Match (MTCH) 11 Aug 202020 Q2 Earnings call transcript

[Call Starts Abruptly] …services and CEO of IAC, and Brandon Ridenour, CEO of ANGI Homeservices. Joey and I will also address any questions you may have on IAC’s second quarter results and its investment in MGM. Similar to last quarter, supplemental to our quarterly earnings releases IAC has also published its quarterly shareholder letter.

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

that, that, outlook typically our future may looking investments performance the to Before in may looking as and such I'd well views be we for expect, subject we get we statements. call we to preceded remind we These statements you prospects uncertainties during as words MGM. similar forward from this discuss the and results forward such like as risks today. IAC’s views by actual expressed to are materially anticipate, to believe, are here or that differ These

and filed during we’ll quarter respective today as MGM's and our Some measures the certain adjusted with releases EBITDA, second it. also simplicity Investors call. I’ll letter our jump which non-GAAP refer forth section these again, of have Homeservices’ reconciliations measures. been to press all GAAP reports and for risks We’ll to reminder include which IAC’s into the Joey, full websites refer set non-GAAP shareholder of to also SEC. measures the right our Relations a all discuss EBITDA ANGI in the releases, material as IAC's comparable and or press for let’s you

while theme. to what investment. this that. minority little and is a is think Thanks, hit this want And them. MGM on done gotten, strong it’s we've we've That -- we've and always a thing very opportunities is being, the The means, large be I I a and a opportunities which investment for and form what you’d look is opportunistic historically, we Glenn. curiosity quarter of news think seize market. totally generally for concept imagine what We very of the questions around investment. big the And it’s The top a to when we of on security, as IAC sense of is quarter, I do the see with big than done, different in public consistent a lot

that be less U.S. penetrated $XXX which we globally, XX% of billion online, for still bigger, natural we the offline it's maybe XX% getting definitely and that that no and we'll third or did in getting have horse in question than is and you there could to We bigger is at bigger, from time, XX% tailwinds. maybe wrong the excellent penetration gaming, tailwinds. those an won’t natural pick over meaningfully there, definitely maybe benefit online transition sure That say the the but execution a gets

this there individual This are now. there to business thing is or And The when not But the the important always dislocation. value lastly, comes that. believe to idea we every comes world back a temporary it business, -- do certainly a think our back value. incredibly any offline as a right We we scale we that's in create normal normal. and business, to -- is more other customers actually to a do been don't experience this important customer. us, and here. both this here the eventually marketplace world groups but our in is business, business, is improves back normal, well-positioned have And when us from believe where do something online there that, customer which time to is is believe benefit we a It's typical dynamics but to business is and opportunity comes

there, and confident have there. to get here they the to enough have that they to from capital whether Just the key question highly get do we're is capital

advantages combination we that we've and of look opportunity IAC consistent won't So, all say for is we for opportunities in I we IAC taken real this that letter, of in repeat I some very here. this competitive that, know, value, with and to and is their advantage when at our analogies offline drew an And online, past.

and cover certainly people be period, around, we overly on, letter will I'd best kinds is, manage month. month, and a thing understanding but second volatile. monthly this started experiment we have rhythm is about here, saw of you I to on, and monthly. and this not we the got the said We in have, be to and current you understanding only information. numbers it is some being think -- again, things we not proxies the prior us. everybody The want figures and on we business could that this nor want can publishing months business, that like caution trade publish the I'd month. I that's I a rely period do information particular for focus said There's to we so thing July. that whatever the concerned be giving we're obviously or the to to able can things monthly for them. not I it's through people information metrics which need data wouldn't or -- they important can whatever we've for year don't since we'll say they now buy to sources wouldn't no But And out explain any year, numbers move But flow that just focus want on all or the And we're up a The quarter to everybody to trade And the the all or of to business a our with longer certain see. is, in

understand when it, as And so, can we that you well that's think on encourage to way explain that just know I'd about as we it. know the we what's going we and

than here. turn from away joined our there, us But with camera Investor more see will keyboard. Mark the Head six So can't Schneider working also feet to Mark on over it that, I of you has questions. the Schneider is Relations us, him

Joey. with our first Thanks, to going We're Sandler from Ross at start question Barclays.

way. this for really Hey, doing it. I appreciate call guys, the thanks

start can maybe So a been guys, there's gaming and you space at looked you've probably a years, transactions. the digital of bunch number with Knowing of for we interesting MGM.

lastly, you bring don't you. to basis given is So it licenses that with MGM? the drew Was on And table GVC, And the the the already partnership the specifically then question have? IAC investment? their the what they cost loyalty that what program does they have? Thank Glenn, what's maybe to

