We’re learning and considering in a lot of different areas and we are opportunistic. We have historically done well with and like marketplace businesses, we understand those businesses, but I wouldn’t put that as a limiter on the things that we consider. Another area that’s done very well for us historically is the travel and leisure segment, which we’ve talked about a bunch previously and which has sort of done outperformed other parts of the consumer wallet share for a very long time. And we expect to continue benefiting from a lot of the technology trends that you see in the world. So that is an area that has been an area of some focus, but we’re looking pretty broadly. And I think that the priority for us in terms of M&A is certainly internal opportunities first, meaning more of what we already own, add-ons to those businesses where we can find synergies or have a unique angle on something.
And then new M&A, but I do expect at some point, we will add another leg to the stool, so to speak, on new opportunities. And we’re actively looking for those right now.
Operator: The next question comes from Eric Sheridan with Goldman Sachs.
Eric Sheridan: Thanks for the question and all the details. And also, I’ll echo welcome back to Jeff into the new operating role as CEO of Angi. Maybe I’ll follow up on Dotdash Meredith. When you think about coming out of the advertising environment of last year and sort of building some momentum in the advertising environment this year, how should we be thinking about the conversion of revenue into EBITDA and the cadence of that between now and the end of the year measured against the potential volatility up or down on revenue against things that you believe you need to invest in to make sure Dotdash Meredith, especially on the digital side, is set up for success on the longer term? Thanks so much.
Christopher Halpin : Thanks, Eric. So a few things on that front, first last quarter we just to re-anchor folks when we provided the full year guidance of $280 million to $300 million of adjusted EBITDA for 2024. We said we expect essentially all of the consolidated EBITDA to come from digital. Print EBITDA and corporate expense should roughly offset each other this year, with corporate expense pretty consistent in each quarter around $10 million. As we expected print started off the year at a low profit level $2.9 million due to seasonality and secular revenue declines. We expect Q2 print EBITDA to be $9 million to $11 million, and then about $13 million to $15 million a quarter in the third and fourth quarters. Turning to digital.
We like seeing the profit scale this past quarter with adjusted EBITDA for digital growing nearly 50% and increasing adjusted EBITDA margins. Looking forward on the revenue side, we continue to feel a good about 10% plus revenue growth each quarter this year. And again, that’s the combination traffic growth, improve monetization for both advertising and performance marketing and licensing growth. On the cost side, we are making specific targeted investments in strategic areas. Those are clearly content that we know will perform D/Cipher and growing the capabilities of that strategic product and performance marketing and we talked about our initiative to reposition performance marketing growth for growth, particularly in the context of services.
And we think those investments will build on our strengths and position us to grow for years. The impact of those investments will be most felt in Q2. We’re forecasting incremental adjusted EBITDA margins of 30% year-over-year in Q2. And then that’ll be followed by 50% plus incremental margins for the third and fourth quarter, as we would expect in the ordinary course. The result is EBITDA growth each quarter and improving margins. And the first half, second half waiting for the year, which is very comparable to the one-thirds, two-thirds on adjusted EBITDA that we saw last year. Operator, next question.
Operator: The next question comes from Brian Fitzgerald with Wells Fargo.
Brian Fitzgerald: Thanks, guys. A couple from us, maybe more broadly on AI, as we’ve seen Google scaling up their own search generative experience. Are you getting any visibility and changes, if any, in terms of referral traffic to you, either as AI is integrated more deeply into traditional search?
Joey Levin: I’ll take that one. I think it’s hard to see specifically. So the short answer is not really. But I’d say long term, Google is taking more of the page and holding more traffic for themselves. That’s basically been, I don’t know, multiyear, if not decade trend. And so I do expect that to continue. And I think we’ve done a nice job in navigating that through our history. And we actually, on the Dotdash Meredith narrative side, continue to grow inside of Google, because we have, I think, the best content where we’ve invested more than others and do a very nice job in addressing users’ needs with the content that we’ve created. And so I think we’re in a pretty good position there. But I expect over time that Google continues to try to keep more for themselves. But we have not seen any direct impact of that yet.
Brian Fitzgerald: Got it. Thanks, Joey. And then Angi, Jeff, we wanted to ask kind of what ideas or portions of the international playbook you expect to bring to bear at Angi as you take over there?
Jeff Kipp: So just stepping back, if you just go back a few years, five years ago, we had market leadership position in Europe. It was put together through the acquisition of four different companies, four different platforms. But we were losing $10 million. We had four different products, four different business models, and again, the four different technologies. We went through a process where the first thing we did was we pivoted our product to really be focused on homeowner choice and pro online enroll. I think the second thing we did was we restructured, in particular, our performance marketing and our unit economics, both operationally in terms of technology and we executed there. Thirdly, with a foundation of business, we refactored, rebuilt, migrated to core technology.
Today, we just finished migrating the fourth business in the UK. We’ve improved each time we’ve done one of these and we’re on a single platform with a single organization that’s much more efficient. And we’ve been able to really put our focus on the core experience, which is really the offline experience, which is when a homeowner who places a job on the platform, hires a skilled pro on the platform and gets the job done well. Effectively, I would say a year and a half ago, Joey probably took a more difficult hand actually in the United States in some ways. There was more empty calorie revenue that was both low quality experience and low or negative profitability in there. And he’s had to pull some of that out. But he and the team have done a big part of this list for me, so I’m lucky to come in now.
