IAC Inc.

Good morning, everyone, and welcome to the IAC and Angie third quarter 2022 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one using a telephone keypad. To withdraw your questions, you may press star and two. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Christopher Halpin, Executive Vice President and CFO of IAC. Sir, please go ahead.

Thank you. Good morning, everyone. Christopher Halpin here, and welcome to the IAC and Angie Inc. Third Quarter Earnings Call. Joining me today is Joey Levin, CEO of IAC and CEO and Chairman of Angie Inc. Similar to last quarter, supplemental to our quarterly earnings releases, IEC has also published its quarterly shareholder letter. We will not be reading the shareholder letter on this call, and it is currently available on the investor relations section of IEC's website. I will shortly turn the call over to Joey to make a few brief introductory remarks, and then we will open it up to Q&A. Before we get to that, I'd like to remind you that 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 Ink's third 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. 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 gap measures and full reconciliations for all material non-gap measures. With that, I will hand it over to Joey.

Thanks, Chris. Welcome, everybody, and welcome back to our simplified earnings call format. As Chris said, I am very pleased to be here in two different capacities, CEO of IAC and now CEO of Angie. I'm running Angie right now because given the performance of the business, we all agreed it was time to make a change. I love the opportunity for this business, and I want to make sure we nail it. I've only been in the seat 30 days, so I'll have more to share in February, but the big strategic vision has not changed. We're here to bring homeowners and service professionals together. We're here to make that process more consistent, more reliable, and less hassle. That means we'll continue to offer a mix of advertising, leads, and services, but some things will change. And the theme around change is simplicity and balance. The exposure and presence of services in the organization is going to be more balanced. I think we've overcomplicated the product, not just in services, but I think we've overcomplicated the product a bit, and I think we need to simplify both for homeowners and for service professionals. I think we're also going to be more disciplined on expenses. Our OpEx growth the last few years has outpaced our gross profit growth, and only part of that is marketing related to the rebrand. I think we can get back to a much better balance there. We also have a lot of talent in this organization, and I think everyone's ready to be energized and uplifted and focus on delighting the customer. I've spent time in New York, I've spent time in Denver, I've spent time in Indianapolis, and I've met a lot of people who are really excited about delighting the customer, and I think we have a tremendous opportunity to do that better than we've done in the past. As far as the rest of IAC, we have work to do at dot dash Meredith, but nothing we've seen yet has undercut the fundamental thesis. And I know you all have a lot of questions, so let's get to them. I just will ask your forgiveness in advance if I won't be able to answer all your Angie questions right now as I work into the details of the business and nail down a concrete plan. If I can't answer it now, I will have an answer by February when we're together again. Mark, let's start with the first question.