due

back continue the the deploy when other I'll in or first most took and in think of we stock few pattern cash, our other not the it's capital we than -- we of the cash of buying periodically, then do of breather the haven't a do aren't we that, IAC the use historically period. consistent to year, we months, to likely have and I'll The we there's buying our was we'll we these to know, lot or first second a it. in the and go evaluate attractive quickly, thought in and cash attractive buy Yes. that that And as a front deployed a and shares shares future X time past that on months periodically, any opportunities first. for -- you one as opportunities back always in on Angi us. it's whether do deploying We to

where business while that revenue first those doing been and few quarters, shorter-term the thought optimizing saying make been for we And health focused of and I've the experience were customer On areas the to our I had the going that Angi there question, a along for lines. that. we've over for were on longer-term changes past

half the to second past that quarter, was have opportunity this made to saw we business. a no of and that, I call in the In change, the right I doubt do further make which the call

pretty which channels profitable down over quickly, course really impact the of in QX. demand the pretty some revenue be call, and also quarter, And was was I was channels, the it pronounced in and We in the of quarter. of down think restructuring that that quickly this quarter. that the revenue the would most impact ramping ramped

on changes better of the And coming over made July benefit the the -- I perspective. think a we on we're see profit QX in July I better think a already we'll quarters. some of seeing was

is that homeowner the to on the we or channels was our of of that demand of and that we're in channels was So longer-term exchange demand off customer of better experience. deliver that, impact retention platform. experience substance can reducing But And most for thought ideal going pros pronounced. turning drive it what

John from TD Blackledge comes question Cowen. next with Our

type and marketing back revenue to what margins, trajectory? And thus cadence terms on kind DDM at DDM of of that for What we XQ? the QX good far does see half? seeing play are could exiting Digital trends the the How see. you just of back was in in Digital performance momentum in And half then the growth rev in

one time. I'll a John. take at Thanks, those

traffic. just and had we revenues marketing, We was Digital line, achieved and we June, get by strong able in both. it the performance said the beginning to on reach aiming traffic the in Digital X% since were moment month and led flat for the the assets. year, growth top actually in We and portfolio. us integration and June Digital Meredith had were during a of We in June key of combined to on in to the performance of So across the stability sessions on Dotdash

growth continue We very to feel have by those the migration due And where volatility to we people continuing focused the momentum about optimize. We former That Meredith category. broadly behind feel always more the assets led plans. on across can about, good but entertainment We're we'll portfolio on -- the there. just and the was assets good InStyle. are

It sets us second the up half. well for

we we growth flat, we expect around in at indicated Dotdash That's quarter, slightly as properties, Meredith in certain of of in or third the a combination properties. -- the due negative. downs, maybe a and lot continued stability to letter, The ups

We well have entertainment also But category very traffic in partner strong Amazon some softer Prime as some sites. trends we've as Day. the seen

in we but on So marketing, we QX, the performance, the line, the are, including top trends, down, growth, sequential feel weren't we slightly the the to really year-over-year about tailwinds And the but and of strong which as growth comps, where we expect performance good able QX. to expect last Performance a very we flattish Meredith Meredith as was XX% theme out acquisition best-in-class brands. Dotdash of was to roll properties fully to holiday integrations support to rolling out well a great marketing the the see. the D/Cipher. key from the really e-commerce quarter

We are continuing to improve lot heads a on growth there's basis, that and there forward expect and a opportunity. of down accelerating

see given -- structure said where and driven we growth on EBITDA and EBITDA incremental the in sequential revenue improvement efficiencies or Digital XX%-plus to margins range. then be And the have cost how expect you that we've And in better. we've margins, we the can

to forecast advertising quarter. and see is and quarter revenues QX. then on we also margins a QX Meredith, expect but And the fourth Dotdash we strong also [indiscernible] see marketing and continue always sequential margin and We scale. -- both seasonally in in in to performance for improved And major terms of basis a year-over-year

Eric Our from Sheridan Sachs. next with Goldman comes question

I Angi, could. on if X Maybe

of on riddance. Can on and in good much your is really of this inside that type to the about out the stuck in a talked the might following the of of phrase us talk business? a be question revenue getting up your you mix Angi letter process bit you want revenue like in outside Cory's shift evolution used you from where versus control we about earlier, lost you First, little revenue control and how

letter. that the was interesting paragraph the second from some eventually Angi key phrase indicator it's the a then the trajectory? bit in good for might about Can the and maybe of us a the take, used along and little And you've give on to you a lines, learnings trajectory that international? color it of international leading on think see the I talk same U.S.

