IAC Inc.

Hello and welcome to the IAC Second Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please see the world conference process 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. 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 Christopher Halpin, IAC's COO and CFO.

Please go ahead. Thank you. Good morning everyone. Christopher Halpin here and welcome to the IAC Second Quarter Earnings Call. Joining me today is Neil Vogel, CEO of the newly rebranded People, Inc. IAC has published a presentation on the investor relations section of our website today entitled Q2 Earnings Presentation. On this call, Neil and I will provide some introductory remarks referencing that presentation and then open it up to Q&A. Before we get to 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 current expectations and on information currently available to us. Actual outcome and results may differ materially from the future results expressed or implied in these statements due to a number of risks and uncertainties, including those contained in our most recent annual report on Form 10-K and in the subsequent reports we file with the SEC. The information provided on this conference call should be considered in light of such risks. 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 release, investor presentations, our public filings with the SEC, and again, to the investor relations section of our website for all comparable GAAP measures and full reconciliations for all material non-GAAP measures. Now that we've covered that, let's turn to the presentation. On page 3, IAC's businesses continue to seize momentum and make excellent progress against our goals in the second quarter of 2022. Dot-Dash Meredith rebranded as People Inc., a new name with a storied legacy befitting a company where people, that is, human experts, create the premium content that people, our consumers and readers, seek for entertainment and information. We truly believe People Inc. achieves that by providing superior content across superior brands using superior technology. This quarter, despite the volatility and uncertainty in both the macro environment and open web, we're happy to report that People Inc. returned to core sessions growth and achieved 9 percent digital revenue growth, accelerating from 7 percent in Q1 and at the high end of our guidance. We were also thrilled to complete a $1.4 billion refinancing of our debt at People Inc. in June, replacing the original acquisition capital structure with new bank debt and bonds at attractive pricing and five to seven year maturities. Neil will go into more depth on People Inc. shortly. MGM reported second quarter earnings last week and demonstrated the power of its diversified gaming portfolio with strength in digital, the regionals, and Macau, offsetting softness in Las Vegas. We're particularly excited about BetMGM's strong results. Thirty-six percent net revenue growth in the second quarter and increased guidance for the full year to at least 2.7 billion of revenue and at least 150 million of EBITDA. The digital gaming opportunity at MGM has always been a core pillar of our thesis, and it is great to see those assets performing so well. Our second largest wholly owned business, Care.com, revitalized its product and brand in June, a key step in its comprehensive plan to re-energize growth in its consumer business. Care also unveiled a fresh new LIC and launched a new marketing campaign across its offerings. As we will discuss shortly, while it is early days, we are seeing promising signs across engagement metrics. Finally, across consolidated IAC, adjusted EBITDA increased 15 percent in the quarter, and we are guiding the 247 to 285 million of EBITDA for the full year. On the capital allocation front, it was a quiet quarter following the completion of the previously announced 200 million in buybacks. As our chairman Barry Diller noted in the remarks, included in our earnings release, we are actively pursuing M&A opportunities and hoping some visibility in the economic and trade outlook will lead to more price discovery and deal activity in the back half of the year. As always, we continue to analyze further buybacks of our shares with our corporate cash balance while also exploring strategic divestitures of non-core businesses to bolster that cash balance. Now let's go deeper into our two largest wholly owned businesses. With that, I'll turn it over to Neil.

Thanks,