Obviously, the market’s a little different, but it’s also a lot bigger and the brand and share is stronger here. So I’ve got a little more to work with. But in any case, we need to follow the same path Joey and the team have been on. I think basically the key elements, the key ideas or components of what we did in Europe are in play in the right way in the United States and we need to finish the job. And I would just add the note, which is by 2022, we turned the business north on finally growing profit after a few years of flop, finally growing revenue and after a few years of flatness, we now have the business at close to 20% revenue growth in the first quarter and close to 20% EBITDA margins. And God willing, in the creek don’t rise, we’re going to do the same thing in the United States in a good time.
Operator: The next question comes from Dan Kurnos with The Benchmark Company.
Dan Kurnos: Great. Thanks. Close there. Welcome back, Jeff. Joey, a little in the weeds for you, maybe, but just on the D/Cipher benefits around the algo from the AI partnership, just thoughts on incremental data signals, shift incrementally more probabilistic, and what that kind of means in terms of driving outperformance relative to sort of the publishing peer group with that asset, and then maybe just an update on Care would be helpful. Thanks.
Joey Levin: Sure. I’m not sure I totally followed the question, but let me try the first question. It was your question about D/Cipher, the D/Cipher? I think it would be D/Cipher. Yes. Okay. So, right now, one of the things that we’ve done with at Dotdash Meredith with D/Cipher is we’ve basically mapped intent across a subset of the internet, not just on our properties, but other publishing properties to understand where intent exists and measure that performance relative to what we’ve seen very closely on our own properties. And I think what the collaboration with OpenAI will enable us to do is scale that towards a much bigger portion of the internet, have that mapping, and have those intense signals so that we can use them, bring them back, and sell that to advertisers.
Again, very much all with the view of cookie list privacy protected and focusing on the intent of the content, not the individual user, the privacy of the user. And so what we look for there is significantly more scale. So accessing significantly more scale inventory with the same — with good data for intent-based targeting. And if we can pull that off, we think that’s potentially a real accelerant to the business. And it is, as we said, it’s already working well so far. So should we view this as only upside in that area?
Christopher Halpin : Yes, just an incremental area that excites us, which OpenAI is able to bring to D/Cipher that we don’t have the scale to do would be additional media. So beyond just text, image, and video, and those things that are part of a user’s experience, being able to draw intent-driven linkages and monetize against them and drive performance. And we expect to have a number of those flowers bloom as the two teams work together. Dan, does that answer your question?
Dan Kurnos: It does. And I just update on Care.
Joey Levin: Oh, yes, look, Care is very healthy right now from a profit perspective. I think the enterprise business is growing nicely. We’re really focused now on driving growth in the consumer part of the business. And we have a number of good projects in the works there, both on just optimizing some fundamentals around marketing, but also on the new product side in terms of improving access to instant booking and improving the customer experience and instant booking. And so we’ve got optimism for where we think Care can go from here. And in addition to both consumer and enterprise, there’s also the other segments of Care, which are right now doing nicely. So senior care and pet Care, we think, are opportunities for growth from here. And we’re starting to see some green shoots in those businesses, too. You want to add to that?
Christopher Halpin : Yes, I think we’ve seen on the consumer side, we’ve seen a slowdown for a while. We know we’ve said in prior quarters. We know we needed to improve our marketing and improve our product. Under new management, we feel like we have the roadmap there and have new Chief Technology Officer, Chief Product Officer, Chief Marketing Officer. There’s some macro. We never want to blame macro. There’s definitely some macro on child care versus daycare going on right now and getting some child care down a little or babysitting. Daycare up and senior care and pet care where we’re growing up. But we’ll lap that. And it’s really specific to us on the blocking and tackling on marketing and product, and we feel very good about the opportunity.
Operator: The next question comes from Brent Thill with Jefferies.
Brent Thill: Good morning, Joey. In the past, you’ve talked about the M&A environment being somewhat irrational and multiple. I’m curious if you could just update us kind of what you’re seeing now. And some of these expectations come back to earther, or are you still seeing the similar environment?
Joey Levin: Brent, I think there’s opportunities now. I think we’ve gone through periods where everything’s priced to perfection and things are insane from our perspective, or we’ve gone through periods where everything’s priced for failure and there’s big opportunities from our perspective. That was probably the era where we bought into MGM. But right now, I think that it’s a balance. I think there are areas that are probably overheated, like AI, all of these AI companies are not going to be multi-billion dollar companies, some will, but certainly not all of them. And there are plenty of areas of rational opportunity, and that’s where we’re focused. So I’d say it feels pretty balanced in the middle right now. You could say that’s maybe a harder time to deploy capital because it’s not obvious that you should be in or out, but we think we’ll find some opportunities here.
Brent Thill: Okay, great, and just a quick follow-up on the merging business. Anything else to call out that you’re really energized by in terms of what you’re seeing in the momentum and the other parts of the portfolio?
Joey Levin: The one I’d highlight, and we talked about Care already, which is, I think, a category leader and a great business with solid fundamentals. The other one in there, actually I’ll talk about two. One is Vivian, which has a very good product for the market that it’s in, which is matching healthcare professionals, primarily travel nurses, which is where it started and has the greatest share, but matching healthcare professionals with employment. I think that’s a category that long-term has really nothing but tailwinds, given a supply demand imbalance of nurses, but healthcare professionals generally. And Vivian has done a very nice job in matching that with very healthy revenue growth and not really consuming much capital at this point.