Eric. Thanks, Yes.

saw is a the very buckets. when that is in maybe or with stuff lot did, it earnings. if changes the ideal early a zero revenue that we of to first. customer QX. get not QX break a experience in easy negative There either So stuff easiest bad in of an rid making happen few And you especially customer And -- or down that the and the came has a of we I'll experience. did lot obviously, And Angi, revenue earnings

That's complex cleaned managed where we've like unprofitable revenue. we services I which other relatively were all of the or discontinued more straightforward, and that. doing things channels think So up projects, we

that I second The and not far weren't professionals platform bucket, second where the the in bucket completely, onto we service really for pretty platform. the bringing bucket, were well second is though the think up along set we're

their that. far turned didn't we're so And And sales along that really covering through too meant end And up quickly. costs. they

cost So generated would profit over enough. those to the because not but folks generated would relative lifetime sales probably didn't have some long their stay revenue they have

you that is that and in we're where bringing service revenue revenue -- still The customer among sorry, value which to demand, homeowners. third churn is -- among can Meaning they'll QX of period that demand can that where bringing work higher detrimental we're probably have but bucket, would revenue. or drive in our we lifetime the do generate professionals which the retention in drive experience. saw happening was And can in what our or the some -- -- be that higher

customer focus homeowners revenues? QX. all really a the customer grow Are of we And the experience? from And was what are is in economically grow we that's platform, the a and delivering drives that is the here. one viable? to experience, sustainable, what able And us are durable meaning grow of second the change drives delivering that the And we great what decisions ultimately, half was these

I much are think place now. a healthy closer we to right

I I the earnings I think, done But along. be is in bucket still revenue is or bucket not of pretty things earnings that is we zero might we that along, come also impossible we And or I think And change demand bucket, little consider say, first or work of where is, but channels think as to the revenue other it's may context far in. third restructure bit have sort far revenue done. the of negative the the a second pretty that do.

we international, lot as relatively try -- of to different little were of great sort the outside is able things international with far the a and able try one to models that attention. about As of

the U.K., our in best each those France, technology So parts of and a lot one each about in, started country different learned were we main Germany those with model are a and sort we each models country, of platform. Netherlands, different a that And countries, they of picked in each. of and we

France, to much that something the is the And yet Europe, to only have on closer service channels self-enroll side, completely hope but past made get we and dependent where that. we the were U.S. working self-enroll much us issues. gotten give channel. on to lower in we pretty sales affiliate In in demand the demand changes but got really in which self-enroll the professional service We things big quickly professional great to we able not were closer working XXX% some meaningfully those side, costs. not Two, redid one, so on particular

the the double thing last is And from experience opt-in. homeowner

in And two chooses to don't from Europe, product the it's there and yet pro working know those working together and where a the So a together the the And chooses U.S. a experience that pro, product when customer does -- homeowner the impressive. go whether come product, we'll be meaning seems homeowner. event. the the billing as perspective. in is both things both where on all but I work, way that

the just of thing done other integration. hard is work The getting

platforms letter, a the platform of got, now that and to and And allows more the said are to efficiently innovate we've lot as platform So cost us lower in with integrate four integrated, three soon. we're we fourth to going the operate easier on.

