IAC Inc. (NASDAQ:IAC) Q1 2023 Earnings Call Transcript

IAC Inc. (NASDAQ:IAC) Q1 2023 Earnings Call Transcript May 10, 2023

Operator: Good morning. And welcome to the IAC and Angi First Quarter 2023 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please 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.’s first quarter earnings call. Joining me today is Joey Levin, CEO of IAC and CEO and Chairman 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 will shortly turn the call over to Joey to make a few brief introductory remarks. We will 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 releases in our respective filings with the SEC. We will also discuss certain non-GAAP measures, which, as a reminder, include adjusted EBITDA, which we will refer to today as EBITDA for simplicity during the call. I will also refer you to our releases, the IAC shareholder letter 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.

Now let’s jump right into it, Joey.

Joey Levin: Thank you, Chris. Welcome, everybody. Thanks for joining us this morning. Feels good to be playing a bit of offense again here. I think we have meaningfully turned a corner on earnings. I think the back to basic theme is working here. We have really focused internally for the last quarter or several quarters, and I think that’s starting to show up in our numbers, and that’s allowed us to focus on allocating capital again, too. You saw we put a lot of capital to work this quarter and really all of it focused internally on the things you know really well. I think that’s consistent with our back to basic theme and consistent with what we are seeing in our business which is — we are getting things working. We are getting things working in terms of profitability, we are getting things working in terms of customer experience and we are getting things working in terms of preparing for the future and starting to win competitively and that feels really good to be on that team.

I know there’s a lot of things we did this quarter that people are interested to hear about. So let’s get to questions quickly. Thanks, Operator.

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Q&A Session

Operator: [Operator Instructions] Our first question comes from Ross Sandler from Barclays. Please go ahead.

Operator: Next question comes from Cory Carpenter from JPMorgan. Please go ahead.

Operator: Next question comes from Brian Fitzgerald from Wells Fargo. Please go ahead.

Operator: Next question comes from John Blackledge from Cowen. Please go ahead.

Operator: Next question comes from Brent Thill from Jefferies. Please go ahead.

Operator: Next question comes from Jason Helfstein from Oppenheimer. Please go ahead.

Operator: Next question comes from Eric Sheridan from Goldman Sachs. Please go ahead.

Operator: Next question comes from Stephen Ju from Credit Suisse. Please go ahead.

Operator: Next question comes from Ygal Arounian from Citigroup. Please go ahead.

Operator: Next question comes from Youssef Squali from Truist. Please go ahead.

Operator: Next question comes from Justin Patterson from KeyBanc. Please go ahead.

Christopher Halpin: Thank you. Well, we will wrap up the earnings call now. We thank all of you for joining and wish you a good day. Thank you.

Joey Levin: Thanks, everybody.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.