Angi Inc.

Good day and welcome to the Angie Home Services Q4 2019 results conference call. At this time, I would like to turn the conference over to CFO Glenn Shiffman of IAC. Please go ahead.

Thank you, operator. Good morning, everyone. Glenn Shiffman here and welcome to the Angie Home Services fourth 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 fourth 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 those views expressed today. Some of these risks have been set forth in both IAC and Angie Home Services' fourth-quarter press releases and our reports filed with the SEC. We will 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 websites for all comparable GAAP measures and full reconciliations for all material non-GAAP measures. Now let's jump right into it. Joe?

Thanks Glenn, thanks everybody for joining us on what we know to be a very busy morning. This is the first call in IAC's 25th year under current management and a really great place to start 2020. This is yet another big reset for IAC. I think since I've been here, we've probably had about four of these. And right now, we're on the verge of separating from Mass Group, which is the bulk of our current enterprise value and cash flow. which is a little bit daunting but exciting because we're going to become a much smaller company again which means we're going to focus on building new businesses and new categories and we love this stage of the business. It wouldn't be possible without the support of the 8,600 employees now across all of IAC, so I want to thank everybody for a great year in 2019 and an exciting outlook going forward in 2020. In particular, there's one employee I want to thank, which is Mandy Ginsberg, for her leadership over these last few years at Match Group and an unbelievable run. and a seamless transition to Char Dubé who has been an incredible leader at MASH throughout her tenure at the company and is, I think, going to do a fabulous job at the top. So that's the exciting news and let's switch to the questions now. Operator, we'll take the first question.