The was sort is only that top second mentioned, we of -- as peak last the for on of I'd add thing year quarter for...

calories. Empty

revenues for churn. pro of Either pro -- low-calorie regretful or in higher or terms revenues experience

see of you in retention, graphs of in you some that So the SP coming had real SP on some period, out the can that retention. of where drops

Thank oversized you. which still peak which quarter isn't Angi we where second the on its still in has had it in You the also impact business last revenue declines have -- year, revenue but want year-over-year. an roofing, aggregate not

Helfstein comes from Our next with Oppenheimer. question Jason

I'm [indiscernible] Oppenheimer.

questions. So X

more any MGM. outlook, Reels, into little shorts, a a what massive about in then detail talk just third. second at short on there. investment given go TikTok, the engagement maybe just categories, And on for of timely the Meredith, question very Dotdash you Obviously, And on et Dotdash. YouTube you you're your competition did some looking in what second and Are kind video seeing color but increase cetera. quarter you're the seeing First,

iGaming? obviously way betting I online to behind more into online were to there play in thoughts sports exposure the to a parlay iGaming it participate betting think a while and there get in direct Vegas. on rebound originally that or sports Is

I'll to go Chris. turn it first, and I'll

working. other context. compete taking TikTok any form with other that the content we're for social sure the media not from any of we for we content and that actually we media attention what's MGM, we quite investment nothing attribute and but drive, terms think that could on compete we But be drive. all impressive. MGM looking with of -- that space. one, we've very and which in an that with is sort to say, immediately area media, the seeing but a in of and there gaming, we've we Came opportunities interesting, on is side, or media. the I that are but consumption -- gambling this time and BetMGM MGM on form of compete continue with I And our things like in bit On excited that's there as making, quickly a spent the learned I'm advertisers close Just that to consumption directly in share at opportunities of progress horizon about the anything lot we is

opportunities, those relative And we where we Meredith we And and they social of are point, traffic and going back, see lead these to we have losing building -- fact, don't wouldn't limited excel, revenue on Joey's have sites. reader many any in to generation given the brands presence. media demos top

brands, very short-form produced it, been for and of increasing there. social do YouTube, for these video but video We've that Neil expanding and got to channels. channel also focused the a of have lot on as a team own integrations properties and other infrastructure TikTok the presence medium-form good for Instagram off is media and our Vogel So building our

So we don't of threat of as it a and an much view opportunity. more

market auto in QX categories. straight to looked Categories travel as and programmatic say if what is derivative the we are it the we'd absolute retail, that from and definitely the side that of an second in over in style, to letter, XX% positive where parts of a it premium said like in X% that's QX. growth a just those is the is soft but said we Macro, due is improvement as still brand, demand letter, market strong, beauty down some in and

of second backup. Some due soft be retailer to is it year, the last was it whether how supply quarter for or them chain

And weak. then weakness, continues finance be to

year want don't entertainment entertainment position are very outside much that and of advertising ago. in players leading aggressive operators how model -- one there two think trying were the higher the out I we trying that find on big comps to see to a and new category then And that or to they we are spend environment focused footing figure going strikes that its a and lapping players, streaming, rate Telecom, profitability. themselves. and streaming, we're and is ongoing and their a is for category is The And shows about to concerned streaming. both and forward think churn. strikes fighting reduced interest

So that's it.

the it's absolute in at -- today. a get ad market improve, We easier it not time doesn't to if even in expect step but market in comps the one strength does the the

Ju Stephen Our comes from next Credit with question Suisse.

question had So Joey, a I D/Cipher. on

this So the capture do environment in as think and to also a working bit think more before a advertiser I using we you world a year. share for sometime And target, result looking wallet to been if move? implementation were move next after? I Wondering of there's still cookies, which guess cookie-less opportunity longer term, you compare guess, an with versus how an ROIs to Google has

should this sort potential external risk? from So that be potentially thinking you shields we of

Thanks, Stephen. the with exactly That's Yes. D/Cipher. goal

has Dotdash dollars mean, of an And across historically to So across of mapped meaningful channels, says now like-to-like. been very billions intent outperforms is cookie-targeted the historically thing. outperformed et it's channel Meredith many see surprising products, really for data Google, advertiser demographic-targeted delivers cookies -- has for us. successfully. intent same as we I -- we've that and a not has Intent Google cetera. every which signal, intent, us, channels, D/Cipher other

we're for advertisers. that proving now And so

is also now iOS just a then the important very advertisers move like is platforms can and we try, that and yes, give ROI. cookie-less it us for on And Google. to Key the getting right

going they're XXXX, in cookie-less. said As

going of to well for we keep proving the positioned And should advertisers. the we're mapping that ROI chose that content building then content And keep kind so content and for intent, be with that that.

