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IAC Inc. (NASDAQ:IAC) Q1 2024 Earnings Call Transcript

IAC Inc. (NASDAQ:IAC) Q1 2024 Earnings Call Transcript May 8, 2024

IAC Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good day. And welcome to the IAC, Angi First Quarter 2024 Earnings Conference Call. All participants will be in listen only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please also note this event is being recorded. I would now like to turn the conference over to Christopher Halpin, CFO and COO of IAC. Please go ahead.

Christopher Halpin: Thank you. Good morning, everyone. Christopher Halpin here, and welcome to the IAC and Angi Inc., first quarter earnings call. Joining me today is Joey Levin CEO of IAC, and Chairman of Angi Inc. and Jeff Kipp , CEO of Angi Inc. Similar to last quarter, supplemental to our quarterly earnings releases, IAC has also published its quarterly shareholder letter, which is currently available on the Investor Relations section of IAC's website. We will not be reading the shareholder letter on this call. I'll shortly turn the call over to Joey to make a few brief introductory remarks, and we'll then open it up to Q&A. Before we get to that, I'd like to remind you that during this presentation we may discuss our outlook and future performance.

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These forward-looking statements typically may be preceded by words such as, we expect, we believe, we anticipate or similar statements. These forward-looking views are subject to risks and uncertainties and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in IAC's and Angi Inc.'s first quarter earnings releases and our respective filings with the SEC. We'll also discuss certain non-GAAP measures, which, as a reminder, include adjusted EBITDA, which we'll refer to as EBITDA for simplicity during the call. I'll also refer you to our earnings release, the IAC shareholder letter, our public filings with the SEC and again to the Investor Relations section of our respective websites for all comparable GAAP measures and full reconciliations for all material non-GAAP measures.

A modern digital device being used to access the content & services of the company.
A modern digital device being used to access the content & services of the company.

Now, I'll turn it over to Joey.

Joey Levin: Thank you. Good morning, everybody. Thank you for spending some time with us this morning. I won't repeat the numbers you've seen posted. I think we had a great quarter with real progress on growing profit and free cash flow and that puts us in a solid position for deploying capital from here. Biggest news in the quarter was we were starting to participate now in the new AI ecosystem in a tangible financial way. We announced a deal yesterday with OpenAI where we'll be compensated for enhancing the ChatGPT experience. We'll start to hopefully get some incremental users to our properties from ChatGPT and we are going to collaborate on D/Cipher which is a product inside of Dotdash Meredith that we think is the future of advertising on the open web and where we've been growing nicely and we think generally taking share on the open web.

And hopefully that agreement is just the beginning of other opportunities for us in that AI ecosystem. And we're incredibly grateful to OpenAI who from the very beginning here has been a leader in the category including with their first product which really opened the dam for everybody competing in this area and hopefully they'll still similarly act as a leader as they have done in the agreement with us and starting the opening the floodgates towards new opportunities for us in that area. I also want to welcome back Mr. Kipp. He actually used to be on this call eight years ago and is back in a new capacity as CEO of Angi. I'm not just thrilled about that because it lightens my load at Angi. I'm thrilled about that because I think Jeff has been, I know Jeff has been involved in this business in a meaningful way for a very long time.

Going all the way back to his role as CFO of IAC many years ago where he spent an enormous amount of time getting deep with what was the predecessor to Angi, Home Advisor, and then spent the last eight years very much in the details of the business in running the international business for Angi. And you've seen, as we've reported, tremendous progress in that business. And I'm really excited now that Jeff has the entire Angi business and he's very focused on the key to succeeding in that business, which is delivering jobs done well. And I expect a job done well out of Mr. Kipp. So welcome, Jeff. Let's get to questions. Operator, first question, please.

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To continue reading the Q&A session, please click here.