Yes. try bring on more. the order. don't learn home And years and table dating, to can probably that as we in have certain do we when confidence learned of general been general and to higher than and of the out we case and anything share talked performance didn't travel, as successful services. we know. that us, reverse get don't metrics it do with do as the we've we've table bring meaningfully Ross, dating. metrics bit to in I'll we very that and And metrics, hope be our we're in we'll to those to table what But in And learned answer we'll like. we in about is, future a think the channels, now. the didn't certain helpful XX us. When that. what from will where think bring home When anything Things looks think opener conversion marketing. at marketing. kind There they all in table familiar that we are MGM travel. answer have? of new view What valuable going to in in dynamics, with seen is kind to The we we no, more -- channels, it's we this in XX% with, And we'll it, the some bit, direct -- helpful What services, have and we've entered we high We penetration anything of already I that help. Things been in a entered little into terms When be looked is categories. metrics figure we that the learnings entered didn't to learn. question, view what in of I we unsuccessful we've that entered bring who little we channels. things is, we But be the

think player things the And of this in partnership XX capable top one MGM they quite expertise winning in they have think are and more countries they know doing I we which scaled assets in these think marketing GVC now. that's combination. or that technology. that with there, valuable so great be the they're countries what XX that's build three they is that and when what seems They a you this to expanded MGM has, in the And we than about with that so they're have area, digital GVC, doing. the incredibly And businesses, pair

right called And from did after had DraftKings we actually category with we do wrong. enter also the this FanDuel, execution DraftStreet, and ago, theme this Very ran the that timing this we We which nowhere. winning and the at so we category had we scratch in went in a built how and market enter known invested player say, third had little look a fact years we combination.

that. can't we I remember think sold even it I

the deliver big the drag our it there's opportunity with billions you about a incumbent positive at also assets with think for that we nights, the on a category, customer point MGM -- was a rather probably can to is gaming, digital their the MGM think this doing consumer. the physical come bit probably asset, of on footprint, is think in-person even it, interaction that entertainment customers gives of event of has retail, a expense that to that on just A the has we millions their opportunity. a experience. and is isn't a the that the the slowly, and deliver a where as and across significant DraftKings along experience very, before a that's exciting, our those marketing that one a or replaceable and they're best their of pure complement and in you ever of deliver to expensive, and joint experience going benefit a I of real And complement bones little Well, our But customers, online. or execution MGM into physical we margin in brands about now a That doesn't Sold experience we players think can infrastructure uniquely and they're When not like in that move of to that there. in those you In channel Think that an way it a up a digital has one footprint is about benefit a you to MGM's online is the fun, times -- on that digital think with with us. to benefit margin big that's while, position in. done. venture to you a a device the on at again the real against for but think the a a think devices digital positive footprint post-COVID started expensive for a to experience, is that having a other. in generate offline generous room has spend what that of we experience, all than that have generate experience. online some really offline interacting of right online. and lots gave room too view digital very with look of positive time category analogies them check dollars checking that overlap when is like and there's technical are experience we've I compelling, create view all FanDuel to little there, areas hopefully make then lot And we a that that category for retail the they've we they're When customers. players each lines. or a do experience revenue in followed tremendous can to the the of term, a the and they having a world, And lot customers, about digital

in pretty is that unique market, the they're the only So one.

why that's assets we've over start, why can a we time think And we're value that great combined But aggressive with I And large been excited able that And hopefully, the playing very And they're area. value tailwinds. we're been a to with go them. the in great about team these great businesses And after add to that's at we them. time. backing that's like win. add with over why lots very of that's category vision to we've in ways it's and a it.

the And billion million of then We some paid XX housekeeping own items. just $X.XXX for that. shares. We

or $X.X of is that billion so. So And left investment $XX.XX about after with our basis cash. we're

market. on in don't So then basis XX million quarterly our also that marketable you securities. be this -- long-term investments million sheet in perspective, be given your put a posture. the quarter to of balance parks. going that housekeeping And In in forget our mark in shares stuff saw to in your from And it'll it'll XX a some forward, was

through and the line other statement. you'll see ebb the investment of foreign income that income expense So going the flow in

net will useless really on on I everyone metric. means, I'm be data view point. relatively from going here not do as to income basically a useless that Which But let particular focus out. that

be will sure. for There volatility

question Cory will JPMorgan. go next Carpenter Our at to

some ANGI, the Thanks. question. how And in into give On I those tracked hoping could inform demand the and on also us what Great. year? supply chains expectations? drove versus was color Brandon saw how thinking to of more Thanks for we the Maybe your the back-half then July? you

Thanks, Cory.

sales you trends. look and we've at So we July May particular, continuation if front, in operating relative of a in revenue, June particular continue pace months same with originations. those we up strong was in the up then strong. a finished about actually how is an company. consumer The being months in of In SP in globally the fact, metrics perhaps just with In America. overall revenue including volume to continues July, basis flat July, obviously trends. sales the sales to highest in July of we QX From demand last saw June was elevated business year-over-year. and four And to in line new views. on expect history four the see better to were SR North July, post-COVID internal in That's perform been and standpoint, be to in SP and have a the And our the blistering XX% relatively incrementally we on than sequential particularly

that. particularly earlier, that strong we if of there's really affect headline part a trends alluded year late saw of with the wet recall, was fact year year spring. a month, number guys in in things was look continuation the QX. first-half July at the to of sort a saw So, really Joey volatile We a the damp year-over-year can the a of weather and of number, Last you as