between Okay. like letter, on little it bit And you're sounds I the shareholder looking reading the guess, more secondarily on lines play offense in a XXXX. Angi, to

shed You've calories cleaned there. empty up and some

perspective? be you still needs to do product what think from So a done

product. about a showed pro terms the work lot evident we've done pro the of side is -- the we've the improving the And we're work Yes. talked which by retention, on side. seen we side, on work we've on in encouraged letter. we progress the done We pro experience. Obviously, progress that done is of on never most in in either the pro very the But

The half the Again, we're homeowner second the focused second is XXXX. more looking year we're to innovation doing year on of on side. over launch to -- course, of up But of the set offense in the side homeowner us really half both. the product from experience the for constantly this

And I directory interact the on for find to working on start pros we where to We that of a mentioned the engagement. platform on last pros but the platform. think great drive probably and opportunity change come great that noteworthy opportunity things But has and I think this has a is we're that opportunity surface before, We there's quickly to homeowners can earlier. there, homeowners our for quarter that the think our to or with quarter has think Meaning that not quarter. We more conversion. the bunch our platform. something a drive most the

that's we've you. to side really aiming a driving on Thank pro matter the and to in to rates. repeat done rocking will to similar what XXXX. what place homeowner and ultimately, what start is healthy we're And do side get And the on retention

Markets. Next with from question Erickson Capital RBC Brad comes

always coming a on I the this on the and the I fulfillment lot X example. -- HomeAdvisor, also pros had doing you're some demand pruning time Angi. was Angi, there. tough so that for about Just into Talking rates, of follow-ups guess, a morning, guess,

how you growth? it also right question. balance of have support or the longer So on you but to having That's pros to do look SPs kind term first strategically this [indiscernible] reconcile enough as the

demand of Do Services, you services category terms on on the the second, bring time? there offer, perspective? on going now like baked range Angi from can talking feel about? vector over you Or there is still then that of of there here fully of kind are be you're seem And to of new and where that growth to get further you work you you're a a in categories kind

a we're improving or Thanks, that both Brad. something rate. professional booking On But nominal fulfillment, are acronym. service we've which something contact we question account. and focused notwithstanding accept ZACBR been [ zero very is It's And we look the internal is horrible on. great things fulfillment, on ], at -- lower are which

offer the into shrinking often looking And and solution. offer that's And solution, to we so no we've extent segue it's good how which at services. we been no

services matching looking opportunity everyone So be will rate the ad pricing offer the they pro. repeat are not that things offer services, we'll can our can a convert through things or value we'll one sense project significant lead into one the there. is of sometimes drive platform. to customers people with services in can but of for pro offering pricing, add and is get And a And an done find the and

Sometimes the mind, ready are. up they see but options what make aren't to to customers want their

fulfilling would advantage. to is know that the be competitive drive what a to think something platform. in them have done so they enormously and and the context, valuable get service we services the done at back We And they can least a meaning have price is customers get option they know significant to -- experience, think they something giving

where tools figuring from to priced where the be. price step place way categories next that. can. is is I a accurately of good, Obviously, second here can we to now, can margin and the being course generate absolutely And quickly, can expand your remotely the XXXX in we absolutely shrunk we've Right but a we expand do have for we gets That [ can first because doing services we we services. believe accurately And think grew services services, that's ] question, we we we out that we're believe -- it remotely. which we healthy how too and we expand through

are But rolling year. we this which categories likely candidates not next specific out have for We think we're that the that.

absolutely We are but place feel the we're when have -- that's intend expand where we to that potential expand do future, a the to something that in we and we'll do do in that comfortable.

