IAC Inc.

Welcome to the IAC fourth quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist 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 one on your telephone keypad. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Christopher Halpin, COO and CFO. Please go ahead.

Thank you. Good morning, everyone. Christopher Halpin here, and welcome to the IAC fourth quarter earnings call. Joining me today are Barry Diller, the Chairman and Senior Executive of IAC, and Neil Vogel, CEO of People, Inc. IAC has published a presentation on the investor relations section of our website today entitled Q4 Earnings Presentation. On this call, Barry, 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 outcomes 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 filed 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 releases, 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 material non-GAAP measures. And now I'll hand it over to Barry.

Good morning, everyone. We had a solid fourth quarter at the company. It was a confident finish to a year that was defined by focus and execution. People grew digital revenue by 14%, defying the expectations of all the digital publishing doubters. People's financial performance amid increasing AI disruption speaks really loudly. AI overviews are now appearing on most of our queries, and we're delivering record results. As I've said before, People has prepared for this disruption for years, and with brands able to travel where the audiences are, not just our sites and apps, but across all social media, news platforms, video, events. We're expanding with the surge of new products and experiences wherever audiences engage. But at its core, our strategy at People is not to rely on the daily grind of conventional digital publishing to propel our future. As I talked about last time that I was on this call, we're in the process of inverting these iconic traditional content businesses into entirely new consumer businesses, products that stand on their own and revenue streams with stronger immunity against disintermediation. This isn't hypothetical. We're on our way, right now, working through several concepts. At Southern Tea, this really iconically wonderful magazine that is beloved by its audience and has a product, not a product, but often describes the experience of Southern Tea, a particular kind of tea that you only get in the South, we're going to do introduce southern teas, southern tea as a product that we will own and then distribute. At Food and Wine, we're going to do a project with best chefs. We know the best chefs every place in the world. And we're going to organize those chefs in a way no one has done before and create a product line through that. At Travel and Leisure, we're going to do our own White Lotus. After all, we know every great destination in the world. We have the most beautiful pictures of everything that the White Lotus creators would have creamed over if they had access to that in creating different places. So we're going to do that. Every single one of our books has opportunities for us to essentially invert the process and come up with products and services that we can brand And then we can promote through our, how many books do we distribute, Neil, a year? Like 350 million? Yeah, in the neighborhood, yeah. In the neighborhood? Why? Did I get those numbers wrong?