Angi Inc.

Welcome to the IAC and NG Third Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal Conference Specialists by pressing the star key followed by zero. After introductory remarks, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your telephone keypad. And to withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Mr. Christopher Halpin, Executive Vice President, CFO and COO of IAC. Please go ahead, sir.

Thank you, operator. Good morning, everyone. Christopher Halpin here, and welcome to the IAC and Angie Inc. third quarter earnings call. Joining me today are Joey Levin, CEO of IAC and chairman of Angie Inc., and Jeff Kip, CEO of Angie Inc. Similar to last quarter, supplemental to our quarterly earnings releases, IAC has also published its quarterly shareholder letter, which is currently available on the investor relations section of IAC's website. We will not be reading the shareholder letter on this call. I will shortly turn the call over to Joey to make a few brief introductory remarks and we'll then open it up for Q&A. Before that, I'd like to remind you that during this presentation, we may make certain statements that are considered forward-looking under the federal securities laws. These forward-looking statements may include statements related to our outlook, strategy, and future performance and are based on our Thank you very much. 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 earnings releases, the IAC shareholder letter, our public filings with the SEC, and again to the investor relations section of our respective websites for all comparable gap measures and full reconciliations for all material non-gap measures. And now I'll turn it over to Joey. Thanks, Chris.

Obviously the big news today is that we are contemplating a spin of Angie, which if we complete it would be the first spin of IAC in four years and obviously join a very long line of spin-offs out of this company. Besides creating two separate focused companies, this move would allow Angie to stand on its own with more liquid currency and a standalone ambitious strategy, whether that's M&A or capital allocation generally. The key to making this possible is the fact that profits and cash flow in the business have improved meaningfully, consumer experience has improved meaningfully, and jobs done well has become a true driving obsession of everybody in the business. Jeff and I believe strongly the business has revenue growth again in its future and profitability will be stable from here. So we're in a position to do this, a strong position to do this, and grateful for the opportunity to have another spin out of IAC. I'm sure we'll have a lot of questions on all of this and IAC's performance generally, which I think was very good this quarter. And people worked hard. We're very proud of the work everybody did this quarter.