Ross Sandler from comes question with Barclays. Next

Dotdash of the your peers would the recently and How traffic to said that magnitude the we SEO puts Meredith On slower as year impact benefit the that? that AI traffic to then are search faster think takes on like nice we allow their changes are earlier Meredith, premium faster actually of business one from properties, overall SEO look which 'XX, with baseline. market? sites a these things, about -- grow many what the pages, since than from of which orders do ad into a seeing couple this or new And than digital growing SEO of are

traffic? As So to new SEO what search if from downstream Google adds anything, what that expecting are now guys are see, to generative seeing? you these hyperlinks pages, you experience

one, do to want the I'll... and first You

Ross. Thanks,

there; digital X 'XX good programmatic think XXXX. there's of three streams: advertising, marketing, both In about then and main all terms you or of licensing. execution rest performance services and the going revenue to sales; into There's e-commerce for reason and premium project 'XX, both

and programmatic over executing through structured, attractive a advertising we've with got side, I comps. rates. of time good, like both at premium D/Cipher, categories. can pandemic-elevated share in force way unified toughest we think sales the monetization the And in we worked On feel we've the across take the

really performance strength been The to from strength. moving has marketing

to some in and do comps, content, we through and has And create a licensing more then more markets, continue that News to Apple and source continue reason passed there's growth expect in We there. at 'XX. of And fine-tune tougher better be no shouldn't other to a things why it way. strong see working integrations of its and similarly, should growth them

expect traffic and turn on any so our Joey. Dotdash both are turn it be in to not it I'll discussions the or relative and we and So have can far but of sites to over and to be partner, -- seen historic the active we properties be audience But over Google we Bing, side, about Meredith it I'll Joey. how generative having traffic. increasing a AI loss to both the -- then

only healthy traffic sending The fundamental platforms a built exactly the add Yes. the year. what that intend and every and I traffic of is model continue ecosystem, that -- more they doing those they've out to and that said rest their Internet to Internet. believe thing I'd on business is doing And is are what to of sending that

think of know And this going very and out, really a is to don't is we know sure so they imagine not easy to I'm I is this it how to very imagine how play how scenario, going rest more is these to play out although out, Internet. the send use tools out it where they to easy figure to a the traffic scenario to

we've that this in reliable yet not also say and And the technology there's accurate. is -- there's fact the these real and yet again, but that that about that's in fundamental talked to model, sense their business not value platforms

potential a a again, to I -- ours as platforms that be that don't platforms and look think has the yet to that can view for to think interfaces user And the validation. to users happen going which that to information snippets where so it us send we answers certainly in And But we exactly can and will are positive. like provide or we what's a or know hardened the there. for brands way validation

from comes question with Fitzgerald next Wells Our Fargo. Brian

to leadership want ask change there. about We Care

you're about invest to change, does the of imply Care.com? leadership the phase and around the how anything Given that business, planning new

Brian. along that, Thanks, think anything I that Yes. those No, don't changes lines.

fundamentally up base allocation fundamental existing sides. strategy don't I meaning But shift I base there's down execution think family against getting continuation both and that capital Instant nor Brad IAC's is the of that in from delight product perspective, very working, strategy the much think, focused, in and and probably or Book a the on caregiver I and ways there. core business from think that any growing

It's solid. the grown. margins, gross at It the are scaled well that margins as it's margins incremental -- business. we very And like

IAC, with them drive So we there growth. make opportunities, they to pursue then always if or look inorganic and arise sense. as organic are as we'll M&A And

Truist Youssef comes Securities. question from Next with Squali

So any And to how follow-up how book characteristics on talk you is Dotdash, And Brian's offering InStyle, subscription? to trail the maybe to maybe at like can of And question that? about just Parents, a today? relative some doing traffic? common should big Shape are you to the are about Care. opportunity in think what that reverse terms causing transactional Maybe of there we guys titles

specific breakdown of I I think to of transactions subscriptions. correct about how actually question with driver is or as a one sort a Yes. term thing we'll don't in you're disclose revenue of want I view the thinking your long it But Care.