little are them, the an COVID, strong for difficult about what's today, both And for the we've more outlier an So their trends, strong future. bit that the as But than some the hoped is the side very this of every provider supply the few hoped. this are monthly sit hiring. of of have July. for a what more a to had a capacity. incremental in of July chain for we categories. levels. it week sort is see was we SPs, fast and recovery. that, in say have slower makes we run operating by now that, a negatively They've by reported foreseeable of And And we to business sustain we It's think see with level at than XX% reason a of they us as SPs resumption indicated sentiment level the issues the throughout of seeing What and being lower mean type see the Where seen as at pressure out single equation. of And a of demand did key impacted would And by former likely would I June seeing There's seen they're capacity I consumer difficult certain did coming I have of dealing most as terms a points growth. I week We comp. week is think and some sort a industry. we that weekly we're improvement personally of challenges they're survey. a two-thirds right and we week. lockdown's track -- that

So that, see end is you I there's believe to don't been year, it's to full have on side the provider good come bad these COVID-XX of to an capacity. think businesses back see I

the process I takes hand, be think over second-half other the that going year. it's of incremental to place an the On

Cory, numbers, couple a what Just said. Brandon support to

July monthly SR since growth, was in growth XX% XXXX. rate highest SRs had third actually Our the in

that's and think an I nice elevated. So,

of Second talked all, volatility. about the Brandon

grew XX% you growth The know, we of the revenue throughout XX%. from last year. went rates As monthly dispersion to year XX% the

three depends said, Brandon Monday’s in day the This rate July, the for four calendar. had was growth are July example us. July, period. comps. difference actually Mondays last it was in of big we we the And XX% the Mondays, as five the So year. a for XX% between And month calendar. last on year-over-year XX% and over the And the have

and Why? quarter. some constraint, third of to to extent levels. X% COVID it quarter, about Brandon our of accelerate to SPs then off second that we quarter supply asked expect accelerate are induced of as we back-half impaired. off think optimistic fourth expect the Because, the the we clocked clearly the You in to accelerate. the the will And continue said, the And July we where the year, slightly we're

the during sales strong year, during to value especially our each year to and SPs, continue lift monetize to that will given the which we and does, performance transaction ability the of add think We spoke. Brandon increase as our expect to that it

Thanks.

Our question at be Sheridan will from next Eric UBS.

what's a Cory's Morning, see follow-up you how strategic out the control do to to the you and your you're your sitting Thanks. sort against in and supply versus business? maybe question what's about try little those I'll bit. align everyone. investments environment pull demand you frame goals, both the out where long-term When about to your on your When Brandon, aligning medium on control priorities, of now, think side? take the try right in you of

question. great a That's

haven't challenges, changed pipeline goals presented the additional Our initiatives primary COVID our two but goals of supply remain. of beginning and sort from the year. some has of Obviously,

First, We more with of all, and few And do But through we investments plans working been remotes, sticky at have we relationship moved our force How provider people our to point. we to again. to this When were that as marketplace. over creating in need hire rapidly we're first that onboard you a intending QX. the we've in learn making, that second, scaling homeowners months grow of capacity obviously, the year. relationship. more think second-half and the to durable to key deeply then remote about the So bring are the I fashion? in and do we actually sales all workforce had sales last

possible. QX, when are that as perfect scale perhaps to continue our we to our feverishly of lever huge scaling we corrected late back bring later March, of We to as working ramped on on many We've a we'd providers, to providers bring and This have capacity another foresight, if situation investment. where, of the is is actually pulled -- marketplace. price pace had would that fixed more days as

know, think It's going We to are that to hard is work. we a methods we've those got of marketplace all monetized. of which are SPs bring enormous monetization also I that already number live exactly and theme that as different tools to on consumer have But and say the here engaged, going testing. to get to as have, a the demand going currently of of models an new we're number amount we that's

over it grown soon and we've top payments on have don't provider platform, frankly, the and had introduced available side, see we option believe last HomeAdvisor to pay scale On of rapidly to that, financing of them. consumers home really, new comes services option we're financing intend the for We projects to a that that remainder has and layer fingertips quarter excited about. the when a that consumers that side really to at over consumer ever very We'll continue year. really the home your

the we focus kind its to is first we with offering. think this of driving very engagement And app. mobile continued heavily our So, on

few We over mobile, we've And months the users, mark, have set the by months last of user grown or I interactive for mobile months, in several records think three three over crossing app year-over-year. two now. million last terms that audience XX% the

relationships those and is consumers to can all things put the the engagement, that story, with offer which to lot the resonate up the launched. We're of kind pipeline you and with you long see drive got value features together, drive in that trying and If deeper already benefits proposition. forward. a we're more We've we're trying lasting seeing to go we've things

really I In But from feel out control we control, to them continue we We're seeing outside we sort while of need them feel to control, they're that can't to will And businesses able can't terms the back-half COVID. order really unlock year. additional there the in the that's issues of related to be industry. somewhat to We We solvable. that create that of our working try these like hindering things be the know over recovery optimistic in are recover capacity. to chain are solved. actively of think incrementally we supply those what

and team. the And through accelerated another data or creates future, that's that to in because we're this flat. is great conversion, creates quarter. that use, work well well. product bodes interesting, offline quarter tomorrow's from and grew to about his customer as that that we needs from this we're the SRs all given for other actually our the is really be us share marketplace, that new that to repeat shows online quarter, tomorrow's consumers great driving taking XX% the going And That the think and Brandon point on platform, solutions with Eric, either really

an So, steal somewhat competitor to be we else think opportunity someone it, on here we be our competitors or it offline. have a march

