Angi Inc.

Good day and welcome to the Angie Home Services report second quarter 2019 results. At this time, I would now like to turn the conference over to our CFO of IAC, Glenn Schiffman. Please go ahead, sir.

Thank you, operator. Good morning, everyone. Glenn Schiffman here, and welcome to the Angie Home Services second quarter earnings call. Joining me today is Joey Levin, Chairman of Angie Home Services and CEO of IAC, and Brandon Ridenour, CEO of Angie Home Services. Joey and I will also address any questions you may have on IAC's second quarter results. 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 our website. I will shortly turn the call over to Joey to make a few brief introductory remarks, and then we'll open it up to Q&A. Before we get to that, I'd like to remind you that during this call, we may discuss our outlook and future performance. These forward looking statements typically may be preceded by words such as we expect, we believe, we anticipate, or similar such statements. These forward-looking views are subject to risks and uncertainties, and our actual results could differ materially from the views expressed here today. Some of the risks have been set forth in both IAC's and Energy Home Service's second quarter press releases and our reports filed with the SEC. We'll also discuss certain non-GAAP measures, which as a reminder include adjusted EBITDA, which we'll refer to today as EBITDA for simplicity during the call. I'll also refer you to our press releases, the IAC shareholder letter, and again, to the investor relations section of our website for all comparable gap measures and full reconciliations for all material non-gap measures. We also may conclude the call a bit early. We've heard from a lot of you that it's a busy morning with a lot of potentially conflicting reports out there. Of course, the management team is available today, tomorrow, and thereafter to address any other questions. With that, I'll turn it over to Julie.

Thanks, Glenn. Thanks, everybody, for joining us again. In aggregate, another good quarter for IOC, though not flawless this time. Everyone saw the match results, I'm sure, and you can see it's just an absolute rocket ship there. And not just the stock price reaction yesterday, which was, of course, very strong, but really what's exciting us is What's underlying match right now? They're really delivering in almost every area, we hope. The team has really come together. But the product is doing a phenomenal thing for the world, which is making people happy. And when there's so much going on, so many forces, it feels like pulling people apart. It's nice to be part of the business that's really bringing people together and doing that globally. And you saw for the first time this quarter, Matt's had more subs internationally than domestically, and that's, I think, a harbinger of things to come. In terms of the underlying metric, I mean, they're accelerating revenues, they're expanding margins, they're turning everything into true free cash flow, and the best part is they're still investing for the future. So Matt's really in a phenomenal place. In terms of Angie... Well, we didn't love the border. We still love the business. There's some things to fix, but I think our biggest problem there might have been just bad forecasting. The business is growing 20% year over year. We're adding service professionals. We're adding homeowners. We've got to get customer acquisition costs in line, which I think is a problem that we've addressed before in many of our businesses, and I'm confident we'll address going forward. And we're really excited about these pre-priced services and the promising future there. Dot Dash had another fantastic quarter. I challenge anyone to find a digital publisher who's doing what Dot Dash is doing right now. Really growing, accelerating margin, building brands, also investing for the future. It's an exciting place to be with an exciting team. Vimeo also saw accelerating revenues, and the rest of the businesses are stable and feeling good. Of course, the news that was also in our release here, which we've said is also not really news, is that we've begun to more seriously consider spins of both MASH and ANSI. As you know, we talk about this every quarter, and we think about this all the time, but we have advanced our thinking a little bit above the perpetual consideration, and we're going to start evaluating that. More seriously from here, and just wanted to let everybody know that that's where we are in our process. I suspect we'll get a bunch of questions on that. We won't be able to answer all the questions because it's early and it's a work in progress, but we'll do the best we can on questions there. So let's start with the first. Operator? Thank you.