-- goal the the subscriptions value platform value in user of on of transactions, offer But the show transaction So the to and of that ultimately booking. the can value is the show to a we show the really product.

successful I'd to the subscriptions. So the... retention actually we're you to do see and subscriptions transactions Do drive existing more that, platform the if want on on ultimately like through drive I think the more platform through

subscription. through up. sign other only traffic a Instant on There's much so And it opens that add doesn't Book thing is the I'd really up that to comes

of to customers a the very we subscription a transaction-only on and property, execute engagement traffic transaction much lead to the the may subscription, at breadth increases experience them to higher allowing prior may offerings to the increases but get. pursue increases So a lead to the rate or them a

We we characterize that the laggards as InStyle bought Meredith The have property good would was the it idiosyncratic revenues, -- in in out. most when clickbait-type of the calorie is we're -- really of it. It also editor that off-spec the things respect why. and of that the properties clean team or we'd excited -- were a theme driving is had portfolio, there With pretty really to they management We've just activities. empty impressions by that struggling also has brought we looked it. low-calorie repositioning to on empty sort new and

or a the feel the good others, up. some about just we but behind behind and the the feel good -- it of will So we prospects there. end relative bit property to It's where about it's curve the

health remove mental a we would and there category there's that improve. a and keep plan it it Neil for team weaves on small, to completeness. tiny. an into to family but there is Parents And a with high ago, of the but where Shape it's is, just us again, very bit because Shape love traffic year in then action and noncore patterns

of to each good keep them them, definitely has And just the own situation. We their executing. about got of two So opportunities in we brands. those feel

Next with question comes from Brent Jefferies. Thill

it on take? return when it pieces And growth do can Joey, what's that you the a recovery? going believe are asset? What make that to ultimately, Angi, to

get in we'll and -- growth think pieces Yes. We said that. XXXX a bunch the back to of there's to we

think is $XX we're the margins margin generated on of I part easier. That's million back cash At year. per year-to-date, we've mean, growth million flow. already and profitability. up I to $XXX

I audience. said, lost want all top-of-funnel which, or ours, to don't on what's in in mostly traffic XXXX. a growth, in I narrative I or focus get that. One think, a which focused few of that of But question is is So and as SEO I There's revenue is elements this certainly happening there. assume terms to is of fair your

that still site Angi have homeadvisor.com we is Angi.com the declining. brand, growing legacy and the reality the So healthily is

and over of of in HomeAdvisor total. dealing magnitude with the a and smaller the that But time, we're that to, sense, a smaller that drag. is better get Now still piece continues

that get becomes we into easier. XXXX, As

a we talk continue and piece lot about The lot other pros. talked to we'll is on retention about a

will So that be more. a that we're bringing is retaining pro help And longer, XXXX healthier, a think there. base spends into I

driving is deliver that we I working conversion of we're homeowner the be And to things on think on if growth and driver focus that half the rate can second That's now. on this year. right a real piece other of side. the The repeat the

other we the that I thing mention, want about services. on bit to call, talked And a little is this

think I is services meaningful competitive differentiator. a

for with demand now. But a more to also satisfaction, out then starving I right a that product can product And figure going a how of think customers into we forward. demand we're how growth high we that feed exposed if start more think product bit great to healthy I to demand high rate. that way, and driver be because get figure in into can it repeat out very to product more have a feeding it's customer very that

Our next Ygal Citigroup. question comes Arounian from with

question gen for on I AI want points to a go Two the back to second. that.

of publisher lines utilize that has AI. to your First, up your push a how are from a And back media content their going your content AI, you following inform guys of what there's new been that? around of around or creation, lot Any use Kind you then at and in they gen that? how like it search approaching to content internally thoughts around are piece, guys of benefit been terms all? there's be kind on the thoughts on discussions publishers, LLM that and training

actually we're things briefs. gen Sure. The all can Dotdash But in a I'll back-of-house bunch the gen at sort AI, places with start, Meredith of specifically, -- -- that meaning of AI across doing businesses. and of add. that content using we're are Chris

So more seeing outlines the starting like that. increased We're process part that efficiently. our to of to together put doing -- things production from productivity

on we're We things experimenting also user side. the -- think with some personalization we can

sort So the done, job through as good getting them keeping and and at a on of done we answering our sort questions. we've think, rotating very their of retaining of funnel users job I good top them, haven't system. them But of fundamental a historically

that how AI out specifically do our figuring to offers experiment about can then And to are deliver. a We're tools are I figuring think that starting optimistic that things to like content lot related is which the and us questions questions. gen out those to related on use and that, of answer what what

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everybody. Thanks,

long. So

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

now may disconnect. You