I'll XX% add obviously SPs, lower seeing scale are of we're with at surprisingly, a terms seeing similar them survey demand. of demand. our that. consumer not We marketplace to telling that and match does the up every And they're just of with Yes, overall and do week about us what level consumer in

of One on sitting So, and and we were services, disproportionately believe we home. obviously digital trends. think, they're their that is at that. coming looking two different the solutions really But nexus look people more for are accomplish focusing they online needs I as to for

for obviously are a terms those of us. providing very tailwind in both So, structural positive

question Our Brad at next come Erickson will Needham. from

Thanks.

a then the and there's in platform from value any Or second, maybe Google? be HomeAdvisor you separation thoughts about SPs When going the sort do draw of that there types HomeAdvisor, Just zero at Google. but you a level versus losing this maybe think after? be a We've that would guess, this is related wanted a there something concern great? just like bit, Google And quarter. you deeper HomeAdvisor SPs been follow-ups Just of like may of unmonetized on is? you're some Are going little of the same about of go types SP think for kind that those Is couple forever? of constraints. talked persists of accepts I any SRs to little Brandon. went that XX% to a customers after

questions. both great those Yes, are

able whether deepest or And to consumers all, of a -- draw reservoir we a the doesn't whether up of still monetize, satisfied first have providers not customer. not not we've and deep monetize we're a to with. to on or indicate reservoir connect even if request, So, we

treat those those fact and they weren't of different we an folks you the projects, Google an that If of and our year. ad and even you're finding an we at we today if with a that or the even still next able you try bit the So, we're to such our but email if always a a for. are need or not to for if demand XXX make a we like little satisfy give trigger, monetization year be drive aren't And fixed service a doesn’t fulfilled, going pipeline price necessarily monetize. sort able looking remainder consumer still the the viable engage top and of outcome. it the is top, experience filling really to of growth happy to that and to a and into seeing if offered we the decide and fact, to to way, not XXX go CRM percentage successful such to our a but monetize filling you we're solution, we whether think will -- growth And consumer further of customers customers, and of for in pipeline, offering level my and is would had might database the the or little offer they need Google offering in indication story, bit see of make had that happy. significant outcome don't head, elevated pull or to of now off were what same which the I good search, is not to request

quite that this demand of have off is while for going a to huge for fact the us. So, pay influx we

I think Google, different when products. to very it a it's comes

there's It's in folks get level search for product way that attracted than types want are really productivity the call put or evidenced seen, reacting somehow targeting codes might won't want into some are search do providers segmentation Google. different Denver. less I and than plumbers to seen in don't don't but you the really either an that's else, SP a we more on about targeting that it's targeted. way much we think to inbound of market segments offer types by future, something tapping those think the record And around into If and because up. do that price pressure think. the us. think competition. they not the individual our in that months, phone that really naturally, to is capabilities we there's a And ever sales don't really back the are four competition that to haven't one that zip bump so haven't types, have people data offered overlapping different environment the of we each to or higher what us, like as service they products other, just was not as works, generally as that's compete that that in project generally really I I same think sufficiently say Google's the to sales an not where but happening It's and anything to less big we're I

Okay.

Our John Cowen. next will be Blackledge question from at

margins too? you be ARPU enterprise guys the the far you expect with what quarter? end the the And would adoption particularly Vimeo, On third you Thanks. as Great. sustained Could mid-teen COVID-XX we ARPU key saw the in that as could and And ARPU outcome, at was year? the the about signals discuss to growth year-over-year. great, XX% demand then enterprise thus Glenn, a XQ, of enterprise if you. enterprise in growth towards the just in should and driver gross a plus be great talk during levels quarter we Vimeo, Thank the head

harsh to product this software, now. But well saying And IAC was think using and microcosm, $XX,XXX works. is doing video, town never works format Enterprise just problem using to say, is businesses own is Vimeo they a an We've I had us using we've our the town certainly the tried got that all and expense don't is paying for I we're we right Town the if to same the better software that as into we I'd a business. if at of doing forward. but say big have $XX,XXX software, are weren't hall And external able hall it. as we well, going for video got where this. hall way anybody don't town a about independent on a think somebody says When very, this the timing Right not very room. going where problem changes. I'd And got we We're team, best price. find of hall best in call individual just the now, we're that to that individual, if we're we this big with we're with using this to a everybody accustomed IAC COVID, Vimeo now, for this software. do and have where halls, town going

that we're And has use you to think I it in continue flawless, now. that best do system And going to going could the all all locations. the features most want do of location, forever. You to we're do system want. to have to true is one that that is the the but that And can't that you enterprises software

