IAC Inc.

Good day and welcome to the IAC first quarter 2026 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 one on your telephone keypad, and to withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mr. Christopher Halpin, COO and CFO. Please go ahead, sir.

Thank you. Good morning, everyone. Christopher Halpin here, and welcome to the IAC first quarter earnings call. Joining me today are Barry Diller, Chairman and Senior Executive of IAC, Neil Vogel, CEO of PeopleLink, and Tim Quinn, CFO of PeopleLink. IAC has published a presentation on the investor relations section of our website today entitled Q1 Earnings Presentation, as well as a letter from our chairman published last week. On this call, Barry, Neil, Tim, and I will provide some introductory remarks referencing that presentation and letter, 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 release, investor presentations, our public filings with the SEC, and again to the investor relations section of our website for all comparable gap measures and full reconciliations for all material non-gap measures. And now I will turn it over to Barry.

Thank you, Chris. Good morning, everyone. I wrote a letter that I hope everyone has read because it says it far better than I can say it about this transition that we're undergoing. A lot of people ask why now. Well, the truth is this has really been going on for the last couple of years as we simplified, sought to simplify our operations. We've been through, since this organization started 30 years ago, we've been through four cycles. Each time we've gone through one of those cycles, we've been a smaller enterprise because we spun off so many public entities. I like that because I think that gives us kind of energy and focus to build up again. I also think that the two principal assets, probably hopefully the only assets that the company will have in the future, I'm talking about actually the present rather than the future, people and our interest in MGM resorts. In a way, as I wrote, I think they're the perfect hedge. One is in the virtual world primarily, though it certainly prints a lot of magazines as well, but it's very much in the digital world. And the other is the very hard assets of resorts in the United States and in China. and a building in Japan. But rather than me meandering around, I hope you'll just take a second to read the letter. Actually, I should do the thing that they do at Amazon, which is, all right, now we'll take five minutes for everyone to read the letter and be silent, but I'm not going to do that. I would like, though, to be sure to thank Mr. Halpin, who has been with us these for many years, outstandingly. And is this the last call that you'll be on, or will we be on the next one too?