Angi Inc.

During this presentation, 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 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 Angie Inc.'s second quarter press releases and our respective filings 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. Good morning. Thank you for joining the IAC Q2 earnings call.

I'm joined here today by Joey Levin, CEO of IAC, Oisin Hanoran, CEO of Angie, and Neil Vogel, CEO of Dot Dash Meredith. We are going to go into a statement by Joey and some early comments, and then we'll go directly into Q&A. With that, I will turn it over to Joey Levin.

Good morning, everybody. Thanks for being here. I'm grateful to be here in the office with my colleagues building businesses. Grateful to all of you on the phone and video for joining us. And I'm very upbeat on our businesses right now. We have our biggest business, Dot Dash Meredith. We are on the path we set when we... We are taking the steps we plan to take and generally seeing the intended outcome We're not moving as fast as we'd like, and I don't think we have the support from the ad market that we expected, but we are getting things done that we expected to get done, which is most significantly migrating Meredith to the .dash platform that we've done in the last 90 days, and that puts all of our weapons in place where we can really start executing from there. The biggest thing we'll need from here is driving We know we have the best product in the category. We know we're delivering for consumers in the category, and we should continue to grow. At Angie, the focus on profitability, I think, has been very healthy. We've been... seeing losses come down in services every month while the business is still growing. And even as we've temporarily grown meaningfully, we're still far outpacing the market growth and we need to do that. And I like where we're headed both at Dot Dash Meredith and at Angie. And of course, we have lots to prove, but we're headed in the right direction. And when I look at the rest of the businesses, I think we're good too. Care and MGM and Turo are all growing with big, clear opportunities ahead of them. and as far as the macro environment, we shared the data that we've been seeing, but we don't really have a prediction. I think signs we see suggest that other businesses are bracing for impact, but there's a lot of things that can happen over the next few months that can impact what the consumer does and how the economy reacts. and for us, we can control our businesses and we can control how we execute and we intend to execute well internally and grow our businesses regardless of the environment. And we're in a position where we think our businesses can thrive through that. So I know everyone's got a lot of questions, so let's get to those questions.