credit in is you replace that. supplement can problems, this to which isn't early higher half, see a just want completely The what software think do that literally we forever. was again, to have but or it. cut it come to for was going you're out XX. and charging for is using as we natural person But replace it ARPU the So want a It's into at And it sales generally or going it's the that’s than into of licenses And day was day going spend relative, is we're reasonable now video hanging or what in cycle very where than group And in sales in that's thing everybody sometimes which a it some is saying peak March, sticky. the do, it from benefiting probably there, your now these already access we're multi XX they're add than a COVID natural very in one maybe a little seeing amount place But to still been access And enterprise instances one believe cycle, like is meaningfully better into is meaningfully physical go. we for features. solve using that to one do late actually access a at we're in place it's it going length from. to a can for I gone using Once of bit, it's the working. cycle using on giving And in us higher that’s a it us spot, the going price. and to And to these you've was it a place. enterprise it card enterprises, there. at XX the April it, to somebody or of of I enterprise video We COVID, disparate people sales and everybody can was ways. continue one solution it, in going where be can small

time as something reliable think for some is So, view here. that that I from I quite

bulk the on margin. the answered -- gross [Indiscernible] of oh, that think I

Yes.

the our fastest growing On business. is enterprise clearly of numbers, line

it actually triple And greater were This grew bookings quarter then than XX%. digits.

have is the we articulated, recent conference study have might on on It one ARPU. retailer And nice because spending had of XX% been it's from be Vimeo there. a Joey’s our about reasons So case presentation. that we at self-serve. graduated to And have because you growing the customers used a a we your clip runway where self-serve, enterprise why of with at think $XXX as that I of talked

That is we're us. that, customer, wow, solution. now enterprise So that said, And lift this retailer enterprise them an that We about with customer. ARPU. lifted to ARPU. And converted $XXX,XXX people used talked Joey will has more that in spend as a from great this organization $XXX getting to that

we're ultimately XX% ago, be of that. may terms two we And the and gross think target of to such that out, in we're conservative. closing prove progress XX% there about think In on margins, laid making I years we

you. Great. Thank

come Squali next question Our will SunTrust. Youssef at from

you Okay, known true investor minority on your more a over companies, MGM? maybe by tried as Joey, using value, like in company of so best do questions, and guys entire the great. much. affect have public You taken change couple you extracting been Thank basically MGM How being again. playbook.

Just minority shareholder? a threshold need by threshold. you can that is try will is. minority to understand you actually certain know I And gaming us how you guys Maybe do don't I a with then don't you, that. shareholder, be help there know that to? a authorities what as licensed need or as

was just to very that companies the things of through, other and has stopped burdensome go One from process traditionally heard we've expensive getting that is it into this space.

great? any there clarity So be would

Sure.

our we're ownership at The basically, exists to learnings. work forced threshold. We learning we going biggest way. doesn't I to never that they in it there's to to that to access do learnings. in in force is, one IAC yesterday, a not, as it's wants we a through be we successful process treat is did may the the be can have to than the that people $X from helpful it, each to at our we state, information a MGM others, But that done first and prepared same what its it share other We've anything they which yes, to second call billion regulatory they well. think and and data, anyone information, book, who through open some IAC to go to other. got through but in are XXX% quite we invested think this and in it the that share threshold or ownership worried sharing the we it wants biggest our And think is some businesses going extent between open way than synergy should X% that and want we're through. of share investment totally more we in we're will using it, for the of businesses but as showing especially the we about businesses a people, can. People that a we of businesses each rules state, And area XXX% businesses, sense fantastic. forced in to our a we're of the goal should benefit everyone synergy anything minority can by is something change." to -- XX% to areas in very say whether you actually And for of advise they've the to is the capital not particularly here rules with which Our of own we the a go helpful one, "affect cash other this wherever always at a we're liberally in need portfolio. which do, have process, that businesses we I is separately, I with learn varies are burdensome. we're with have things that know, we information, do in been investor. And not said a question, Remember relates in goal where CEOs the course. that investment. internal But the say they affecting understand And off help totally our can MGM, going in be share use like things book. less anybody to the of we there's had go Other hassle On is extent that than and That's that Again, businesses, helpful. board, we've is our like to change. that here intend MGMs into IAC they to be currently minority ways number your any as that. And doing, because

what with to the dissimilar enormous learn IAC we'll try something help and businesses add do So, again, value And more and where we we can and as certainly we other as involved tried get potential, that's more, from that's to that other involved, is business help potential. and we find think reach reach we've helpful. will enormous not ways hopefully areas

you. Thank

Great.

come of Helfstein will Oppenheimer. question next from Jason Our

on? One, for pipeline Thanks. Two color the team of then Vimeo a Joey. on any on just acquisition second, maybe if questions. you product broadly what about is direction, the And bit second-half, the could working talk kind

-- that opportunity? done kind have broke favor minority kind did get more again, investors just in a in can you to your like shout to So that is into did fix a businesses you've works of you time historically expect you out back what share.com more to that which MGM something control you public. Thanks. finding of minority or [ph] Should investment,

do we us capital our should is where yes, in entire would buying cap. all potentially and put share you I'll businesses your expect second buying of businesses. repurchases and places focus it order. shaping have and expect on to answer other the Again, Short the businesses, to Yes. where That's a put bulk we reverse question to those historically

minority We into that of we'll I be look We product pipeline. and anything's opportunistic than more historically. think from more a more In investments say which always capital seen Again, think that say our But at those it's robust things. there do very for I is possible. always possible. likely anything's Vimeo, more here. is likely goes things you've

the of bit certain in how on One that we're right a is categories. now focused to things the verticalize product

think it bespoke might fitness, in go But could any tools competitive starting are are that verticals. else that where So, We're because the to because open do want deeper go tools think we that's up and our opportunity We work about not building tools sure deeper the for we're want in that help for faith, education, customers. to to what the relevance we picking customer. in don't to prioritize, to building go good for to someone the deeper that want going we individual really for -- areas in for up really we a to make build to we're whatever to any that really in verticals. be We vertical. start do make come

remote, that tools lot bunch are a the new -- the there's area. in doing we're now a tools also relevant. in with that of There's world are So,

new say we're into generating the the using more, can we because this we we're generic, enterprise. find now, we're Vimeo are investing that that, one but We've example, the things like points thing for access more right along cash more And and one is flow now of on. can more enterprise screen I'll you things products other or be at every right entry is quarter. recording lines So, working got those about where of talking

we in can more there's dollars quarter, negative, invest to dollars how in, more. we there And so, before there's more we we're on can right can month very Every be more every there. go now, to focused Vimeo now where choosing investing put put even

And so the we're and of invest now products we're the that right pipeline product some incremental product resources, to trying benefits this to business. at grow more and grow release seeing the

Thanks. Okay.

Great.

question Evercore. Black at next Benjamin to Our go will

last could talk in you XXX a hear little so. think what the to you for Thanks if And into -- And year? I'd curious ANGI? supply And bit call question. remains XX Great. you to the the that environment mentioned do the you. back-half how intact, fixed as be mentioned do you how as willing then about you ANGI on lean month? favorable on it's it XX guys tightness are some to Thank remain just Could think the Does next about marketing or available at it of over tasks marketing high months? investments contribution of you at price fixed price, revenue go? the

question. Great

that's favorable. really consumer across higher consumer So those environment, remains broadly lower And demand. of combination think think, rates just marketing a combined and I the intent I channels, organically generally of just levels with

they and where you of to look at back would these things the or channels environment, we in We -- rates see we well. are see favorable other similar as TV so, it in was But like TV. QX. levels relative definitely XX% you pulled had And ROI favorability on be. And environment. similar them obviously I on XX% an for begun think in uncertain to this channels, But question the is lean to basis. we early manage by June, answer particularly say, most up, we ramp particularly would a clearly and highly QX, was It I thought

will channel We've that on secondary basis. it's a channel profitable like With And a will period are lasting. benefits the to June. are in, so in long there much lean TV, started and payback longer spend tertiary we as and as return

they continue particularly are the year, remain remainder in we'll ballpark now. where I think to spend rates there of if the the for

So line relative in a on the basis a expense that go difference quarter. will to forward be second

And cost doing homeowners actually tasks desire price, purchase XX% are There over out figure get, that in $XXXX. we in years. would out launching the that the this but credit see project certainly far fixed is rapidly some how level. goes, have that it point this there amongst able it each The grow we makes rate if meaningful of our did different. submit the first XX XX% pull was how figure of to that these willingness they're in U.S. really consumers. our was the things were months that card I a do the and are so XX a price the that online now. But And to price five quickly like and or was privacy requests a out terms to is matter for fixed a and XXX And step, how know so internal TAM growth customers and plans, contribution the For $XX went know we price, the offering. much higher request we XX about next What the out course up higher on is We're proof to of buy manner and and the to on a this about in meaning a TAM that QX complex at installing at is project And and of very wood forth. priced that that above the our into said project to $XXX market go of projects. a These to tackling in been working that's billion. the we a a exposed seeing such growth needed there we're come before, project installing a Obviously, next there project we've to we're have year And to to projects. projects after more about that a accurately expectations. fence, are over also billion. originally. And figure think because of we next we that categories. upfront through just to I next deck a all We're projects think these we nature have really consumers not to pricing over works, by be have expect over months, of I've first section these of contributor global the our truth

months, think that In terms next in XX we've been the of for how on don't that. it'll high I'll I get specific the And open moment. leave

spoke of well going as to that's for go the And our margins look, we this year. why requests on supply this when to our you that EBITDA and continue year. service latest XX is stand to then in And to of marketing XX price, expect take which share saw do about gets posture not And we investments lifted, up to price, as throughout we in the market up Brandon by We're invest fixed terms the quarter, fixed just the did that place. frame see million opportunity and a opportunity we months X.X million. our constraints basis in

lot XX% only average, and zero XX%, our XX%, monetized transactions If SRs. justified by XXX,XXX okay. saw were lower service get XX%, You we our historical requests, than is our from that’s to access that goal a

preponderance monetized nearly click. saw of to the it we vast not all if That's revenue, million $XX quarterly falls line. bottom SRs at a of You $XX

penetrating opportunity forward. on And focused that's that’s That's just that's quarter. That's one So so so going focused why that’s we’re because why and why on so focused the product. opportunity marketing. category, we're our on we’re our

Ng question next Our Sachs. from Goldman will at be Michael

you had for Hey, Thank MGM. the good morning. couple question. very just I a on much

over Do its traditional clear MGM continue is gaining time. it's gaming discuss somewhat of you MGM? than point capture penetration is share net that cannibalistic incrementality can if And views betting? then of First, you that it to your should for to well-positioned And gaming Thanks. base? ends Joey relative online positive the increase online up more online earlier its to a to your think being on second,

a where think incremental. potential incremental, but a I think whole the it's experience And somebody meaningfully, playing Yes, is potentially this it's I customer same combination has to again I think, think ability a some and that the of MGM's always And we enter the that do think place same there significant capacity company knows I play, earlier, of think a to is sports. generally the lines, in category, odds, their said to and and digital I ability When advantage. roughly the online It’s and but physical get of the it's benefit about you who category, things I payouts is of do digital take cannibalization, their in portion for share who's to share. offline is, in expect accrue in like actually benefit that real that. all

So a think that's customer differentiate? You a and its of with differentiate there. experience. differentiate how meaningfully And thing has experience. in tool that lots customer do us kit MGM And you we that excites tools the to a to got

can here. they that hope would we So real share take

a one next follow-up. is And

Sure.

do an five MGM to stake about would stake, time? you venture? to your just just something success thoughts you hear long-term with that. joint much. over online to opportunity that your love now? to you betting with plans the very talk Do Could increase around three years the any Is expect Thank from there I

And a in we far for we’re thought anything. it ahead. could in great the that don't have of important Sure, it's long-term it in that are and haven't in for answer said it, this, once We’ve an question. long-term, a the for -- sense we mean I we’re

type MGM that repurchasing they asset excess with generated shares much have the capital strategy. COVID, on the focused was very Before in

has there, where accrete we that time would or anything of intervene would accelerate in that And the shares a over or the ownership happen. there’s can things MGM who decelerate ability hope repurchase could if then that, knows other lots time. really could to So,

is to try the buck. not range quick I'll to here. it. a for The So, in certainly thing we're and totally certainly not options of we’re flipping say this only open We're flip

Great. very you Thank much.

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

guys. we with Thanks saw A guys. levels Dotdash, quick discretionary to of non-discretionary? the events. outdoor Thanks, What's Can a messaging then weren't sure they coming number one of comfort the couple versus versus Dotdash. seeing talk as with maybe in with they the jobs, seeing you through substituting advertisers last performance? clashing on and there in And resurgence made on update pause terms there? QX, indoor one Any months? advertising jobs over consumer or of then ANGI on on current and out What that adjustments brand, you're in trend made intent you're to trends

Thanks, in disproportionately our work, of report Brian. recovery Yes, then required but thanks definitely strong in and this a every We've over brief. category work. really will be seen indexing it's

I Some large sort given But flat otherwise the the that, goal. remodels it XX% from and those to, to of context close related given and contact have of modestly kitchen is thought general growth think personal consumer in fact would there's to would the projects. our where big indoor demand bathroom call up it's and be it lagging projects a we great, like year-over-year returned I'll standpoint, discretionary have projects which remodels

think there happy recovery, results. quite is some be And the to would So, we with not be that we're COVID it's will continue resolve fear impact around otherwise. but the where there it does

generate right thing -- the travel there. continue speak can't expectations they to from real and generally Obviously the see certainly continue advertisers. Dotdash, that to to On there's -- ad in interest But candidly, no advertising they defied have I travel, data some broader category now. my advertising the quite in Dotdash see we odds has dollars, in

categories basically other And have so up gone. made for more that it. But category short-term is than

dollars, interest seeing it's So, business is advertisers. growing this among ad

not we're not that don't Dotdash we is the we news issues the to of need business. are in confront One in

in So, controversial we're stories. not

trying which based this things media, is have done. We people specific to intent get

around there is things, keep we're as and specific Vogel Neil done. CPG like don't him the it's and are the are And struggling cooking, built they're providers, there's trying I around to that to to saying say people think and those that seems to people done, be trying that, things advertisers amazing for that, So, advertisers a not pretty health, get around thing whether reach engaging. it's whether there, get pharma always consumer when who it's how he specific ad to they're and advertising or -- there executing. be which growing opposite they of And well with tell what going we're And waiting rough. the I dollars to keeps to testament want

Joey. Brandon. Thanks, Thanks,

Our Ygal Arounian next Wedbush. at question from will come

one Hey. Thanks, on two and questions. M&A have One the and ANGI. on I MGM guys.

with growth kind the of how a you more that that, environment a MGM bit enter in about full is that in space. take be partnership and be wanted consolidate drive. you that little or after you hear historically kind hedged on. continue to And noted SP Does long-term? continue Thanks. ask allow to to to stake continued around of active? With regulatory We'd Can the Both to you So partnership in still near-term skirt Lowe's. the love roadmap expectations a on SR minority travel, other you to stakes to here you taking there, areas continue past go then HomeServices applicable they kind to about space, active just dating, in didn't and in the of the MGM guys? on the and have ANGI,

think space. possible anything is and at MGM look more Yes, I the in

we we And help is be space. would certainly goal keen as to in believe as be winning. to very MGM a when aggressive be aggressive or seem participate being MGM and Our would on as they

being will so, a it, And maintain we that is tools do to always options. and and we have flexibility that winning. that flexibility aggressive in used all are vehicle and we I great and think options And the available but

the question. answers that think MGM I

The ANGI? other one was

Yes.

multifaceted It's very and we're So is a talk and it's about. the bit Lowe's new with I'll something excited new about partnership it.

conceptually. I think first it just understanding

XX requests at by If which Services, million we've last MGM homeowners months, obviously you is look XX had submitted for the scale. over service enormous

to of approach building one natural led create with the that Lowe's think value. have and that of we combine products premier as home two about If for combined materials, retail opportunities it's you offers those together there's and services that the supplies

price retail environment. services, think we fixed First, their in I offer

us then Lowe's their So a experience offer through at a being of we secondly, with announced, Lowe's. our a consumers is customer and via And pros the explicitly to MGM Services to home that's to one for benefit drive handy. as partnership able advisor membership opportunity to

obviously intent the and then create destination amongst ANGI Lowe's be And to to drives those is to loyalty go that join ultimately props. HomeServices there building they and at and to the So, materials providers providers to get rate. some service a discounted HomeAdvisor

And to a the hopefully will is Lowe's relationship this situation then those is to we expand as able our so And network a build able be providers. wins. loyal well. more with where provider

of like in to this. leads Obviously, I opportunity, just the we synergy bigger, over opportunities think feel that. things we're are extensive. personally pretty the out time. this better well announced and the works stages early I Hopefully,

one. we have for room got And

take Yes, last question our BMO. we'll Dan from Salmon at

a the ones you more planning Can relate more fixed hope probability you got be Great. were for coming Investor know versus for likely And use. in hiring we bit at I about multibillion you. SPs comment that is back-half you everyone. the talked having back-half that? it big too? now? at. integrate teams remember then acquisition Thanks how Joey the earlier Brandon. for billion the about it? right. made of are Or I And different looking And the picking traditional fair the year. talk to Thank sales expect or today, outcome And that still say details another you'll impact separate sales Glenn, and keep in mentioned you plans Day, to acquisition a you but another lower little cash a the that the in those if you from follow-up up we the amongst may price. the options to it Would at I is just can't about

acquisition mega but a of I have think a on we do Dan, is or likely it, multibillion acquisition. bit, mega got faded plan which less a I you gist little the we

large bar nothing think doing I right very prefer smaller any more I tuck-in or less as We I here. things. planned know don't it's high now, very likely a massive right something that think always now. things,

likely, and look be now will we that that right not is now the working existing are highly larger. we'll but very at I previously be to But on were likely, businesses. our things are we're quite add-ins to think likely things as actively which small as as we

again the there's is a time. spec specs there's where generally has think which company of on is, not people way is go only because system. because There's avalanche That public -- spec very the what a we think, going are cheap in environment, right to particularly public, this for long a overall gone whole just not it I'll now. are situation the the a that actually via things sense up everything high taking I very say that very way. getting good is that the for bar incentives long-term us work it in who companies

going companies So or the markets. about talked true go the public written honest been may otherwise much private than lot And that or much to go about can markets, of generally, we public the private a markets is more more that have not there's we view public. to generally be view the this. We public able than this market

more medium-term facts over will not are that over around companies that. I others out out can technology give and these consumer play much companies area of excited all at. light internet or mean, for and or look like our to on coming them landscape or but little getting I so these a spec parade bad. I we'd look companies all think being have these companies into while capital more the trend better think And of good for that raised it'll about companies that medium-term, take cheering to us the in a chance a a public, be and to if bring we're of immediately, and us And the but at the

run out that selling run very challenge different forces the right. our people because that fixed versus or price, they on fixed briefly and selling separate sales we'll all, really you for fixed of are forces which We’ve leads just It's traditional these offering advertising, do the from price question, sales price have that likely pay always different. to did is not frankly very is it's going at And separately advertising. And model. jobs, selling

HomeAdvisor the important, separate. will our provider about And once will the we offerings ecosystem, so these advertising I And So they're what can engage all bring bring for there, model, general think offerings on stay the do provider which fixed has I services. those is on, these leads actually products will into the come -- leave. together you're let's I price comes receive plan it things the so in do they But say that we way think is that together you leads is you once but touching into to ecosystem, model, sold those a a think think once we opportunity every environment. to that in the key never also

You can you when because to with from want advertising you And to that the across price choose time want. not on time. don't come opportunities and but engage may decide leads, see those, stay not when to fixed you why you stop

So that's begin or those last And is year concept. of bring we'll think year that things the I next quarter perhaps, part the where together. of first to

we'll we're I safe stays and joining going like And forward. hope stick us definitely Thank Brandon. and with Great. to again for all format, really Thanks, I you talk And again healthy. you and everyone again, new the going embracing soon. to which

you. see to Terrific